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Fastnet Oil & Gas Plc Corporate Presentation August 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 any


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Fastnet Oil & Gas Plc Corporate Presentation

August 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

  • 25,053 sq. km. under licence onshore and offshore Morocco and offshore Ireland with 16 primary exploration and appraisal

prospects matured for drilling

  • Cash balance USD 20 mm at 31 July 14
  • Running costs – general and administration – USD 2.6 mm p.a
  • Fully funded to meet all current licence phase commitments - monetisation through farm down and recovery of past costs
  • Partners – Kosmos Energy, BP, SK, Asia’s fourth largest oil refiner and with proven reserves of 619 mm BOE, and

PETRONAS

  • Tendrara Lakbir well planning on schedule. Recently announced improved net equity position of 50% significantly enhances

project economics. Significant interest from industry majors recognizing additional upside in unconventional shale gas play.

  • Celtic Sea farm out process well underway. Internal technical work continues to enhance value with completion of 3D
  • interpretation. Offers expected Q4.
  • 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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Business Model Health Check

ACQUIRE

  • 25,053 sq. km. under licence and exclusive options
  • New niche opportunities being reviewed in onshore East Africa

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 well underway – 9 front-runners

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

  • Tendrara Lakbir well planning under way and on track
  • Celtic Sea 3D Interpretation has defined and de-risked very large potential oil and gas prospects

MONETISE

  • FA-1 encountered non-commercial hydrocarbons, derisked elements of petroleum system for

future prospect evaluation.

  • Tendrara – Lakbir drilling programme offers next near-term opportunity for monetisation
  • Deep Kinsale and Mizzen prospects offer medium term potential for monetisation following farm-

down/drilling

OVERVIEW

ACQUIRE ANALYSE FARM DOWN EXPLORE MONETISE

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www.fastnetoilandgas.com 6 3.5p 3.5p 1.5p 2p 21p 15p 5 10 15 20 25 30 35 40

Net Asset Value (GBp)

Potential Near Term Catalysts to Unlock Shareholder Value

Tendrara Farmout & 2015 Drilling Programme

  • Farmout process well underway
  • Terms to include reimbursement of back costs

and disproportionate share of the cost of two wells to be drilled in 2015

  • Multi well drilling programme will target High

Estimate Case of 892 BCF which provides substantial upside to current NAV estimates

Celtic Sea Farmout

  • Significant industry interest in Celtic Sea

licences following results of 3D seismic interpretation

  • Farmout will validate the quality of

Fastnet’s portfolio and crystallise value with back costs of up to USD 22 mm repayable

  • Fastnet objective is to retain material

carried interest in multi-well drilling programme in 2016

Source – Shore Capital March 2014 *Management estimates based on re-risking of CPR, volumes Nov 2013. *Unrisked P50 value: 30p **Value of the carry in 2nd exploration well

Tendrara* Celtic Sea Foum Assaka** Cash Implied value of Exploration and Appraisal Portfolio Cash Balance Fastnet Risked Net Asset Value 41.5p

OVERVIEW

Price: 5.05p as at 06/08/14

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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

Carol Law, Executive Director

  • 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, 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

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 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

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

  • f 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

20+ years

Experience in oil and gas industry

€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

+$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

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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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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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 a million BTU.
  • The selling price of the produced gas from Moroccan wells is between 2 and 3 MAD/m3.

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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African Gas-to-Power Opportunity

MOROCCO

  • Generation and transmission infrastructure shortfall in Africa
  • Nigeria Population 170 Million and Generating Capacity of 4,000 MW
  • By Comparison New York has a Generating Capacity of 13,000 MW

Source: Marrakesh Conference May 2014

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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

  • TE-5 can deliver 60 mm cfgpd
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Option to Export Excess Gas to European Market to Ease Security of Supply Issues (Russia-Ukraine)

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 Pipeline building estimated costs

  • 20”: 1 million USD / km
  • 48”: 3 million USD / km (120 kms tie-

back to Maghreb Pipeline)

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 Exploration History: 6 wells discovered gas of 7 wells drilled

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 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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Fastnet TAGI I Depth Map (At Seismic Reference Datum)

P50 CLOSURE: 40 sq. km. GAS-DOWN-TO 2451 meters subsea 88 meters gross gas column in TE-5 No water leg encountered Meskala Field pressure data supports single column

FAULT “A” MAY EXTEND ENE AS SHOWN BELOW

Fault “A”

  • Provisional TE-6

Testing 10 sq. km. updip 350 BCF GIIP Provisional TE-7 Testing P50 40 sq. km. 1.4 TCF GIIP TE-5 P90 35 BCF GIIP from EWT interpretation Radius of investigation < 1 sq. km. TE-1 New Petrophysical Analysis 43.8 meters of gas pay now recognised Upside to Extend TE-5 Gas Column 400 meters Downdip

MOROCCO

  • Legacy 2D seismic

processing (depth mapping in progress on reprocessed seismic data)

  • TE-6 to test deliverability

and TE-7 to Test P50 GIIP Volumes

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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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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 21 MOROCCO

FA-1 Sidewall Cores – Live Oil Under UV Light

Source: CoreLab

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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 Analysis of 32 Wells drilled in Morocco FA-1 Well

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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

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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Fastnet Identifies New Unexplored Celtic Sea Frontier Basin with Geology Analogous to the Flemish Pass Basin, Eastern Canada

  • Statoil Discovery of up to

600 MBO Recoverable made in summer 2013

Charlie Gibbs FZ CGFZ Splay

Qualitative Interpretation – AOI + HP100km Bouguer

Mizzen Basin

IRELAND

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NEW 3D Seismic Defines Potential Gas Chimneys and Escape in Chalk (Compare Danish North Sea) and Multiple Gas-related Amplitude Anomalies

Gas Chimney? Bright Spots Stratigraphic Prospect “B”

TDW 40 Aptian TDW 50 Barremian Chalk

Primary Prospect “A” Higher amplitude events (Clastics?)

