#DeepKinsale - Fastnet Oil & Gas believes that its Deep Kinsale Prospect in the Celtic Sea could hold an incredible bounty of more than two billion barrels of oil.
As Proactive Investors reports, the Irish-headed oil exploration firm says an independent assessment of its prospect in the waters south of Cork estimates 2.365 billion barrels of oil in place.
Fastnet executed its exclusive option on the prospect earlier this year, and recently completed a 3D seismic survey of the area, the data from which will enable the company to identify oil reservoir 'sweet spots' for the best drilling results.
“Deep Kinsale is a large anticlinal structure, which has the potential to contain a significant oil accumulation directly beneath the producing Kinsale gas field and the two platforms, in the Celtic Sea,” said John Craven, founding Fastnet shareholder.
“This new 3D seismic is a key de-risking component necessary for the planning of an optimal drilling campaign."
The full operational update from Fastnet Oil & Gas is available HERE.
As previously reported on Afloat.ie, Fastnet Oil & Gas has been awarded a new licensing option elsewhere in the Celtic Sea in the area know as East Mizzen.