Fastnet Oil & Gas Plc Annual General Meeting 15th September 2014
Ordinary Resolutions Resolution 1: To receive and adopt the financial statements for the year ended 31 March 2014 together with the reports of the directors and auditors thereon (Ordinary Resolution). Resolution 2: To re-elect as a…
Ordinary Resolutions (continued) Resolution 5: That the Directors be generally and unconditionally authorised in accordance with section 551 of the Companies Act 2006 (Act) to exercise all and any powers of the Company to allot shares…
Special Resolution Resolution 6: That subject to and conditional upon passing of resolution 5 the Directors be empowered pursuant to Section 570 of the Act to allot equity securities (as defined in Section 560 of the Act) for cash either…
Operational Highlights Fully funded to meet all current licensing phase commitments and obligations, including a non-obligatory drilling programme onshore Morocco Successful entry into onshore Morocco (Tendrara Lakbir), with a…
Financial and Corporate Highlights Strong balance sheet with US17.4m cash reserves at 31 March 2014 and US19.9m at 31 July 2014 following the completion of the Foum Assaka farm-out to SK Innovation Oversubscribed share placing in…
Post-year Highlights First Foum Assaka exploration well (FA-1) drilled, spudded March 2014 and completed May 2014, management of risk and financial exposure mitigated by the completion of a farm-out to SK Innovation which included the…
Company Overview Moroccan Assets Company Overview Irish Assets Outlook Moroccan 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…
OVERVIEW Business Model Health Check 25,053 sq. km. under licence and exclusive options ACQUIRE ACQUIRE New niche opportunities being reviewed in onshore East Africa 1,910 sq. km. of 3D seismic acquired in Ireland ANALYSE ANALYSE…
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 30 licences following results of 3D…
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…
Company Overview Moroccan Assets Company Overview Irish Assets Outlook Moroccan Assets Irish Assets Outlook
MOROCCO Tendrara Lakbir Option Scale 14,548 sq. km. Over entire prospective Missour-Tendrara Basin Largest licence in Morocco over the proven Triassic TAGI gas play Material, near-development gas project clear pathway to early…
MOROCCO Energy Prices and Fiscal Regime The gas and oil prices in Morocco are indexed to international prices. The gas price at the Morocco - Algerian border is 10 to 11 USD per a million BTU. The selling price of the produced…
MOROCCO African Gas-to-Power Opportunity Generation and transmission infrastructure shortfall in Africa Nigeria Population 170 Million and Generating Capacity of 4,000 MW By Comparison New York has a Generating Capacity of 13,000…
MOROCCO Gas-to-Power Opportunity 470 MW of Existing Gas Power Capacity in Morocco (Population 33 million) 4,000 MW Planned Increase in Gas Power Capacity (requiring 600 mm cfgpd) 367% Increase in Gas-Fired Electricity…
MOROCCO Option to Export Excess Gas to European Market to Ease Security of Supply Issues (Russia-Ukraine) Capacity: 12.5 BCM/year (441.37 BCF/year) Installed Capacity: 18 BCM 14% of transport capacity entitled to Morocco 100%…
MOROCCO Tendrara Lakbir Exploration History: 6 wells discovered gas of 7 wells drilled Legacy Prospectivity (2000-2008) Additional Untested Upside TE-5 Gas Structure (red) Cambro-Ordovician 488 sq. km. 3D & 4,110 kms. 2D seismic NE…
MOROCCO Fastnet TAGI I Depth Map (At Seismic Reference Datum) Legacy 2D seismic P50 CLOSURE: 40 sq. km. processing (depth mapping GAS-DOWN-TO 2451 meters subsea Provisional TE-7 88 meters gross gas column in TE-5 Testing P50 40 sq.…
MOROCCO Fastnet Independent Reservoir Engineering Study TE-5 Well inflow Performance Rates TE-6 Well to test well deliverability case A 9mm cfgpd A (Case A 9.1 mm cfgpd with all zones in 22.5m perforated; S = 0) (EWT Well…
MOROCCO Untested Unconventional Palaeozoic Hydrocarbon Plays OSD-1 (Carboniferous) 62,214 TCF TOC up to 11.44% at 2401m Missour Basin TENDRARA Tmax 439 LICENCE OSD-1 S2 187 mg/g HI 163 800m+ thick TAJ-1 TAJ-1 (Silurian) TOC up to…
