Far Ltd · ASX:FAR
Far — Investor Presentation (September 2021)
21 slides from Far's investor presentation, Sep 21, 2021
Slide 1: Investor Presentation
21 September 2021 Investor Presentation In accordance with the Listing Rules, FAR Limited (ASX: FAR) releases the attached investor presentation. This announcement has been approved for release by the FAR Limited Disclosure Committee.
Slide 2: Investor presentation
Investor presentation 21 September 2021* * Update of the Investor Presentation first released to ASX 6 September 2021 due to FAR shares commencing trading on an “ex-return of capital” basis on 20 September 2021 following shareholder approval of an A$0.80 per share capital return.
Slide 3: Our Company
Our Company Africa focused oil Chairman Patrick O’Connor ASX Ticker FAR company with high Share price1 A$0.76 Managing Director Cath Norman potential exploration Director Robert Kaye Cash1 A$84M assets Debt Nil History of exploration Issued shares 100M success, extensive Bambo-1 exploration database
Slide 4: The Gambia
The Gambia • Blocks A2 and A5, housing the extension of the Sangomar oil field, Senegal • FAR 50% and Operator (Petronas 50%) • Drilling Bambo-1 well Q4 2021 – Targeting 3 key prospects: Soloo, Bambo and Soloo Deep – Total 1.118 billion bbls1 at 7-37% COS2 • Bambo-1 satisfies A2 and A5 licence oblig
Slide 5: Bambo-1 well
Bambo-1 well • Soloo Prospect is extension of discovered hydrocarbons in the Sangomar Field • Bambo Prospect is a large exploration prospect which overlies Soloo • The planned well will be targeting combined Best Estimate of 1.118 billion bbls oil1 Prospective resource (mmbbls)1 COS2 Low Best High B
Slide 6: Bambo-1 drill readiness
Bambo-1 drill readiness • Stena IceMax drillship to spud well late October/early November • Well is estimated to take 30 days • Real time logging of well in Melbourne (high speed link) • Well management will be conducted by FAR Melbourne/Banjul and Exceed in Aberdeen • Water depth of 1000m • Well pl
Slide 7: The Gambia A2/A5 – attractive fiscal terms
The Gambia A2/A5 – attractive fiscal terms Key features Royalty/Tax Production Licence Gross revenue Attractive fiscal & regulatory regime Less: Cost Oil (includes exploration spend, operating costs and fixed asset depreciation) Promotes small field development Profit Oil Less Government Contractor
Slide 8: Success case planning for the Bambo-1 well
Success case planning for the Bambo-1 well On success, the Bambo Oil Field could be developed using a simple and conventional development concept which involves 3 subsea production and injection wells tied back to a standard FPSO2 Bambo development concept1 Bambo development concept – 150 mmbbls oil
Slide 9: Gambia A2/A5 non-Bambo prospect inventory
Gambia A2/A5 non-Bambo prospect inventory • Extensive upside in remaining A2/A5 prospects in event of success at Bambo-1 • Mapped on high quality 3D seismic data Prospective resource (mmbbls)1 Low Estimate Best Estimate High Estimate P90 P50 P10 Jobo S172 81 280 847 Jatto S176 71 137 237 Malo S480 1
Slide 10: Fly-through – Gambia Prospects
Fly-through – Gambia Prospects Sangomar Field Sangomar Field 484 mmbbls • 5 billion bbls in place • 484 mmbbls* planned for development, first oil 2023 Seismic Source kitchen Carbonate Platform Jatto * 231 2P mmbbls Reserves, and 253 2C Contingent Resources, refer FAR Investor Presentation - Sangoma
Slide 11: Fly-through – Gambia Prospects
Fly-through – Gambia Prospects Bambo Soloo Bambo-1 targets 201 mmbbls 531 mmbbls (extension of Sangomar) • Bambo – higher in section than Sangomar • Soloo – extension of Sangomar discovery • Soloo deep* – on migration pathway to Sangomar Seismic Source kitchen Carbonate Platform *Soloo Deep not show
Slide 12: Fly-through – Gambia Prospects
Fly-through – Gambia Prospects Sangomar Field Bambo Jobo Jobo 484 mmbbls 531 mmbbls 280 mmbbls • Higher in section than Soloo Bambo and Soloo 201 mmbbls • Direct charge pathway from proven source kitchen Seismic Source kitchen Carbonate Platform 11
Slide 13: Fly-through – Gambia Prospects
Fly-through – Gambia Prospects Sangomar Field Bambo Jobo Jatto 484 mmbbls 531 mmbbls 280 mmbbls • Direct charge access Soloo from proven source 201 mmbbls kitchen to the west Jatto 137 mmbbls Source kitchen Carbonate Platform Seismic 12
Slide 14: Fly-through – Gambia Prospects
Fly-through – Gambia Prospects Sangomar Field Bambo Jobo Malo 484 mmbbls 531 mmbbls 280 mmbbls Soloo 201 mmbbls Jatto Malo* 137 mmbbls 265 mmbbls Source kitchen Carbonate Platform Seismic *To simplify the image, only one level is shown at Malo (540) 13
Slide 15: Guinea-Bissau
Guinea-Bissau • FAR 21.43% working interest (WI) • Discovery in Sinapa Field, large, low risk prospect at Sinapa West, shallow water • Large, shelf edge Atum Prospect • Well commitment 2023 Sinapa 2 & Sinapa 2ST 1 Atum 471 mmbbls Salt Dome Sinapa Sinapa West Source 13 mmbbls 65 mmbbls kitchen * Gros
Slide 16: FAR portfolio in West Africa
FAR portfolio in West Africa • Successful shelf trend that houses Sangomar and Sangomar North oil fields extends south through The Gambia to Guinea Bissau • FAR has an extensive portfolio of exploration prospects on this trend in both Gambia and Guinea-Bissau • Very few wells drilled on this trend,
Slide 17: Drilling program
Drilling program 2021 2022 The Gambia Drill planning and Drilling Evaluation of drilling and Execute plan, contingent on well result* Blocks A2/A5 economic modelling Bambo commercial pathways July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Guinea-Bissau Drill planning (2023
Slide 18: Looking forward in FAR
Looking forward in FAR Successful explorer Strong partnerships • Pivotal in Sangomar Field discovery, • Senegal since 2006, Gambia since 2017, offshore Senegal (5 billion bbls OIP) Guinea-Bissau since 2008 • Drilling Sangomar Field extension in Gambia • International JV partners • World class and pr
Slide 19: FAR value proposition
FAR value proposition FAR share price currently less than cash backing and… … share price is about half of total cash including Woodside future payment Current share price A$0.761 $0.28 $0.56 $0.74 $? $? Potential value of Current Cash Future Cash successful exploration Budgeted Bambo-1 well/costs t
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 • Cautionary Statement for Contingent Resource Estimates. The Contingent considered as an offer or invitation to subscribe for or purchase any shares in Resource estimates provided in this report are those quan