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Fastnet Oil & Gas Plc Corporate Presentation March 2015 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


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Fastnet Oil & Gas Plc Corporate Presentation

March 2015

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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 Irish Assets Moroccan Assets Outlook

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www.fastnetoilandgas.com 4

Overview and Company Funding

  • Current Portfolio Focus: Offshore Ireland and Offshore Morocco
  • Cash balance USD 18 mm at 30 November 2014
  • Carol Law appointed as CEO in December 2014
  • Running Costs

– General and Administration - ongoing review of spending and staff changes forecasting < USD 2.3mm p.a. in 2015 – All current licence phase commitments have all been met – fully funded for discretionary spending going forward

  • 2014 Highlight - 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. Well proved evidence of active petroleum system on the block

  • Technical work continues to enhance value

– Foum Assaka - integration of FA-1 well data, trade for other operators well data, rework interpretation – Celtic Sea – working regional linkage to Flemish Pass, detailed petroleum systems work to reduce risk and high-grade portfolio

  • Continually enhance shareholder value through

– Farm downs to recover past costs and fund future activity – Evaluation of new opportunities for strategic fit – Focused review of potential acquisition candidates OVERVIEW

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Exploration Asset Overview

Licence Name Region Area Fastnet Interest Gross Net Partner Operator

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 Ventry Offshore Ireland 996 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 11,502 km2 771 283 95 100 200 300 400 500 600 700 800 Frontier Standard Mature

Strategic focus on frontier acreage with excellent fiscal terms in proven 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

  • 11,502 sq. km. under licence and exclusive options
  • Continually reviewing and seeking out new niche opportunities
  • Opportunistic M&A to leverage a strong cash balance in a distressed environment

ANALYSE

  • 1,910 sq. km. of 3D seismic acquired in Ireland
  • Up to 5,000 sq. km. of 3D seismic acquired/reprocessed offshore Morocco
  • Fully integrate FA-1 well data into ongoing prospect generation

FARM DOWN

  • Foum Assaka farmed out to SK Innovation in 2014 resulted in a 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 technical work continues to enhance value / reduce risk for potential farminees

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 identified and de-risked very large oil and gas prospects

MONETISE

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

towards further exploration on the License.

  • Farm down Celtic Sea portfolio; seek opportunity for synergy with other Celtic Sea Operators

OVERVIEW

ACQUIRE ANALYSE FARM DOWN EXPLORE MONETISE

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Experienced Board & Senior Management

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)

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

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 of Rathdowney Resources plc and Orogen Gold plc

  • Fellow of the Chartered Accountants Ireland

100 TCF +

Carol led the Anadarko team that discovered over 100 TCF

  • f natural gas in the Area 1

Block, Offshore Mozambique

$2.64 billion

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

30 years

Experience in oil and gas industry

40+ years

Experience as a Director of several AIM listed PLCs

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

€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

$2.5 billion

Value of successful corporate transactions

  • n which Cathal has

advised

25+ years

Managerial Corporate Finance experience

Company plans to add new director in 2015

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Changing Times - New Ideas: “Potential Acquisition Strategy”

Opportunity

  • AIM E&P Sector down over 55% since September 1, 2014*
  • Many E&P Companies are under funded for commitments going forward
  • Capital constrained Market place
  • Low Oil Price = Low Valuations = Opportunity

Fastnet Strategy

  • Seek assets with core value and upside potential
  • Leverage Board’s experience / expertise
  • Enhance Shareholder Value

*LSE Statistics to February 2015

OVERVIEW

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

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Celtic Sea Offshore

  • Large Structures = Major reserve

potential

  • Access to Gas production facility

at largest Irish producing gas field at Kinsale Head

  • Proven oil and gas petroleum

systems

  • Large

prospects with well- understood analogues

  • Underexplored, Excellent Fiscal

Terms

  • Politically Stable
  • Shallow water prospects: easier to

monetise than deepwater

  • pportunities: especially attractive

in current commodity environment

  • Modern 3D seismic surveys -2013
  • Mizzen 1,400km2
  • Kinsale 510km2
  • Tectonics link to Flemish Pass

