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Fastnet Oil & Gas Plc Corporate Presentation December 2014 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


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Fastnet Oil & Gas Plc Corporate Presentation

December 2014

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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

Overview and Company Funding

  • Portfolio includes onshore and offshore Morocco and offshore Ireland with 16 primary exploration and appraisal

prospects matured for drilling

  • Cash balance USD 18 mm at 30 November 2014
  • Running costs – general and administration – USD 3.3 mm p.a
  • All current licence phase commitments have all been met – fully funded for discretionary spending going forward
  • Monetisation through farm down and recovery of past costs
  • Recently announced changes to the Tendrara Lakbir option, improving net equity position to 50%, creating a

significant positive effect on project economics. Potential running room in both additional conventional traps and an unconventional shale gas play on the Licenses. The Company retains an option to farmin to the licence. It is the intention of the board of Fastnet to have this option extended by 12 months to the end of 2015

  • Celtic Sea farm out process stalled due to adverse movements in commodity markets. Internal technical work

continues to enhance value with completion of 3D interpretation. Still working with 3rd parties towards farmouts in 2015

  • FA-1 well reached TD May 14, under budget. Numerous oil and gas shows encountered in well. Full prognosed

section not penetrated due to salt occurring shallower than predicted. FA-1 results have significantly de-risked the Foum Assaka license area OVERVIEW

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Frontier Exploration Asset Overview

Licence Name Region Area Fastnet Interest Gross Net Partner Operator

Tendrara Lakbir Option Onshore Morocco 14,548 km2 66.7% 50% ONHYM, OGIF Fastnet Foum Assaka Offshore Morocco 6,478 km2 12.5% 9.375% Kosmos, BP, SK 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 648km2 100% 100% n/a Fastnet Block 49/13 Offshore Ireland 272 km2 85% 85% Carob ltd, Petro Celtex Fastnet Total Area 25,054 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

OVERVIEW

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Business Model Health Check

ACQUIRE

  • 25,054 sq. km. under licence and exclusive options
  • Continually reviewing and seeking out new niche opportunities

ANALYSE

  • 1,910 sq. km. of 3D seismic acquired in Ireland
  • 488 sq. km. of 3D seismic reprocessed onshore Morocco
  • Up to 5,000 sq. km. of 3D seismic acquired/reprocessed offshore Morocco

FARM DOWN

  • Foum Assaka farmed out to SK Innovation – carry in up to 2 wells plus back costs
  • Total cost to Fastnet from licence acquisition to completion of the FA-1 well was USD 2.75m
  • Celtic Sea and Tendrara farmouts continue

EXPLORE

  • FA-1 first well tested the high risk, deepwater, acreage in the portfolio
  • De-risked petroleum system – oil shows encountered, sand presence confirmed but

thickness/quality remains issue

  • Celtic Sea 3D Interpretation has defined and de-risked very large potential oil and gas prospects

MONETISE

  • FA-1 significantly derisked petroleum system on the block, well data being fully integrated

towards further exploration on the License.

  • Tendrara – Lakbir drilling programme offers potential for next near-term opportunity for

monetisation subject to extending option deadline

  • Celtic Sea prospects offer medium term potential for monetisation following farm-down/drilling

OVERVIEW

ACQUIRE ANALYSE FARM DOWN EXPLORE MONETISE

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Experienced Board & Senior Management

Cathal Friel, Non-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

Carol Law, Chief Executive Officer

  • Former Exploration Manager, Anadarko East Africa
  • 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)

Will Holland, Chief Financial Officer

  • Former Associate Director at Macquarie bank where he originated,

structured and managed equity and debt investments in small-cap E&P companies.

  • Previously worked at Halliburton Energy Services in various

technical & business development roles based in Africa & Europe

  • MBA from Heriot-Watt University

Michael Edelson, Non-Executive Director

  • Non-executive Chairman of Sterling Green Group plc since he

founded the Company.

