Fastnet Oil & Gas has executed an option with the Kinsale Energy subsidiary Petronas to farm into the Deep Kinsale prospect, which is located beneath the old Kinsale Head gasfield.
Fastnet’s farm-in covers the Deep Kinsale sub-area’s part blocks 48/20, 48/25, 49/16, and 49/21, for which it is obligated to acquire a minimum of 500sq km of 3D seismic by December 31 and to complete geological and engineering studies.
Fastnet is also to have an exclusive option to farm-in, exercisable before September 30, 2014, by starting a well on or before the end of November 2015 to test the Purbecko-Wealden reservoirs, productive in Barryroe.