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


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www.fastnetoilandgas.com

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

Fastnet Oil & Gas Plc Corporate Presentation

July 2014

www.fastnetoilandgas.com

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www.fastnetoilandgas.com 2

Disclaimer

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

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

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

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

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

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

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www.fastnetoilandgas.com 4

Company Funding

  • Cash balance at end May 2014 – USD $22m
  • In the next 18 months Fastnet will prudently manage cash resources to satisfy all current work

programme commitments whilst allowing for continued monetisation of the portfolio through

  • ngoing farm down discussions for carries in drilling and past costs.
  • Fastnet executed this strategy successfully through Foum Assaka farm-out to SK for a Carried

Interest in the FA-1 well and has potential Carried Interest in a second well in Foum Assaka. Management aim to replicate farm-out success in Tendrara option and the Celtic Sea.

  • Celtic Sea farm-out discussions are progressing well following interpretation of the Mizzen and

Deep Kinsale 3D Seismic data. Deal terms to include contribution to past costs which currently stand at USD $20m.

  • Focus on maintaining current low operating costs of £110k per month by utilising external

consultants and advisors for specific value adding projects only.

  • Explore concept of reserves based lending facility for Tendrara as TE-5 Lakbir structure already

has P90 reserves and TE-6 well is expected to de-risk deliverability and increase P90 reserves.

OVERVIEW

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Introduction

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

  • Seek high equity positions in prospective assets

through identifying early entry

  • r
  • verlooked

exploration opportunities and near term value adding appraisal in frontier regions

  • Add value by leveraging management’s regional and

technical expertise and to bring in high calibre partners

  • Monetise assets at the opportune moment followed by

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

OVERVIEW

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Investment Case

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

appraisal opportunities

  • Fully financed for current 2014 work programme
  • Carried on near term offshore exploration in Foum Assaka with high calibre partners
  • Foum Assaka Project initiated, developed and drilled by first well FA-1 for a cost to Fastnet of less than

USD $2.75 mm, representing effective management of risk and financial exposure

  • Experienced management team with strong regional knowledge, in-house technical expertise, local

relationships and proven ability to attract high calibre partners

  • Steady pipeline of near-term newsflow onshore, offshore Morocco and in Ireland after the highly

successful Celtic Sea Farmout Conference held on 30th April 2014 and attended by 20 international oil and gas companies including BP, Chevron, ConocoPhillips, ENI, ExxonMobil, Hess, Inpex and Shell

  • Proven record of monetising assets before significant expenditure required to further develop exploration /

appraisal success

OVERVIEW

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Experienced Board & Senior Management

Paul Griffiths, Managing Director

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

Energy Plc in 2009

  • Built and sold 3 oil and gas companies between 1999-2012
  • Senior geophysicist for Gulf Oil Corporation for Europe and

Mediterranean Region and Gulf R&D in Pittsburgh

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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Fastnet Oil and Gas PLC

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

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

Armira Zylyftari Licence Administration

  • Dr. Mahmoud Zizi

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

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

  • Dr. Vivian Caston*

Technical Advisor

*Consultants and Advisors for specific projects only

Will Holland Chief Financial Officer

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

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Industry Recognises that Multiple “Range-Finding” Wells will be Required to De-Risk Reservoir Fairways and Unlock an Emerging Exploration Frontier Area

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

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

  • Significant domestic demand for hydrocarbons with

attractive pricing

  • Established export options through existing pipeline to

Europe

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

Cairn, Genel and Glencore

  • Politically stable with a constitutional monarchy and a

democratically elected Government

  • Multiple wells planned by industry over the next 12

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

  • Longreach

gas discovery begins to de-risk exploration for onshore gas

  • Fastnet management team an early mover in Morocco

beginning 2006

Near Term Drilling Activity

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

MOROCCO

  • Other Parties Active:
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Offshore Morocco Play Fairway Analysis

MOROCCO

  • Fastnet and its partners are

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

  • 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

  • n the Carbonate Shelf with no

commercial discoveries as yet

Analysis of 32 Wells drilled in Morocco FA-1 Well

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Foum Assaka – FA-1 Pre-Drill Well Design to Test Secondary Target Downdip (Subsequently Replaced by Straight Hole)

