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Fastnet Oil & Gas Plc Corporate Presentation Fastnet Oil & Gas Plc Corporate Presentation September 2014 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 the 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 or 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 Markets 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 the 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 OutlookMoroccan Assets Irish Assets Outlook OVERVIEW Overview and Company Funding • 25,053 sq. km. under licence onshore and offshore Morocco and offshore Ireland with 16 primary exploration and appraisal prospects matured for drilling • Cash balance USD 20 mm at 31 July 14 • Running costs – general and administration – USD 2.6 mm p.a • Fully funded to meet all current licence phase commitments - monetisation through farm down and recovery of past costs • Partners – Kosmos Energy, BP, SK, Asia’s fourth largest oil refiner and with proven reserves of 619 mm BOE, and PETRONAS • Tendrara Lakbir well planning on schedule. Recently announced improved net equity position of 50% significantly enhances project economics. Significant interest from industry majors recognizing additional upside in unconventional shale gas play. • Celtic Sea farm out process well underway. Internal technical work continues to enhance value with completion of 3D interpretation. Offers expected Q4. • 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 Business Model Health Check • 25,053 sq. km. under licence and exclusive options ACQUIREACQUIRE • New niche opportunities being reviewed in onshore East Africa • 1,910 sq. km. of 3D seismic acquired in Ireland ANALYSEANALYSE • 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 FARMFARM DOWN DOWN • Total cost to Fastnet from licence acquisition to completion of the FA-1 well was USD 2.75m • Celtic Sea and Tendrara Farmouts well underway – 9 front-runners • FA-1 first well tested the high risk, deepwater, acreage in the portfolio • De-risked petroleum system – oil shows encountered, sand presence confirmed but EXPLOREEXPLORE thickness/quality remains issue • Tendrara Lakbir well planning under way and on track • Celtic Sea 3D Interpretation has defined and de-risked very large potential oil and gas prospects • FA-1 encountered non-commercial hydrocarbons, derisked elements of petroleum system for future prospect evaluation. MONETISEMONETISE • Tendrara – Lakbir drilling programme offers next near-term opportunity for monetisation • Deep Kinsale and Mizzen prospects offer medium term potential for monetisation following farm- www.fastnetoilandgas.com down/drilling 5 OVERVIEW Potential Near Term Catalysts to Unlock Shareholder Value Fastnet Risked Net Asset Value 41.5p 40 35 Celtic Sea Celtic Sea Farmout 15p • Significant industry interest in Celtic Sea licences following results of 3D seismic 30 ) interpretation • Farmout will validate the quality of GBp Fastnet’s portfolio and crystallise value 25 with back costs of up to USD 22 mm repayable Tendrara Farmout & 2015 Drilling • Fastnet objective is to retain material 20 Programme carried interest in multi-well drilling programme in 2016 • Farmout process well underway • Terms to include reimbursement of back costs 21p Tendrara* 15 and disproportionate share of the cost of two wells to be drilled in 2015 Net Asset Value ( Value Asset Net • Multi well drilling programme will target High 10 Estimate Case of 892 BCF which provides substantial upside to current NAV estimates Implied value of Exploration and 5 Foum Assaka** 1.5p Appraisal Portfolio 2p 3.5p Cash Balance 3.5p Cash 0 Price: 5.05p as at 06/08/14 Source – Shore Capital March 2014 www.fastnetoilandgas.com *Management estimates based on re-risking of CPR, volumes Nov 2013. 6 *Unrisked P50 value: 30p **Value of the carry in 2nd exploration well THE TEAM Experienced Board & Senior Management Paul Griffiths, Managing Director 38+ years Value Creation 100% . CEO of Island Oil & Gas Plc until its acquisition by San Leon Experience in oil Sold IPDL to DNO ASA, after 100% exploration Energy Plc in 2009 and gas exploration reverse takeover of success rate offshore . Built and sold 3 oil and gas companies between 1999-2012 and near term field Providence Resources Plc Ireland with Island Oil & . Senior geophysicist for Gulf Oil Corporation for Europe and appraisal collapsed in 2002, for an exit Gas: 4 wells drilled, two Mediterranean Region and Gulf R&D in Pittsburgh price of $34 mm after commercial gas fields investing approx.
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