Fastnet Oil & Gas increases resource estimate at Shanagarry

Fastnet Oil & Gas shares rose Wednesday as the company announced an increase in independent resource estimates at its Shanagarry licence in the North Celtic Sea.

The company said the licence had a resource of about 1.298bn barrels of oil in-place and 1.342tn cubic feet of gas in-place following an assessment of the 49/19-1 area at Shanagarry.

The 49/19-1 covers an area of 123 sq km, making it one of the more significant hydrocarbon-bearing structures in the North Celtic Sea.

Four hydrocarbon-bearing intervals were encountered in 49/19-1.

"SLR Consulting's independent assessment confirms the significant resource potential of Shanagarry," said Managing Director, Paul Griffiths.

"Indeed the prospective resources have now reached a critical threshold for a new entrant wishing to develop an appraisal and development hub in the central Celtic Sea adjacent to the Kinsale gas-gathering infrastructure."

RD