Slide 1: Investor Presentation
Investor Presentation For personal use only October 2015
Slide 2: FAR snapshot
FAR snapshot • Africa Focused: Senegal, Guinea Bissau, Kenya and Australia For personal use only • 7th Largest Pure E&P on ASX: FAR entered ASX 300 in March 2015 • FAN-1 and SNE-1: Major basin opening oil discoveries in Senegal • SNE Field Largest Oil Discovery: SNE rated No. 1 in 2014 (IHS CERA) •
Slide 3: FAR relative performance and Capital Structure
FAR relative performance Capital Structure For personal use only ASX Ticker FAR 7 Oct 14: FAN-1 oil discovery; Share price (16 October 2015) A$0.09 500+m gross oil interval, 0.16 net oil pay 29m 10 Nov 14: Market cap (16 October 2015) A$287M SNE-1 oil discovery; 95m gross oil column, Cash (30 June 2
Slide 4: FAR market summary
FAR market summary Growing company For personal use only Institutional Investors FAR is now the 7th largest pure E&P 3% 2% 17% company listed in Australia 78% FAR trades on the Australian stock exchange (FAR.ASX) and is included in the S&P / ASX 300 index Shareholder base Australia Rest of the World
Slide 5: Senegal
Senegal • Strong in-country relationships: FAR For personal use only has been in Senegal since 2006 OFFSHORE SENEGAL PSC 16.7% paying interest, 15% beneficial interest • Peaceful democracy: Senegal has been Operator: Cairn Energy PLC a democracy for 200 years Kosmos • Solid growth: 4.7% GDP in 2014
Slide 6: Senegal prospects and leads
Senegal prospects and leads For personal use only • PSC area 7,490 km2 • 3D seismic coverage ~2500km2 6
Slide 7: FAN-1 and SNE-1 seismic section/schematic
FAN-1 and SNE-1 seismic section/schematic FAN-1 SNE-1 For personal use only 1430m WD 1150m WD W E Buried Hill Shelf Edge Fan Source Kitchen Oil Migration Oil Traps 7
Slide 8: FAN-1 oil discovery
FAN-1 oil discovery • Proved prolific source: High quality For personal use only light oil in a stratigraphic stacked Cretaceous sand sequence • Oil gravity 28-41 degrees API • Gross oil bearing interval >500m containing discrete oil columns with no oil-water contact (29m net) • Operator gross oil (
Slide 9: SNE-1 oil discovery
SNE-1 oil discovery • Excellent reservoir average 25% For personal use only porosity in a well defined Cretaceous structural trap • Oil gravity 32 degrees API • Gross oil column of 96m (36m net) well defined gas-oil-water contacts with a text book pressure curve • Contingent recoverable resource – P
Slide 10: SNE appraisal well locations
SNE appraisal well locations For personal use only Drilling program objectives: • Prove minimum economic field size (MEFS: ~200mmbbls) • Test upside potential in SNE (3C BEL-1 ● Bellatrix resource 670mmbbls*) ● • Test overlying Bellatrix exploration prospect (P50 ● ● SNE-2 168mmbbls*) • Gain confide
Slide 11: SNE appraisal well locations
SNE appraisal well locations For personal use only N BEL-1 SNE-2 SNE-1 SNE-3 S Bellatrix SNE-2, SNE-3 and BEL-1 to be logged, cored and flow tested 11
Slide 12: Bellatrix exploration prospect
Bellatrix exploration prospect For personal use only • Strong amplitude response, conforms to structure Bellatrix unrisked prospective resources* • Buried Hills exploration Low estimate 69 mmbbls prospect directly overlies Best estimate 168 mmbbls northern extent of SNE High estimate 356 mmbbls • FA
Slide 13: Development and tie back concept
Development and tie back concept For personal use only 77mmbbl* 74mmbbl* 204mmbbl* 141mmbbl* 168mmbbl Tie * back radius 101mmbbl * *Reference FAR ASX releases dated 13 Apr 2015 best estimate, gross, unrisked prospective resources, 100% basis, oil only 13
Slide 14: Senegal economic models
Senegal economic models 18 For personal use only • Very good PSC terms 16 NPV/bbl (US$) 14 • Base planning case: 12 NPV/bbl at FID 2C resource 330mmbbls 10 8 (~50mmbbls net to FAR) 6 4 • CAPEX $17-26/bbl 2 • OPEX $5-15/bbl 0 US$90/bbl @ 2014 costs US$70/bbl@ 10% cost US$50/bbl @ 20% cost reduction r
Slide 15: Activity schedule to mid 2016
Activity schedule to mid 2016 For personal use only 2015 2016 October November December January February March April May DRILLING 3D SEISMIC acquisition processing and preliminary interpretation • Ocean Rig Athena drill ship • Commencing drill program end October • Drilling of the SNE-2 appraisal we
Slide 16: Why FAR?
Why FAR? • Committed three well Senegal drilling program with strong For personal use only potential to add material value by confirming significant resources • Extensive evaluation at the SNE-2 and SNE-3 appraisal wells consisting of reservoir coring and oil flow testing (multiple drill stem tests)
Slide 17: Board and management
For personal use only Board and management
Slide 18: Board with significant experience
Board with significant experience For personal use only Nicholas Limb Geophysicist and investment banker Non-Executive Chairman 15 years as MD/Chairman of an ASX listed, international mining company, Australia. Appointed 2012 10 years in Financial services with May and Mellor and HSBC. 38 years indu
Slide 19: Senior management
Senior management For personal use only Catherine Norman Over 20 years experience in the mineral and oil & gas exploration industry, having held executive positions both in Australia and Managing Director in the UK. Cath has carried out operating assignments in Europe, Africa, the Middle East and Au
Slide 20: Contact us
Contact us For personal use only Level 17, 530 Collins Street Melbourne VIC 3000 Australia T: +61 3 9618 2550 www.far.com.au
Slide 21: 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