Fastnet Oil & Gas Plc Corporate Presentation/media/Files/F/Fastnet-Oil-and-Gas...Fastnet Oil & Gas...

Fastnet Oil & Gas Plc

Corporate Presentation January 2015

www.fastnetoilandgas.com 2

Disclaimer

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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.

Company Overview

Moroccan Assets

Irish Assets

Outlook

Company Overview

Irish Assets

Moroccan Assets

Outlook


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

OVERVIEW


Exploration Asset Overview

Licence Name Region Area Fastnet Interest

Gross Net Partner Operator

Foum Assaka Offshore Morocco 6,478 km2 12.5% 9.375% Kosmos, BP, SK Kosmos

Mizzen Basin Offshore Ireland 787 km2 100% 100% n/a Fastnet

Mizzen East Offshore Ireland 1,155 km2 100% 100% n/a Fastnet

Deep Kinsale Offshore Ireland 285 km2 60% 60% PETRONAS Fastnet

Shanagarry Offshore Ireland 881 km2 82.35% 82.35% Adriatic Oil, Carob, Petro Celtex Fastnet

Molly Malone Offshore Ireland 648km2 100% 100% n/a Fastnet

Block 49/13 Offshore Ireland 272 km2 85% 85% Carob ltd, Petro Celtex Fastnet

Total Area 10,506 km2

771

283

95

0 100 200 300 400 500 600 700 800

Frontier

Standard

Mature

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

Note: Information from September 2012 Bernstein Research Report

OVERVIEW


Business Model Health Check

ACQUIRE

• 10,506 sq. km. under licence and exclusive options

• Continually reviewing and seeking out new niche opportunities

• Opportunistic M&A to leverage a strong cash balance in a distressed environment

ANALYSE

• 1,910 sq. km. of 3D seismic acquired in Ireland

• Up to 5,000 sq. km. of 3D seismic acquired/reprocessed offshore Morocco

• Fully integrate FA-1 well data into ongoing prospect generation

FARM DOWN

• Foum Assaka farmed out to SK Innovation in 2014 resulted in a carry in up to 2 wells plus back costs

• 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

EXPLORE

• FA-1 first well tested the high risk, deepwater, acreage in the portfolio

• De-risked petroleum system – oil shows encountered, sand presence confirmed but thickness/quality remains issue

• Celtic Sea 3D / Interpretation has identified and de-risked very large oil and gas prospects

MONETISE

• FA-1 significantly de-risked petroleum system on the block, well data being fully integrated

towards further exploration on the License.

• Farm down Celtic Sea portfolio; seek opportunity for synergy with other Celtic Sea Operators

OVERVIEW

ACQUIRE

ANALYSE

FARM DOWN

EXPLORE

MONETISE

Experienced Board & Senior Management

Carol Law, Chief Executive Officer Former Exploration Manager, Anadarko East Africa

Responsible for the play finding Prosperidade gas complex

in Rovuma Area 1, offshore Mozambique

Also member of teams responsible for discoveries in

Ghana (Jubilee), Brazil (multiple Campos Basin

discoveries)

Cathal Friel, Non-Executive Chairman Managing Director and one of the founders of Raglan

Capital in 2007

Former founding partner and Director of Merrion Capital

MBA from University of Ulster

Michael Edelson, Non-Executive Director Non-executive Chairman of Sterling Green Group plc since

he founded the Company.

He has been a member of the board of Manchester United

Football Club since 1982

Angel investor, venture capitalist and philanthropist

Michael Nolan, Non-Executive Director Former Founder and Group Finance Director of Cove

