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). 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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.