Far Ltd · ASX:FAR
Far — Investor Presentation (February 2014)
21 slides from Far's investor presentation, Feb 6, 2014
Slide 1: FAR's African story is unfolding
FAR’s African story is unfolding For personal use only Investor presentation February 2014
Slide 2: Disclaimer
For personal use only Disclaimer • This presentation has been prepared by FAR Limited (“FAR” or the “Company”). constraints, securing drilling rigs, timing of approvals from relevant authorities, It should not be considered as an offer or invitation to subscribe for or purchase regulatory risks, ope
Slide 3: Investment highlights
Investment highlights Highly prospective world class acreage, blue-chip partners, free-carry wells For personal use only • Board with significant E&P experience • Diversified asset base with 9 licences in 3 countries : West and East Africa • 7+ billion barrel prospect inventory • 3 farm out deals co
Slide 4: Corporate snapshot
Corporate snapshot Company is well positioned for significant growth For personal use only Capital Structure ASX Ticker FAR Shares on issue 2,499,846,742 Share price* A$0.041 Market capitalisation* A$102M Cash and term deposits* A$24M Incoming cash Q1 US$5M Board & management Nicholas Limb, Non-Exec
Slide 5: Exposure to world class emerging O&G areas
Exposure to world class emerging O&G areas • 9 exploration licenses in 3 West and East African countries, combined 31,400 km2 area For personal use only • Combined best estimate unrisked prospective resources 7,000 mmbbls* • 5 wells to be drilled in next 18 months1 Senegal Kenya Unexplored frontier
Slide 6: FAR's prospects in offshore West Africa
FAR’s prospects in offshore West Africa For personal use only Strong acreage position in Senegal, AGC Profond & Guinea Bissau
Slide 7: Senegal
For personal use only Senegal • Fully carried on drilling of two wells RUFISQUE, SANGOMAR & SANGOMAR DEEP OFFSHORE • Drilling commencing March 2014 16.7% paying interest, 15% beneficial interest Operator: Cairn Energy PLC • Partners are Cairn Energy (40%) and ConocoPhillips (35%) • US$190M to be spe
Slide 8: Senegal: Prospects and Leads summary
For personal use only Senegal: Prospects and Leads summary • Petroleum system established – Rufisque Dome • World class source rocks • Drilling shelf edge and deepwater fan • 550 million barrels1 in shelf well • 900 million barrels1 in deepwater fan well • 3.5 billion barrel1 follow up potential in
Slide 9: Senegal: Where are we drilling?
For personal use only Senegal: Where are we drilling? • First well: Fan L Prospect 1000m WD prospects, spudding Fan Prospects 4500m TD 1600m WD early March 5800m TD • Second well: ‘L’ prospects, spudding early May Oil Migration Oil Traps Source kitchen West East 9
Slide 10: Senegal: rig mobilised and drilling commenced
Senegal Rig has been mobilised and has commenced drilling operations For personal use only • Operator (Cairn Energy PLC) currently drilling second of two wells offshore Morocco with the Cajun Express rig • Anticipated that first of two Senegal wells will spud in Q1 2014 • Testing approximately 1.5 b
Slide 11: Guinea-Bissau and AGC
Guinea-Bissau and AGC Work programs approved For personal use only • One block in AGC, three blocks offshore Guinea Bissau BLOCKS 2, 4A & 5A AGC PROFOND 15% interest 8.8% interest • Large permit area > 15,000 km2 Operator: Svenska Petroleum Operator: Ophir Energy PLC • Large upside exposure in Seneg
Slide 12: Guinea-Bissau
Guinea-Bissau • Proven oil-prone basin For personal use only • 2 discoveries made on block during low oil price environment (East Sinapa - Premier 2004 and PGO BLOCKS 2, 4A & 5A AGC PROFOND 3 Exxon 1969) 15% interest 8.8% interest Operator: Svenska Petroleum Operator: Ophir Energy PLC • ~1 billion b
Slide 13: Guinea-Bissau – Sinapa discovery
Guinea-Bissau – Sinapa discovery • 13.4 mmbbls 2C contingent resource in Sinapa For personal use only P90* P50* P10* Discovery* Sinapa 4.4 13.4 38.9 (2C contingent resources) • Combined contingent and prospective resource 85.6 mmbbls (P50)* potential in Sinapa Project East Sinapa 1.8 7.5 34.2 (prosp
Slide 14: FAR's prospects in East Africa
FAR’s prospects in East Africa For personal use only Large equity in fast emerging oil and gas province
Slide 15: Kenya: Large acreage in highly prospective Lamu Basin
Kenya Large acreage in highly prospective Lamu Basin For personal use only • Two licences in heart of the Lamu Basin BLOCK L6 BLOCK L9 • Fully carried through the acquisition of 1000kms 60% interest 30% interest Operator: FAR Limited Operator: Ophir Energy PLC 2D seismic and one onshore well in Bloc
Slide 16: Kenya Block L6
For personal use only Kenya Block L6 BLOCK L6 BLOCK L9 • 3.7 billion bbl1 oil potential in block 60% interest 30% interest • High quality prospects identified on new 3D (130- Operator: FAR Limited Operator: Ophir Energy PLC 330 million bbl1 prospects) • Emerging oil prone carbonate reef play current
Slide 17: Kenya Block L6: Prospects and leads
For personal use only Kenya Block L6 : Prospects and leads Onshore BLOCK L6 BLOCK L6 • Farmout deal concluded Onshore Offshore 24% interest (following Government consent) 60% interest • Fully carried on 2D seismic and well Operator: FAR Limited Operator: FAR Limited • Program to commence April 2014
Slide 18: Kenya: Community relations
For personal use only Kenya: Community relations Community awareness program, coast of Kenya Mark Jenkins addressing a local community along the coast Locating the Kipini-1 wellhead Collecting data for the Environmental Impact Assessment 18
Slide 19: A busy year ahead
For personal use only A busy year ahead SENEGAL Sangomar Profond Drill Planning Drilling Drilling Evaluation of Drilling Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Afren/BG/Anadarko drilling KENYA L6 Farmout Drill Planning Drilling Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec KENYA L9 Farmou
Slide 20: FAR's African story is unfolding
FAR’s African story is unfolding For personal use only $24m cash + $5m in Q1 5 wells to be drilled in next 18 months… 3 free carried wells in program totaling >$200M 2 wells commencing March 2014 targeting 1.5bn barrels of oil
Slide 21: Contact us
Contact us For personal use only Cath Norman Managing Director Level 17, 530 Collins Street Melbourne VIC 3000 Australia T: +61 3 9618 2550 www.far.com.au 21