Mar 14, 2013 - Non-Exec Director. ⢠Former Founding Director,. Merrion Corporate Finance. ⢠One of the founders and
PESGB IRISH BRANCH
BUILDING ON BARRYROE NEW EXPLORATION TARGETS IN THE CELTIC SEA By Paul Griffiths Managing Director FASTNET OIL AND GAS PLC
Dublin 14th March 2013
Company Overview
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Independent oil and gas exploration company focused on identifying early stage exploration and appraisal opportunities in Offshore Africa and Ireland Connemara Completed IPO in June 2012 with strong institutional shareholder base. Balance Sheet strengthened with NPB Molly Malone 2012 successful oversubscribed placing in November Basinteam with a proven Highly experienced management track record ofMizzen generatingBasin significant shareholder value in oil and gas industry Market Cap increased by 400% since IPO as a result of assembling an exciting portfolio of exploration prospects
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Corporate Strategy
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Develop an exploration-focussed oil and gas company to license areas primarily under explored by industry majors where potential for large oil and gas accumulations exist Apply our industry experience and expertise to de-risk these assets to a stage where we can successfully bring in major partners for sustained value-creating drilling programmes
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KEY STATISTICS AS AT 28 FEBRUARY 2013 AIM ESM
FAST FOI
Total ordinary shares in issue
273,940,943
Market capitalization at £0.27 per share (27th Feb)
$118m
Cash
$35m
Top Institutional Shareholders: • Standard Life Investments • Henderson Global Investors • New City (CQS) • Mandatum
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Cathal Friel Executive Chairman
Paul Griffiths Managing Director
Carol Law Executive Director
Michael Nolan Non-Exec Director
Dr Steve Staley Non-Exec Director
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Former Founding Director, Merrion Corporate Finance
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Former CEO, Island Oil & Gas Plc
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Former Exploration Manager, Anadarko East Africa
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Current Director Cove Energy Ltd
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Former Non-Executive Director of Cove Energy Plc
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One of the founders and managing director of Raglan Capital, with over 25 years of managerial, entrepreneurial and corporate finance experience.
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35 years of industry experience, early stage oil & gas prospector, Graduate of Royal School of Mines.
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Responsible for the play finding Prosperidade gas complex in Rovuma Area 1, offshore Mozambique.
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Former Founder and Group Finance Director of Cove Energy PLC.
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100% success rate offshore Ireland with Island Oil & Gas: 4 wells drilled, two commercial gas fields
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Founder and former Managing Director of Independent Resources PLC, MD of Derwent Resources Limited.
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27 years experience in the European, African and Asian oil, gas and power sectors with BP, Conoco etc.
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Founding Director of Merrion Corporate Finance where he helped build and then sell Merrion for circa €100 million in 2006.
Selected Previous Experience
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Selected Previous Experience
Also member of teams responsible for discoveries in Ghana (Jubilee), Brazil (multiple Campos Basin discoveries)
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Over 18 years’ experience in the resource exploration sector.
28 years experience in oil and gas exploration
Selected Previous Experience
Selected Previous Experience
Selected PreviousExperience
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Selected Previous Experience •
John Craven – Advisor Founder and former CEO of Cove Energy plc.
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Paul Griggs – Consultant and Advisor Consultant for the last three years with Cove Energy plc.
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Michael Edelson – Non-Executive Director Founder and non-executive chairman of Sterling Green Group plc (Fastnet reverse takeover vehicle) Non-Executive Director of Manchester United F.C. since 1982.
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Robert Murphy – Senior Consultant Geologist Robert is a geologist with over twenty years of experience with Island Oil & Gas plc, Conoco, Tullow Oil, Schlumberger in London and the Petroleum Affairs Division of the Irish Department of Energy and Natural Resources.
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Brendan Tuohy – Licensing Consultant and Advisor Former Secretary General of the Irish Department of Communications, Marine and Natural Resources.
Mahmoud Zizi – Country Manager Morocco
Carl Kindinger – Morocco Finance Manager
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Niamh Redmond– Operations Geologist Morocco and Ireland Operations Geologist for the successful 2006 and 2007 Island drilling programmes.
Armira Zylyftari – Morocco Technical Support
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Morocco is an industry “hot spot” and key exploration frontier
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Fastnet’s Celtic Sea Licence Interests
JURASSIC OIL OBJECTIVES
Fastnet now holds the Largest area under License in the Celtic Sea FASTNET OPTION AREA
JURASSIC GAS OBJECTIVES Kinsale Head
Fastnet Option Area
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MIZZEN 3D SEISMIC SURVEY 1,200 SQ. KM. Largest Ever 3D Seismic Survey in the Celtic Sea
Revised Mizzen 3D Area
Existing Celtic Sea 3D Seismic
CGGVERITAS “VANTAGE”
DEEP KINSALE 3D SEISMIC SURVEY 510 SQ. KM.
