Slide 1: ASX: CEO Connect
ASX: CEO Connect October 2018
Slide 2: Our company
Our company • FAR Limited (FAR:ASX) Market cap A$655M* • Strategic focus Mauritania-Senegal-Guinea-Bissau-Conakry (MSGBC) Basin, NW Africa • Most successful Australian oil explorer for over a decade • Significant basin opening discoveries in Senegal in 2014 • 11 wells drilled offshore Senegal – all
Slide 3: Making of an industry hotspot 2012-2018
Making of an industry hotspot 2012-2018 3
Slide 4: FAR a company of two halves
FAR a company of two halves Senegal The Gambia • First oil and gas development • First well to be drilled offshore The Gambia offshore Senegal for 40 years • SNE Field discovered in November 2014 • Samo Prospect spud on 23rd October • SNE world’s largest oil discovery 2014 • Samo-1 on Wood Mac wells
Slide 5: FAR in Senegal – discovery to development
FAR in Senegal – discovery to development • FAR been in Senegal since 2006 • Farmout to Cairn Energy and ConocoPhillips for carry through US$200M drilling in 2014 • JV now drilled 11 successful oil wells – 4 discoveries New map – 7 appraisal wells on SNE field • JV now invested US$950M in 4 years •
Slide 6: Senegal in 2018 and beyond
Senegal in 2018 and beyond SNE Evaluation report submitted July. { | | SNE Exploitation plan Submitted to government First oil | First gas 2022 | 2024 Government approval expected year end 4
Slide 7: FAR in The Gambia
FAR in The Gambia Sangomar Deep Sangomar Best estimate {| Chance of success er 825 50x Bae aft - Wie" mmbbls ———muttiple S, y Ge, “prospective reservoir — e resource | targets A2 Farminto |g! ie Drilling PETRONAS [ee | flee giant Samo for well carry _ ; Prospect plus cash & retain 40% interest ( 0
Slide 8: Prospectivity of the A2 and A5 blocks
Prospectivity of the A2 and A5 blocks • On trend and adjacent to SNE field – same geological play • 3 large prospects mapped in A2: Samo, Soloo and Bambo • Key reservoirs drilled by 9 wells in Senegal with 100% success rate • Samo given 55% CoS and currently being drilled • Soloo and Bambo next pote
Slide 9: A2 Prospects
A2 Prospects Samo Low Best High Prospect estimate estimate estimate Volumes* (P90) (P50) (P10) 335 825 1,713 Soloo Prospect volumes* Low Best High Recoverable resource (mmbbls) estimate estimate estimate SNE field extension (lower) 96 193 327 Shallow Samo target (upper) 44 142 456 Bambo Prospect* Lo
Slide 10: Drilling readiness for Samo-1
Drilling readiness for Samo-1 • Great time to be drilling deepwater exploration wells • Deepwater drill rig rates are at all time lows • Rig rates are 70% less than highs of 2014 at US$100/bbl prices • Wells will cost approximately US$40M (FAR is carried by PETRONAS) • Comparative cost in 2014 of US
Slide 11: Community & social programs
Community & social programs “SO FARLimited
Slide 12: An exciting end to 2018 ahead
An exciting end to 2018 ahead • Value drivers for the year ahead are large and converging at the end of 2018 • Senegal • Approval of the SNE Field Exploitation plan • FID H2 2019 • Gambia • Drilling of the Samo-1 well offshore Gambia • Significant for FAR shareholders and the people of The Gambia
Slide 13: 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 14: Disclaimer
Disclaimer • 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 in order to make an i