Slide 1: FAR delivers a year of success
FAR delivers a year of success For personal use only Annual General Meeting | 28 May 2014 Cath Norman
Slide 2: 2013 highlights
2013 highlights For personal use only • Successful farm out of three wells and an onshore 2D seismic program • Gross farm out value approx US$230M • Increased cash reserves from $17.4M at 31 Dec 2012 to $24.2M at 31 Dec 2013 (as at 31 March 2014 $27.1M) • Released 8.5+ billion barrel prospect invent
Slide 3: Corporate snapshot
Corporate snapshot For personal use only Capital Structure ASX Ticker FAR Shares on issue 2,499,846,742 Share price* A$0.046 Market capitalisation* A$115M Cash as at 31 March 2014 (unaudited) A$27.1M *As at 27 May 2014
Slide 4: 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. 35 years indu
Slide 5: Exposure to world class acreage
Exposure to world class acreage For personal use only • 9 exploration licenses in 3 West and East African countries, combined 31,400 km2 area • 2 wells with Cairn and ConocoPhillips offshore Senegal commenced April 2014 Senegal Kenya Unexplored frontier Exciting frontier Billion barrel potential Lar
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, Guinea Bissau & AGC Profond
Slide 7: Senegal
Senegal For personal use only • Funded through drilling of two wells RUFISQUE, SANGOMAR & SANGOMAR DEEP OFFSHORE 16.7% paying interest, 15% beneficial interest • Drilling commenced April 2014 Operator: Cairn Energy PLC • Partners are Cairn Energy (40%) and ConocoPhillips (35%) • FAR carried through
Slide 8: Senegal: Prospects and Leads summary
Senegal: Prospects and Leads summary For personal use only • Petroleum system established – Rufisque Dome • World class source rocks • Drilling shelf edge and deepwater fan • 550 million barrels* in shelf well (SNE-1) • 900 million barrels* in deepwater fan well (FAN-1) • 3.5 billion barrel* follow
Slide 9: Senegal: Drilling progress
Senegal: Drilling progress For personal use only Drilled to date Yet to drill SNE-1 1150m WD FAN-1 3500m TD 1437m WD 5300m TD Buried Hills Play Albian Clastic Play Aptian Carbonate Play Campanian-Maastrichtian Fan Play Santonian Fan Play Oil Migration Oil Traps Source kitchen West East 9
Slide 10: Senegal
Senegal For personal use only Rig has been mobilised and has commenced drilling offshore Senegal • Cajun Express 5th generation semi-submersible rig • Testing approximately 1.5 billion barrels of prospective resources* • Significant follow-up potential on success *Unrisked best estimate, 100% basis
Slide 11: Senegal
Senegal For personal use only Photos courtesy of Cairn Energy 11
Slide 12: Senegal
Senegal For personal use only Mme Aminata Ndoye Toure : Director General of Hydrocarbon Direction, Mme Maimouna Ndoye Seck : Minister of Energy and Mme Aminata Toure : Prime Minister of Senegal Photos courtesy of Cairn Energy 12
Slide 13: Senegal
For personal use only Senegal 13
Slide 14: Guinea-Bissau and AGC
Guinea-Bissau and AGC For personal use only • One block in AGC, three blocks offshore BLOCKS 2, 4A & 5A AGC PROFOND Guinea-Bissau 15% interest 8.8% interest Operator: Svenska Petroleum Operator: Ophir Energy PLC • Large permit area > 15,000 km2 • Large upside exposure in Senegal success case • Prove
Slide 15: FAR's prospects in East Africa
FAR’s prospects in East Africa For personal use only Large equity in Kenya’s fast emerging Lamu Basin
Slide 16: Kenya
Kenya For personal use only • Large acreage position in Lamu Basin BLOCK L6 BOCK L9 60% interest offshore 30% interest • Two exploration blocks 24% interest onshore Operator: Ophir Energy PLC Operator: FAR Limited • Great neighbours in BG, Anadarko, Total, ENI… • Acreage tightly held • FAR actively
Slide 17: Kenya
Kenya For personal use only BLOCK L6 BOCK L9 60% interest offshore 30% interest 24% interest onshore Operator: Ophir Energy PLC Operator: FAR Limited • Continuous reef trend with proven oil at both ends of the kitchen • FAR has drill ready reef prospects defined on 3D seismic • Core analysis complet
Slide 18: Kenya Block L6: Prospects and leads
Kenya Block L6 : Prospects and leads For personal use only Onshore • Farmout deal concluded with Milio International • Fully carried on 2D seismic and well • Program to commence June 2014 Offshore • Drill ready prospects defined on 3D seismic • Identification of new Miocene reef play drilled by BG :
Slide 19: Kenya Block L6: Maridadi well result
Kenya Block L6 : Maridadi well result For personal use only Maridadi-1B 19
Slide 20: Kenya Block L6: Maridadi well result
Kenya Block L6 : Maridadi well result For personal use only Maridadi-1B Seal Reservoir Oil Shows 20
Slide 21: Kenya Block L6: Reef prospects
Kenya Block L6 : Reef prospects For personal use only SW NE Kifaru West Kifaru Miocene reef play prospective resources* Kifaru prospect 178 mmbbls Kifaru West prospect 130 mmbbls Other total 1,249 mmbbls Total 1,557 mmbbls Total net to FAR 934.2 mmbbls *From FAR internal prospective resources 27 Feb
Slide 22: FAR's prospects in offshore Western Australia
FAR’s prospects in offshore Western Australia For personal use only • Proven oil and gas province of NW Shelf • Shallow water • Low risk, low cost exploration • 100% interest in two blocks • 450 million boe prospective resources* • New 3D seismic in late 2014 * Best estimate, gross, unrisked prospec
Slide 23: Community projects
Community projects For personal use only • Flood relief program in Senegal • Mosquito nets in Senegal • Donation of soccer balls in Guinea Bissau • Community consultation and education in all our areas of activity where appropriate
Slide 24: Into 2014
Into 2014 For personal use only • Approximately $27.1M cash • 5 wells to be drilled in next 12 months… • 3 free carried wells in program totaling approximately $230M • Drilling program has commenced testing 1.5billion barrels of oil • Kenya story yet to unfold
Slide 25: The year ahead
The year ahead For personal use only 2014 2015 SENEGAL Drilling Drilling Drill Planning Evaluation of Drilling Sangomar Profond Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun BG/Anadarko KENYA Farmout Onshore Seismic Acquisition & Processing Evaluation of Drilling Drill Plan
Slide 26: 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
Slide 27: 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 27