Statoil 2013 discovery - potentially 600 MBO recoverable and growing

DEEP KINSALE MOLLY MALONE MIZZEN & MIZZEN EAST VENTRY SHANAGARRY BLOCK 49/13

AREA 285 km2 648 km2 1942 km2 996km2 881 km2 272 km2 WATER DEPTH

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

c.100m

  • c. 100 m
  • c. 100 m

FASTNET INTEREST 60% 100% 100% 100% 82.35% 85%

IRELAND

Portfolio of Opportunities in highly prospective basin capable of delivering significant near-term production

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The Jeanne D’Arc (JDB) and Flemish Pass (FPB) basins and their Lower Cretaceous to Jurassic Petroleum Systems link with the Celtic Sea and Mizzen Basins Offshore Ireland. The East Orphan Basin (EOB) is the conjugate pair of the Porcupine Basin. Eastern Canada Fields and Discoveries

  • Flemish Pass Basin

Bay Du Nord (2013) Mizzen 300 – 600 mmbbls 100 – 200 mmbls

  • Jeanne D’Arc Basin
  • Hibernia

884 mmbbls + 1.375 TCF + 145 mmbbls NGL

  • Terra Nova

406 mmbbls +14 mmbbls NGL + 269 BCF

  • Hebron

325 mmbbls

Eastern Canada Fields and Discoveries (Statoil Website Nov 2013) Pre-Atlantic Opening Map (Lowe et al 2011)) Shows Canadian and Irish Conjugate Basins Note: Jeanne D’Arc and Flemish Pass basins are paired with the Celtic Sea.

IRELAND

Celtic Sea Offshore

Ireland - Canada Geologically Linked Basins

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  • Celtic Sea Frontier Basin – Conjugate Margin Equivalent is Flemish Pass/Jeanne D’Arc
  • Late Jurassic/Early Cretaceous Proven Petroleum System
  • Good Thick Reservoir Development (Based on Proximity to Fastnet High)
  • Potentially less compartmentalisation compared to Barryroe
  • Potential for Mature Purbeck (56/12-1) and Lower Jurassic (47/29-1) Source Rocks
  • Discovered Light Non-waxy Oil (Lias Source) Exists Immediately to South in Fastnet Basin
  • 3D Seismic Indicates Potential Gas DHI’s conforming to structure – de-risks migration &

charge

  • 3D Seismic Confirms Potential for Material Structural/Stratigraphic Traps
  • Running Room & Diverse Geological Plays
  • Attractive commercial terms for potential farminee for 2016 multi-well drilling programme
  • Risked economics are attractive based on realistic farmout terms – widespread industry

interest

  • 13 companies (mostly majors) carried out data review in 2014, number of interested parties

prior to commodity price collapse. IRELAND IRELAND

Celtic Sea Offshore – Why Mizzen?

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www.fastnetoilandgas.com 13 Basement/Trias/Lower Jurassic Tertiary Chalk

Fault

UC UC UC UC UC UC UC

Crestal Carbonate Play Intra-Formational Seal Intra-Formational Seal

BCU? Purbeck Sst Base Chalk Top Chalk SB SB

East

Aptian Hauterivian

Local Source?

West

E W SB

Fan Delta Progrades

UC

Null Point

Bright amplitudes

Lower Cretaceous

Source?