Energy PLC

Currently CFO of Discover Exploration and Non-executive

director of Rathdowney Resources plc and Orogen Gold

plc

Fellow of the Chartered Accountants Ireland

100 TCF +

Carol led the Anadarko team

that discovered over 100 TCF

of natural gas in the Area 1

Block, Offshore Mozambique

$2.64 billion

Sale price of a 10%

stake in Anadarko’s

Area 1 Block, Offshore

Mozambique

30 years

Experience in oil

and gas industry

40+ years

Experience as a

Director of several

AIM listed PLCs

5p to £22

Founder of ASOS, the global

online fashion and beauty

retailer

Value Creation

Originated 20-plus AIM

and PLUS listed

vehicles, delivering

significant returns to

shareholders

THE TEAM

18+ years

Experience in

resource

exploration sector

+1900%

Share price increase between

the Cove Energy IPO in June

2009 and its sale in Aug 2012

$1.9 billion

Cove Energy was sold

to PTTEP in Aug 2012

after a competitive

auction process

€100 million

One of the founding directors

of Merrion Capital, where he

was part of the small team

that built the business and

sold it for c. €100m in 2006

$2.5 billion

Value of successful

corporate transactions

on which Cathal has

advised

25+ years

Managerial

Corporate Finance

experience

Company plans to add new director in 2015


Changing Times - New Ideas: “Potential Acquisition Strategy”

Opportunity

• AIM E&P Sector down 40% Since September 1, 2014

• Many E&P Companies are under funded for commitments going forward

• Capital constrained Market place

• Low Oil Price = Low Valuations = Opportunity

Fastnet Strategy

• Seek assets with core value and upside potential

• Leverage Board’s experience / expertise

• Enhance Shareholder Value

OVERVIEW

Company Overview

Moroccan Assets

Irish Assets

Outlook

Company Overview

Irish Assets

Moroccan Assets

Outlook


Celtic Sea Offshore

• Large Structures = Major reserve

potential

• Access to Gas production facility

at largest Irish producing gas field

at Kinsale Head

• Proven oil and gas petroleum

systems

• Large prospects with well-

understood analogues

• Underexplored, Excellent Fiscal

Terms

• Politically Stable

• Shallow water prospects: easier to

monetise than deepwater

opportunities: especially attractive

in current commodity environment

• Modern 3D seismic surveys -2013

- Mizzen 1,400km2

- Kinsale 510km2

• Tectonics link to Flemish Pass

Statoil 2013 discovery - potentially

600 MBO recoverable and

growing

DEEP

KINSALE

MOLLY

MALONE

MIZZEN &

Mizzen East

SHANAGARRY BLOCK 49/13

AREA 285 km2 648 km2 1942 km2 881 km2 272 km2

WATER DEPTH c. 100 m c. 100 m c. 100 m c. 100 m c. 100 m

FASTNET INTEREST 60% 100% 100% 82.35% 85%

IRELAND Portfolio of Opportunities in highly prospective basin

capable of delivering significant near-term production


The Jeanne D’Arc (JDB) and Flemish Pass

(FPB) basins and their Lower Cretaceous to

Jurassic Petroleum Systems link with

the Celtic Sea and Mizzen Basins Offshore

Ireland.

The East Orphan Basin (EOB) is the

conjugate pair of the Porcupine Basin.

Eastern Canada Fields and Discoveries

- Flemish Pass Basin

Bay Du Nord (2013) Mizzen

300 – 600 mmbbls 100 – 200 mmbls

- Jeanne D’Arc Basin

• Hibernia 884 mmbbls

+ 1.375 TCF

+ 145 mmbbls NGL

• Terra Nova

406 mmbbls

+14 mmbbls NGL

+ 269 BCF

• Hebron

325 mmbbls

Eastern Canada Fields and

Discoveries

(Statoil Website Nov 2013)

Pre-Atlantic Opening Map (Lowe et al 2011))

Shows Canadian and Irish Conjugate Basins

Note: Jeanne D’Arc and Flemish Pass basins are paired

with the Celtic Sea.

IRELAND

Celtic Sea Offshore

Ireland - Canada

Geologically Linked Basins


• Celtic Sea Frontier Basin – Conjugate Margin Equivalent is Flemish Pass/Jeanne D’Arc

• Late Jurassic/Early Cretaceous Proven Petroleum System

• Good Thick Reservoir Development (Based on Proximity to Fastnet High)

• Potentially less compartmentalisation compared to Barryroe

• Potential for Mature Purbeck (56/12-1) and Lower Jurassic (47/29-1) Source Rocks

• Discovered Light Non-waxy Oil (Lias Source) Exists Immediately to South in Fastnet Basin

• 3D Seismic Indicates Potential Gas DHI’s conforming to structure – de-risks migration &

charge

• 3D Seismic Confirms Potential for Material Structural/Stratigraphic Traps

• Running Room & Diverse Geological Plays

• Attractive commercial terms for potential farminee for 2016 multi-well drilling programme

• Risked economics are attractive based on realistic farmout terms – widespread industry

interest

• 13 companies (mostly majors) carried out data review in 2014, number of interested parties

prior to commodity price collapse.

