Slide 1: FAR's African story is unfolding
FAR’s African story is unfolding For personal use only Investor presentation March 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 • Diversified asset base with 9 licences in 3 For personal use only countries : West and East Africa • 8.5+ billion barrel prospect inventory* • 3 farm out deals concluded with global players – Cairn Energy, ConocoPhillips, Milio International • 5 wells to be drilled in next 12
Slide 4: Corporate snapshot
Corporate snapshot For personal use only Capital Structure ASX Ticker FAR Shares on issue 2,499,846,742 Share price* A$0.055 Market capitalisation* A$138M Cash and term deposits (approx)* A$28M Board & management Nicholas Limb, Non-Executive Chairman Catherine Norman, Managing Director Ben Clube, Ex
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 prospective resources 8,500 million bbls* in portfolio • 5 wells to be drilled in next 12 months Senegal Kenya Unexplored frontier Excit
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
For personal use only Senegal • Funded through drilling of two wells RUFISQUE, SANGOMAR & SANGOMAR DEEP OFFSHORE 16.7% paying interest, 15% beneficial interest • Drilling commencing April 2014 Operator: Cairn Energy PLC • Partners are Cairn Energy (40%) and ConocoPhillips (35%) • Approx US$200M to b
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 barrels* in shelf well (SNE-1) FAN-1 well • 900 million barrels* in deepwater fan well (FAN-1) • 3.5 billion barr
Slide 9: Senegal: Where are we drilling?
For personal use only Senegal: Where are we drilling? • First well: Fan prospects, SNE-1 1000m WD spudding April, 65 days FAN-1 3300m TD 1500m WD to TD 5300m TD • Second well: Shelf prospects, spudding Buried Hills Play June, 45 days to TD Albian Clastic Play Aptian Carbonate Play Campanian-Maastric
Slide 10: Senegal
For personal use only Senegal Rig has been mobilised and has commenced drilling operations • Operator (Cairn Energy PLC) currently completing second of two wells offshore Morocco with the Cajun Express rig • Anticipated that first of two Senegal wells will spud in April 2014 • Testing approximately
Slide 11: Guinea-Bissau and AGC
For personal use only Guinea-Bissau and AGC • One block in AGC, three blocks offshore Guinea BLOCKS 2, 4A & 5A AGC PROFOND 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 • Attra
Slide 12: 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 13: Kenya
Kenya BLOCK L6 BLOCK L9 • Two licences in heart of the Lamu Basin For personal use only 60% interest offshore 30% interest 24% interest onshore Operator: Ophir Energy PLC • Tightly held acreage Operator: FAR Limited • Known working hydrocarbon system L6 • Encouragement from recent drilling Kubwa-1 •
Slide 14: Kenya Block L6: Prospects and leads
Kenya Block L6 : Prospects and leads Onshore For personal use only Miocene reefs • Farmout deal concluded with Milio International BLOCKMiocene L6 fans BLOCK L6 Onshore Eocene clastics Offshore 24% interest (following Government consent) 60% interest • Fully carried on 2D seismic and well Cretaceous
Slide 15: 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 • New 3D seismic in 2014 • 100% interest in two blocks • 450 million boe prospective resources* * Best estimate, gross, unrisked prospective
Slide 16: A busy year ahead
For personal use only A busy year ahead 2014 2015 SENEGAL Drill Planning Drilling Drilling 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 P
Slide 17: FAR's African story is unfolding
FAR’s African story is unfolding For personal use only Approximately $28M cash 5 wells to be drilled in next 12 months… 3 free carried wells in program totaling approximately $220M 2 wells commencing April 2014 targeting 1.5bn barrels of oil Plan to expand the portfolio of opportunities through new
Slide 18: 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 18
Slide 19: Appendices
For personal use only Appendices 19
Slide 20: Senegal: Planned FAN-1 well
For personal use only Senegal: Planned FAN-1 well North Fan prospect prospective resources* North Fan (H 82) 117 mmbbls North Fan (H 85) 199 mmbbls North Fan (H 88) 151 mmbbls North Fan (H 89) 165 mmbbls Total 632 mmbbls Total net to FAR 95 mmbbls West East Approximate North Fan Well location *From
Slide 21: Senegal: Planned SNE-1 well
Senegal: Planned SNE-1 well Albian sands objective Albian Amplitude Extraction For personal use only Shelf prospect prospective resources* Albian sands 154 mmbbls Aptian carbonates 491 mmbbls Total 645 mmbbls Total net to FAR 97 mmbbls Aptian carbonates objective *From FAR internal prospective resou
Slide 22: Guinea-Bissau
For personal use only Guinea-Bissau • 2 discoveries made on block : low oil price (Sinapa - Premier 2004 and PGO 3 Exxon 1969) • Sinapa West appraisal planned in March 2015 AGC PROFOND 8.8% interest Operator: Ophir Energy PLC Guinea Bissau Contingent and Prospective resources* Low estimate Best esti
Slide 23: Guinea-Bissau – Sinapa discovery
For personal use only Guinea-Bissau – Sinapa discovery • 13.4 mmbbls 2C contingent resource in Sinapa Discovery* • Combined contingent and prospective resource 85.6 mmbbls* potential in Sinapa Project • Upside potential of >300 mmbbls* • Appraisal well (Q1 2015) • High chance of success at 36%* • We
Slide 24: Kenya Block L6: Miocene reefs
Kenya Block L6 : Miocene reefs Miocene reef play Kifaru West Kifaru For personal use only SW NE 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 25: Cross section through Lamu Basin
Cross section through Lamu Basin L6 L8 L7 For personal use only Davey Walu Kifaru Tembo High Mbawa Kubwa Depth 1000 Reefs Tertiary 2000 3000 Delta sands S 4000 Turbidites S Cretaceous 5000 6000 S 7000 Jurassic 8000 9000 25
Slide 26: 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 26
Slide 27: WA-457-P Dampier Basin
WA-457-P Dampier Basin • Underexplored : Dampier prospect a four way dip closure For personal use only • Modern seismic data has potential to locate the main sand fairways • Potential for 185 mmbbls* in Dampier closure WA-457-P Prospective resources* Whole Net to FAR Prospect Play Prospect (within W
Slide 28: WA-458-P Dampier Basin
For personal use only WA-458-P Dampier Basin • Oil-prone area WA-458-P Prospective resources* • New play concepts with Top Angel play 20.7 mmbbls amplitude support Lower Angel structural play 5.8 mmbbls • Leads and prospects mapped in Lower Angel stratigraphic play 152.2 mmbbls Oxfordian fan 126.8 m
Slide 29: Board with significant E&P experience
For personal use only Board with significant E&P experience 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