Fastnet Oil & Gas Plc Corporate Presentation January 2015
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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 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 18 mm at 30 November 2014 • Carol Law appointed as CEO in December 2014 • Running Costs – General and Administration - ongoing review of spending and staff changes forecasting < USD 2.3mm p.a. in 2015 – 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 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 Shanagarry Offshore Ireland 881 km 2 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 10,506 km 2 www.fastnetoilandgas.com 5
OVERVIEW Business Model Health Check • 10,506 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
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