UC

Stratigraphic Wedge Play Deep Sand Play Basement & Triassic Play

Jurassic & Triassic

Mizzen - Multiple Plays and Trapping Configurations

IRELAND

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Mizzen: Structure / Sand / Proven Hydrocarbons

Depth Feet

Contours 100ft

56/12-1

Low

Top Basal Wealden Sands Depth Map

IRELAND

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Mizzen 3D Seismic Defines Large Amplitude Anomaly 91.9 km2 Over Prospect “A” - 1.45 TCF (P50) to 2 TCF (P10) 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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16

Top Basal Wealden Sands 6650 ft Top Purbeck 7110 ft

Oil Shows Throughout Gross 460 ft Net 127 ft N/G 28% Average PHIE 16% PHIE up to 20%. Average Oil Saturations 20% Shows Net Reservoir Flag Calculated Hydrocarbons

56/12-1 Composite Log and Conventional Petrophysical Results Basal Wealden Section – 460 ft thick Circa 2x gross (and net) thickness as equivalent main reservoir (interval at Barryroe)

Basal Wealden Sand

  • Upper Purbeck Sand

Gross 1,352 ft Net 278 ft N/G 21% Average PHIE 15% Average Oil Saturations 26%

IRELAND

Mizzen – Proven Reservoir and HC Charge on flanks of large Structure

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884 MMBO 325 MMBO 406 MMBO 274 MMBO

Jeanne D’Arc Basin Oil and Gas Fields showing Rotated Overlay of Fastnet’s Celtic Sea Mizzen and Mizzen East Licence Option Areas (1,950 km2) for Scale

RESOURCES Hibernia 884 MMBbls Oil + 1.375 TCF + 145 MMBBLS NGL Terra Nova 406 MMBbls Oil + 269 BCF + 14 MMBBLS NGL Hebron 325 MMBbls Oil IRELAND

Mizzen – East Mizzen Blocks Offer Potential for World Class Field Sizes

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Ventry Licensing Option: Extending Mizzen acreage westwards

IRELAND

  • Contiguous with and extending

westwards from the Company’s previously awarded Mizzen Licensing Option 12/3 and East Mizzen Licensing Option 13/3.

  • Fastnet is the designated
  • perator and has a 100%

working interest and is required to reprocess existing 2D seismic data and carry out various geological studies.

  • The Ventry Licensing Option

provides extension acreage with significant running room for multiple play types which have been clearly imaged on Fastnet’s Mizzen 3D seismic data, which was acquired in 2013.

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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

  • Exclusive Farmin Option (the “Option”)

restricted to below 4,000 feet subsea

  • 500 sq. km. 3D seismic was acquired by 31

December 2013

  • The Option must be exercised before 31

March 2015

  • Farmin Well to be commenced before 31

December 2016

  • Primary geological objectives are the

Purbecko-Wealden reservoirs present in “Barryroe”

  • Farmin Well to be drilled to a Provisional

Depth of 8,000 feet subsea

  • Fastnet to earn 60% equity by paying 100%
  • f the costs of one well, including testing
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Additional potential closures

High

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

Deep Kinsale P50 Closures Basal Wealden Sands – Nutech Petrophysics Prospect “A” – P50 151mmbls / P10 339mmbls Recoverable

IRELAND

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Primary Prospect “A” Upper Purbeck 46.2 sq. km. Logged Live Oil 48/25-1 270 feet net oil pay

Deep Kinsale P50 Closures Upper Purbeck Sands – NuTech Petrophysics Prospect “A” – P50 273mmbls / P10 630mmbls Recoverable

IRELAND

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Shanagarry

  • Gas Discovered on Block
  • Close proximity to Kinsale facility
  • Numerous discoveries surrounding Block
  • Definite Interest in Farmout Process

49 /13

  • Heavy Oil recovered in well 49/13-2
  • Close proximity to Kinsale facility
  • Potential activity on adjacent block, 49/9-2 Helvick Oil

Field (Middle/Basal Upper Jurassic)

  • High API oil - tested at 10,000 bopd

Molly Malone

  • Oil and gas shows in close proximity
  • Potentially very large structure indicated on limited 2D

data

  • Proven Sherwood sandstone reservoir
  • Main structure has mid-case prospective oil resource

potential of 125 million barrels

IRELAND IRELAND

Celtic Sea Offshore – Running Room

Existing Seismic Coverage

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

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Energy Prices and Fiscal Regime

MOROCCO

  • The gas and oil prices in Morocco are indexed to international prices.

