Result of General Meeting

28 August 2015

Fastnet Oil & Gas plc

("Fastnet" or the "Company")

Result of General Meeting, change of name and resignation of a Director

Fastnet (AIM: FAST, ESM: FOI), announces that at its General Meeting held earlier today at the Conrad London St James, 22-28 Broadway, London SW1H 0BH, the ordinary resolution approving the Investing Policy, along with the special resolution approving the change of name to Fastnet Equity plc, were duly passed. The voting in respect of each resolution was as follows:

Notes:

1. Proxy appointments totalling 192,873 shares gave discretion to the Chairman of the General Meeting and have been included in the "For" total of the appropriate resolution.

2. The number of shares in issue at 6.00 p.m. on 26 August 2015 was 345,369,071.

3. A vote "Withheld" is not a vote in law and is not counted in the calculation of the proportion of the votes "For" and "Against" a resolution.

Change of name

Dealings under the name "Fastnet Equity plc" are expected to commence at 8.00 am on Tuesday 1 September 2015. On change of the Company's name the Company's website will be www.fastnetequity.com.

Directorate change

As set out in the shareholder circular, following approval of the Proposals at today's General Meeting, Carol Law has today resigned as a director of the Company. Carol will continue as a consultant to the Company as she serves out her three month notice period.

Further announcements on the appointment of additional directors with life science experience will be made in due course.

Capitalised but undefined terms shall have the meaning given to them in the definitions appearing in the circular.

Cathal Friel, Non-Executive Chairman of Fastnet, commented:

"The Board is grateful for the support of the overwhelming majority of Shareholders, many of whom have suffered from the malaise in the oil industry as have the Board as significant Shareholders. The Board will work tirelessly to source Shareholder accretive deals for the Company in the healthcare sector and looks forward to updating shareholders on progress in the months ahead.

In terms of the Company's Celtic Sea Assets and 3D seismic survey data the Board will continue to examine all options to secure value for Shareholders. Options under consideration include spinning the Celtic Sea Assets into a stand-alone entity. This would enable any value creating opportunities from Celtic Sea Assets to benefit our existing Shareholders who would become shareholders in the newco."

For further information please contact: