Fastnet Oil & Gas has extended its licences at the Irish Mizzen and Molly Malone fields.
The Africa and Celtic Sea-focused exploration firm said its licensing options for the fields had been extended for a further 18 months until May 31, 2015 to allow the agreed work programme to be carried out.
Once the licensing options expire, the firm has the choice to apply to convert them into exploration licences.
“We are pleased to receive extensions on these two prospective licence areas to complete the agreed work programme, which is fully funded,” said managing director Paul Griffiths.
“The company recently received the final 3D processing results for Mizzen and Deep Kinsale and have now started distributing the data to a number of international oil and gas companies who have expressed an interest in a potential farm-in.”