IRELAND

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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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New 3D Seismic Defines Large Potential Gas Anomaly Over Stratigraphic Prospect “B” – 138.5 sq. km.

15 Hz spectral decomposition in 125ms window below Top Aptian showing wedging of potentially gas charged reservoirs on to high.. Gas Pinchout Gas Theory indicates higher frequencies are preferentially removed by gas sands leaving an elevated low frequency response Stratigraphic Prospect “B” Covering 138.5 sq. km.

IRELAND

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Options to Develop Mizzen Gas

Commercial Considerations

  • Kinsale route avoids major planning delays and

accelerates First Gas

  • Considerable CAPEX investment required to upgrade

Kinsale Platforms

  • Non-ownership of infrastructure increases Opex and

creates tariffing issues

Kinsale Assumptions

  • Wet Gas Processing at Mizzen
  • No onshore processing – less jobs
  • 300mm cfgpd pipeline throughout
  • Sufficient existing compressors?
  • Platform space for new riser?
  • First Gas Q4 2019
  • Existing production life Kinsale?

Mizzen Assumptions

  • Dry Gas or Wet Gas processing at Mizzen
  • Subsea development or mini-platform
  • 1-2 TCF discovery
  • 300mm cfgpd plateau production
  • Option for onshore gas processing – more jobs gas

terminal at Bantry

  • First Gas Q4 2019

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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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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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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P50 Closure for Upper Purbeck Sands Primary Prospect “A” – 46 sq. km. 273 (P50) to 630 (P10) MBO Recoverable – P10 Case 192 sq. km.

Primary Prospect “A” Upper Purbeck 46km²

Logged Live Oil 48/25-1 262 feet net oil pay

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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3D Seismic De-risk Legacy Reservoir Compartmentalisation Issues

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

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Deep Kinsale – Oil Development Scenarios

Sea Nova Jack-Up Example (Reusable Platform)

  • Optimum Pilot Development Solution
  • Capex Friendly
  • Wet Gas Processing Topsides
  • Deviated dry wells from platform
  • Provides long term reservoir flow assurance
  • Reusable – move to other parts of the field

IRELAND

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Company Overview Moroccan Assets Irish Assets Outlook

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www.fastnetoilandgas.com 38 OUTLOOK

Prospect Activity 2014 2015 Q2 Q3 Q4 Q1 Q2 Q3 Q4

ONSHORE MOROCCO (Tendrara Lakbir)

Farmout Exercising Option Agreement (Dec 2014) Rig contract Drilling preparation EIS Study Complete seismic pre-stack depth migration mature prospect portfolio Drill first appraisal well Drill second non obligatory appraisal well/POD submission

OFFSHORE MOROCCO (Foum Assaka)

Drill first well Evaluate FA-1 well results Drill second FA-1 carried well subject to partners approving location & timing Evaluate well results

OFFSHORE IRELAND (Celtic Sea)

Celtic Sea Farmout/workshop (Joint Initiative by Celtic Sea operators) 3D Seismic Interpretation/AVO Processing Stage 1 & Stage 2 Farmouts Multi-Well programme planning for 2016

Forward Work Programme

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Near Term Share Price Catalysts

  • Healthy cash balances funds all current phase licensing commitments – no financing pressures
  • Prospect Portfolio matured to a stage where material primary drilling targets have been de-risked to industry standards of

risk through value-adding seismic acquisition, reprocessing and desk top studies

  • Farmout processes for onshore Morocco and Celtic Sea progressing very well with 9 front runners at the table reflecting a

change in exploration investment strategy to lower capex onshore and shallow water projects in areas of proven hydrocarbons

  • Up to USD 22m in past costs receivable follow completion of a Celtic Sea farmout
  • Disproportionate share of costs of two Tendrara 2015 gas appraisal wells and past costs on completion of a farmout (strategic

JV partner sufficiently qualified to carry project through to gas development and monetisation)

  • Fastnet has a proven farmout track record securing a carry of up to 2 wells in Foum Assaka & USD 20.4mm in back costs
  • Near-term Tendrara low risk drilling and potential for early monetisation would be transformational for Fastnet as the

export route to Europe assumes greater significance in order to mitigate against long-term dependency on Russian gas

OUTLOOK

Tendrara Lakbir Onshore Morocco

  • Large gas discovery appraisal project with early monetisation potential
  • 3D seismic reprocessing and reservoir engineering study successfully de-risks legacy

reservoir continuity and flow assurance issues – attractive to farminees Deep Kinsale Celtic Sea

  • Large oil appraisal and exploration prospects
  • Legacy compartmentalisation and reservoir development issue successfully addressed by 3D

seismic – previously held back farmout success Mizzen Prospect Celtic Sea

  • Super-large exploration prospect in emerging new frontier basin
  • 3D seismic de-risks presence of gas-change
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Appendices

Fastnet Oil & Gas

Appendices

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Frontier Exploration Asset Overview

Licence Name Region Area Fastnet Interest Gross Net Partner Operator

Tendrara Lakbir 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 647 km2 100% 100% n/a Fastnet Block 49/13 Offshore Ireland 272 km2 85% 85% Carob ltd, Petro Celtex Fastnet Total Area 25,053 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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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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Gross STOIIP and GIIP and Risking based on CPRs as of 31.12.2013 (before interpretation of new Celtic Sea 3D seismic)

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

FASTNET PORTFOLIO

Contingent Resources

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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