Project Profile
Value: Undisclosed
Location: blocks 55/13 and part blocks 55/7, 55/8, 55/12, 55/17, 55/18 and 55/19, North Celtic Sea Basin, Ireland
Reserves: unknown
Area: 996 km2
Start-up Year: -
Fastnet Oil & Gas plc was awarded licensing option 15/1 covering blocks 55/13 and part blocks 55/7, 55/8, 55/12, 55/17, 55/18 and 55/19 in the North Celtic Sea Basin. The so-called Ventry Licensing Option was valid from 1 March 2015 to 31st August 2016. It covers an area of 996 km2, and is contiguous with and extending westwards from the Company\'s previously awarded Mizzen Licensing Option 12/3 and East Mizzen Licensing Option 13/3. Fastnet is was designated operator and has a 100% working interest in the Ventry Licensing Option.
The licensing option covered 18 months and required the reprocessing of existing 2D seismic data and various geological studies. Upon completing the work programme, the Company had the opportunity to extend the licensing option by a further 18 months. Fastnet planned to utilise 3D imaging from the Mizzen seismic sets to formulate multiple play types through Ventry. However, in April 2016, Fastnet’s shareholders accepted a change of business direction towards the specialty pharmaceuticals segment, which saw Fastnet renamed Amryt Pharma. This would suggest the Ventry L/O was allowed to lapse on August 31, 2016.
Operators (former):
Fastnet Oil & Gas plc: Operator with 100% interest