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Fastnet Oil & Gas announces award of licensing option in the North Celtic Sea

Thursday, Nov 15, 2012

Fastnet Oil & Gas plc ("Fastnet" or the "Company") (AIM: FAST, ESM: FOI) the E&P company focused on near term exploration acreage in the Celtic Sea and Africa, is pleased to announce that it has been notified by the Petroleum Affairs Division of the Irish Department of Communications, Energy and Natural Resources (the "Department") that it has been awarded a licensing option ("Licensing Option") of part blocks 49/7, 49/8, 49/9, 49/12 and 49/13 in the North Celtic Sea, offshore Ireland. The Licensing Option commences from 15 November 2012 until 14 May 2014.

Highlights

18 month licensing option requiring the re-mapping of the area and review of existing seismic data with value enhancing 3D seismic acquisition anticipated

Potential to extend the Licensing Option by a further 18 months subject to a satisfactory work programme being agreed with the Department

Hydrocarbon-bearing sections extend over a gross interval of up to 700 feet in early wells drilled by marathon in 1974 and 1986

Oil and gas-bearing reservoirs developed at several separate levels

Details of the Licensing Option

The application for the Licensing Option was made jointly by Fastnet, Carob Limited ("CRB"), a consultant to Fastnet, and Petro-Celtex Consultancy Limited ("PCX"), a company established by Paul Griffiths, now Managing Director of Fastnet. The Licensing Option acreage lies in water depths of up to 100 metres in the North Celtic Sea basin. Marathon Oil Corporation ("Marathon") drilled two wells in the area of the Licensing Option in 1974 (49/13-1) and 1986 (49/13-2).

49/13-1 tested a shallow anticline generated by Tertiary basin inversion that could be identified at the time on the existing poor quality 2D seismic data. The well encountered oil-bearing Purbecko-Wealden sands over a gross interval of 300 feet, stratigraphically equivalent to the hydrocarbon-bearing reservoirs tested in the Barryroe oil field to the southwest. The interval was tested by Marathon but it did not flow oil as the test tool became plugged with sand. Later seismic mapping, based on new 2D seismic acquisition in 1985 by Ardmore Exploration Limited ("Ardmore"), Marathon's partner in the 49/13-2 well, showed that the well was drilled significantly downdip from the crest of the structure.

Marathon and Ardmore drilled 49/13-2 in 1986 to test a down-faulted Upper Jurassic structural trap analogous to that successfully tested by Gulf Oil in 1983 (49/9-2, Helvick oil discovery). The well encountered oil in the Upper Jurassic over a gross interval of approximately 700 feet. Marathon tested the well but failed to flow any significant amounts of oil due to the low gravity of the oil.

Source: Fastnet Oil & Gas plc

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