Corporate Presentation Africa Upstream Conference February 2014 - - PowerPoint PPT Presentation

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Corporate Presentation Africa Upstream Conference February 2014 - - PowerPoint PPT Presentation

Fastnet Oil & Gas Plc Fastnet Oil & Gas Plc Ladenburg Thalmann Corporate Presentation Africa Upstream Conference February 2014 April 2014 www.fastnetoilandgas.com www.fastnetoilandgas.com Disclaimer This document is confidential


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www.fastnetoilandgas.com

Fastnet Oil & Gas Plc Ladenburg Thalmann Africa Upstream Conference February 2014

Fastnet Oil & Gas Plc Corporate Presentation

April 2014

www.fastnetoilandgas.com

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www.fastnetoilandgas.com 2

Disclaimer

This document is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose. In particular, neither this document nor any copy of it (or any part of it) may be sent to or taken into the United States, Canada, Australia, Republic of South Africa or Japan (or any of their respective territories or possessions, or to any resident thereof or any other corporation, partnership or

  • ther such entity created or organised under the law thereof), nor may it be distributed to or for the account or on behalf of any US person (within the meaning of regulation S

under the US Securities Act of 1933, as amended). The distribution of this presentation in other jurisdictions may also be restricted by law and persons into whose possession this presentation comes (or a copy hereof) should inform themselves about, and observe, any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction. This document does not constitute or form any part of any offer or invitation or other solicitation or recommendation to purchase any securities and contains information designed only to provide a broad overview for discussion purposes. As such, all information and research material provided herein is subject to change and this document does not purport to provide a complete description of the investment opportunity. All expressions of opinion are subject to change without notice and do not constitute advice and should not be relied upon. Fastnet Oil & Gas plc (the “Company”) does not undertake any obligation to update or revise the information in or contents of this document. Recipients of this document who may consider acquiring shares in the Company are reminded that any such acquisition should not be made on the basis of the information contained in this document. This document is being distributed in the UK only to, and is directed only at persons who are: (i) investment professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) FPO 2005 (“the Promotion Order”); (ii) are persons of a kind described in Article 49(2) of the Promotion Order; (iii) are persons to whom this document may otherwise lawfully be issued or passed on and/or (iv) persons outside the United Kingdom (in accordance with any applicable legal requirements) (all such persons together being referred to as “Relevant Persons”). Any person who is not a Relevant Person should not act or rely on this presentation or any of its contents and any investment or investment activity to which it relates will only be available to Relevant Persons. Any person who is unsure of their position should seek independent

  • advice. This communication is exempt from the financial promotion restriction in section 21 of the Financial Services and Markets Act 2000 (“FSMA”) on the basis that it is only

directed at and being sent to the categories of investor described above. This communication has not been approved by a person authorised by the Financial Services Authority under FSMA. This document is being distributed in Ireland only to and is directed only at persons who are “qualified investors” within the meaning of the Prospectus (Directive 2003/71/EC) Regulations 2005 of Ireland. Neither the Company, nor its employees, advisers or representatives nor any other person makes any guarantee, representation, undertaking or warranty, express or implied as to the accuracy, completeness, correctness or fairness of the information and opinions contained in this document (or as to the reasonableness of any assumptions on which any of the same is based or the use of any of the same), nor does the Company nor its employees, advisers or representatives nor any other person accept any responsibility or liability whatsoever for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection therewith. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. If you rely on this communication to make an investment you may be exposed to a significant risk of losing all of your investment. This communication does not constitute either advice or a recommendation regarding any securities. Any person who is in any doubt about the subject matter of this communication should consult a duly authorised person specialising in advising on such investments. This communication includes forward-looking statements. These forward-looking statements include all matters that are not historical facts, statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, financial condition, prospects, growth, strategies, and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties. You are cautioned that forward-looking statements are not guarantees of future performance and that the Company's actual results of operations, financial condition and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this communication. Past performance is not a guide to future performance.

