Fastnet Oil & Gas Plc Corporate Presentation December 2014
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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 Overview and Company Funding • Portfolio includes onshore and offshore Morocco and offshore Ireland with 16 primary exploration and appraisal prospects matured for drilling • Cash balance USD 18 mm at 30 November 2014 • Running costs – general and administration – USD 3.3 mm p.a • All current licence phase commitments have all been met – fully funded for discretionary spending going forward • Monetisation through farm down and recovery of past costs • Recently announced changes to the Tendrara Lakbir option, improving net equity position to 50%, creating a significant positive effect on project economics. Potential running room in both additional conventional traps and an unconventional shale gas play on the Licenses. The Company retains an option to farmin to the licence. It is the intention of the board of Fastnet to have this option extended by 12 months to the end of 2015 • Celtic Sea farm out process stalled due to adverse movements in commodity markets. Internal technical work continues to enhance value with completion of 3D interpretation. Still working with 3 rd parties towards farmouts in 2015 • FA-1 well reached TD May 14, under budget. Numerous oil and gas shows encountered in well. Full prognosed section not penetrated due to salt occurring shallower than predicted. FA-1 results have significantly de-risked the Foum Assaka license area www.fastnetoilandgas.com 4
OVERVIEW Frontier Exploration Asset Overview Strategic focus on high-volume, high- value, frontier petroleum systems Fastnet Interest Licence Name Region Area Partner Operator Gross Net Tendrara Lakbir Onshore Morocco 14,548 km 2 66.7% 50% ONHYM, OGIF Fastnet Option Foum Assaka Offshore Morocco 6,478 km 2 12.5% 9.375% Kosmos, BP, SK Kosmos Mizzen Basin Offshore Ireland 787 km 2 100% 100% n/a Fastnet Mizzen East Offshore Ireland 1,155 km 2 100% 100% n/a Fastnet Deep Kinsale Offshore Ireland 285 km 2 60% 60% PETRONAS Fastnet 881 km 2 Shanagarry Offshore Ireland 82.35% 82.35% Adriatic Oil, Carob, Petro Celtex Fastnet Molly Malone Offshore Ireland 648km 2 100% 100% n/a Fastnet Block 49/13 Offshore Ireland 272 km 2 85% 85% Carob ltd, Petro Celtex Fastnet Total Area 25,054 km 2 Average Commercial Discovery Size in MMBoe 2010-2012 by Type of Hydrocarbon Province Mature 95 Standard 283 Frontier 771 0 100 200 300 400 500 600 700 800 Note: Information from September 2012 Bernstein Research Report www.fastnetoilandgas.com 5
OVERVIEW Business Model Health Check • 25,054 sq. km. under licence and exclusive options ACQUIRE ACQUIRE • Continually reviewing and seeking out new niche opportunities • 1,910 sq. km. of 3D seismic acquired in Ireland ANALYSE • ANALYSE 488 sq. km. of 3D seismic reprocessed onshore Morocco • Up to 5,000 sq. km. of 3D seismic acquired/reprocessed offshore Morocco • Foum Assaka farmed out to SK Innovation – carry in up to 2 wells plus back costs FARM DOWN • FARM DOWN Total cost to Fastnet from licence acquisition to completion of the FA-1 well was USD 2.75m • Celtic Sea and Tendrara farmouts continue • FA-1 first well tested the high risk, deepwater, acreage in the portfolio • De-risked petroleum system – oil shows encountered, sand presence confirmed but EXPLORE EXPLORE thickness/quality remains issue • Celtic Sea 3D Interpretation has defined and de-risked very large potential oil and gas prospects • FA-1 significantly derisked petroleum system on the block, well data being fully integrated towards further exploration on the License. MONETISE MONETISE • Tendrara – Lakbir drilling programme offers potential for next near-term opportunity for monetisation subject to extending option deadline • Celtic Sea prospects offer medium term potential for monetisation following farm-down/drilling www.fastnetoilandgas.com 6
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