Far Ltd · ASX:FAR
Far — Investor Presentation (March 2012)
24 slides from Far's investor presentation, Mar 5, 2012
Slide 1: Investor presentation
OCTOBER 2011 Investor presentation 5 March 2012 July 2011 1
Slide 2: Disclaimer
Disclaimer . This presentation has been prepared by FAR Limited (“FAR” or the “Company”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement
Slide 3: Our company
Our company • Australian junior oil and gas explorer Capital Structure • Listed on Australian Securities exchange ASX: FAR Shares on issue 2,123,411,551 • Flagship projects on highly prospective West and East African Margins Share price (at 5 Mar 2012) A$0.047 • 6 wells to be drilled in next 2 years
Slide 4: FAR Board
FAR Board Michael Evans Chartered accountant and resources sector entrepreneur Chairman Executive chairman and CEO of FAR since his appointment and instrumental in building the company’s Appointed 1992 West African asset base. Responsible for building Forsayth NL (now part of the Barrick Gold Group)
Slide 5: Africa: West and East emerging oil and gas provinces
Africa : West and East emerging oil and gas provinces • 9 exploration licenses in 3 countries • 3D seismic planned for 2 Kenya blocks Q2 2012 • Combined 31,400km2 area • Drilled first African well July 2011 • Drill Kenya L6 first half 2013 (Kora AGC) • Data acquisition complete on West African permi
Slide 6: Well positioned on the West African margin
Well positioned on the West African margin • Region on the “hump” of Africa relatively unexplored in comparison to prolific oil and gas “heartland” of West Africa • Mauritania-Senegal-Guinea Bissau (MSGB) Basin is the coastal basin extending from Western Sahara through Guinea • It is the largest Afr
Slide 7: Senegal, West Africa
Senegal, West Africa Senegal Senegal • Independent from France since 1960 • French is official language • Successful, stable democracy • Location of many foreign embassies and international banks for West African region • Small population (13M) • World standard PSC FAR in Senegal • FAR 90% beneficia
Slide 8: Senegal: Prospects and Leads
Senegal : Prospects and Leads* Senegal • 3 play types Prospect Gross Unrisked OIP Unrisked prospective P50 (MMstb) P50 resources (MMstb) • High amplitude Santonian fan complexes Santonian North Fan 561 127 • Carbonate platforms on shelf edge Santonian Mid Fan 175 56 • Extension of Gambian play (not
Slide 9: Senegal: Going forward
Senegal : Going forward Senegal • Currently seeking drill partner Permit Phase Minimum work program 100% First renewal Period - • EIA for drilling underway Expires 22 Nov 2010 • African Petroleum to drill Alhamdillalalah prospect around Sept 2012 Second Renewal One exploration well Period expires 6
Slide 10: Guinea Bissau, West Africa
Guinea Bissau, West Africa Guinea Bissau Guinea Bissau • Independent from Portugal since 1973 • Portuguese is official language • Recent political stability FAR in Guinea Bissau • FAR farmed into Sinapa (Block 2) and Esperanca (Blocks 4A/5A) in 2009 • 21.43% paying interest,15% beneficial interest •
Slide 11: Guinea Bissau: Prospects and Leads
Guinea Bissau : Prospects and Leads* Guinea Bissau Discovery OIP P50 (MMstb) P50 Resources (MMstb) Prospect Gross Unrisked OIP Unrisked prospective P50 (MMstb) P50 resources (MMstb) Upper Sinapa 69 13 Sardinha 465 91 Middle Sinapa 22 3 Sabayon 35 7 Lower Sinapa 20 4 Harlequin 117 23 Total 111 20 Tot
Slide 12: Guinea Bissau: Going forward
Guinea Bissau : Going forward Guinea Bissau • All exploration commitments have been met for Permit Phase Minimum work program 100% current term First exploration phase All met Expires 25 Nov 2012 • Recent seismic amplitude mapping around Sinapa shows high amplitudes/potentially good reservoir to Sec
Slide 13: AGC, West Africa
