Publication of Independent Technical Report

25 July 2012

Fastnet Oil & Gas plc

Publication of Independent Technical Report

Fastnet Oil and Gas plc ("Fastnet" or the "Company") (AIM: FAST, ESM: FOI) the newly listed E&P company focussed on near term exploration acreage in the Celtic Sea and Africa, is pleased to announce the publication of independent technical reports by SLR Consulting (the "Technical Reports") on the Molly Malone Basin and Mizzen Basin.

Highlights

·; Total best case unrisked in-place resource estimates for:

o The Mizzen Basin is approximately 2.4 billion boe (oil case) or 957 MMboe (gas case)

o The Molly Malone Basin is approximately 12.5 billion bbl (oil case) or 3.6 billion boe (gas case)

·; Technical Reports corroborate the Company's estimates stated on Admission

·; The reserves potential outlined in the Technical Reports fits with the Company's strategy of targeting high impact licences that are likely to be attractive to oil industry majors

·; Outline of a seismic re-processing programme in order to de-risk and mature prospects within the licence areas

·; Confirms the significant opportunity presented by the currently under explored Molly and Mizzen Basins

·; On completion of the work programmes, in line with the Board's strategy, both the Molly and Mizzen Basins could present a high impact opportunity to potential major industry players

Table of independent technical estimates

\* The seismic quality and wide spacing precludes production of High and Low estimates for Molly Malone (Source: SLR).

Key: GPoS = geological probability of success; BCF = billion cubic feet of gas, MMbbl = million barrels of oil. 1,000ft3 of gas is equivalent to 0.1847 barrels of oil (source: Wood MacKenzie).

The Technical Reports validate the Company's strategy set out at the time of IPO in June 2012 of the resource potential in its Molly and Mizzen licencing options. The resource estimates are large, however the geological probability of success figures are at a level which requires the Company to undertake a significant work program to mature the prospects in order to de-risk and identify drill ready targets.

Celtic Sea licence area work programme

Molly Malone Basin

The basin is located within the Celtic Sea Basin in water depths of up to 100 metres. The licensing option covers block 50/26 and part blocks 49/25, 49/30, 50/21 and 50/22 in the North Celtic Sea basin.

The Company plans to undertake seismic reprocessing of the 180 kilometres of existing 2D seismic data, subject to locating, accessing and copying the original seismic field tapes. It should be noted that the 1984 survey is fairly widely spaced and even with good results, this reprocessing can only help to define possible plays and assist in the design of a 3D seismic survey that would add valuable information prior to drilling.

Thick salt has developed over parts of the Molly Malone Basin which obscures the mapping of the prospective Triassic Sherwood Sands over the north-eastern part of the dominant structural lead mapped within the Molly Malone Basin. Pre-stack depth migration will assist in defining fault plane and Sherwood Sand reservoir geometry beneath the salt.

The Board is of the view that it is essential to improve the understanding of the nature of the stratigraphic section beneath the Triassic salt in the Molly Malone Basin, through the application of modern seismic reprocessing techniques and carrying out a programme of regional studies in order to design the appropriate acquisition parameters for any potential 3D seismic survey. Additionally, further analysis of the existing seismic data is needed to examine the potential for north-eastern closure for the dominant prospective lead in the Molly Malone Basin before a significant financial commitment to a 3D seismic survey can be made.

Mizzen Basin

This basin is located within the Celtic Sea Basin in water depths of up to 160 metres. The licensing option covers blocks 55/14 and 55/15 and part blocks 55/9 and 55/10 in the South Celtic Sea basin.

Fastnet intends to reprocess a minimum of 550 kilometres of existing 2D seismic data, subject to locating, accessing and copying seismic field tapes.

Sub-Chalk interbed multiple content is a particular issue in parts of the Mizzen Basin which obscures the presence of unconformities; reduces the level of confidence with respect to picking stratigraphic markers due to an inability to identify velocity breaks; hampers correlation across faults; and prevents detailed stratigraphic analysis of potential seismic sequence geometries and reconnaissance amplitude mapping. Pre-stack depth migration could potentially assist defining the complex fault plane traces seen on existing seismic data; better identify potential discordant igneous intrusions; and better resolve subcrop relationships and significant unconformities where steeply dipping seismic events terminate at specific levels within the stratigraphic sequences.

The Board is of the view that it is essential to improve the understanding of the nature of the stratigraphic section in the Mizzen Basin through the application of modern seismic reprocessing techniques and carrying out a programme of regional studies, in order to design the appropriate acquisition parameters for any potential future 3D seismic survey to be acquired.

Design of 3D Seismic Survey

Subject to satisfactory results from the 2D seismic processing, a 3D seismic survey will be designed and appropriate acquisition parameters put in place to reflect the depth and nature of the primary prospective horizons present in the Molly Malone Basin and Mizzen Basin.

Working Capital

The funding requirement for Fastnet arising during the initial 18 month licence options in respect of proposed work programmes for the Molly Malone and Mizzen Basin is expected to be approximately £0.5 million.

Dr.Steve Staley, CEO of Fastnet commented:

 "I am very pleased to announce the publication of these independent technical reports on our Celtic Sea licences. The findings confirm our own initial estimates of the potential resource estimates that we published in our IPO prospectus in June 2012. They concur with our strategy of targeting and acquiring large scale, high impact acreage, in areas well known to our technical team which are of likely interest to other industry partners.

"The Barryroe discovery in the Celtic Sea, close to our acreage, has proven large scale commercial oil finds exist in the Celtic Sea and through the Mizzen Basin and Molly Malone Basin, we are confident that substantial reservoir structures exist. Some members of the Fastnet team, including Paul Griffiths, carried out exploratory work on the Mizzen Basin in the early 1990's and they believe it is one of the greatest unexplored structures in the Celtic Sea. The Molly Malone Basin has had little to no exploration to date, as for decades it sat adjacent to the international median boundary line between the UK and Ireland, which has only recently been clarified; giving Fastnet a huge opportunity.

"We look forward to progressing the work programmes across the licence area, as we seek to mature the prospects to drill ready status and I look forward to updating shareholders on developments as appropriate."

- Ends -

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