Application of the Takeover Code

Fastnet Oil & Gas plc

("Fastnet" or the "Company")

Application of the Takeover Code and composition of concert party

Fastnet, the independent oil and gas exploration company with near and medium-term drilling opportunities on its extensive acreage position in Morocco and the Celtic Sea, announces that, following changes to the City Code on Takeovers and Mergers in the United Kingdom (the "Takeover Code") which came into effect on 30 September 2013, Fastnet is now a company that is subject to the Takeover Code.

The Company has a concert party that came into effect on admission of the Company's shares to trading on AIM on 11 June 2012. Details of the members of the concert party at that time can be found in the Company's AIM Admission document which is available on the Company's website http://www.fastnetoilandgas.com/investor-relations/admission-document-and-circulars.aspx

The Company would like to notify shareholders that the members of the concert party at the time of Admission are still considered by the Panel to be acting in concert save that Mr. Pat O'Neil, Mr. Louis Mooney, Mr. Tom O'Gorman and his wife Mrs. Philomena O'Gorman are no longer considered constituent members of the concert party.

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