Slide 1: Investor presentation
For personal use only OCTOBER 2011 Investor presentation 28 November 2011 July 2011 1
Slide 2: Disclaimer
For personal use only Disclaimer 2
Slide 3: Our company
Our company For personal use only • Australian junior oil and gas explorer Capital Structure • Listed on Australian Securities exchange ASX:FAR Shares on issue* 2,123,411,551 • Flagship projects on highly prospective West and Share price (at 28 Nov 2011) A$0.025 East African Margins • 6 wells to be
Slide 4: FAR Board
FAR Board For personal use only Michael Evans Chartered accountant and resources sector entrepreneur Chairman Executive chairman and CEO of FAR since his appointment and instrumental in building the company’s Appointed 1992 West African asset base. Responsible for building Forsayth NL (now part of t
Slide 5: Africa: West and East emerging oil and gas provinces
Africa : West and East emerging oil and gas provinces For personal use only • 9 exploration licenses in 3 countries • 3D seismic planned for 2 Kenya blocks Q1 2012 • Combined 31,400km2 area • Drilled first well July 2011 (Kora AGC) • Drill Kenya L6 first half 2013 • Combined in place unrisked • Data
Slide 6: Well positioned on the West African margin
Well positioned on the West African margin For personal use only • Region on the “hump” of Africa relatively unexplored in comparison to prolific oil and gas “heartland” of West Africa • Mauritania-Senegal-Guinea Bissau (MSGB) Basin is the coastal basin extending from Western Sahara through Guinea •
Slide 7: Senegal, West Africa
Senegal, West Africa For personal use only Senegal Senegal • Independent from France since 1960 • French is official language • Successful, stable democracy • Location of many foreign embassies and international banks for West African region • Small population (13M) • World standard PSC FAR in Seneg
Slide 8: Senegal: Prospects and Leads
Senegal : Prospects and Leads* For personal use only Senegal • 3 play types Prospect Gross Unrisked OIP P50 (MMstb) Unrisked prospective P50 resources (MMstb) • High amplitude Santonian fan complexes Santonian North Fan 561 127 • Carbonate platforms on shelf edge Santonian Mid Fan 175 56 • Extension
Slide 9: Senegal: Going forward
Senegal : Going forward For personal use only Senegal • Awaiting Presidential decree before entering next Permit Phase Minimum work program 100% exploration period First renewal Period - Expires 22 Nov 2010 • Unlikely until after March 2012 elections • Commitment upon decree for US$5M bond Second Re
Slide 10: Guinea Bissau, West Africa
Guinea Bissau, West Africa Guinea Bissau For personal use only Guinea Bissau • Independent from Portugal since 1973 • Portuguese is official language • Recent political stability FAR in Guinea Bissau • FAR farmed into Sinapa (Block 2) and Esperanca (Blocks 4A/5A) in 2009 • 21.43% paying interest,15%
Slide 11: Guinea Bissau: Prospects and Leads
Guinea Bissau : Prospects and Leads* Guinea Bissau For personal use only Discovery OIP P50 (MMstb) P50 Resources (MMstb) Prospect Gross Unrisked OIP Unrisked prospective P50 (MMstb) P50 resources (MMstb) Upper Sinapa 69 13 Sardinha 465 91 Middle Sinapa 22 3 Sabayon 35 7 Lower Sinapa 20 4 Harlequin 1
Slide 12: Guinea Bissau: Going forward
Guinea Bissau : Going forward Guinea Bissau For personal use only • All exploration commitments have been met for Permit Phase Minimum work program 100% current term First exploration phase All met Expires 25 Nov 2012 • Recent seismic amplitude mapping around Sinapa shows high amplitudes/potentially
Slide 13: AGC, West Africa