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Company Overview Moroccan Assets Irish Assets Outlook Company Overview Moroccan Assets Irish Assets Outlook

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www.fastnetoilandgas.com 4

Introduction

Fastnet is an oil & gas Company primarily focused on exploration in frontier regions. Strategy

  • Seek high equity positions in prospective assets

through identifying early entry

  • r
  • verlooked

exploration opportunities and near term value adding appraisal in frontier regions

  • Add value by leveraging management’s regional and

technical expertise and to bring in high calibre partners

  • Monetise assets at the opportune moment followed by

a return of cash to shareholders on an asset by asset basis Listed in London on the AIM (‘FAST’) and the Irish Stock Exchange (‘FOI’)

OVERVIEW

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Investment Case

  • Early entry with excellent fiscal terms
  • Significant acreage position (25,192km²) balancing near term high

impact exploration and lower risk near term appraisal opportunities

  • Fully financed for current 2014 work programme
  • Carried on near term offshore exploration in Foum Assaka with high

calibre partners

  • Experienced management team with strong regional knowledge, in-

house technical expertise, local relationships and proven ability to attract high calibre partners

  • Steady pipeline of near-term newsflow offshore and onshore Morocco
  • Proven record of monetising assets before significant expenditure

required to further develop exploration / appraisal success.

OVERVIEW

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Experienced Board & Senior Management

Paul Griffiths, Managing Director

  • CEO of Island Oil & Gas Plc until its acquisition by San

Leon Energy Plc in 2009

  • Built and sold 3 oil and gas companies between 1999-

2012

  • Senior geophysicist for Gulf Oil Corporation for Europe

and Mediterranean Region and Gulf R&D in Pittsburgh

  • Bsc in Geology, Imperial College London and Associate of

the Royal School of Mines Carol Law, Executive Director

  • Former Exploration Manager, Anadarko East Africa
  • Former Exploration Manager West Africa, China and

Alaska at Kerr McGee

  • Responsible for the play finding Prosperidade gas

complex in Rovuma Area 1, offshore Mozambique

  • Also member of teams responsible for discoveries in

Ghana (Jubilee), Brazil (multiple Campos Basin discoveries) Cathal Friel, Executive Chairman

  • Managing Director and one of the founders of Raglan

Capital in 2007

  • Former founding partner and Director of Merrion Capital
  • MBA from University of Ulster

Michael Nolan, Non-Executive Director

  • Former Founder and Group Finance Director of Cove

Energy PLC

  • Currently CFO of Discover Exploration and Non-executive

director of Rathdowney Resources plc and Orogen Gold plc

  • Fellow of the Chartered Accountants Ireland

Value Creation

Sold IPDL to DNO ASA, after reverse takeover of Providence Resources Plc collapsed in 2002, for an exit price of $34 mm after investing approx. $1.5 mm

100 TCF +

Carol led the Anadarko team that discovered over 100 TCF of natural gas in the Area 1 Block, Offshore Mozambique

100%

100% exploration success rate offshore Ireland with Island Oil & Gas: 4 wells drilled, two commercial gas fields

$2.64 billion

Sale price of a 10% stake in Anadarko’s Area 1 Block, Offshore Mozambique

38+ years

Experience in oil and gas exploration and near term field appraisal

30 years

Experience in oil and gas industry

25+ years

Managerial Corporate Finance experience

18+ years

Experience in resource exploration sector

€100 million

One of the founding directors of Merrion Capital, where he was part

  • f the small team that

built the business and sold it for

  • c. €100m in 2006

$1 billion +

Value of successful corporate transactions

  • n which Cathal has

advised

+1900%

Share price increase between the Cove Energy IPO in June 2009 and its sale in Aug 2012

$1.9 billion

Cove Energy was sold to PTTEP in Aug 2012 after a competitive auction process

THE TEAM

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Fastnet Oil and Gas PLC

Cathal Friel Chairman Paul Griffiths MD Carol Law Executive Director Michael Nolan Michael Edelson Executive Directors Non - Executive Directors

Robert Murphy* Senior Project Geologist John Tingas* Reservoir Engineer Ross Crockett Finance and Back Office Support Paul Griggs* Commercial Contracts Advisor Brendan Tuohy* Licensing Consultant

Armira Zylyftari Licence Administration

  • Dr. Mahmoud Zizi

Morocco Country Manager Carl Kindinger* UK based Commercial / Financial Consultant Moroccan Focused Team

Christian Klinkenberg Commercial & Operations Manager Dennis Krahn* Morocco Drilling Manager Bob Graham* Consulting Geophysicist Michael Lynch Investor Relations Manager

  • Dr. Vivian Caston*

Technical Advisor

*Consultants and Advisors time writing to specific projects only

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Company Overview Moroccan Assets Irish Assets Outlook Company Overview Moroccan Assets Irish Assets Outlook