  • He has been a member of the board of Manchester United

Football Club since 1982

  • Angel investor, venture capitalist and philanthropist

Michael Nolan, Non-Executive Director

  • Former Founder and Group Finance Director of Cove Energy PLC
  • Currently CFO of Discover Exploration and Non-executive director
  • f Rathdowney Resources plc and Orogen Gold plc
  • Fellow of the Chartered Accountants Ireland

€100 million

One of the founding directors

  • f Merrion Capital, where he

was part of the small team that built the business and sold it for c. €100m in 2006

100 TCF +

Carol led the Anadarko team that discovered over 100 TCF

  • f natural gas in the Area 1

Block, Offshore Mozambique

$2.5 billion

Value of successful corporate transactions

  • n which Cathal has

advised

$2.64 billion

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

25+ years

Managerial Corporate Finance experience

30 years

Experience in oil and gas industry

20+ years

Experience in oil and gas industry

40+ years

Experience as a Director of several AIM listed PLCs

+$110 million

Managed Macquarie interest in over $110 million of debt and equity investments

Internal Control

Lead teams of internal auditors at Halliburton assessing accounting &

  • peration risks

5p to £22

Founder of Asos, the global

  • nline fashion and beauty

retailer

Value Creation

Originated 20-plus AIM and PLUS listed vehicles, delivering significant returns to shareholders

THE TEAM

18+ years

Experience in resource exploration sector

+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

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

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Energy Prices and Fiscal Regime

MOROCCO

  • The gas and oil prices in Morocco are indexed to international prices.
  • The gas price at the Morocco - Algerian border is 10 to 11 USD per mscft.
  • Locally produced gas sells in the domestic market at 7 to 12 USD per mscft.

Fiscal Incentives

  • 25% State participation
  • Royalty: Oil 10%; Gas 5%
  • 10 year corporate tax holiday on discovery

Profit Value of 1bbl of Oil in Morocco

  • Producing 1bbl of oil in Morocco is equivalent to
  • 13bbl in Algeria
  • 7bbl in Nigeria

Morocco Canada Argentina UK Libya Egypt Norway Indonesia

0% 20% 40% 60% 80% 100%

Gov’t Take (%) Morocco Algeria Nigeria Egypt

Source: EY Global oil and gas tax guide, 2013

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Gas-to-Power Opportunity

MOROCCO

  • 470 MW of Existing Gas Power

Capacity in Morocco (Population 33 million)

  • 4,000 MW Planned Increase in

Gas Power Capacity (requiring 600 mm cfgpd)

  • 367% Increase in Gas-Fired

Electricity Generation Forecast by 2023

  • Opportunity to supply new-build

400 MW Al Wahda Power Station

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Access to European Gas Network

MOROCCO

  • Capacity: 12.5 BCM/year (441.37

BCF/year)

  • Installed Capacity: 18 BCM
  • 14% of transport capacity entitled to

Morocco

  • 100% capacity rights to Morocco in 2021
  • Transit fees for Morocco of 600 to 800

million m3/year

LNG Terminal Initial Capacity 5 Billions M3 ( 176.55 BCF) > 5 years before operational (at very early planning stage)

Source: CPR, November 2013

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Tendrara Lakbir Option

Scale

  • 14,548 sq. km. Over entire prospective Missour-Tendrara Basin
  • Largest licence in Morocco over the proven Triassic TAGI gas play
  • Material, near-development gas project – clear pathway to early monetisation
  • Favourable fiscal regime – 5% Government Royalty and 10 year holiday on corporation

tax

  • “Running-room” provided by existing TAGI gas discoveries, prospects and leads; under-

explored Palaeozoic prospectivity (extension of proven Algeria/Libya petroleum systems; unconventional Carboniferous & Silurian/Tannezuft shale gas: economics enhanced by TE-5 gas development)

Equity & Partners

  • Pathfinder Hydrocarbon Ventures Ltd 50% net equity after exercise of Exclusive Farmin

Option

  • Partners: Oil and Gas Investments Funds (“OGIF”) 25%; ONHYM 25%
  • Pathfinder is the Technical Operator during Option Period

MOROCCO

  • OGIF is owned by the largest Moroccan financial institutions (banking, insurance and pensions)

Deal Terms & Legacy Database

  • Legacy Database (available to licence holders only): 7 wells by previous operators; 488 sq. kms. of 3D seismic; 4,118 kms. of 2D seismic; PSDM processed

