Share prices for a number of Celtic oil & gas explorers have trailed off slightly since the fourth quarter of last year, when the financial pages were awash with stories of the Emerald Isle's coming status as a European petro-state. Well, it's easy to get carried away; Dublin isn't Houston just yet, or even Aberdeen for that matter. But a reduction in the level of newsflow since Providence Resources (PVR) revealed that its Barryroe field off the Cork coast should yield approximately 280m barrels does not mean that these companies have been standing still - far from it, in fact.
As if to bear this out, Fastnet Oil & Gas (FAST) has confirmed that a 50-day 3D seismic survey of its licences will commence next month. The work will be carried out by French geophysical specialists CGG and will be the largest survey of its kind undertaken in the Celtic Sea - its $18m (£11.9m) price tag a sure sign of intent. Analysis of the survey, which will cover around 1,710 square kilometres, will be keenly anticipated as it has been designed to cast light on the highly prospective Deep Kinsale structures beneath the producing Kinsale Head gas field. As well as Deep Kinsale, the survey will take in Fastnet's nearby Mizzen prospect and adjoining areas. Originally, it was anticipated that Fastnet would partially foot the bill by accessing the £15.9m capital it raised late last year, but it has subsequently opted for a farm-in partner who will cover the bulk of the costs in return for a stake in one of the licence areas surveyed. There's no shortage of willing participants by all accounts.
Carol Law, who was appointed to Fastnet's board in October, will play a key role in the interpretation of the data. As Anadarko Petroleum's former exploration manager for East Africa & Caribbean, and a Cove Energy confederate, she was one of the principal operatives behind the Rovuma gas discoveries in Mozambique, and she told the IC that she was "more confident" of prospects within the Celtic Sea than she was at the equivalent stage of exploration at the Rovuma Basin.