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An emerging world-class exploration frontier for the Oil and Gas Industry

  • Attractive fiscal terms – the value of producing 1bbl of oil

in Morocco is equivalent to the value of producing 13bbl in Algeria or 7bbl in Nigeria

  • Significant domestic demand for hydrocarbons with

attractive pricing

  • Established export options through existing pipeline to

Europe

  • New players in past 18 months include Chevron, BP,

Cairn, Genel and Glencore

  • Politically stable with a constitutional monarchy and a

democratically elected Government

  • Multiple wells planned by industry over the next 12

months: 5 offshore and 4 onshore wells already scheduled for drilling in Morocco in 2014

  • Fastnet management team an early mover in Morocco

beginning 2006

Near Term Drilling Activity

Fastnet “first mover” strategy prelude to industry recognising Morocco as a key frontier exploration area (yellow)

MOROCCO

  • Other Parties Active:
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Fastnet’s Managing Director Paul Griffiths has been active in Morocco since 2006 with his previous company Island Oil & Gas plc.

  • 2,577km2 of 3D

seismic acquired

  • n Foum Assaka
  • Kosmos set up

drilling base at Agadir

  • Production

commences in Ghana on Jubilee Discovery

  • Shell relinquishes Cap

Draa and Rimella Licences

  • Island Oil & Gas/Paul

Griffiths enters Moroccan

  • nshore with Zag

Licence award

  • Onshore Tarfaya

Licence awarded to Island Oil & Gas

  • Kosmos’ Jubilee

Discovery in Ghana

  • Island Oil & Gas enters

Moroccan offshore with Sidi Moussa & Foum Draa Licence awards

  • Kosmos enters Agadir Basin

with Pathfinder on Foum Assaka

  • Kosmos lists on NYSE ($7bn)

and expands exploration acreage in West Africa

  • Farm-out agreed with Kosmos
  • n Foum Assaka for additional

equity in Q3 2011

10

  • Kosmos Energy

announced that it has entered into a farm-out agreement with BP plc., to earn a 26.325% stake in the Foum Assaka permit

  • Fastnet farm-out

agreement with SK Innovation Ltd for half of Fastnet’s interest in Foum Assaka, Offshore Morocco

www.fastnetoilandgas.com MOROCCO

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Tendrara Lakbir Licence

Background

  • Fastnet is seeking to appraise the TE-5 gas discovery in the TAGI

Triassic reservoir which is productive in Algeria and is also an analogous producing reservoir in the Meskala field in the Essaouira Basin to the West

  • The Meskala Field has been producing and selling gas for several

years from reservoirs similar in quality to those tested in TE-5

Overview

  • 14,548 sq. km. over prospective Missour Basin
  • Largest licence in Morocco over the proven Triassic Tagi gas play

Near term Prospectivity

  • TE-5 Structure flowed 1.4 mm cfgpd on extended well test
  • No pressure depletion observed on testing
  • SBK-1 drilled in 2000 flowed initially at 5 mm cfgpd from TAGI

Triassic reservoirs

  • Declined to 2.5 mm cfgpd – potential permeability barrier caused

by fault close to well bore (based on 2D seismic interpretation)

  • TE-5 Structure defined by a 488 sq. km. 3D seismic survey (2004)

Equity & Partners

  • Partners: Oil and Gas Investments Funds (“OGIF”); ONHYM

MOROCCO

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Tendrara Independent Resource Estimates: November 2013

TE5-Lakbir Structure: Gross and Net Contingent Resources LOW BEST HIGH Recoverable BCF (100%) 30.1 310.5 891.9 Recoverable BCF (37.5% Net) 11.3 116.4 334.5 NPV per BCF (US$mm) 2.29 Chance of Success 22% Risked Value (ENPV US$mm) 58.3 Source: SLR CPR November 2013

Running Room has also been identified in five additional gas prospects

MOROCCO

  • New study by specialist Houston-based NuTech petrophysical team quantifies reservoir properties for the Triassic

TAGI Sand consistent with good potential gas flow rates from a gross gas-bearing interval in TE-5 of 82.2 meters

  • New reservoir engineering study by John Tingas PhD, MSc, Independent Petroleum Engineer, supports robust

development cases, subject to a successful validation of flow rates in an appraisal well to the TE-5 discovery and a step-out appraisal well to the northeast of the TE-5 discovery

  • New Independent Resources Estimates by SLR Consulting, based on these desk top studies and a review of

historical published estimates, that were not previously validated by an independent Competent Persons Report, give resource estimates as follows:

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Tendrara Lakbir Work Programme

  • Fastnet has completed detailed reservoir engineering and well design studies that

has identified significant potential for increasing gas flow rates relative to those achieved previously (which were hampered by poor operating conditions and procedures)

  • Reprocess existing 3D seismic data to select drilling location in reservoir “sweet spot”

defined by strong seismic amplitudes

  • Re-evaluate historical drilling data and extended well test data
  • Objective is to engineer a well to potentially deliver 4 – 7 mm cfgpd on testing – TE-5

TAGI reservoir parameters are comparable to those for the producing Meskala Field in Morocco

  • Drill and test appraisal well on TE-5 Structure– a suitable land rig has been identified
  • 45 day well drilled to 2,600 meters maximum depth
  • Achieving the predicted well deliverability will de-risk a gas development for the

substantial amounts of gas already encountered in the TE-5 Structure and the exploration upside, allowing Fastnet to commission an updated independent CPR report

MOROCCO

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Tendrara Lakbir – Proposed TE-6 Appraisal Well

MOROCCO

TE-6 PROVISIONAL LOCATION

Lakbir: TE-6 Provisional Well Location (Area of Closure 16,600 Acres)

  • The proposed TE-6 appraisal well will not
  • nly evaluate maximum deliverability but will

also prove up a resources case that will allow approximately 130 BCF of the 310.5 BCF Best Estimate Prospective Contingent Resources to be moved to Proven Case that will allow an initial development case to be economically viable Derisked Value to Fastnet: c.19 pence per share*

  • Subject to bringing in an additional partner at

an opportune time, a second appraisal well would establish up to 891.9 BCF of the high estimate Contingent Resource to provide the economic case for a much larger development scenario. Derisked Value to Fastnet: c.133 pence per share*

TE-5 LOCATION

* Source: Management Estimates and SLR CPR November 2013

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Fastnet Gas Monetisation Options

Monetisation of a commercial gas development can be achieved through two main routes:

  • Gas-to-power for the indigenous
  • market. Morocco seeks to become

increasingly dependent upon electricity generated by gas. OGIF, Fastnet’s partner, is owned by some

  • f the biggest financial institutions in

Morocco who would help finance gas-to-power projects

  • The Maghreb-Europe Gas Pipeline

(GME) is a key piece of North African infrastructure and currently transports gas from Algeria to

  • Spain. Morocco is entitled to 14%

transport capacity rights which is significantly under-utilized. Fastnet could build an interconnector to the GME which is located only 120km’s from the TE-5 Lakbir structure MOROCCO

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Foum Assaka

  • Primary

target: Albo-Aptian deepwater turbidite fan

  • The FA-1 well, targeting the Eagle prospect,

spudded on March 16th 2014 and drilling is expected to take up to 3 months

  • Eagle prospect is estimated by the operator,

Kosmos, to contain 360 mmboe of Pmean resources

  • Carried by Kosmos through Initial Period Work

Programme (based on gross budget cap of $16.2 million)

  • BP brings a wealth of experience in

successfully testing salt structures (e.g. Gulf of Mexico)

  • Additional play types: Tertiary and Basal

Cretaceous deep water channels and fan types

  • Multiple prospects and leads with diverse

geological objectives

  • Primary prospects CoS 15 – 20%

Eagle Complex

MOROCCO

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Offshore Morocco Play Fairway Analysis

MOROCCO

  • Fastnet and its partners are

targeting a new play concept that is untested in the Agadir Basin

  • Foum Assaka licence positioned

in sweet spot for reservoir development and salt evolution is at lowest risk in the Agadir Basin

  • Exploration drilling offshore

Morocco has historically focused

  • n the Carbonate Shelf with no

commercial discoveries as yet

Analysis of 32 Wells drilled in Morocco FA-1 Well

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Foum Assaka – FA-1 Well Eagle Prospect

  • FA-1 Exploration Well spudded on the 16th March

2014 with designated “Tight Hole” status

  • It will be drilled to a depth of approximately 4,000

meters and could take up to 3 months to complete depending on drilling efficiencies

  • This will be the first well in partnership with a super-

major (BP) in the Agadir Basin for 10 years and their significant commitment to our area of operations reflects the medium-term potential of this specific area of offshore Morocco

MOROCCO

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Foum Assaka Block – Running Room

