Fastnet Oil & Gas Plc Corporate Presentation/media/Files/F/Fastnet-Oil-and-Gas... · This...
Transcript of Fastnet Oil & Gas Plc Corporate Presentation/media/Files/F/Fastnet-Oil-and-Gas... · This...
Fastnet Oil & Gas Plc
Corporate Presentation December 2014
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
Moroccan Assets
Irish Assets
Outlook
www.fastnetoilandgas.com 4
Overview and Company Funding
• Portfolio includes onshore and offshore Morocco and offshore Ireland with 16 primary exploration and appraisal
prospects matured for drilling
• Cash balance USD 18 mm at 30 November 2014
• Running costs – general and administration – USD 3.3 mm p.a
• All current licence phase commitments have all been met – fully funded for discretionary spending going forward
• Monetisation through farm down and recovery of past costs
• Recently announced changes to the Tendrara Lakbir option, improving net equity position to 50%, creating a
significant positive effect on project economics. Potential running room in both additional conventional traps and an
unconventional shale gas play on the Licenses. The Company retains an option to farmin to the licence. It is the
intention of the board of Fastnet to have this option extended by 12 months to the end of 2015
• Celtic Sea farm out process stalled due to adverse movements in commodity markets. Internal technical work
continues to enhance value with completion of 3D interpretation. Still working with 3rd parties towards farmouts in
2015
• 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
OVERVIEW
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Frontier Exploration Asset Overview
Licence Name Region Area Fastnet Interest
Gross Net Partner Operator
Tendrara Lakbir
Option Onshore Morocco 14,548 km2 66.7% 50% ONHYM, OGIF Fastnet
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 25,054 km2
771
283
95
0 100 200 300 400 500 600 700 800
Frontier
Standard
Mature
Strategic focus on high-volume, high- value, frontier petroleum systems
Average Commercial Discovery Size in MMBoe 2010-2012 by Type
of Hydrocarbon Province
Note: Information from September 2012 Bernstein Research Report
OVERVIEW
www.fastnetoilandgas.com 6
Business Model Health Check
ACQUIRE
• 25,054 sq. km. under licence and exclusive options
• Continually reviewing and seeking out new niche opportunities
ANALYSE
• 1,910 sq. km. of 3D seismic acquired in Ireland
• 488 sq. km. of 3D seismic reprocessed onshore Morocco
• Up to 5,000 sq. km. of 3D seismic acquired/reprocessed offshore Morocco
FARM DOWN
• Foum Assaka farmed out to SK Innovation – 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 and Tendrara farmouts continue
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 defined and de-risked very large potential oil and gas prospects
MONETISE
• FA-1 significantly derisked petroleum system on the block, well data being fully integrated
towards further exploration on the License.
• Tendrara – Lakbir drilling programme offers potential for next near-term opportunity for
monetisation subject to extending option deadline
• Celtic Sea prospects offer medium term potential for monetisation following farm-down/drilling
OVERVIEW
ACQUIRE
ANALYSE
FARM DOWN
EXPLORE
MONETISE
Experienced Board & Senior Management
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
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)
Will Holland, Chief Financial Officer Former Associate Director at Macquarie bank where he originated,
structured and managed equity and debt investments in small-cap
E&P companies.
Previously worked at Halliburton Energy Services in various
technical & business development roles based in Africa & Europe
MBA from Heriot-Watt University
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 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
100 TCF +
Carol led the Anadarko team
that discovered over 100 TCF
of natural gas in the Area 1
Block, Offshore Mozambique
$2.5 billion
Value of successful
corporate transactions
on which Cathal has
advised
$2.64 billion
Sale price of a 10%
stake in Anadarko’s
Area 1 Block, Offshore
Mozambique
25+ years
Managerial
Corporate Finance
experience
30 years
Experience in oil
and gas industry
20+ years
Experience in oil
and gas industry
40+ years
Experience as a
Director of several
AIM listed PLCs
+$110 million
Managed Macquarie interest
in over $110 million of debt
and equity investments
Internal Control
Lead teams of internal
auditors at Halliburton
assessing accounting &
operation risks
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
Company Overview
Moroccan Assets
Irish Assets
Outlook
Company Overview
Moroccan Assets
Irish Assets
Outlook
www.fastnetoilandgas.com 9
Energy Prices and Fiscal Regime
MOROCCO
• 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 mscft.