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

2014 with designated “Tight Hole” status

  • It reached TD of 3,830 meters on 30th April 2014

after encountering salt

  • This was the first well in partnership with a super-

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

MOROCCO

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“Range-Finding” Wells FA-1 & FD-1 has Established Two End Points and the Next Well Could Potentially Target the Prospective Central Sand Fairway

MOROCCO

End Point FA-1 Distal Feather Edge Sands End Point FD-1 Proximal Slope By-Pass

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Conclusions

1. Pre-stack Depth Migration of 3D seismic must be constrained by real well velocities for precise well locations to test the Early Cretaceous Play, which is the principal target for BP and Chevron in the conjugate margin equivalent of Nova Scotia 2. Emphasis on AVO and amplitude “technology”-driven definition of prospects is flawed pre-drill in the absence of well data for calibration – back to basic geological principles: tie rock outcrops to seismic sequence stratigraphy and historical changes in global sea level and focus on detailed seismic geometries in prospective intervals 3. Prospectivity and remains intact after FA-1 which has de-risked all aspects of the petroleum system apart from reservoir thickness and quality

MOROCCO

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Tendrara Lakbir Option

Background

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

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

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

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

Overview

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

Near term Prospectivity

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

reservoirs

  • Declined to 2.5 mm cfgpd – potential permeability barrier caused by fault

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

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

Equity & Partners

  • Partners: Oil and Gas Investments Funds (“OGIF”); ONHYM
  • Fastnet will have a net interest of 50% (after the ONHYM carry through

exploration of 25%)

MOROCCO

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Tendrara Independent Resource Estimates: November 2013

TE5-Lakbir Prospect: Gross and Net Contingent Resources LOW BEST HIGH Recoverable BCF (100%) 30.1 310.5 891.9 Recoverable BCF (50% Net) 15.05 155.25 445.95 NPV per BCF (US$mm) 2.29 Chance of Success 22% Source: SLR CPR November 2013

Running Room has also been identified in five additional gas prospects

MOROCCO

  • New study by NuTech quantifies reservoir properties for the Triassic TAGI Sand consistent with good potential gas

flow rates from a gross gas-bearing interval in TE-5 of 82.2 meters

  • New reservoir engineering study supports robust development cases, subject to a successful validation of flow

rates in an appraisal well to the TE-5 discovery and a step-out appraisal well to the northeast of the TE-5 discovery

  • New Independent Resources Estimates based on these desk top studies and a review of historical published

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

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Tendrara Lakbir – Proposed TE-6 Appraisal Well

MOROCCO

TE-6 PROVISIONAL LOCATION

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

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

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

  • Subject to bringing in an additional partner at

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

TE-5 LOCATION

* Source: Management Estimates and SLR CPR November 2013

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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
  • 470 MW of Existing Gas Power Capacity in Morocco (pop. 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

Source: Marrakesh Conference May 2014

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Fastnet Gas Monetisation Options

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

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

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

  • f the biggest financial institutions in

Morocco who would help finance gas-to-power projects

  • The Maghreb-Europe Gas Pipeline

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

  • Spain. Morocco is entitled to 14%

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

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

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Celtic Sea – Fastnet Licensing Options & Analogues

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

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

with modern processing

  • Fastnet management experience in the

specific areas

  • Exploration interest increasing due to

recent Flemish Pass Basin discovery

Statoil’s 2013 Flemish Basin Discovery

IRELAND

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Celtic Sea Offshore

Highly prospective basin capable of delivering significant near-term production

  • Attractive petroleum geology with

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

  • Underexplored,

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

  • Shallow water prospects: easier to

monetise than deepwater Irish Atlantic Margin

  • Largest ever 3D seismic survey

undertaken in Summer 2013 (1,910km2)

  • Mizzen 1,400km2
  • Kinsale 510km2

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

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

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

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

IRELAND

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  • World Class Producing Field Validates Trap and Potential For Material Resources
  • Presence of Gas Gathering Infrastructure
  • Old Regional High that has been Focal Point for Reservoir Development
  • Proven Mature Oil and Gas Source Rock with De-risked Hydrocarbon Charge
  • Multiple Material Objectives