AGC, West Africa AGC AGC • Area of cooperation between Senegal and Guinea Bissau (Agence de Gestion et de Cooperation) • Established to administer the fishing and petroleum activities in the adjoining offshore area of Senegal and Guinea Bissau • HQ in Dakar, Senegal • Industry standard PSC FAR in th
Slide 14: AGC: Prospects and Leads
AGC : Prospects and Leads* AGC Prospect/Lead Gross Unrisked OIP Unrisked prospective P50 (MMstb) P50 resources (MMstb) Kora* 1,073 313 Cheval SE Xalam 1,100 166 Sabar 209 63 Croix Cheval SE (lead) Cheval SE 2 (lead) Croix (lead) Total 2,382 542 *Compiled pre-drilling of Kora-1 in July 2011 • Water d
Slide 15: AGC: Going forward
AGC : Going forward AGC • Currently appraising Kora-1 well and mapping Permit Phase Minimum work program 100% further drillable prospects in the block First renewal period 1 exploration well – Kora-1 drilled July 2011 Expires 19 Sep 2012 • Commitment to government regarding progressing into next exp
Slide 16: Offshore East Africa
Offshore East Africa • The region is one of the last unexplored series of basins of the world • Majors explored the region in the 1960’s and 70’s • Believed to be mainly a gas province – no gas market at the time • Rapid growth of West African oil in 1980’s and 90’s took explorers to the west • Oil
Slide 17: Kenya, East Africa
Kenya, East Africa Kenya Block L6 • Farmed into Block L-6 offshore Lamu Basin Jan 2007 • FAR operator with 60% interest • First well to be drilled Q1 2013 • 3D seismic planned for Q2 2012 • Max water depth 350m Block L9 • Awarded Block L-9 offshore Lamu Basin March 2011 • PSC signed May 2011 • 30% i
Slide 18: Block L6: Prospects and Leads
Block L6 : Prospects and Leads Kenya Prospect Gross Unrisked OIP Unrisked prospective P50 (MMstb) resources (MMboe)2 Kifaru 289 80 Tembo1 1,800 602 Kudu 411 86 Chui + Chui W 1,003 208 Nyati 467 91 Updip Kipini 116 25 Nyati W 965 205 Kiboko 344 81 Total 5,395 1,378 1 From FAR modelling using probabli
Slide 19: L6: Going forward
L6 : Going forward Kenya L6 Permit Phase Minimum work program 100% • Mean Unrisked Prospective Resources of 1,367MMboes (820MMboe net to FAR) Year 1 & 2 Seismic program (US$4M min spend) To July 2012 • Mean risked Prospective Resources (P3 Reserves) 159MMboe (95MMboe net to FAR) Years 3 Drill one we
Slide 20: L9: Award
L9 : Award Kenya • Mean Unrisked Prospective Resources of L9 Permit Phase Minimum work program 100% 1,367MMboes (820MMboe net to FAR) Year 1 Repro (US$850K min spend) To May 2012 G&G (US$300K) • PSC signed 17 May 2011 Year 2 500km2 3D seismic (US$5M) • Flow 30% equity (operators Dominion Oil and Gas
Slide 21: Growing and diverse portfolio
Growing and diverse portfolio Australia, NW Shelf Proven producing basin • Proven petroleum system • WA-457-P, WA-458-P • Ready commercialisation • Signed contracts June 2011 • WA-457-P, WA-458-P • 200mmbbl oil potential • High equity position (100%) • 3D seismic 2012 • FAR operator • Drill 2014 • W
Slide 22: Timetable of events
Timetable of events This timetable is indicative and final timetable will be determined when government approvals, availability of rigs and seismic vessels is confirmed 22
Slide 23: FAR – A leading African focussed oil and gas explorer
FAR – A leading African focussed oil and gas explorer • FAR is well positioned in key blocks in West and East Africa • High impact exploration program, high leverage to exploration success • Early mover advantage in Africa in an area that is consolidating and attracting interest from major global pl
Slide 24: Contact us
Contact us Perth Office Contact Michael Evans Executive Chairman Address Suite 2, Level 1 254 Rokeby Road Subiaco, Western Australia, 6008 Phone +61 8 9380 6181 Fax +61 8 9380 6640 Email m.evans@far.com.au Melbourne Office Contact Cath Norman Managing Director Address Level 17 530 Collins Street Melbour