Ireland has awarded Licensing Option 12/5, covering the offshore North Celtic Sea area, to a consortium of companies, it was announced Wednesday.
Adriatic Oil reported that it, along with Carob and Petro-Celtex Consultancy, were awarded the license – which includes part-blocks 49/18, 49/20, 49/23, 49/24 and 49/25 in the North Celtic Sea to the south of Ireland – by the Irish Department of Communications, Energy and Natural Resources. The firm also reported that it has agreed with Fastnet Oil & Gas to farm out the majority of its 80-percent interest in the license to Fastnet.
Under the terms of its farm-in, Fastnet must finance the acquisition and processing of some 75 square miles of new 3D seismic data over the area before Dec. 1, 2014.
The farm-out deal means that Fastnet will hold 82.35 percent of the license, while Adriatic will have 15.5 percent. Carob and Petro-Celtex both hold 1.075 percent.
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