• Locally produced gas sells in the domestic market at 7 to 12 USD per mscft.
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 (%)
Morocco Algeria Nigeria Egypt
Source: EY Global oil and gas tax guide, 2013
www.fastnetoilandgas.com 10
Gas-to-Power Opportunity
MOROCCO
• 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 Generation Forecast by
2023
• Opportunity to supply new-build
400 MW Al Wahda Power Station
www.fastnetoilandgas.com 11
Access to European Gas Network
MOROCCO
• Capacity: 12.5 BCM/year (441.37
BCF/year)
• Installed Capacity: 18 BCM
• 14% of transport capacity entitled to
Morocco
• 100% capacity rights to Morocco in 2021
• Transit fees for Morocco of 600 to 800
million m3/year
LNG Terminal Initial Capacity 5 Billions M3 ( 176.55 BCF) > 5 years before operational (at very early planning stage)
Source: CPR, November 2013
www.fastnetoilandgas.com 12
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 monetisation
• Favourable fiscal regime – 5% Government Royalty and 10 year holiday on corporation
tax
• “Running-room” provided by existing TAGI gas discoveries, prospects and leads; under-
explored Palaeozoic prospectivity (extension of proven Algeria/Libya petroleum
systems; unconventional Carboniferous & Silurian/Tannezuft shale gas: economics
enhanced by TE-5 gas development)
Equity & Partners
• Pathfinder Hydrocarbon Ventures Ltd 50% net equity after exercise of Exclusive Farmin
Option
• Partners: Oil and Gas Investments Funds (“OGIF”) 25%; ONHYM 25%
• Pathfinder is the Technical Operator during Option Period
MOROCCO
• OGIF is owned by the largest Moroccan financial institutions (banking, insurance and pensions)
Deal Terms & Legacy Database
• Legacy Database (available to licence holders only): 7 wells by previous operators; 488 sq. kms. of 3D seismic; 4,118 kms. of 2D seismic; PSDM processed
3D seismic and Reservoir Engineering (Pathfinder Option Period work programme)
• Pay disproportionate share of two wells to be drilled on the TE-5 gas structure in the Initial Exploration and First Extension Periods of the Licence – Offers to
reflect the materiality and “running room” and comprehensive legacy database
- Well planning underway with drilling to commence within the next 9 months
- Scoping budgetary estimate for individual wells, fully tested, is USD 13.5 - 17 MM
• Assignment of equity interests are subject to the usual Moroccan government approvals
www.fastnetoilandgas.com 13
Tendrara Lakbir Exploration History: 6 out of 7 wells drilled discovered gas MOROCCO
• TE-5 Gas Structure (red) 488 sq. km. 3D & 4,110 kms. 2D seismic
3 month EWT – no pressure depletion in TAGI I Formation damage – stabilised rate 1.5 mm cfgpd
Legacy Prospectivity (2000-2008)
• TE-3 & TE-4 Structure (red hatched) TAGI tight gas reservoir
Gas shows in Lias limestone and Carboniferous
• TE-2 Structure (red outline) TAGI tight gas reservoir
• SBK-1 Gas Discovery (red) TAGI II tested at 5 mm cfgpd
Declined to 2.5 mm cfgpd (fault barrier/no 3D) Condensate shows in Lias dolomites & Trias basalts 300 bcf GIIP Best Estimate
• TAGI Prospects (yellow) Structural & Stratigraphic Pinchout
• TE-1 (1966) logged gas Possible downdip extension TE-5 Structure
Additional Untested Upside
• Cambro-Ordovician NE area of the Block
• Carboniferous Basinwide
• Unconventional Shale Gas Carboniferous – basin centre play
62 TCF (Source ONHYM) Silurian/Tannezuft – NE area
NW-SE LINE OF SECTION Legacy 2D Seismic
www.fastnetoilandgas.com 14
Fastnet TAGI I Depth Map (At Seismic Reference Datum)
MOROCCO
P90 CLOSURE GDT TE-5 2451 m SRD Area within Cyan Dots
= 25 sq km
P10 CLOSURE GDT TE-1 2835 m SRD
Area within White Dots = 386 sq km
MODEL 4 Uses pseudo-interval velocities based upon revised TWTs at well locations
Current Well Mis-ties (well-map)
TE-1 -15 m TE-5 +28 m TE-4 +24 m TE-3 -15 m
P50 CLOSURE 2575 m SRD
