Fastnet names CGG as preffered bidder for 3D seismic acquisition

AIM-listed Fastnet Oil & Gas has selected CGG as the preferred seismic contractor for 3D seismic acquisition in the Celtic Sea.

In an update issued on Monday, Fastnet reported that it had executed a Letter of Intent, subject to contract, with CGG as its preferred seismic contractor for 3D seismic acquisition in the Celtic Sea beginning in the second quarter of 2013.

Fastnet will be acquiring two firm surveys totalling 1,285 square kilometres of 3D seismic information over its portfolio of Celtic Sea assets and will have flexibility to accommodate up to two additional contingent surveys over an area of 912 square killomtres in 2013.

Cathal Friel, Chairman of Fastnet, said: "We are pleased to have taken this first step towards de-risking our exciting exploration portfolio offshore Ireland through the acquisition of modern 3D seismic data.

"The value of 3D seismic has been demonstrated in our other core area offshore Morocco, where the existence of an extensive 3D seismic database has been the catalyst recently for a number of value-creating industry farmins and acquisitions. We anticipate that the commitment to 3D seismic acquisition by Fastnet in the Celtic Sea will have a similar impact on our ability to attract larger oil companies to partner with us to help unlock the potential of our materially significant prospects and leads."

Fastnet's shares were up 1.49% to 25.62p at 09:14 on Monday.

MF