Fastnet Oil & Gas Plc Corporate Presentation June 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 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 Irish Assets Company Overview Moroccan Assets Outlook Moroccan Assets Irish Assets Outlook
OVERVIEW Overview and Company Funding • Current Portfolio Focus: Offshore Ireland and Offshore Morocco • Cash balance USD 16.2 mm at 31 May 2015 • Carol Law appointed as CEO in December 2014 • Running Costs – General and Administration- ongoing review of spending and staff changes forecasting USD 1.9mm p.a. in 2015 (includes all license fees) – 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 www.fastnetoilandgas.com 4
OVERVIEW Exploration Asset Overview Strategic focus on frontier acreage with excellent fiscal terms in proven petroleum systems 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 Fastnet Interest Licence Name Region Area Partner Operator Gross Net Foum Assaka Offshore Morocco 6,478 km 2 12.5% 9.375% Kosmos, BP, SK Kosmos Mizzen East Offshore Ireland 1,155 km 2 100% 100% n/a Fastnet Ventry Offshore Ireland 996 km 2 100% 100% n/a Fastnet Deep Kinsale Offshore Ireland 285 km 2 60% 60% PETRONAS Fastnet Shanagarry Offshore Ireland 881 km 2 82.35% 82.35% Adriatic Oil, Carob, Petro Celtex Fastnet Block 49/13 Offshore Ireland 272 km 2 85% 85% Carob ltd, Petro Celtex Fastnet Total Area 10,067 km 2 www.fastnetoilandgas.com 5
OVERVIEW Business Model Health Check • 10,067 sq. km. under licence and exclusive options ACQUIRE ACQUIRE • Continually reviewing and seeking out new niche opportunities • Opportunistic M&A to leverage a strong cash balance in a distressed environment • 1,910 sq. km. of 3D seismic acquired in Ireland ANALYSE • ANALYSE Up to 5,000 sq. km. of 3D seismic acquired/reprocessed offshore Morocco • Fully integrate FA-1 well data into ongoing prospect generation • Foum Assaka farmed out to SK Innovation in 2014 resulted in a 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 technical work continues to enhance value / reduce risk for potential farminees • 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 identified and de-risked very large oil and gas prospects • FA-1 significantly de-risked petroleum system on the block, well data being fully integrated MONETISE towards further exploration on the License. MONETISE • Farm down Celtic Sea portfolio; seek opportunity for synergy with other Celtic Sea Operators www.fastnetoilandgas.com 6
Recommend
More recommend