3D seismic and Reservoir Engineering (Pathfinder Option Period work programme)

  • Pay disproportionate share of two wells to be drilled on the TE-5 gas structure in the Initial Exploration and First Extension Periods of the Licence – Offers to

reflect the materiality and “running room” and comprehensive legacy database

  • Well planning underway with drilling to commence within the next 9 months
  • Scoping budgetary estimate for individual wells, fully tested, is USD 13.5 - 17 MM
  • Assignment of equity interests are subject to the usual Moroccan government approvals
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Tendrara Lakbir Exploration History: 6 out of 7 wells drilled discovered gas

MOROCCO

  • TE-5 Gas Structure (red)

488 sq. km. 3D & 4,110 kms. 2D seismic

3 month EWT – no pressure depletion in TAGI I Formation damage – stabilised rate 1.5 mm cfgpd

Legacy Prospectivity (2000-2008)

  • TE-3 & TE-4 Structure (red hatched)

TAGI tight gas reservoir

Gas shows in Lias limestone and Carboniferous

  • TE-2 Structure (red outline)

TAGI tight gas reservoir

  • SBK-1 Gas Discovery (red)

TAGI II tested at 5 mm cfgpd

Declined to 2.5 mm cfgpd (fault barrier/no 3D) Condensate shows in Lias dolomites & Trias basalts 300 bcf GIIP Best Estimate

  • TAGI Prospects (yellow)

Structural & Stratigraphic Pinchout

  • TE-1 (1966) logged gas

Possible downdip extension TE-5 Structure

Additional Untested Upside

  • Cambro-Ordovician

NE area of the Block

  • Carboniferous

Basinwide

  • Unconventional Shale Gas

Carboniferous – basin centre play

62 TCF (Source ONHYM) Silurian/Tannezuft – NE area

NW-SE LINE OF SECTION

Legacy 2D Seismic

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Fastnet TAGI I Depth Map (At Seismic Reference Datum)

MOROCCO

P90 CLOSURE GDT TE-5 2451 m SRD Area within Cyan Dots = 25 sq km P10 CLOSURE GDT TE-1 2835 m SRD Area within White Dots = 386 sq km MODEL 4 Uses pseudo-interval velocities based upon revised TWTs at well locations

Current Well Mis-ties (well-map) TE-1

  • 15 m

TE-5 +28 m TE-4 +24 m TE-3

  • 15 m

P50 CLOSURE 2575 m SRD Area within Blue Dots = 62 sq km

Outline of 3D data

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Fastnet Independent Reservoir Engineering Study

(Case “A” 9.1 mm cfgpd with all zones in 22.5m perforated; S = 0)

A

( Original Well Test k – Only top 11.5m contributing; S = 30)

(EWT Well Test k – Only top 11.5m contributing; S = 0)

MOROCCO

TE-5 Well – inflow Performance Rates TE-6 Well to test well deliverability case “A” – 9mm cfgpd

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Meskala Gas Field: On-Trend Producing TAGI I Gas Reservoir Analogue Supports TE-5 Gas Potential

MOROCCO Exploration History

  • MKL-101 Gas Discovery drilled in December 1981 – field on-stream in 1987
  • TAGI Triassic reservoir (also tested gas in TE-5 gas structure – up to 14% porosity)
  • Gross reservoir section 150m with c. 30m net pay (less than TE-5)
  • Avg. porosity in best pay section 12% (k2-4 mD compared to up to 55 mD at TE-5
  • Depth 3374 m (c. 750m shallower than TE-5)

MKL-101 Reservoir Characteristics and Test Results

  • Over-pressured – 3700 psi above hydrostatic pressure (also over-pressured at TE-5)
  • 18m perforated (only 11.5m contributing to flow at TE-5) from 3374m – 3392m
  • No acidizing/no fracking
  • 20mm cfgpd absolute open-hole potential – stabilised at 6mm cfgpd and 510 BCPD
  • n ¼” choke with WHFP 4800 psi (flow rate restricted by liquid condensation near

well bore. Liquid content 85 barrels per mm cfgpd (3 barrels at Tendrara)

  • MKL-101 producing 3.24mm cfgpd and 200 BCPD after 27 years production life.