Area within Blue Dots = 62 sq km
Outline of 3D data
www.fastnetoilandgas.com 15
Fastnet Independent Reservoir Engineering Study
(Case “A” 9.1 mm cfgpd with all zones in 22.5m perforated; S = 0) A
( Original Well Test k – Only top 11.5m contributing; S = 30)
(EWT Well Test k – Only top
11.5m contributing; S = 0)
MOROCCO
TE-5 Well – inflow Performance Rates
TE-6 Well to test well deliverability case “A” – 9mm cfgpd
www.fastnetoilandgas.com 16
Meskala Gas Field: On-Trend Producing TAGI I Gas Reservoir Analogue
Supports TE-5 Gas Potential
MOROCCO
Exploration History
• MKL-101 Gas Discovery drilled in December 1981 – field on-stream in 1987
• TAGI Triassic reservoir (also tested gas in TE-5 gas structure – up to 14% porosity)
• Gross reservoir section 150m with c. 30m net pay (less than TE-5)
• Avg. porosity in best pay section 12% (k2-4 mD compared to up to 55 mD at TE-5
• Depth 3374 m (c. 750m shallower than TE-5)
MKL-101 Reservoir Characteristics and Test Results
• Over-pressured – 3700 psi above hydrostatic pressure (also over-pressured at TE-5)
• 18m perforated (only 11.5m contributing to flow at TE-5) from 3374m – 3392m
• No acidizing/no fracking
• 20mm cfgpd absolute open-hole potential – stabilised at 6mm cfgpd and 510 BCPD
on ¼” choke with WHFP 4800 psi (flow rate restricted by liquid condensation near
well bore. Liquid content 85 barrels per mm cfgpd (3 barrels at Tendrara)
• MKL-101 producing 3.24mm cfgpd and 200 BCPD after 27 years production life.
Reservoir Geometry
• Good lateral continuity but fault compartmentalisation (less significant at TE-5)
• Development wells drilled pre-3D – very poorly located
GIIP Per Well
• MKL-101 fault compartment 33BCF and 2.8mm BC in-place per sq. km.
• TE-5 independent estimates indicate a range of 8 to 20+ BCF recoverable per well
for a variable net pay thickness of 135 to 200 feet and a drainage area of between
200 and 300 acres per well
Source: World Bank Report No. 4283-MOR
4 Apr 1983
TE-5 Gas
Structure
Meskala
Gas Feld
www.fastnetoilandgas.com 17
Untested Unconventional Palaeozoic Hydrocarbon Plays
MOROCCO
62 TCF Missour Basin
TENDRARA LICENCE
Area : 11000 Km²
Age : Carboniferous
Maximum depth :
4363 m
TOC : 1 – 11.44 %
OSD-1
TAJ-1
Distribution of Silurian
Hot Shales: NW Africa
OSD-1 (Carboniferous)
• TOC up to 11.44% at 2401m
• Tmax 439°
• S2 187 mg/g
• HI 163
• 800m+ thick
TAJ-1 (Silurian)
• TOC up to 3.32% at 2729m
• Tmax 348°
• S2 1.31 mg/g
• HI 39
• Avg. thickness 150m
• Gas in Fractured Lower Devonian Lstn. at Meskala
Field
• Carboniferous gas in some Tendrara wells
• Potential for tectonic fracturing locally
• Silica and clay content not investigated
• Shale porosity not investigated
• “Sweet spots” not yet identified
Based on Legacy 2D Seismic Data
www.fastnetoilandgas.com 18
Offshore Morocco Play Fairway Analysis
MOROCCO
• 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 target for Chevron and
BP offshore Nova Scotia remains a key
target in Foum Assaka following the FA-
1 well
• Exploration drilling offshore Morocco
has historically focused on the
Carbonate Shelf with no commercial
discoveries as yet
FA-1 Well
www.fastnetoilandgas.com 19
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 Shows Untested Potential
www.fastnetoilandgas.com 20
MOROCCO
FA-1 Sidewall Cores – Live Oil Under UV Light
Source: CoreLab
Company Overview
Moroccan Assets
Irish Assets
Outlook
Company Overview
Moroccan Assets
Irish Assets
Outlook
www.fastnetoilandgas.com 22
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 with well-
understood large-field analogues
and existing infrastructure
• Underexplored, applying new
technologies to de-risk by analogy
with surrounding oil and gas
discoveries
• Shallow water prospects: easier to
monetise than deepwater Irish
Atlantic Margin
• Largest ever 3D seismic survey
undertaken in Summer 2013