MOROCCO FA-1 Preliminary Well Post Mortem Shows Untested Potential Pre-Drill Fastnet Post-Drill Fastnet Primary Wedge Primary Wedge Target Target Tagged but not Penetrated FA-1 SALT Live Oil Shows Flat Spot High…
MOROCCO FA-1 Sidewall Cores Live Oil Under UV Light Source: CoreLab www.fastnetoilandgas.com 25
MOROCCO Offshore Morocco Play Fairway Analysis FA-1 well trade value is being used to give valuable insight into an ongoing analysis of the potential of the under- explored offshore Deep Secondary Target favoured by Fastnet and a…
Company Overview Moroccan Assets Company Overview Irish Assets Outlook Moroccan Assets Irish Assets Outlook
IRELAND Celtic Sea Offshore Highly prospective basin capable of delivering significant near-term production Attractive petroleum geology with major reserves potential: largest producing gas field at Kinsale Head, large prospects…
IRELAND Celtic Sea Fastnet Licensing Options & Analogues Pre-Atlantic opening tectonic elements showing important discoveries/fields and locations of Licensing Options Areas chosen for: Attractive petroleum geology Major reserves…
IRELAND NEW 3D Seismic Defines Potential Gas Chimneys and Escape in Chalk (Compare Danish North Sea) and Multiple Gas-related Amplitude Anomalies Gas Chimney Bright Spots Primary Prospect A Chalk Stratigraphic Prospect B…
IRELAND New 3D Seismic Defines Large Potential Gas Anomaly Over Primary Prospect A 91.9 sq. km. giving 1.45 (P50) to 2 (P10) TCF of Recoverable Gas RMS Amplitude Extraction, TDW 40 mins 100ms Basis for Maximum closure Inline 728 at…
IRELAND New 3D Seismic Defines Large Potential Gas Anomaly Over Stratigraphic Prospect B 138.5 sq. km. 15 Hz spectral decomposition in 125ms window below Top Aptian showing wedging of potentially gas charged reservoirs on to high..…
IRELAND Options to Develop Mizzen Gas Commercial Considerations Kinsale route avoids major planning delays and accelerates First Gas 34 kms to connect to Considerable CAPEX investment required to upgrade onshore gas infrastructure…
IRELAND Deep Kinsale - Large Untested Closure Below Shallow Producing Gas Field North South East Northern Bounding Fault Kinsale Field 1.7 TCF Gas Southern Bounding Fault Base Chalk Deep Kinsale Approx. Licence Primary…
IRELAND NuTech Data Unconventional Petrophysics for 48/25-1 48/23-1 48/24-3 48/25-1 Seal Interval Lower Wealden Reservoir Interval Good Continuity of Barryroe Tested Sands Over 10s of Kilometres Upper Purbeck…
IRELAND 3D Seismic De-risk Legacy Reservoir Compartmentalisation Issues Primary Prospect A Basal Wealden 46 sq. km. 48/25-1 Oil Discovery Lower Wealden 46.7 sq. km. Logged Live Oil 48/25-1 270 feet net oil pay…
IRELAND Deep Kinsale Oil Development Scenarios Sea Nova Jack-Up Example (Reusable Platform) Optimum Pilot Development Solution Capex Friendly Wet Gas Processing Topsides Deviated dry wells from platform Provides long term…
Company Overview Moroccan Assets Irish Assets Outlook www.fastnetoilandgas.com 38
FASTNET PORTFOLIO Gross STOIIP and GIIP and Risking based on CPRs as of 31.12.2013 (before interpretation of new Celtic Sea 3D seismic) Contingent Resources Best Estimate High Case CoS Oil or Gas Case Foum Assaka Shell Legacy…
OUTLOOK Forward Work Programme 2014 2015 Prospect Activity Q2 Q3 Q4 Q1 Q2 Q3 Q4 ONSHORE Farmout MOROCCO Exercising Option Agreement (Dec 2014) Rig contract (Tendrara Lakbir) Drilling preparation EIS Study Complete seismic…
OUTLOOK Near Term Share Price Catalysts Healthy cash balances funds all current phase licensing commitments no financing pressures Prospect Portfolio matured to a stage where material primary drilling targets have been de-risked to…
APPENDIX Analyst Coverage Name Company Harry Stevenson Beaufort Securities Sam Wahab Cantor Fitzgerald Job Langbroek Davy Ian McLelland Edison Research Tao Ly GMP Securities Gerry Hennigan Goodbody Richard Savage…
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