Option Area
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Poor quality 2D seismic coverage Only one well in an area of c. 4,000 sq. km. 56/12-1 (Esso 1975) had oil shows Large number of prospective, material structural traps Triassic, Jurassic and Lower Cretaceous reservoir targets Salt(?) and marine claystone seals (connection to South Porcupine in the Cretaceous) Lower Jurassic and Upper Jurassic oil source rocks Good evidence of generation based on 56/12-1 vitrinite maturity data
SP-83-59 – Preliminary interpretation & reprocessing ongoing
REGIONAL DISTRIBUTION OF SHERWOOD SANDSTONE AND SALT CAPROCK Northern Limit of Sherwood Sandstone (Based on Seismic & Well Data)
SW Cornwall High (Clastic Source Area)
Fastnet High (Clastic Source Area)
High Quality Triassic Reservoirs – 56/15-1 Well
“BLUE LIAS” OIL SOURCE ROCKS – WESSEX BASIN
TRIASSIC STRUCTURAL TRAPS: RESERVOIR-SOURCE ROCK JUXTAPOSITION MPCR-84-03 NW
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5 km
SE
Mizzen Composite Seismic Section Showing Regional Structure and oil migration pathways from Lower Jurassic source rocks to BWS and Sherwood Leads ENE
WSW
Base Miocene Unconformity
5 km Live Oil Shows in Basal Wealden Sand (BWS) Migration Pathway
WESTERNGECO REPROCESSING – STACKING VELOCITIES (TRIAS)
SP-83-59 – Triassic Prospect formed along U. Jurassic Transfer Fault
Mizzen Northern Area – Potential 4-Way Dip Closure at Base U. Jurassic 17 km SW
NE
Base Miocene Unconformity
FASTNET OIL AND GAS POTENTIAL MULTI-BILLION BARREL BASE CRETACEOUS OIL PROSPECTS ACTIVE PETROLEUM SYSTEM PROVED BY BARRYROE
Killkenny Prospect 49/13-1 Oil in Base Cret. Sands
49/13
“Deep Kinsale”
Growth Faulting Defines Potential for Thickest Reservoirs
Deep Kinsale Prospect
Barryroe Field P50 1,821 MMBO OOIP Potential Well Deliverabilities of 13,000 BOE/day
Shanagarry Prospect
48/25-1 Oil in Base Cret. Sand
Limit of Mature Upper Jurassic Source Rocks
Mizzen
Shanagarry
49/19-1 Oil in Base Cret. Sand
Molly Malone
48/25-1, 49/19-1 & 56/12-1 drilled off structure on 2D seismic in 1970s and 1980s Encountered downdip oil.
Mizzen Prospect
56/12-1 Oil in Base Cret. Sands
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48/25-1 Seafloor
48/20-2
Near Top Shallow Gas
Onlap/Downlap Near Oil Sands
Syn-rift fill Shoulder Fault
Near Top Middle Purbeck
U Jurassic horizon
49/17-1 49/19-1
49/13-1
Topseal
Base Reservoir
Loss of Upper Purbeck By Downlap/Onlap GRABEN FILL Near Base Upper Purbeck Lacustrine Bar Reservoirs
Upper Purbeck Non-deposition On Basin Shoulder
56/12-1 Composite Log and Petrophysical Results Basal Wealden Section – 460 ft thick (Main Reservoir Interval at Barryroe) SW
PHIE
VCL
BVW
VSAND VLIME
RESFLAG VDOLO
Top Basal Wealden Sands 6650 ft
Oil Shows Throughout Gross 460 ft Net 127 ft N/G 28% Average PHIE 16% PHIE up to 20%. Average Shy 20% Shows Net Reservoir Flag Calculated Hydrocarbons
Top Purbeck 7110 ft
Top Middle Purbeck Seismic Reflector
100%water
80% oil 20%water
80% gas 20%water
100 % water case
80% oil and 20 % water case
100 % water case
80% gas and 20 % water case
Gas sand
48/24-1 mature light, waxy crude typed to Purbeck oil source rocks
4,550 – 5,310 feet
48/24-1 mature light, waxy crude typed to Purbeck oil source rocks
Loss of light & medium molecular weight peaks probably due to long term sample storage
56/12-1 residual medium, waxy crude typed to Purbeck oil source rocks 8,733 feet
Confirms presence of Barryroe Upper Jurassic source rocks in Mizzen Basin
Amplitude Brightening over Structural Nose
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Good quality but sparse 2D seismic coverage No well in deepest part of the Basin 49/29-1 (Marathon 1970’s) had oil staining in Hettangian Two simple tilted fault block traps Triassic reservoir targets Salt forms topseal Lower Jurassic oil source rocks Evidence of generation based on UK well 102/29-1 vitrinite maturity data
Molly Malone Basin
93/2-2 Composite Log Showing Sherwood Reservoir Interval Top Sherwood Sstn. 7801 ft MD
GR
(-7729 ft)
Resistivity
Sonic
Reservoir Parameters Gross 1184 ft Net 796 ft N:G 0.67 Average Porosity 18%
Sherwood Sandstone Group
TRIASSIC
Sonic Porosity up to 25%
3.5 mm BO/sq. km. 1.05 Billion Barrels
