Corporate Update and Revised Investor Presentation

Source: www.gulfoilandgas.com 5/22/2014, Location: Africa

Ahead of investor meetings, Fastnet, the E&P company focused on exploring in Africa and in the Celtic Sea, is pleased to provide an update on its operations, including its proposed forward work programmes and farm-out activities.

Foum Assaka
· Foum Assaka Offshore project costs net to Fastnet from Licence acquisition through prospect portfolio development to the completion of the first exploration well (FA-1) are less than USD $2.75m.
· The Company's in-house post well studies are encouraging for continued evaluation of the hydrocarbon prospectivity of the block.
· The FA-1 and Cairn's FD-1 Foum Draa wells are "range-finding" wells that allow us to better focus on the main reservoir fairways.
· Pre-stack Depth Migration can now be constrained and calibrated by actual well velocities.
· Seismic amplitude "technology" driven definition of exploration prospects pre-drill can now be better calibrated based on actual well data tied to a better understanding of seismic sequence stratigraphy.
· The Early Cretaceous remains an important target in Foum Assaka based on analogies with the Moroccan conjugate margin equivalent of Nova Scotia where this interval is the main focus of attention for the oil majors.
· Management believes all aspects of the petroleum system have now been de-risked with the exception of reservoir thickness and quality which remains the main challenge to address pre-drill.

Commenting, Paul Griffiths, Managing Director of Fastnet, said: "In challenging times for the oil and gas sector we are satisfied that Fastnet is prudently managing its cash resources whilst still creating momentum in developing its portfolio of offshore and onshore assets to a stage where drilling can occur. The FA-1 well represented a high risk - high reward drilling opportunity that was executed with minimal financial risk to Fastnet shareholders through a prudent and successful farmout process. Whilst high risk - high reward drilling opportunities continue to be developed in Foum Assaka following FA-1, the remainder of the portfolio, which contains much lower risk but equally high reward multiple prospects, continues to be matured ready for drilling. We will pursue our strategy of reducing our financial exposure to drilling through a tried and tested farmout process on the basis that exposure to sustained drilling activity offers the best opportunity to create substantial value through the drill bit."

For more information about related Opportunities and Key Players visit North Africa Projects


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