Slide 1: FAR builds on solid foundations
FAR builds on solid foundations Investor Presentation March 2019
Slide 2: Our company
Our company • FAR Limited (FAR:ASX) Market cap A$328M* • Strategic focus Mauritania-Senegal-Guinea-Bissau-Conakry (MSGBC) Basin, NW Africa • SNE oil field a world class basin opening discovery in Senegal in 2014 • SNE field fully appraised and development plan submitted for approval • 3 additional d
Slide 3: FAR shareholder summary
FAR shareholder summary Top 200 shareholders own 70% of FAR Shareholders by location Australia 35% 2 substantial shareholders: Asia 3% • Meridian Asset Management 15% North America 21% • FARJOY 10% UK 3% Rest of world 8% Unanalysed 30% Capital Structure ASX Ticker FAR Shareholders by type Share pric
Slide 4: Senegal
Senegal Rufisque, Sangomar and Sangomar Deep (RSSD) Mauritania-Senegal-Guinea- Bissau-Conakry Basin 15% working interest
Slide 5: FAR in the MSGBC Basin
FAR in the MSGBC Basin • FAR is one of the largest acreage holders in FAR LICENCES OFFSHORE SENEGAL, the MSGBC Basin THE GAMBIA & GUINEA-BISSAU • FAR in Senegal since 2006, Guinea Bissau since 2008 and The Gambia since March 2017 • Basin opening FAN-1 and SNE-1 oil discoveries, 2014 • SNE ranked as
Slide 6: FAR in Senegal
FAR in Senegal • JV now invested US$1B in 4 years • Substantial in-place resource of ~5 billion bbls oil • Recoverable liquids volume of ~500mmbbls oil and a further 1tcf of gas • Successful flow tests of reservoir units confirm connectivity and exhibited flow New map rates up to 10,000bbls per day
Slide 7: SNE Development
SNE Development • Excellent reservoir properties with – 100m oil column – 31o API oil – Average porosity of 24% – Average hydrocarbon saturation 73% • Both oil and gas development planned • Phase 1 Development – 23 wells (including water and gas injectors) – Gross CAPEX approximately US$3bn – Exploi
Slide 8: The Gambia
The Gambia Block A2 and A5 Mauritania-Senegal-Guinea-Bissau- Conakry Basin 40% Working interest and Operator
Slide 9: Blocks A2 & A5
Blocks A2 & A5 • Highly prospective following the discovery of the SNE oil field to the north, offshore Senegal • Samo-1 drilled safely and efficiently in Q3 2018 • FAR free carried by PETRONAS for drilling of Samo-1 up to US$45M • Three high graded prospects totalling 938mmbbls best estimate prospe
Slide 10: Samo-1 results
Samo-1 results • Pre-drill 825 mmbbls target BLOCK A2 & A5 • Samo was deep to prognosis with the result FAR 40% interest and Operator PETRONAS 40% partner that the Samo trap is separated from the SNE oil field – Excellent reservoir was present but unfortunately at the expense of the seal intervals –
Slide 11: Future prospects
Future prospects A2 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 11 *Recoverable prospec
Slide 12: Guinea-Bissau
Guinea-Bissau Block 2 (Sinapa) and Block 4A and 5A (Esperanca) Mauritania-Senegal-Guinea-Bissau- Conakry Basin 21.42% working interest
Slide 13: Guinea-Bissau
Guinea-Bissau • Three blocks, operator Svenska SINAPA (BLOCK 2) & ESPERANÇA (BLOCKS 4A & 5A) 21.4% paying interest, 21.4% beneficial interest • 3D seismic evaluating SNE Operator: Svenska Petroleum Exploration AB look-a-like prospect (Atum) • Sinapa has a gross 2C contingent resource of 13.4 mmbbls
Slide 14: Kenya
Kenya Block L6 Lamu Basin 60% working interest and Operator
Slide 15: Kenya
Kenya • L6 permit covers 3,134km2 BLOCK L6 60% interest offshore 24% interest onshore • Numerous prospects and multiple play Operator: FAR Limited types have been identified • Total Prospective Resource in L6 >3bbbls or >10tcf gas* • Audited by RISC Operations Pty Ltd 15 *Recoverable prospective res
Slide 16: Australia
Australia Petroleum Exploration Permit WA-458-P Dampier Sub-basin, Northern Carnarvon Basin, North West Shelf 100% working interest and Operator
Slide 17: WA-458-P
WA-458-P • WA-458-P exploration permit offshore WA-458-P OFFSHORE DAMPIER BASIN Western Australia is surrounded by 100% paying and beneficial interest discoveries Operator: FAR Ltd • 4 independently risked oil plays • 360mmbbls best estimate prospective resources* mapped to date • Shallow water, low
Slide 18: Community & social programs
Community & social programs “CO FARLimited
Slide 19: Building on solid foundations
Building on solid foundations • Progressing towards first oil from SNE Field 2022 • FID for SNE development H2 2019 • Cash end 2018 A$30.3M, no debt • Strong commitment to supporting social and educational programs • Drilling an exploration well in Block A2, The Gambia early 2020* • Drilling an expl
Slide 20: Contact us
Contact us 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 21: Disclaimer
Disclaimer • 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 in order to make an i