Reservoir Geometry

  • Good lateral continuity but fault compartmentalisation (less significant at TE-5)
  • Development wells drilled pre-3D – very poorly located

GIIP Per Well

  • MKL-101 fault compartment 33BCF and 2.8mm BC in-place per sq. km.
  • TE-5 independent estimates indicate a range of 8 to 20+ BCF recoverable per well

for a variable net pay thickness of 135 to 200 feet and a drainage area of between 200 and 300 acres per well Source: World Bank Report No. 4283-MOR 4 Apr 1983

TE-5 Gas Structure

Meskala Gas Feld

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Untested Unconventional Palaeozoic Hydrocarbon Plays

MOROCCO

62 TCF Missour Basin TENDRARA LICENCE

Area : 11000 Km² Age : Carboniferous Maximum depth : 4363 m TOC : 1 – 11.44 %

OSD-1 TAJ-1

Distribution of Silurian Hot Shales: NW Africa

OSD-1 (Carboniferous)

  • TOC up to 11.44% at 2401m
  • Tmax 439°
  • S2 187 mg/g
  • HI 163
  • 800m+ thick

TAJ-1 (Silurian)

  • TOC up to 3.32% at 2729m
  • Tmax 348°
  • S2 1.31 mg/g
  • HI 39
  • Avg. thickness 150m
  • Gas in Fractured Lower Devonian Lstn. at Meskala

Field

  • Carboniferous gas in some Tendrara wells
  • Potential for tectonic fracturing locally
  • Silica and clay content not investigated
  • Shale porosity not investigated
  • “Sweet spots” not yet identified

Based on Legacy 2D Seismic Data

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Offshore Morocco Play Fairway Analysis

MOROCCO

  • FA-1 well trade value is being used to

give valuable insight into an ongoing analysis of the potential of the under- explored offshore

  • Deep Secondary Target favoured by

Fastnet and a target for Chevron and BP offshore Nova Scotia remains a key target in Foum Assaka following the FA- 1 well

  • Exploration drilling offshore Morocco

has historically focused on the Carbonate Shelf with no commercial discoveries as yet FA-1 Well

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Flat Spot?? Pre-Drill Fastnet Primary “Wedge” Target

Post-Drill Fastnet Primary “Wedge”

Target Tagged but not Penetrated FA-1 Live Oil Shows High Amplitude Package Recalibrate with Well Results SALT

MOROCCO

FA-1 Preliminary Well Post Mortem Shows Untested Potential

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www.fastnetoilandgas.com 20 MOROCCO

FA-1 Sidewall Cores – Live Oil Under UV Light

Source: CoreLab

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

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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
  • Statoil Discovery potentially 600

MBO Recoverable made in analogous basin summer 2013 (Flemish Pass Basin)

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%

IRELAND

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Deep Kinsale - Large Untested Closure Below Shallow Producing Gas Field

IRELAND

Prospect E Deep Kinsale Primary Prospect “A” 49/9-2 “Helvick” Oil & Gas Play

Base Chalk Upper Purbeck Sands Middle Wealden Upper Jurassic Upper-Middle Jurassic

Mounding in Upper Purbeck

Northern Bounding Fault

Kinsale Field 1.7 TCF Gas

MFS

48/25-1 Discovery

Southern Bounding Fault

Source Reservoir Prone Deep Liassic Source?

  • Approx. Licence

Limit (4000ft)

North SE North South East

Potential reservoir bearing packages thicken into active Late Jurassic to Early Cretaceous Faults

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P50 Closure for Upper Purbeck Sands Primary Prospect “A”

Primary Prospect “A” Basal Wealden 46 sq. km. 48/25-1 Oil Discovery Lower Wealden 46.7 sq. km. Logged Live Oil 48/25-1 270 feet net oil pay

IRELAND

3D Seismic De-risk Legacy Reservoir Compartmentalisation Issues

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Multiple Options to Develop Celtic Sea Gas

