Far Ltd · ASX:FAR
Far — Shareholder Meeting (May 2019)
30 slides from Far's shareholder meeting presentation, May 30, 2019
Slide 1: FAR matures for the future
FAR matures for the future For personal use only Annual General Meeting 30 May 2019
Slide 2: Leadership team
For personal use only Leadership team
Slide 3: FY18 Highlights
For personal use only FY18 Highlights
Slide 4: Challenging market conditions
Challenging market conditions For personal use only • It’s a volatile market • Samo well result coincided with large slump in oil price • Underlying value in Senegal barrels • Back to drilling in early 2020 • Good catalysts for share price growth in coming year 4
Slide 5: Senegal
Senegal For personal use only Rufisque, Sangomar & Sangomar Deep (RSSD) Mauritania-Senegal-Guinea-Bissau- Conakry Basin 15% working interest
Slide 6: FAR in Senegal
FAR in Senegal For personal use only FAR LICENCES OFFSHORE SENEGAL, • FAR in Senegal since 2006 submitted THE GAMBIAto Government & GUINEA-BISSAU • Basin opening FAN-1 and SNE-1 oil discoveries in 2014, FAR now 15% WI • 11 wells drilled since 2014 • 4 discoveries offshore Senegal • 7 successful SNE
Slide 7: Senegal project, last months
Senegal project, last 12 months For personal use only • Declared commerciality on the SNE Project July 2018 FAR RSSD LICENCES OFFSHORE SENEGAL • Development and Exploitation Plan submitted October 2018 • FEED commenced December 2018 • ESIA approved Jan 2019 • PSC Extended to Dec 2019 • FPSO FEED com
Slide 8: Senegal plan for 2019
Senegal plan for 2019 • Final investment decision planned H2 For personal use only SNE EXPLOITATION AREA AND EVALUATION • Development and Exploitation Plan EXTENSION AREA UNDER APPLICATION rebsubmission mid 2019 • 3D seismic acquisition early Q3 2019 • Award of PSC extension to evaluate FAN, FAN Sou
Slide 9: SNE Development
SNE Development • Excellent reservoir properties For personal use only – 100m oil column – 31o API oil – Average porosity of 24% – Average hydrocarbon saturation 73% • Phase 1 Development – 23 wells (including injectors) – 100,000bbls/day • Considerable upside on better recovery from reservoirs • Ca
Slide 10: The Gambia
The Gambia For personal use only Block A2 & A5 Mauritania-Senegal-Guinea-Bissau- Conakry Basin 40% working interest & operator
Slide 11: Rolf Stork, Asset Manager, The Gambia
For personal use only Rolf Stork, Asset Manager, The Gambia
Slide 12: FAR in The Gambia
FAR in The Gambia For personal use only • PETRONAS farmed in with a carry on the drilling of 1 well and cash consideration • Samo-1 successfully and safely drilled within budget • Continued to evaluate permit for additional prospects and leads • Updated subsurface models with geological results from
Slide 13: The Gambia – Operational Update
The Gambia – Operational Update • Samo-1 successfully drilled to the planned depth approx 3,200m MDRT and For personal use only intersected all target horizons • Drilled with the Stena DrillMAX 6th generation drillship in total of 26 days • Final cost of $38.5M which was under budget (FAR cost $1M t
Slide 14: Samo-1
For personal use only Samo-1 14
Slide 15: FAR in The Gambia
FAR in The Gambia For personal use only • Practical and enabling regulatory framework • Geologically prospective and encouraging towards finding oil • Strong working relations with The Government of The Gambia, regulators and the community • Proven track record of completing work programs, which is
Slide 16: Community & social programs – The Gambia
Community & social programs – The Gambia For personal use only
Slide 17: Peter Nicholls, Exploration Manager
Peter Nicholls, Exploration Manager For personal use only
Slide 18: Samo-1 results
Samo-1 results For personal use only • Pre-drill was mapped as a very large BLOCK A2 & A5 structure, possibly connected to SNE FAR 40% interest and Operator PETRONAS 40% partner • Samo was deep to prognosis with the result that the Samo trap is separated from the SNE oil field – Excellent reservoir
Slide 19: Further Gambian prospectivity
Further Gambian prospectivity For personal use only • Mapping is continuing after the Samo-1 well • Oil shows in Samo-1 and in Jammah-1 provide strong support for charge into the area • Numerous prospects are being mapped and evaluated for potential drilling in 2020 Samo-1 Jammah 19
Slide 20: Future prospects
Future prospects For personal use only Prospect volumes * Low Best High estimate estimate estimate Bambo 129 317 1,895 Best Estimate 938 mmbbls total Soloo 55 247 277 prospective resources Malo 211 374 683 (375 mmbbls net to FAR)* Total all Prospects 395 938 2,855 Total net to FAR 158 375 1,142 *Rec
Slide 21: Guinea-Bissau
Guinea-Bissau For personal use only Sinapa (Block 2) Esperanca (Block 4A & 5A) Mauritania-Senegal-Guinea-Bissau- Conakry Basin 21.42% working interest
Slide 22: Guinea-Bissau
Guinea-Bissau • Existing discoveries on licence For personal use only SINAPA (BLOCK 2) & ESPERANÇA (BLOCKS 4A & 5A) 21.42% paying interest, 21.42% beneficial interest – PGO-3 recovered 36° API oil Operator: Svenska Petroleum Exploration AB – Sinapa discovery of 35°- 37° API oil (gross 2C contingent
Slide 23: Kenya
Kenya For personal use only Block L6 Lamu Basin 60% working interest & operator
Slide 24: Kenya, Block L6
Kenya, Block L6 For personal use only • Despite enduring land access issues, BLOCK L6 continued to advance preparations for 60% interest offshore 24% interest onshore Operator: FAR Limited onshore work program • Permit was granted non-operations extension • JV applied for further extension – Awaitin
Slide 25: Australia
Australia For personal use only Petroleum Exploration Permit WA-458-P Dampier Sub-basin, Northwest Shelf 100% working interest and Operator
Slide 26: Northwest Shelf, WA-458-P
Northwest Shelf, WA-458-P • Located in a proven and prolific For personal use only hydrocarbon producing basin WA-458-P OFFSHORE DAMPIER BASIN 100% paying and beneficial interest • Surrounded by producing fields Operator: FAR Ltd • Shallow water, low cost exploration environment strategically positi
Slide 27: Governance & sustainability
Governance & sustainability For personal use only FAR is committed to sustainability and improvement of social, environmental and economic outcomes for the benefit of all stakeholders.
Slide 28: Looking forward
Looking forward For personal use only • Mature SNE development to Final Investment Decision in H2 2019 (and first oil 2022) • Finalise funding plans for SNE Field development • Drill an exploration well in Guinea-Bissau, early 2020* • Plan for 2020 well offshore Gambia* • Maximise opportunities from
Slide 29: Contact us
Contact us For personal use only Level 17, 530 Collins Street Connect with FAR Limited: Melbourne VIC 3000 Australia T: +61 3 9618 2550 info@far.com.au far.com.au
Slide 30: Disclaimer
Disclaimer For personal use only • This presentation has been prepared by FAR Limited (‘FAR’). It should not be • This presentation does not purport to be all inclusive or to contain all considered as an offer or invitation to subscribe for or purchase any shares in information which you may require