1. Middle Wealden Oil (48/20-1a) up to 1+ BBO in-place* 2. Upper Purbeck Oil (48/25-1tilted fault block structures) up to 1+ BBO in-place* 3. Upper Purbeck Oil (Untested Closure with “mounding”) up to 4+ BBO in-place* 4. Upper Jurassic intra-Purbeck (22 feet oil sands 48/25-1) Oil Resources TBC (Within Over-Pressured Interval) 5. Middle/Basal Upper Jurassic (fractured platform edge) Dry Gas – Resources TBC (Proven Play at Helvick, 49/13-2, 50/6-1, 50/6-3, Shanagarry and Dragon Field)

  • Completely Covered for the First Time by 3D Seismic
  • New 3D Seismic has for the First Time Imaged Deeper Oil and Gas Structures

*Company Estimates

Why Deep Kinsale?

IRELAND: DEEP KINSALE

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Geo-Cartoon from Arbitrary 3D Seismic Line

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

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

Base Chalk

  • Lwr. Wealden

Sands Middle Wealden Upper Jurassic Upper-Middle Jurassic

Mounding in Purbeck

Northern Bounding Fault

Kinsale Field 1.7 TCF Gas

Prospect K

Southern Bounding Fault

Source Reservoir Prone Deep Liassic Source?

  • Approx. Licence

Limit (4000ft)

  • Up to 1030ft

(391m) of mapped closure at crest

  • Crest approx.

7130ft (2173m)

North SE North South East

Deep Kinsale – Multiple Objective

Middle Wealden

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3D Seismic for the first time de-risks reservoir and compartmentalisation issues – of key significance to the oil majors

IRELAND: DEEP KINSALE

Thin Thick

Mounding

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Geo-Cartoon Based on 3D Seismic Arbitrary Line Showing Stratigraphic Trapping Potential

IRELAND: MIZZEN BASIN

  • New Celtic Sea Frontier Basin
  • Conjugate Margin Equivalent is

Flemish Pass/Hibernia

  • Discovered oil exists

immediately to south in Fastnet basin

  • New 3D Seismic highlights

potential gas anomalies with multi-TCF in-place potential

  • New 3D Seismic confirms

potential for material structural/stratigraphic traps

  • Multiple material objectives
  • Completely covered for the

first time by 3D Seismic

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First-ever 3D Seismic Example of an Amplitude Driven Structural Lead

IRELAND: MIZZEN

Bright “soft” amplitudes Bright amplitudes

Depth ~3500ft

Multiple Purbeck? Base Chalk? Top Chalk

Bright amplitudes 6km²

Amplitudes on Structure

Fault Fault

A B A B A B Bright B Supports presence of gas

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Celtic Sea Portfolio – A Maturing “Blue Sky” Opportunity

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

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

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

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

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

closures prospective for gas and oil

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

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

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

IRELAND

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Company Overview Moroccan Assets Irish Assets Outlook

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www.fastnetoilandgas.com 30 OUTLOOK

Prospect Activity 2014 2015 Q2 Q3 Q4 Q1 Q2 Q3 Q4

OFFSHORE MOROCCO (Foum Assaka)

Drill First Well Evaluate FA-1 Well Results Drill Second Non Obligation Well Possible Appraisal or Exploration Well Subject to Evaluation of FA-1 Results Evaluate Well Results

ONSHORE MOROCCO (Tendrara Lakbir)

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 IRELAND (Celtic Sea)

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

Forward Work Programme

* Red Text denotes near-term Share Price Drivers

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Summary – Steady pipeline of near term news flow in Morocco and Ireland

  • Steady pipeline of near term news flow onshore and offshore Morocco (Longreach’s Kamar-1 well found

substantial natural gas resource potential at Sidi Moktar in Morocco – significant positive impact to share price)

  • Multi-well drilling programme in 2014 by other operators around Fastnet’s Moroccan assets
  • Potential drilling success may crystallise Fastnet’s exit strategy
  • Farm down of Fastnet’s exposure to the Foum Assaka deep-water drilling programme was prudent to

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

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

monetisation

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

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

OUTLOOK

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Appendices

Fastnet Oil & Gas

Appendices

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Frontier Exploration Asset Overview

Licence Name Region Area Fastnet Interest Gross Net Partner Operator

Tendrara Lakbir Onshore Morocco 14,687 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 25,192 km2 771 283 95 100 200 300 400 500 600 700 800 Frontier Standard Mature