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 (%)

Source: EY Global oil and gas tax guide, 2013

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Offshore Morocco Play Fairway Analysis

MOROCCO

  • FA-1 well data trade for recent

wells drilled by other Operators provides valuable insight into an

  • ngoing analysis of the potential
  • f the under-explored offshore
  • FA-1 well results highlight a new

play based on the oil shows in reservoir quality sands which were not a primary target pre well

  • Wells to be drilled in 2015 /2016

in offshore blocks will continue to expand the understanding of the active petroleum systems

  • Post well technical work will focus
  • n mapping new play potential as

well as high grading existing prospect portfolio

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

  • Untested potential down

dip

  • Non-prognosed Aptian

Barreminan Sands with oil shows

  • Potential Source

encountered in well

  • Geochemistry data

providing excellent calibration for basin

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www.fastnetoilandgas.com 27 MOROCCO

FA-1 Sidewall Cores – Live Oil Under UV Light

Source: CoreLab

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Company Overview Irish Assets Moroccan Assets Outlook

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Near Term Share Price Catalysts

  • Strong uncommitted cash balance = protection during Industry downturn
  • Reviewing G&A with sharp scissors – preserving balance sheet
  • Carol Law appointed as CEO in December 2014
  • Recent confirmation that a rig will be drilling in the Celtic Sea increases attraction of the area;

Continue with farm out process

  • Identification of additional prospects / second well location for Foum Assaka
  • Business development – major opportunity now exists for those with strong balance sheets

OUTLOOK

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Appendices

Fastnet Oil & Gas

Appendices

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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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Comparison 56/12-1 Purbeck to Egret Source Rock of Jeanne D’Arc.

Proprietary Fastnet Oil and Gas study versus IGI Paper from Conjugate Margins Conference, St. Johns, Aug 2014.

IRELAND

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Preliminary Top Middle Purbeck TWT

Sealing Fault? Sealing Fault Required

IRELAND

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Molly Malone 2D Seismic and Well Database

TRIST-91 MP-84CE Marathon 69,71,72 MPCR-84

Surveys

MP-84-CD UK Lines on Order (March 2013)

49/29-1 Oil Shows in Rhaetic-Hettangian 102/29-1 Wet Gas Shows in Lower Jurassic 93/2 Oil Shows in Rhaetic-Hettangian

IRELAND

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NW SE

Molly 2D Seismic Dip-Line MP84CE-01-1

Tilted fault blocks – pre-inversion trap with Triassic Sherwood Sandstone sealed by salt Fault throw large enough to effect juxtaposition with mature source rocks

CYAN PROSPECT

IRELAND

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Gross 1184 ft Net 796 ft N:G 0.67 Average Porosity 18% Sonic Porosity up to 25%

Top Sherwood Sstn. 7801 ft MD (-7729 ft) Top Palaeozoic 8985 ft MD (-8913 ft) TRIASSIC

Sherwood Sandstone Group

GR Resistivity Sonic

93/2-2 Sherwood Sandstone Petrophysical Summary

Molly Triassic Sherwood Sandstone is a “World Class” Reservoir

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“49/13” 2D & 3D Seismic and Well Data

49/13 Shanagarry Molly Malone

Legacy Gulf 3D seismic coverage

49/9-2 Helvick Oil Field (Middle/Basal Upper Jurassic) Tested at 10,000 bopd 49/13-2 Heavy Oil Discovery (Upper Jurassic) DST extrapolated flow rate 250 bopd

IRELAND

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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 Alessandro Pozzi, Ritesh Gaggar GMP Securities Gerry Hennigan Goodbody Richard Savage Mirabaud Stuart Amor RFC Ambrian Craig Howie Shore Capital