IRELAND IRELAND

Celtic Sea Offshore – Why Mizzen?


Basement/Trias/Lower Jurassic

Tertiary

Chalk

Fault

UC

UC

UC

UC

UC

UC

UC

Crestal Carbonate Play

Intra-Formational Seal

Intra-Formational Seal

BCU?

Purbeck Sst

Base Chalk

Top Chalk

SB

SB

East

Aptian

Hauterivian

Local Source?

West

E

W

SB

Fan Delta Progrades UC

Null Point

Bright amplitudes

Lower Cretaceous

Source?

UC

Stratigraphic Wedge Play

Deep Sand Play

Basement & Triassic Play

Jurassic & Triassic

Mizzen - Multiple Plays and Trapping Configurations

IRELAND


Mizzen: Structure / Sand / Proven Hydrocarbons

Depth Feet

Contours 100ft

56/12-1

Low

Top Basal Wealden Sands Depth Map

IRELAND


Mizzen 3D Seismic Defines Large Amplitude Anomaly 91.9 km2 Over Prospect

“A” - 1.45 TCF (P50) to 2 TCF (P10) Recoverable Gas

RMS Amplitude Extraction, TDW 40 mins 100ms

IRELAND

Basis for Maximum closure

at Primary Prospect A

High amplitudes over crest

Inline 728

Inline 728

16

Top Basal Wealden Sands 6650 ft

Top Purbeck 7110 ft

Oil Shows Throughout

Gross 460 ft

Net 127 ft

N/G 28%

Average PHIE 16%

PHIE up to 20%.

Average Oil Saturations 20%

Shows

Net Reservoir Flag

Calculated Hydrocarbons

56/12-1 Composite Log and Conventional Petrophysical Results

Basal Wealden Section – 460 ft thick

Circa 2x gross (and net) thickness as equivalent main reservoir (interval at Barryroe)

Basal Wealden Sand

o

Upper Purbeck Sand

Gross 1,352 ft

Net 278 ft

N/G 21%

Average PHIE 15%

Average Oil Saturations 26%

IRELAND

Mizzen – Proven Reservoir and HC Charge on flanks of large Structure


884

MMBO

325

MMBO

406

MMBO

274

MMBO

Jeanne D’Arc Basin Oil

and Gas Fields showing

Rotated Overlay of

Fastnet’s Celtic Sea

Mizzen and Mizzen East

Licence Option Areas

(1,950 km2) for Scale

RESOURCES

Hibernia

884 MMBbls Oil

+ 1.375 TCF

+ 145 MMBBLS NGL

Terra Nova

406 MMBbls Oil

+ 269 BCF

+ 14 MMBBLS NGL

Hebron

325 MMBbls Oil

IRELAND

Mizzen – East Mizzen Blocks Offer Potential for World Class Field Sizes


Deep Kinsale - Large Untested Closure Below Shallow Producing Gas Field IRELAND

Prospect E

Deep Kinsale Primary

Prospect “A”

49/9-2 “Helvick” Oil & Gas Play

Base Chalk

Upper Purbeck Sands

Middle Wealden

Upper Jurassic

Upper-Middle Jurassic

Mounding in Upper Purbeck

Northern Bounding Fault Kinsale Field 1.7 TCF Gas

MFS

48/25-1 Discovery

Southern Bounding Fault

Source

Reservoir Prone

Deep Liassic Source?

Approx. Licence Limit (4000ft)

North

SE

North South East

Potential reservoir bearing packages thicken into active Late Jurassic to Early Cretaceous Faults

• Exclusive Farmin Option (the “Option”) restricted to below 4,000 feet subsea

• 500 sq. km. 3D seismic was acquired by 31

December 2013 • The Option must be exercised before 31

March 2015 • Farmin Well to be commenced before 31

December 2016 • Primary geological objectives are the

Purbecko-Wealden reservoirs present in “Barryroe”

• Farmin Well to be drilled to a Provisional

Depth of 8,000 feet subsea • Fastnet to earn 60% equity by paying 100%

of the costs of one well, including testing


Additional potential closures

High

Primary Prospect “A” Basal Wealden

46 sq. km.