MOROCCO

  • There are eight additional prospects similar to the

FA-1 Eagle Prospect with multiple potential

  • bjectives in this part of the licence together with

multiple Tertiary and Base Cretaceous Prospects and Leads that will be re-ranked following the results of the FA-1 well Prospect Risk Criteria: 1. Untested fairway – good reservoir potential (discontinuous salt barrier) 2. Albo-Aptian turbidite sands “sweet spot” – not developed elsewhere 3. Clear pathways for charging traps with oil 4. Direct Hydrocarbon Indicators on seismic support vertical migration and potential to charge sands

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Albo-Aptian Fans “Sweet Spot” Based on 3D Seismic

MOROCCO

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Foum Assaka Block – FA-1 Well

  • The primary targets are four stacked Albo-Aptian sand packages representing deepwater fan systems similar to the

Jubilee Field reservoir in Ghana – Pmean Resources quoted by Kosmos for the upper sand only are 360mm BO recoverable

  • The FA-1 well will also potentially encounter the “LTS-1 Sand feather edge” on the Shell legacy A1-C Canyon Tertiary

Prospect, for which Shell’s estimate of potential recoverable resources was 220 MMBO, which is located immediately to the east of the FA-1 well location

  • The FA-1 well will also evaluate the same section encountered in the Cairn FD-1 well to the SW in Foum Draa in order

to determine the potential for a downdip stratigraphic pinch-out play at the base of the Cretaceous to the east of FA-1

  • The well will not be tested as is normal industry practice for wells drilled in deep water
  • Depending on the well results the Kosmos-operated group will either drill an appraisal well to test and flow the Primary

Albo-Aptian Sand Objective, for which Fastnet is carried by SK up to a gross cap of USD 100mm, or drill a second exploration well on one of the 3 different geological plays being evaluated by the FA-1 well, for which Fastnet is also carried by SK up to a cap of USD 100 mm, at their discretion as currently there is no licence commitment to drill a further well after FA-1

MOROCCO

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Maersk Discoverer

MOROCCO

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Fastnet farm-out agreement with SK Innovation

About SK

  • SK Innovation is part of SK Group, the third largest

conglomerate in South Korea behind Samsung and Hyundai with 56,000 employees

  • USD $130 billion in Annual Revenue

(Energy/Chemicals Division comprises 56%)

  • SK is Korea’s number one and Asia’s fourth largest
  • il refining company with 1.1 million boepd capacity
  • As of Q1 14, SK’s E&P portfolio consists of 19 blocks

in 13 countries – 5 production blocks, 14 exploration blocks, 4 LNG projects across countries such as Peru, Columbia, Kazakhstan, Libya, Australia, Oman Yemen, Vietnam, Cote d’Ivoire, Madagascar – Daily production of 70,000 boepd – 619mm BOE Proven Reserves

MOROCCO

Deal Terms

  • SK acquired a 12.5% Gross interest (9.375% Net) in Foum

Assaka licence in December 2013

  • Up to two well carry comprised of a carry in the first

exploration well on the Eagle-1 Prospect and first appraisal well (capped at US$100 million per well) or at SK Innovations’ discretion a carry in a second exploration well (capped at gross US$100 million)

  • Reimbursement of past costs of USD$3.2 million and a

further payment of 25% of Fastnet’s back costs relating to the period from 1 October to 1 January 2014

  • Fastnet to retain a 12.5% gross interest (9.375% - net)
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Foum Assaka Partners and Funding

  • SK – expanding its exploration portfolio with offshore Morocco seen as a core area
  • BP – have committed heavily to the North Agadir Basin and the Foum Assaka prospect portfolio. Gulf of Mexico

experience in exploring for prospective traps in areas of salt tectonics

  • Highly successful exploration track record in last 12 months
  • Fastnet is fully funded for its offshore and onshore 2014 drilling programme in Morocco
  • All regulatory approvals for the SK farmout are being progressed according to the anticipated schedule and the

regulatory authorities are working to deliver the approvals during March

  • Fastnet is carried for the FA-1 Well up to a gross cap of USD 100 MM. It’s Past Costs from the SK Transaction

allows Fastnet to budget for a P50 gross well cost of USD 140 mm in a Success Case Scenario

  • Allowing for a gross budget cost of up to USD 140mm for the FA-1 Well, expected cash balance at end June is USD

16.5m

  • Fastnet anticipates bringing in an additional partner to the Tendrara-Lakbir licence to participate in the 2014 drilling

programme and to advance the potential for early monetisation. Expected cash balance at year end 2014 is c. $10m following completion of both the onshore and offshore wells.

MOROCCO

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Company Overview Moroccan Assets Irish Assets Outlook Company Overview Moroccan Assets Irish Assets Outlook

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Celtic Sea – Fastnet Licensing Options & Analogues

Pre-Atlantic opening tectonic elements showing important discoveries/fields and locations of Licensing Options Areas chosen for:

  • Attractive petroleum geology
  • Major reserves potential
  • Existing seismic expected to improve

with modern processing

  • Fastnet management experience in the

specific areas

  • Exploration interest increasing due to

recent Flemish Pass Basin discovery

Statoil’s 2013 Flemish Basin Discovery

IRELAND

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Celtic Sea Offshore

Highly prospective basin capable of delivering significant near-term production

  • Attractive petroleum geology with

major reserves potential: largest producing gas field at Kinsale Head, large prospects with well- understood large-field analogues and existing infrastructure

  • Underexplored,

applying new technologies to de-risk by analogy with surrounding oil and gas discoveries

  • Shallow water prospects: easier to

monetise than deepwater Irish Atlantic Margin

  • Largest ever 3D seismic survey

undertaken in Summer 2013 (1,910km2)

  • Mizzen 1,400km2
  • Kinsale 510km2

DEEP KINSALE MOLLY MALONE MIZZEN & Mizzen East SHANAGARRY BLOCK 49/13

AREA 285 km2 648 km2 1942 km2 881 km2 272 km2 WATER DEPTH

  • c. 100 m
  • c. 100 m
  • c. 100 m
  • c. 100 m
  • c. 100 m

FASTNET INTEREST 60% 100% 100% 82.35% 85% DEEP KINSALE

IRELAND

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Deep Kinsale

  • 3,514 boepd from 24 foot basal

sand in Barryroe

  • Up to 145km2 structure
  • NuTech

(Houston based) log analysis confirms oil in 48/25-1

  • Running room and trendology for

majors interested in the single asset of Barryroe

  • Enhances potential to prospective

drilling partners

  • Strengthens portfolio of material

prospects

  • Fastnet partnered with Kinsale

Energy, a subsidiary of Petronas

Kinsale Gas Field Structure

IRELAND

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BC Base Chalk MWS Middle Wealden Sands DT Deep Target (Upper Purbeck?) MP Middle Purbeck Unconformity LP Middle or Lower Purbeck?

SE NW

ALPHA PLATFORM

BC MWS DT MP LP

Prograding Delta “Sweet Spot” Post-unconformity Fill

IRELAND

Deep Kinsale: 3D Cross Line 1976

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www.fastnetoilandgas.com 30 BLUE P90 CLOSURE 8,757 acres Four-way Dip Closure PINK P50 CLOSURE 19,934 acres Four-way Dip Closure GREEN P10 CLOSURE 35,930 acres Minor fault seal element against upthrown Purbeck Shale

C.I. = 10 msecs

48/24-4 oil shows in Base Wealden Sands HANGING WALL 49/17-1 oil shows in Base Wealden and Upper SYN RIFT FOOTWALL 48/25-1 NU TECH Petrophysics 270 ft. net pay in Base Wealden 262 feet net pay in Upper Purbeck HANGING WALL

NO OTHER WELLS PENETRATED BASE WEALDEN/UPPER JURASSIC

Deep Kinsale: Untested Deep Target TWT Map (Yellow Seismic Events)

IRELAND

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Mizzen Prospect 1 (New 3D Seismic)

56/12-1

Prospect 1 – 114 sq. km

IRELAND

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Mizzen Prospect 1 – Indicative Scoping GIIP* Basal Wealden/Upper Purbeck GIIP Using 56/12-1 conventional Petrophysics

  • Gross Reservoir Interval

1,812 feet 6,650 – 8,462 feet KB

  • Net Reservoir

405 feet

  • Net to Gross Ratio

22%

  • Average Porosity

15%

  • Average Gas Saturation

75%

  • Gas Expansion Factor

140 Reservoirs between 4,000 – 6000 feet in Prospect

  • Area of Closure

P90 14,944 Acres – Base of Reservoirs P10 28,158 Acres – Top of Reservoirs

  • P90 GIIP

4,150 BCF

  • P10 GIIP

7,820 BCF

IRELAND *Management Estimates. Not validated by CPR

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Mizzen Prospect 1: Structural Nose with Lower Wealden & Purbeck Reservoir pinch-outs and subcrop at Base Barremian Shale & Chalk unconformities Mizzen Lead 2: Structural Lead/Alluvial Fan with Lower Wealden & Purbeck Sand Overlain by Barremian Shale Mizzen Lead 3: Structural Nose with Lower Wealden & Purbeck Sand Overlain by Barremian Shale

Mizzen Prospect 1 = 114 sq. km. Mizzen Lead 2 = 32 sq. km. Mizzen Lead 3 = 127 sq. km.

