Fastnet Oil & Gas has been granted license options on five partial blocks offshore Ireland in the Northern Celtic Sea by the Irish authorities.
The company has been awarded options on part blocks 49/7, 49/8, 49/9, 49/12, and 49/13. They run through to May 2014.
Fastnet It said that the application for the option was made jointly by itself, Carob (CRB), a consultant to Fastnet, and Petro-Celtex Consultancy, a company established by the managing director of Fastnet, Paul Griffiths.
Marathon Oil drilled two wells in the area of the licensing option in 1974 (49/13-1) and 1986 (49/13-2), but the wells, despite encountering oil-bearing Purbecko-Wealden sands, did not flow oil due to the test tool becoming plugged with sand in the first well and because of the low gravity of the oil in the second well.