Logged Live Oil 48/25-1

270 feet net oil pay

Prospect “B” Lower Wealden

46.7 sq. km.

Deep Kinsale P50 Closures Basal Wealden Sands – Nutech Petrophysics

Prospect “A” – P50 151mmbls / P10 339mmbls Recoverable

IRELAND


High

Primary Prospect “A” Upper Purbeck

46.2 sq. km.

Logged Live Oil 48/25-1

270 feet net oil pay

Deep Kinsale P50 Closures Upper Purbeck Sands – NuTech Petrophysics

Prospect “A” – P50 273mmbls / P10 630mmbls Recoverable

IRELAND


Shanagarry

• Gas Discovered on Block

• Close proximity to Kinsale facility

• Numerous discoveries surrounding Block

• Definite Interest in Farmout Process

49 /13

• Heavy Oil recovered in well 49/13-2

• Close proximity to Kinsale facility

• Potential activity on adjacent block, 49/9-2 Helvick Oil

Field (Middle/Basal Upper Jurassic)

• High API oil - tested at 10,000 bopd

Molly Malone

• Oil and gas shows in close proximity

• Potentially very large structure indicated on limited 2D

data

• Proven Sherwood sandstone reservoir

• Main structure has mid-case prospective oil resource

potential of 125 million barrels

IRELAND IRELAND

Celtic Sea Offshore – Running Room

Existing Seismic Coverage

Company Overview

Moroccan Assets

Irish Assets

Outlook

Company Overview

Irish Assets

Moroccan Assets

Outlook


Energy Prices and Fiscal Regime

MOROCCO

• The gas and oil prices in Morocco are indexed to international prices.

Fiscal Incentives

• 25% State participation

• Royalty: Oil 10%; Gas 5%

• 10 year corporate tax holiday on discovery

Profit Value of 1bbl of Oil in Morocco

• Producing 1bbl of oil in Morocco is equivalent to

• 13bbl in Algeria

• 7bbl in Nigeria

Morocco Canada

Argentina UK

Libya Egypt

Norway Indonesia

0% 20% 40% 60% 80% 100%

Gov’t Take (%)

Source: EY Global oil and gas tax guide, 2013


Offshore Morocco Play Fairway Analysis

MOROCCO

• FA-1 well data trade for recent

wells drilled by other Operators

provides valuable insight into an

ongoing analysis of the potential

of the under-explored offshore

• FA-1 well results highlight a new

play based on the oil shows in

reservoir quality sands which

were not a primary target pre well

• Wells to be drilled in 2015 /2016

in offshore blocks will continue to

expand the understanding of the

active petroleum systems

• Post well technical work will focus

on mapping new play potential as

well as high grading existing

prospect portfolio

FA-1 Well


Flat Spot??

Pre-Drill Fastnet

Primary “Wedge” Target

Post-Drill Fastnet Primary “Wedge”

Target Tagged but not Penetrated

FA-1

Live Oil Shows

High Amplitude Package

Recalibrate with Well Results

SALT

MOROCCO

FA-1 Preliminary Well Post Mortem

• Untested potential down

dip

• Non-prognosed Aptian

Barreminan Sands with oil

shows

• Potential Source

encountered in well

• Geochemistry data

providing excellent

calibration for basin


MOROCCO

FA-1 Sidewall Cores – Live Oil Under UV Light

Source: CoreLab


Company Overview

Irish Assets

Moroccan Assets

Outlook


Near Term Share Price Catalysts

• Strong uncommitted cash balance = protection during Industry downturn

• Reviewing G&A with sharp scissors – preserving balance sheet

• Carol Law appointed as CEO in December 2014

• Recent confirmation that a rig will be drilling in the Celtic Sea increases attraction of the area;

Continue with farm out process

• Identification of additional prospects / second well location for Foum Assaka

• Business development – major opportunity now exists for those with strong balance sheets

