Fastnet Oil & Gas Plc Fastnet Oil & Gas Plc Ladenburg Thalmann Corporate Presentation Africa Upstream Conference February 2014 May 2014 www.fastnetoilandgas.com www.fastnetoilandgas.com
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 other 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 th e 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 o r 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 Market s 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 th e 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. www.fastnetoilandgas.com 2
Company Overview Moroccan Assets Company Overview Irish Assets Outlook Moroccan Assets Irish Assets Outlook
OVERVIEW 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 ongoing 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. www.fastnetoilandgas.com 4
OVERVIEW 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 or overlooked 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’) www.fastnetoilandgas.com 5
OVERVIEW 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 30 th 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 www.fastnetoilandgas.com 6
Recommend
More recommend