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

Average Commercial Discovery Size in MMBoe 2010-2012 by Type

  • f Hydrocarbon Province

Note: Information from September 2012 Bernstein Research Report

APPENDIX

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Outset Development Plan and Target Production Profiles P10 Production Profile (1,513 BCF GIIP)

MOROCCO: TENDRARA OPTION

A

  • To support a field plateau for Power Generation additional production wells would be required (A)
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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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Foum Assaka Partners and Funding

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

experience in exploring for prospective traps in areas of salt tectonics and BP has a large acreage position on the Nova Scotia conjugate margin which is a mirror-image of Offshore Morocco

  • Highly successful exploration track record in last 12 months
  • Fastnet is fully funded for its offshore and onshore 2014 drilling programme in Morocco
  • The SK farmout was completed on 22nd April 2014 with the transfer of Past Costs to Fastnet as previously

announced

  • Final FA-1 Well Cost is significantly under the USD $140 mm used by Fastnet for its prudent Working Capital

Forecast Estimate

  • Taking into account the USD $127 mm Final FA-1 Well Cost, Fastnet’s cash balance end May is USD $22 mm
  • Fastnet anticipates bringing in an additional partner to the Tendrara-Lakbir licence to participate in the 2014 drilling

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

MOROCCO: FOUM ASSAKA

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FA-1 Eagle Prospect – Positives Versus FD-1 (Cairn Foum Draa Well)

  • Oil shows confirmed in FA-1 sidewall cores

(FD-1 confirmed wet gases on mud logs only)

  • “Feather-edge” fine distal sands in mud-dominated sequence confirmed in FA-1

(FD-1 encountered no sands)

  • Sand and claystone laminated sequence not of reservoir quality
  • FA-1 only tagged very top of the potential prospective sand package

(FD-1 drilled to Top Jurassic without sand)

  • FA-1 in mini-basin setting beyond shelf slope – good for sand entrapment

(FD-1 drilled on slope in sediment by-pass zone)

  • FA-1 proved hydrocarbon charge and seal

(FD-1 proved hydrocarbon charge and seal)

  • Flank play against salt diapir

(FD-1 flank play against salt diapir) MOROCCO; FOUM ASSAKA

BP AND CHEVRON PLAY CONCEPTS BASED ON NOVA SCOTIA CONJUGATE MARGIN ANALOGUE

FA-1 ILLUSTRATES THE POTENTIAL TO TEST THIS ANALOGUE IN A DOWNDIP APPRAISAL WELL

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

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

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

Total Option Area

Deep Kinsale Seismic & Undershoot

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39

First Ever Structure Map for Middle Wealden Sands – 1,500+ BOPD in Legacy Well 48/28-1

IRELAND: DEEP KINSALE Crest Migrates eastwards with increasing depth and reduces in size 140km²

  • Oil Cut Mud Recovered in early 1970’s in 48/20-1a before 48/28-1 drilled – Never Appraised since/Huge Structure
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40

First Ever Structure Map for Upper Purbeck Sands

IRELAND: DEEP KINSALE

  • Oil logged 48/25-1 in early 1970s – Never Appraised Updip/very large structures

~87km²

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41

First-ever 3D Seismic Defines Multiple Structural Traps at Top Aptian Horizon Updip From Oil Shows in 56/12-1

IRELAND: MIZZEN

41

63.3km² 45km²

26.3km²

19.6km² 15km² 15.7km²

6km² 6.3km² 7.8km² 7km²

Migration Routes Up-Dip

C.I. O.01s (Approx. 20m)

TWT

56/12-1 (1975)

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First-ever 3D Seismic Example of an Amplitude Driven Stratigraphic Lead Resulting in Huge Industry Interest

IRELAND: MIZZEN

15 Hz spectral decomposition in 125ms window below Top Aptian showing wedging of potentially gas charged reservoirs on to high..

Gas??

Sand Pinchout GAS?? Theory indicates higher frequencies are preferentially removed by gas sands leaving an elevated low frequency response 56/12-1 (1975)

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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 Michael Alsford Citi Job Langbroek Davy Ian McLelland Edison Research Tao Ly GMP Securities Gerry Hennigan Goodbody Matthew Lambourne Jefferies Richard Savage Mirabaud Stuart Amor RFC Ambrian Craig Howie Shore Capital