Despatch of Shareholder Circular and Notice of GM

23 November 2012

Fastnet Oil & Gas plc

Despatch of shareholder circular and notice of general meeting

Further to the announcement yesterday relating to the successful placing of new ordinary shares to raise approximately £15 million, Fastnet Oil and Gas plc ("Fastnet" or the "Company") (AIM: FAST, ESM: FOI) the E&P company focussed on near term exploration acreage in Morocco and the Celtic Sea, is pleased to announce that is has today posted a circular ("Circular") to shareholders giving notice of a general meeting which has been convened for 11.30 a.m. on 10 December 2012 to be held at the registered office of the Company at Number 14 Riverview, Vale Road, Heaton Mersey, Stockport SK4 3GN.

The Circular and the related form of proxy are now available on the Company's website, http://www.fastnetoilandgas.com.

For further information, please contact:

Notes to Editors

Fastnet Oil & Gas plc is an independent oil and gas exploration company that focuses on identifying early stage exploration and appraisal opportunities in Offshore Ireland and Africa. It is quoted on the AIM market of the London Stock Exchange and the Enterprise Securities Market (ESM) of the Irish Stock Exchange. Fastnet's aim is to assemble a portfolio of high impact conventional oil and gas assets that will deliver sustainable growth and value for the Company. Its immediate focus is on implementing its Offshore Ireland and Africa strategies where it has been awarded two offshore licensing options in the Celtic Sea (Molly Malone Basin and Mizzen Basin) and acquired a material interest in the highly prospective Foum Assaka permit Offshore Morocco. In addition, Fastnet will continue to pursue new conventional oil and gas opportunities in Africa where the Directors and Advisory Board also have extensive knowledge, contacts and experience of creating value.