Update on Foum Assaka well

24th February 2014

Fastnet Oil & Gas Plc

Update on Foum Assaka well, offshore Morocco

Fastnet Oil & Gas Plc ("Fastnet" or the "Company") (AIM: FAST, ESM: FOI), the E&P company focused on near term exploration acreage in Africa and the Celtic Sea, is pleased to announce that its partner in the Foum Assaka license area, offshore Morocco ("Foum Assaka Licence"), Kosmos Energy ("Kosmos") (NYSE: KOS), has confirmed that its management expects the FA-1 well, which is located within the Foum Assaka Licence, to spud in March.

The FA-1 well will target the Eagle prospect, which is estimated by the operator, Kosmos, to contain 360 mmboe of Pmean resources in its primary deepwater Lower Cretaceous reservoir objective. The well will also target multiple secondary objectives which could provide additional upside in a success case. The planned target depth ("TD") is 4,000 metres, in water depth of approximately 600 metres. The well is expected to take up to three months to reach TD. Kosmos has contracted the Maersk Discoverer, a sixth generation semi-submersible rig, to drill the well.

On the completion of the SK farmout agreement, announced on 18 December 2013, and receipt of all regulatory approvals, Fastnet will hold a 9.375% interest in the Foum Assaka Licence, with Kosmos holding 29.925%, BP Plc 26.325%, SK Innovation 9.375% and ONHYM the remaining 25%.

Fastnet is carried for past costs, as previously announced, and the cost of the FA-1 well up to a gross well cost of USD$100m. The total value of the SK transaction includes the carried cost of an exploration well and either an appraisal well or, at SK Innovation's discretion, a further exploration well (also capped at USD$100m gross). SK Innovation is the energy and chemicals affiliate of SK Group, South Korea's third largest conglomerate with over 70,000 employees who work from 113 offices worldwide. The group's businesses include energy, refining, chemicals, telecommunications, semiconductors, finance, and distribution.

Commenting, Paul Griffiths, Managing Director of Fastnet, said:

"This well and the multiple drilling opportunities that surround it, offer the Company potentially significant high impact upside at minimal expected financial risk following the farmout agreement reached late last year with SK Innovation, a multinational company we are very pleased to be partnering with. We are, as such, delighted to have certainty on the timing of the well and look forward to operations progressing in March."

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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 four offshore licensing options in the Celtic Sea (Molly Malone Basin, Shanagarry, 49/13 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.