C.I. = 20 msecs

Top Lower Wealden Sands Subcrops Barremian Shale Top Lower Wealden Sands Subcrops Aptian Unconformity/Base Chalk?

IRELAND

Mizzen Basin: Top Lower Wealden Sands TWT – Legacy 2D Seismic

1 2 3

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Celtic Sea Portfolio – A Maturing “Blue Sky” Opportunity

  • Fastnet’s acreage portfolio in the Celtic Sea remains a strong candidate for a farmout during 2014
  • Fastnet’s acquisition & processing of 1,910 sq. km. of 3D seismic in 2013 is generating more diversified interest in

the Celtic Sea – 2013 industry attention was focussed only on resolution of the Barryroe farmout

  • Industry focus is now on conjugate margin comparisons with offshore Eastern Canada – Statoil Flemish Pass
  • il discovery in 2013 was a timely and opportune catalyst (up to 600 mm BO recoverable)
  • The Ukraine-Russia stand-off has increased fears for security of gas supply (Gazprom provides 30% of Europe’s

gas) – exploration for gas in the Celtic Sea is attractive given the presence of infrastructure

  • Fastnet’s 3D seismic is confirming the materiality of the structures mapped on legacy 2D seismic – 100+ sq. km.

closures prospective for gas and oil

  • Fastnet’s medium term strategy is to target a multi-well Celtic Sea drilling programme in 2015/2016 - achieved by:
  • 1. Initial farmout to recover Past Costs to partner company with the necessary financial & technical resources to address the

challenging geology & seismic data quality issues of the Celtic Sea – establishes Market credibility in the ability to attract partners

  • 2. Second farmout for a carry in well(s) following maturing and de-risking of prospects for drilling in 2015/2016

IRELAND

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Company Overview Moroccan Assets Irish Assets Outlook

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www.fastnetoilandgas.com 36 OUTLOOK

Prospect Activity 2014 2015 Q2 Q3 Q4 Q1 Q2 Q3 Q4

OFFSHORE MOROCCO (Foum Assaka)

Drill First Well Evaluate FA-1 Well Results CPR for FA-1 Well & New Prospect Inventory Drill Second Non Obligation Well Appraisal or exploration subject to FA-1 Evaluate Well Results

ONSHORE MOROCCO (Tendrara Lakbir)

Complete Farm in Rig Contract Drilling Preparation EIS Study Complete seismic pre-stack depth migration Mature Prospect Portfolio Drill First Appraisal Well/strengthen partnership Drill Second Appraisal Well/POD Submission

OFFSHORE IRELAND (Celtic Sea)

Celtic Sea Farmout/workshop (Joint Initiative by Celtic Sea operators) 3D Seismic Interpretation/AVO Processing Stage 1 & Stage 2 Farm Outs Multi-Well Programme Planning for 2015/2016

Forward Work Programme

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Summary – Near-term High Impact Drilling Programme with “Running-Room”

  • High Impact 2014 Drilling Programme in Fastnet’s acreage onshore and offshore Morocco
  • Multi-well drilling programme in 2013/2014 by other operators around Fastnet’s Moroccan assets
  • Potential drilling success may crystallise Fastnet’s exit strategy
  • Farm down of Fastnet’s exposure to the Foum Assaka deep-water drilling programme is prudent to

maintain a balanced risk-reward exposure to protect and enhance current cash resources

  • Equity levels in Tendrara Lakbir onshore drilling option expected to be maintained at current levels based
  • n much lower onshore drilling costs; lower risk of exploiting discovered gas; and potential for earlier

monetisation

  • However Fastnet has flexibility, given the interest in gas-to-power projects onshore Morocco, to seek an

additional partner for Tendrara Lakbir to advance the scope for early monetisation of the TE-5 gas discovery

