Exploration firm Fastnet Oil & Gas has been awarded a new licensing option in the North Celtic Sea.

The option covers blocks in the Mizzen Basin, known as East Mizzen, and the western end of the North Celtic Sea Basin, offshore Ireland.

Managing director Paul Griffiths said the award would allow the company to capitalise on the interest being shown in its farmout process, describing the basin as "under-explored, yet highly prospective".

"Fastnet is one of the largest acreage holders in this area contributing to creating the conditions necessary to develop competition for acreage in an area that previously lacked industry focus. This situation mirrors our 'first mover' strategy in Morocco," he said.

Fastnet is the designated operator and has a 100 per cent working interest in the East Mizzen licensing option.