Interim Results

19 December 2014

Fastnet Oil & Gas plc

("Fastnet", the "Company" or the "Group")

Interim Results for the six months ended 30 September 2014

Fastnet (AIM: FAST, ESM: FOI), the UK and Irish listed E&P company focussed on near-term exploration and appraisal acreage in Morocco and the Celtic Sea, announces its interim results for the six month period ended 30 September 2014.

Operational Highlights

· Foum Assaka farm-out to SK Innovation completed in April 2014 for back costs and a carried interest in the FA-1 well and a potential carried interest in a second well

· FA-1 well completed in May 2014 having encountered live oil shows and provided supporting evidence for reservoir development. Post-well technical studies are ongoing to incorporate all of the FA-1 well data into the geological framework of the Foum Assaka Licence

· Celtic Sea and Tendrara Lakbir farm-out processes commenced and ongoing with the Company working towards bringing in partners to further pursue exploration activities

· Improved terms and option extension secured on Tendrara Lakbir in June 2014 and on Deep Kinsale in August 2014

Financial and Corporate Highlights

· US$18.8m cash balance at 30 September 2014 (US$17.4m at 31 March 2014, US$10.9m at 30 September 2013) with no material outstanding licence commitments

· US$20.4m in backs costs received from SK Innovation on completion of the Foum Assaka farm-out

· Net loss for the period of US$1.6m which reflects the increase in technical work developing Fastnet's portfolio during the period (6 months to 31 March 2014: loss of US$1.7m, 6 months to 30 September 2013: loss of US$0.9m). The current period net loss comprises general and administrative costs of US$1.6m, a share-based payment charge of US$0.1m and finance income of US$0.1m. Ongoing monthly general and administrative costs in 2015 forecast to reduce from US$275k to US$215k per month

· Carol Law appointed Chief Executive Officer in December 2014 and Will Holland appointed to the Board as Chief Financial Officer in May 2014

Carol Law, CEO of Fastnet, commented:

"Throughout 2014, Fastnet continued its strategy of monetising the Company's existing assets and prudently managing its significant cash reserves in order to create shareholder value. The Foum Assaka farmout was a prime example of this strategy with the FA-1 well delivered at a cost of just US$2.75m to the Company. As the technical studies progress we look forward to continue working with Kosmos, BP and SK in evaluating the licence potential and, in the event of drilling a second well on the licence, the Company would have a further carried interest.

"The oil and gas sector is faced with challenging times but looking ahead to 2015, we believe that Fastnet's portfolio will increase in marketability as industry focus moves towards profitable shallow water and onshore projects in attractive fiscal regimes with low operating costs. In this regard, we will continue to work towards bringing in partners to further pursue exploration activities across our portfolio and seek appropriate licence extensions to enable us to execute this strategy.

"Fastnet is well positioned as a result of a strong balance sheet, management team and asset portfolio. Prudent management will deliver a significant reduction in ongoing general and administrative costs going forward and we will continue to develop and grow the asset portfolio in a selective and low-cost manner as is possible."

A copy of the interim report is now available for download via the following link: http://www.fastnetoilandgas.com/investor-relations/reports/financial-reports/2014.aspx

For further information please contact:

Consolidated Statement of Comprehensive Income

For the six months ended 30 September 2014

1. General Information

Fastnet Oil & Gas plc ("Fastnet" or the "Company") is a company incorporated in England and Wales. Details of the registered office, the officers and advisers to the Company are presented on the Company Information page at the end of this report. The Company is listed on the AIM market of the London Stock Exchange (ticker: FAST) and the Enterprise Securities Market of the Irish Stock Exchange (ticker: FOI).

The principal activity of the Company is oil and gas exploration.

The interim results of the Company for the six month period ended 30 September 2014 comprise the Company and its subsidiaries (together the "Group").

2. Basis of Preparation

The interim results have been prepared on the basis of the recognition and measurement requirements of International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU"), and their interpretations adopted by the International Accounting Standards Board ("IASB"). As is permitted by the AIM rules the Directors have not adopted the requirements of IAS34 "Interim Financial Reporting" in preparing the financial statements. Accordingly the financial statements are not in full compliance with IFRS and have neither been audited nor reviewed pursuant to guidance issued by the Auditing Practises Board. The accounting policies used in the preparation of the interim financial information are the same as those used in the Company's audited financial statements for the year ended 31 March 2014 and are expected to be used in the 31 March 2015 year-end financial statements.

The financial information for the six months ended 31 September 2013 and 31 September 2014 is unaudited. The financial information presented for the year ended 31March 2013 is an extraction from the Group's audited accounts and therefore do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 on which the auditors issued an unqualified report The auditor's report also did not contain a statement under Section 498(2) or 498 (3) of the Companies Act 2006 and did not include reference to any matters the auditor drew attention by way of emphasis. The accounts for the year ended 31 March 2014 have been delivered to the Registrar of Companies. The Directors consider that the financial information presented in this Interim Report represents fairly the financial position, operations and cash flows for the period, in conformity with IFRS. The Interim Report for the six months ended 30 September 2014 was approved by the Directors on 19 December 2014.

Presentation of Balances

The Financial Statements are presented in US Dollars ("US$") which is the functional and presentational currency of the Company and the functional currency of all the Group's subsidiary companies. Balances in the Financial Statements are rounded to the nearest thousand (US$'000) except where otherwise indicated.

3. Exploration and Evaluation Assets

Completion of farm-out to SK Innovation Co. Ltd.

On 18 December 2013 Fastnet entered into a farm-out agreement with SK Innovation Co. Ltd. ("SK"). Under the terms of the agreement, Fastnet will receive up to a two well carry comprised of a carry in the first exploration well (FA-1) on the Eagle-1 Prospect and first appraisal well (capped at US$100m per well) or at SK's sole discretion a carry in a second exploration well (capped at US$100m) for a 9.375% participating interest (12.5% paying interest) in the Foum Assaka Licence Area. All completion conditions in relation to the farm-out were finalised in April 2014 with Fastnet receiving US$20.4m in back costs from SK on completion.

4. Loss per Share - Basic and Diluted

The Group presents basic and diluted loss per share ("LPS") data for its Ordinary Shares. Basic LPS is calculated by dividing the profit or loss attributable to Ordinary Shareholders of the Company by the weighted average number of Ordinary Shares outstanding during the period. Diluted LPS is determined by adjusting the profit or loss attributable to Ordinary Shareholders and the weighted average number of Ordinary Shares outstanding for the effects of all dilutive potential Ordinary Shares, which comprise warrants and share options granted by the Company.

The calculation of loss per share is based on the following:

Where a loss has occurred, basic and diluted LPS are the same because the outstanding share options and warrants are anti-dilutive. Accordingly, diluted LPS equals the basic LPS.

The share options and warrants outstanding as at 30 September 2014 totalled 25,397,423 (31 March 2014: 17,647,423, 30 September 2013: 15,345,628) and are potentially dilutive.

5. Subsequent Events

Appointment of Chief Executive Officer

On the 10 December 2014 the Company announced the appointment of Carol Law as Chief Executive Officer of the Company.

Termination of Royalty Agreement

On the 10 December 2014 the Company announced that the Royalty Agreement in relation to the Foum Assaka licence area between Pan Maghreb Oil and Gas Limited and Pathfinder Hydrocarbon Ventures Limited, a 100% owned subsidiary of Fastnet has now been terminated.

6. Copy of the Interim Report

Copies of the Interim Report are available to download from the Company's website at

www.fastnetoilandgas.com.