Issue of Equity

22 June 2012

Fastnet Oil & Gas plc

("Fastnet" or the "Company")

Issue of Equity

Further to the announcement of 12 June 2012 regarding the successful awards of the licensing options covering certain blocks in the Molly Malone and Mizzen Basins in the Celtic Sea offshore Ireland and pursuant to the agreement entered into between the Company and Petro-Celtex Consultancy Limited ("Petro-Celtex") dated 14 May 2012 (the "Agreement"), Fastnet has issued to Paul Griffiths 1,777,697 new ordinary shares of 3.8p each in the Company ("Ordinary Shares"). Further details of the Agreement are set out in paragraph 16.2.1 of part VIII of the Company's AIM admission document published on 14 May 2012.

Admission

Application has been made to the London Stock Exchange for the Ordinary Shares to be admitted to trading on AIM and to the Irish Stock Exchange for the Ordinary Shares to be admitted to trading on the ESM; admission is expected to take place on 28 June 2012. Following admission, the enlarged issued share capital of the Company will constitute 164,807,857 Ordinary Shares.

Lock-in

Paul Griffiths has undertaken that he will not (and will procure, insofar as he is able, that any of his associates will not) dispose of any interest in the 1,777,697 new Ordinary Shares held by him or his associates (as defined within the definition of "related parties" in the AIM Rules and the ESM Rules) for a period of one year from admission of the Ordinary Shares to trading on AIM, save in limited circumstances allowed by the AIM Rules for Companies and the ESM Rules for Companies, such as the acceptance of an offer for the Company or pursuant to a compromise or arrangement sanctioned by the Court, a scheme of reconstruction or offer by the Company to purchase its own Ordinary Shares.

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