(1,910km2)
- Mizzen 1,400km2
- Kinsale 510km2
• Statoil Discovery potentially 600
MBO Recoverable made in
analogous basin summer 2013
(Flemish Pass Basin)
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
www.fastnetoilandgas.com 23
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
www.fastnetoilandgas.com 24
P50 Closure for Upper Purbeck Sands Primary Prospect “A”
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
3D Seismic De-risk Legacy Reservoir
Compartmentalisation Issues
www.fastnetoilandgas.com 25
Multiple Options to Develop Celtic Sea Gas
• Existing infrastructure
• New pipeline build
• Floating facility
IRELAND
155 kms to
Bantry Bay Oil
Terminal
Infrastructure
34 kms to connect to
onshore gas infrastructure
185 kms to connect to Kinsale
Platform and Shore Terminal
www.fastnetoilandgas.com 26
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
IRELAND
Basis for Maximum closure
at Primary Prospect A
High amplitudes over crest
Inline 728
Inline 728
www.fastnetoilandgas.com 27
Company Overview
Moroccan Assets
Irish Assets
Outlook
www.fastnetoilandgas.com 28
Near Term Share Price Catalysts
• Strong uncommitted cash balance with low corporate overhead
• Seeking a one year extension to the Tendrara Lakbir Option
• Progressing ongoing discussions with potential partners for Tendrara. This includes gas to power
opportunities as well as developing an appraisal programme for the TE-5 discovery
• Continue with Celtic Sea farm out process. Confirmation that a rig will be drilling in the region
increases attraction of the area
• Identification of the second prospect/well location for Foum Assaka
• Business development opportunities
OUTLOOK
www.fastnetoilandgas.com 29
Appendices
Fastnet Oil & Gas
Appendices
www.fastnetoilandgas.com 30
Fastnet New TE-5 Unconventional NuTech Petrophysics
TAGI-I Perforated Zone 2,588.5m-2,620m
MOROCCO
• Identification from logs of higher permeability layers – calibrated to available core data
• Perforated zone tested only some of these: moderate gas flow rates (formation damage and liquid loading)
Gamma
Res. Qual.
Flags Lith/Fluid
Analysis Resistivity
Porosity
Curves
Visual
Matrix Tot. Gas Pore Size
Vol. Analysis
Por/Fluid
Perm
Textural
Params Comment
Zone
Ratings Fracturing Test Interval
“Sweet Spot” Better sorted
NuTech Shows good k Not contributing to flow
Core k up to 55 mD Thin layers sub NuTech log resolution
www.fastnetoilandgas.com 31
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
www.fastnetoilandgas.com 32
NuTech Data Unconventional Petrophysics for 48/25-1
48/25-1 Logged 532 feet of net oil pay
The Lower Wealden interval from 6600-7060ft is sst with
270 feet of net pay. The characteristics of this interval
are: average porosity of 15.3%, average SW of 43.3%,
average permeability of 114 millidarcies, There are
several zones with permeability above several hundred
millidarcies. This interval is expected to produce
hydrocarbon at a good rate.
The Upper Purbeck interval from 7060-7600 feet is sst.
with 262ft of net pay. With average porosity of 12.5%,
average SW of 36.9%, average permeability of 45.6
millidarcies, There are several zones with permeability
over several hundred millidarcies. This interval is
expected to produce hydrocarbon at a fair to good
rate.
Seal Interval
Upper Purbeck –
Lower Wealden
Reservoir
Interval
Mid Purbeck
Lacustrine
Source Rock
Oil-Bearing
IRELAND
www.fastnetoilandgas.com 33
NuTech Data Unconventional Petrophysics for 48/25-1 IRELAND
48/23-1 48/24-3 48/25-1
Good Continuity of
Barryroe Tested Sands
Over 10’s of Kilometres
Seal Interval
Upper Purbeck
Lacustrine Shale
Reservoirs in
Deep Kinsale
Lower Wealden
Reservoir
Interval
www.fastnetoilandgas.com 34
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)
www.fastnetoilandgas.com 35
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