OUTLOOK


Appendices

Fastnet Oil & Gas

Appendices


Deep Kinsale – New 3D Seismic De-risk Potential Untested Thicker Sand

Intervals

IRELAND

Southern Bounding Fault

Prospect E

Deep Kinsale Prospect A

49/9-2 “Helvick” Oil & Gas Play

Base Chalk

Upper Purbeck Sands

Middle Wealden

Upper Jurassic

Upper-Middle Jurassic

Mounding in Upper Purbeck Prospect K

Northern Bounding Fault

North South East

North

SE

Purbeck Shale


Comparison 56/12-1 Purbeck to Egret Source Rock of Jeanne D’Arc. Proprietary Fastnet Oil and Gas study versus IGI Paper from Conjugate Margins Conference, St. Johns, Aug 2014.

IRELAND


Preliminary Top Middle Purbeck TWT

Sealing Fault?

Sealing Fault Required

IRELAND


Molly Malone 2D Seismic and Well Database

TRIST-91

MP-84CE

Marathon 69,71,72

MPCR-84

Surveys

MP-84-CD

UK Lines on Order

(March 2013)

49/29-1 Oil Shows in Rhaetic-Hettangian

102/29-1 Wet Gas Shows in Lower Jurassic

93/2 Oil Shows in Rhaetic-Hettangian

IRELAND


NW SE

Molly 2D Seismic Dip-Line MP84CE-01-1

Tilted fault blocks – pre-inversion trap with Triassic Sherwood Sandstone sealed by salt Fault throw large enough to effect juxtaposition with mature source rocks

CYAN PROSPECT

IRELAND


Gross 1184 ft

Net 796 ft

N:G 0.67

Average Porosity 18%

Sonic Porosity up to 25%

Top Sherwood Sstn. 7801 ft MD (-7729 ft)

Top Palaeozoic 8985 ft MD (-8913 ft)

TR

IAS

SIC

Sh

erw

oo

d S

an

ds

ton

e G

rou

p

GR Resistivity Sonic

93/2-2 Sherwood Sandstone

Petrophysical Summary

Molly Triassic Sherwood Sandstone is a “World Class” Reservoir


“49/13” 2D & 3D Seismic and Well Data

49/13

Shanagarry

Molly Malone

Legacy Gulf 3D seismic coverage

49/9-2 Helvick Oil Field (Middle/Basal Upper Jurassic)

Tested at 10,000 bopd

49/13-2 Heavy Oil Discovery (Upper Jurassic)

DST extrapolated flow rate 250 bopd

IRELAND


Fastnet farm-out agreement with SK Innovation

About SK

• SK Innovation is part of SK Group, the third largest

conglomerate in South Korea behind Samsung and

Hyundai with 56,000 employees

• USD $130 billion in Annual Revenue

(Energy/Chemicals Division comprises 56%)

• SK is Korea’s number one and Asia’s fourth largest

oil refining company with 1.1 million boepd capacity

• As of Q1 14, SK’s E&P portfolio consists of 19 blocks

in 13 countries

– 5 production blocks, 14 exploration blocks, 4 LNG

projects across countries such as Peru, Columbia,

Kazakhstan, Libya, Australia, Oman Yemen,

Vietnam, Cote d’Ivoire, Madagascar

– Daily production of 70,000 boepd

– 619mm BOE Proven Reserves

MOROCCO: FOUM ASSAKA

Deal Terms

• SK acquired a 12.5% Gross interest (9.375% Net) in Foum

Assaka licence in December 2013

• Up to two well carry comprised of a carry in the first

exploration well on the Eagle-1 Prospect and first appraisal

well (capped at USD $100 million per well) or at SK

Innovations’ discretion a carry in a second exploration well

(capped at gross USD $100 million)

• Reimbursement of past costs of USD $3.2 million and a

further payment of 25% of Fastnet’s back costs relating to

the period from 1 October to 1 January 2014

• Fastnet now retains a 12.5% gross interest (9.375% - net)


Analyst Coverage

APPENDIX

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 Mirabaud

Stuart Amor RFC Ambrian

Craig Howie Shore Capital

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