OUTLOOK

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Appendices

Fastnet Oil & Gas

Appendices

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Company Information

  • Listed on AIM and ESM
  • Addition of Foum Assaka asset offshore Morocco

drove initial shareholder value in emerging industry “hot spot”

  • Addition of Tendrara Lakbir Exclusive Farmin Option

into proven gas discovery onshore Morocco yet to be fully factored in to the share price

  • Share price driver over next 12 months will be an

active drilling programme offshore and onshore Morocco

  • Prudently managed cash resources to satisfy all

current work programme commitments whilst allowing for partial monetisation of the portfolio through ongoing farm down discussions for carries in drilling and past costs

KEY INFORMATION AIM FAST ESM FOI TOTAL ORDINARY SHARES IN ISSUE 345,369,071

APPENDIX

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Frontier Exploration Asset Overview

Licence Name Region Area Fastnet Interest Gross Net Partner Operator

Tendrara Lakbir Onshore Morocco 14,687 km2 50% 37.5% ONHYM, OGIF Fastnet Foum Assaka Offshore Morocco 6,478 km2 25% 18.75% Kosmos, BP (pending), SK (pending) Kosmos Mizzen Basin Offshore Ireland 787 km2 100% 100% n/a Fastnet Mizzen East Offshore Ireland 1,155 km2 100% 100% n/a Fastnet Deep Kinsale Offshore Ireland 285 km2 60% 60% PETRONAS Fastnet Shanagarry Offshore Ireland 881 km2 82.35% 82.35% Adriatic Oil, Carob, Petro Celtex Fastnet Molly Malone Offshore Ireland 647 km2 100% 100% n/a Fastnet Block 49/13 Offshore Ireland 272 km2 85% 85% Carob ltd, Petro Celtex Fastnet Total Area 25,192 km2 771 283 95 100 200 300 400 500 600 700 800 Frontier Standard Mature

Strategic focus on high-volume, high- value, frontier petroleum systems

Average Commercial Discovery Size in MMBoe 2010-2012 by Type

  • f Hydrocarbon Province

Note: Information from September 2012 Bernstein Research Report

APPENDIX

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Ireland: Largest Ever 3D Seismic Survey in the Celtic Sea of 1,910 km2

Mizzen 3D Seismic – 1,400 km2 Deep Kinsale 3D Seismic – 510 km2 CGG Vantage

Mizzen 3D Area - Full Fold (3 km sail in) Mizzen 3D Area

Total Option Area

Deep Kinsale Seismic & Undershoot APPENDIX

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Fastnet Oil and Gas: “First Pass” Indicative Gross STOIIP and GIIP and Risking

Best Estimate High Case CoS Oil or Gas Case Foum Assaka Shell Legacy Prospects Only 4.930 BBO – 11% OIL Tendrara Lakbir TE-5 Lakbir Structure 310.5 BCF 0.892 TCF 22% GAS Other Prospects and Leads 1, 345.8 BCF 4.284 TCF 11 - 18% GAS Shanagarry Upper Wealden 135.9 BCF – 10% GAS Lower Wealden 796.6 MMBO – 14% OIL Purbeck 501.6 MMBO – 12% OIL Kimmeridgian-Portlandian 885.7 BCF – 5% GAS Upper/Middle Jurassic 321.1 BCF – 5% GAS Mizzen Basin Shallow Lower Cretaceous 2.075 TCF 4.724 TCF 12% GAS Cretaceous Prospect 1.799 BBO 3.899 BBO 4% OIL Deep Triassic Prospect 3.108 TCF 9.356 TCF 5% GAS Molly Malone Basin Triassic Prospect - North 6.677 BBO – 9% OIL Triassic Prospect - South 5.833 BBO – 5% OIL Deep Kinsale Wealden Oil 1651.4 MMBO 3.306 BBO 15% OIL Purbeck 713.6 MMBO 1.556 BBO 15% OIL Total Oil 22.911 BBO OIL Total Gas 8.182 TCF GAS

APPENDIX

Contingent Resources

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Analyst Coverage

APPENDIX

Name Company

Sam Wahab Cantor Fitzgerald Michael Alsford Citi Job Langbroek Davy Ian McLelland Edison Research Tao Ly GMP Securities Gerry Hennigan Goodbody Matthew Lambourne Jefferies Richard Savage Mirabaud Stuart Amor RFC Ambrian Craig Howie Shore Capital Oswald Clint Sanford Bernstein