  • Existing infrastructure
  • New pipeline build
  • Floating facility

IRELAND

155 kms to Bantry Bay Oil Terminal Infrastructure 34 kms to connect to

  • nshore gas infrastructure

185 kms to connect to Kinsale Platform and Shore Terminal

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New 3D Seismic Defines Large Potential Gas Anomaly Over Primary Prospect “A” – 91.9 sq. km. giving 1.45 (P50) to 2 (P10) TCF of Recoverable Gas

RMS Amplitude Extraction, TDW 40 mins 100ms

IRELAND

Basis for Maximum closure at Primary Prospect A

High amplitudes over crest

Inline 728

Inline 728

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Company Overview Moroccan Assets Irish Assets Outlook

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Near Term Share Price Catalysts

  • Strong uncommitted cash balance with low corporate overhead
  • Seeking a one year extension to the Tendrara Lakbir Option
  • Progressing ongoing discussions with potential partners for Tendrara. This includes gas to power
  • pportunities as well as developing an appraisal programme for the TE-5 discovery
  • Continue with Celtic Sea farm out process. Confirmation that a rig will be drilling in the region

increases attraction of the area

  • Identification of the second prospect/well location for Foum Assaka
  • Business development opportunities

OUTLOOK

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Appendices

Fastnet Oil & Gas

Appendices

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Fastnet New TE-5 Unconventional NuTech Petrophysics TAGI-I Perforated Zone 2,588.5m-2,620m

MOROCCO

  • Identification from logs of higher permeability layers – calibrated to available core data
  • Perforated zone tested only some of these: moderate gas flow rates (formation damage and liquid loading)

Gamma

  • Res. Qual.

Flags Lith/Fluid Analysis Resistivity Porosity Curves Visual Matrix

  • Tot. Gas

Pore Size

  • Vol. Analysis

Por/Fluid Perm Textural Params Comment Zone Ratings Fracturing Test Interval

“Sweet Spot” Better sorted NuTech Shows good k Not contributing to flow Core k up to 55 mD Thin layers sub NuTech log resolution

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Deep Kinsale – New 3D Seismic De-risk Potential Untested Thicker Sand Intervals

IRELAND

Southern Bounding Fault

Prospect E Deep Kinsale Prospect A

49/9-2 “Helvick” Oil & Gas Play Base Chalk Upper Purbeck Sands Middle Wealden Upper Jurassic Upper-Middle Jurassic

Mounding in Upper Purbeck Prospect K

Northern Bounding Fault North South East North SE Purbeck Shale

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NuTech Data Unconventional Petrophysics for 48/25-1

48/25-1 Logged 532 feet of net oil pay The Lower Wealden interval from 6600-7060ft is sst with 270 feet of net pay. The characteristics of this interval are: average porosity of 15.3%, average SW of 43.3%, average permeability of 114 millidarcies, There are several zones with permeability above several hundred

  • millidarcies. This interval is expected to produce

hydrocarbon at a good rate. The Upper Purbeck interval from 7060-7600 feet is sst. with 262ft of net pay. With average porosity of 12.5%, average SW of 36.9%, average permeability of 45.6 millidarcies, There are several zones with permeability

  • ver several hundred millidarcies. This interval is

expected to produce hydrocarbon at a fair to good rate.

Seal Interval

Upper Purbeck – Lower Wealden Reservoir Interval Mid Purbeck Lacustrine Source Rock

Oil-Bearing IRELAND

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NuTech Data Unconventional Petrophysics for 48/25-1

IRELAND

48/23-1 48/24-3 48/25-1

Good Continuity of Barryroe Tested Sands Over 10’s of Kilometres

Seal Interval

Upper Purbeck Lacustrine Shale Reservoirs in Deep Kinsale Lower Wealden Reservoir Interval

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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: FOUM ASSAKA

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 USD $100 million per well) or at SK Innovations’ discretion a carry in a second exploration well (capped at gross USD $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 now retains a 12.5% gross interest (9.375% - net)
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Analyst Coverage

APPENDIX Name Company

Harry Stevenson Beaufort Securities Sam Wahab Cantor Fitzgerald Job Langbroek Davy Ian McLelland Edison Research Tao Ly GMP Securities Gerry Hennigan Goodbody Richard Savage Mirabaud Stuart Amor RFC Ambrian Craig Howie Shore Capital