AGC, West Africa For personal use only AGC AGC • Area of cooperation between Senegal and Guinea Bissau (Agence de Gestion et de Cooperation) • Established to administer the fishing and petroleum activities in the adjoining offshore area of Senegal and Guinea Bissau • HQ in Dakar, Senegal • Industry
Slide 14: AGC: Prospects and Leads
AGC : Prospects and Leads* For personal use only AGC Prospect/Lead Gross Unrisked OIP Unrisked prospective P50 (MMstb) P50 resources (MMstb) Kora* 1,073 313 Cheval SE Xalam 1,100 166 Sabar 209 63 Croix Cheval SE (lead) Cheval SE 2 (lead) Croix (lead) Total 2,382 542 *Compiled pre-drilling of Kora-1
Slide 15: AGC: Going forward
AGC : Going forward For personal use only AGC • Currently appraising Kora-1 well and mapping Permit Phase Minimum work program 100% further drillable prospects in the block First renewal period 1 exploration well – Kora-1 drilled July 2011 Expires 19 Sep 2012 • Commitment to government regarding pro
Slide 16: Offshore East Africa
Offshore East Africa For personal use only • The region is one of the last unexplored series of basins of the world • Majors explored the region in the 1960’s and 70’s • Believed to be mainly a gas province – no gas market at the time • Rapid growth of West African oil in 1980’s and 90’s took explor
Slide 17: Kenya, East Africa
Kenya, East Africa For personal use only Kenya Block L6 • Farmed into Block L-6 offshore Lamu Basin Jan 2007 • FAR operator with 60% interest • First well to be drilled Q1 2013 • 3D seismic planned for Q2 2012 • Max water depth 350m Block L9 • Awarded Block L-9 offshore Lamu Basin March 2011 • PSC s
Slide 18: Block L6: Prospects and Leads
Block L6 : Prospects and Leads For personal use only Kenya Prospect Gross Unrisked OIP Unrisked prospective P50 (MMstb) resources (MMboe)2 Kifaru 289 80 Tembo1 1,800 602 Kudu 411 86 Chui + Chui W 1,003 208 Nyati 467 91 Updip Kipini 116 25 Nyati W 965 205 Kiboko 344 81 Total 5,395 1,378 1 From FAR mo
Slide 19: L6: Going forward
L6 : Going forward For personal use only Kenya L6 Permit Phase Minimum work program 100% • Mean Unrisked Prospective Resources of 1,367MMboes (820MMboe net to FAR) Year 1 & 2 Seismic program (US$4M min spend) To July 2012 • Mean risked Prospective Resources (P3 Reserves) 159MMboe (95MMboe net to FAR
Slide 20: L9: Award
L9 : Award For personal use only Kenya • Mean Unrisked Prospective Resources of L9 Permit Phase Minimum work program 100% 1,367MMboes (820MMboe net to FAR) Year 1 Repro (US$850K min spend) To May 2012 G&G (US$300K) • PSC signed 17 May 2011 Year 2 500km2 3D seismic (US$5M) • Flow 30% equity (operator
Slide 21: Growing and diverse portfolio
Growing and diverse portfolio For personal use only Australia, NW Shelf Proven producing basin • Proven petroleum system • WA-457-P, WA-458-P • Ready commercialisation • Signed contracts June 2011 • WA-457-P, WA-458-P • 200mmbbl oil potential • High equity position (100%) • 3D seismic 2012 • FAR ope
Slide 22: Timetable of events
Timetable of events For personal use only This timetable is indicative and final timetable will be determined when government approvals, availability of rigs and seismic vessels is confirmed 22
Slide 23: FAR – A leading African focussed oil and gas explorer
FAR – A leading African focussed oil and gas explorer For personal use only • FAR is well positioned in key blocks in West and East Africa • High impact exploration program, high leverage to exploration success • Early mover advantage in Africa in an area that is consolidating and attracting interes
Slide 24: Contact us
Contact us For personal use only Perth Office Contact Michael Evans Executive Chairman Address Suite 2, Level 1 254 Rokeby Road Subiaco, Western Australia, 6008 Phone +61 8 9380 6181 Fax +61 8 9380 6640 Email m.evans@far.com.au Melbourne Office Contact Cath Norman Managing Director Address Level 17