BUILDING ON BARRYROE NEW EXPLORATION TARGETS IN THE CELTIC SEA

Transcription

1 PESGB IRISH BRANCH BUILDING ON BARRYROE NEW EXPLORATION TARGETS IN THE CELTIC SEA By Paul Griffiths Managing Director FASTNET OIL AND GAS PLC Dublin 14 th March 2013

2 Company Overview Independent oil and gas exploration company focused on identifying early stage exploration and appraisal opportunities in Offshore Africa and Ireland Connemara NPB Molly Malone Basin Mizzen Basin Completed IPO in June 2012 with strong institutional shareholder base. Balance Sheet strengthened with successful oversubscribed placing in November 2012 Highly experienced management team with a proven track record of generating 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 Corporate Strategy 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 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 (27 th Feb) $118m Cash $35m Top Institutional Shareholders: Standard Life Investments Henderson Global Investors New City (CQS) Mandatum 2

3 Cathal Friel Executive Chairman Paul Griffiths Managing Director Carol Law Executive Director Michael Nolan Non-Exec Director Dr Steve Staley Non-Exec Director Former Founding Director, Merrion Corporate Finance Former CEO, Island Oil & Gas Plc Former Exploration Manager, Anadarko East Africa Current Director Cove Energy Ltd Former Non-Executive Director of Cove Energy Plc One of the founders and managing director of Raglan Capital, with over 25 years of managerial, entrepreneurial and corporate finance experience. Founding Director of Merrion Corporate Finance where he helped build and then sell Merrion for circa 100 million in years of industry experience, early stage oil & gas prospector, Graduate of Royal School of Mines. 100% success rate offshore Ireland with Island Oil & Gas: 4 wells drilled, two commercial gas fields 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) 28 years experience in oil and gas exploration Former Founder and Group Finance Director of Cove Energy PLC. Over 18 years experience in the resource exploration sector. Founder and former Managing Director of Independent Resources PLC, MD of Derwent Resources Limited. 27 years experience in the European, African and Asian oil, gas and power sectors with BP, Conoco etc. Selected Previous Experience Selected Previous Experience Selected Previous Experience Selected Previous Experience Selected PreviousExperience 3

4 Selected Previous Experience John Craven Advisor Founder and former CEO of Cove Energy plc. Paul Griggs Consultant and Advisor Consultant for the last three years with Cove Energy plc. 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 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. 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 Niamh Redmond Operations Geologist Morocco and Ireland Operations Geologist for the successful 2006 and 2007 Island drilling programmes. Armira Zylyftari Morocco Technical Support 4

5 Morocco is an industry hot spot and key exploration frontier 5

6 Fastnet s Celtic Sea Licence Interests Fastnet now holds the Largest area under License in the Celtic Sea JURASSIC OIL OBJECTIVES FASTNET OPTION AREA JURASSIC GAS OBJECTIVES Kinsale Head Fastnet Option Area

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8 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

9 DEEP KINSALE 3D SEISMIC SURVEY 510 SQ. KM. Option Area

10 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

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12 SP Preliminary interpretation & reprocessing ongoing

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14 REGIONAL DISTRIBUTION OF SHERWOOD SANDSTONE AND SALT CAPROCK Northern Limit of Sherwood Sandstone (Based on Seismic & Well Data) Fastnet High (Clastic Source Area) SW Cornwall High (Clastic Source Area)

15 High Quality Triassic Reservoirs 56/15-1 Well

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17 BLUE LIAS OIL SOURCE ROCKS WESSEX BASIN

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19 TRIASSIC STRUCTURAL TRAPS: RESERVOIR-SOURCE ROCK JUXTAPOSITION MPCR NW 0 5 km SE

20 Mizzen Composite Seismic Section Showing Regional Structure and oil migration pathways from Lower Jurassic source rocks to BWS and Sherwood Leads WSW ENE Base Miocene Unconformity 5 km Live Oil Shows in Basal Wealden Sand (BWS) Migration Pathway

21 WESTERNGECO REPROCESSING STACKING VELOCITIES (TRIAS)

22 SP Triassic Prospect formed along U. Jurassic Transfer Fault

23 Mizzen Northern Area Potential 4-Way Dip Closure at Base U. Jurassic 17 km SW NE Base Miocene Unconformity

24 FASTNET OIL AND GAS POTENTIAL MULTI-BILLION BARREL BASE CRETACEOUS OIL PROSPECTS ACTIVE PETROLEUM SYSTEM PROVED BY BARRYROE 49/13-1 Oil in Base Cret. Sands Killkenny Prospect 49/13 Growth Faulting Defines Potential for Thickest Reservoirs Limit of Mature Upper Jurassic Source Rocks Barryroe Field P50 1,821 MMBO OOIP Potential Well Deliverabilities of 13,000 BOE/day Deep Kinsale 48/25-1 Oil in Base Cret. Sand Deep Kinsale Prospect 49/19-1 Oil in Base Cret. Sand Shanagarry Shanagarry Prospect Molly Malone Mizzen Mizzen Prospect 56/12-1 Oil in Base Cret. Sands 48/25-1, 49/19-1 & 56/12-1 drilled off structure on 2D seismic in 1970s and 1980s Encountered downdip oil. 24

25 48/ /20-2 Seafloor Near Top Shallow Gas Near Oil Sands Onlap/Downlap Syn-rift fill Shoulder Fault Near Top Middle Purbeck U Jurassic horizon

26 49/ / /19-1 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

27 56/12-1 Composite Log and Petrophysical Results Basal Wealden Section 460 ft thick (Main Reservoir Interval at Barryroe) SW PHIE VCL Top Basal Wealden Sands 6650 ft BVW RESFLAG VSAND VLIME VDOLO 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

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29 Top Middle Purbeck Seismic Reflector

30 100%water 80% oil 20%water 80% gas 20%water

31 100 % water case 80% oil and 20 % water case

32 100 % water case 80% gas and 20 % water case Gas sand

33 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

34 Amplitude Brightening over Structural Nose

35 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

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37 93/2-2 Composite Log Showing Sherwood Reservoir Interval TRIASSIC Sherwood Sandstone Group Top Sherwood Sstn ft MD (-7729 ft) GR Resistivity Sonic Reservoir Parameters Gross 1184 ft Net 796 ft N:G 0.67 Average Porosity 18% Sonic Porosity up to 25%

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39 3.5 mm BO/sq. km Billion Barrels