Fastnet Oil & Gas Plc Corporate Presentation December 2013 www.fastnetoilandgas.com
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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 Irish Assets Outlook
Company Strategy − Seek opportunities in dormant areas with latent potential Early Mover − First to identify and apply for the Foum Assaka Licence Foum Assaka Morocco − JV with operators with proven track record to mature prospects for drilling Create Early Drilling Potential − Partnered with Kosmos Energy at early stage Foum Assaka Validate Potential & “Running Room” − Important for market perception of risk and reward − BP farms in to Kosmos equity – two wells: no “one well boom or bust” Foum Assaka − Fastnet farmout concluded on 18 th December 2013 − 3D Seismic acquired over Mizzen and Deep Kinsale licences (1,910km 2 ) Ireland − Early processing results very positive – farmout anticipated Q1 2014 − JV with partners capable of securing rigs Accelerate Drilling − Kosmos and BP Foum Assaka − Fastnet had identified early drilling as key to early gas monetisation in Tendrara-Lakbir Morocco embryonic gas market growing by government commitment to develop gas- to-power − Cove Energy model – monetise after exploration success by “fit -for- purpose” Transparent exit strategy corporate structure – separate subsidiaries in each geographic area Work in Progress − Distinguishes Fastnet from many AIM-listed companies − Early drilling creates early exit opportunity in success case “Lean” Board Salaries & Overhead − Management currently hold >15% equity aligning interests with shareholders − Board salaries low and no pension etc. entitlements; no bonuses Fastnet Oil & Gas Plc. www.fastnetoilandgas.com 4
Fastnet Portfolio Overview Offshore Morocco • Industry “Hot Spot” - 12 wells planned by the industry and at least 3 rigs committed to - Potential gross exploration expenditure of approximately USD 1 billion - New-entrants in past 12 months include Chevron, BP, Cairn, Genel and GALP • Fastnet focussed on H1 2014 Drilling Programme in Foum Assaka Offshore Morocco - “Riding the Wave” of potentially five high impact offset wells adjoining the Foum Assaka Licence - Farm-out concluded in December 2013; terms include a reimbursement of past costs and up to a two well carry heading into an exciting drilling schedule in 2014 Onshore Morocco • Multiple wells planned by the industry and at least two rigs contracted • New-entrants include Gulf Sands, Repsol, Vermillion – Anadarko, Longreach and PEL existing players • Fastnet has Exclusive Option to drill Tendrara-Lakbir Licence by Q3 2014 - “Riding the Wave” of potentially two high impact offset wells testing the same geology which is proven to be hydrocarbon productive in the Meskala Field on trend Offshore Ireland • Focussed on dormant exploration potential in Celtic Sea - historically contains Ireland’s largest proven oil & gas resources • Unlocking potential with 3D seismic - comparable to the early stages of the Foum Assaka success story • Interpreted 3D results will be available before year-end to companies already reviewing the farm-in opportunity • Two stage farmout process - Partner to mature prospects & stage 2 farmout for carry in well(s) targeted for 2015 www.fastnetoilandgas.com 5
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