Far Ltd · ASX:FAR
Far — RIU Good Oil Conference 2019
17 slides from Far's conference presentation, Sep 11, 2019
Slide 1: FAR prepares for the future
FAR prepares for the future RIU Good Oil Conference 11 September 2019
Slide 2: About FAR (ASX:FAR)
About FAR (ASX:FAR) FAR Limited is an Australian independent, Africa focused, oil and gas exploration and development company with core assets off the coast of Senegal and The Gambia. FAR will be one of Australia’s largest oil producers by end 2022 Focus area: Mauritania, Senegal, Guinea-Bissau, Con
Slide 3: The company
The company • Market capitalisation of US$279M, EV of US$243M • 15% working interest3 in the world-class SNE oil field – SNE was the world’s largest oil discovery in 2014 – SNE fully appraised, with 11 wells drilled over 4 yrs • SNE first oil in 2022, FID Q4 2019 Share Price1 A$0.063 • SNE field’s g
Slide 4: Four pillars for success
Four pillars for success Conventional oil Strong partnerships • Targeting 14k bbl/d net annual • Senegal since 2006 production by 2023 • Guinea Bissau and Kenya since 2008 • 2P reserves of 67mmbbls net to FAR by end • The Gambia since 2017 Q1 20201 • International JV partners include • 2bn bbls of e
Slide 5: FAR's portfolio of West African assets
FAR’s portfolio of West African assets Guinea- Senegal The Gambia Bissau RSSD 1 A2/A5 2/4A/5A Type JV JV JV Working interest1 15.0% 40% 21.4% Paying Interest 16.7% 40% 21.4% Pre- Status Exploration Exploration Development On/offshore Offshore Offshore Offshore Operator Woodside FAR Svenska Drilling
Slide 6: SNE: A world class conventional oil field
SNE: A world class conventional oil field SNE was the largest oil discovery in the world in 2014. Oil & Gas Discoveries Since 2010 SNE Reservoir Profile (2C Mboe) 1200 1000 800 600 400 200 0 Liza & Stabroek Guyana North Platte Mexico Eridu Iraq Zama Mexico Agogo Angola Johan Castberg Norway Nanushuk
Slide 7: SNE: Development ready
SNE: Development ready SNE FIELD DEVELOPMENT Block Sangomar Deep Offshore and Sangomar Offshore Location 100km south of Dakar, Senegal API 32 degrees Total Recoverable Oil 448 mmbbls Water Depth 800-1400m Facility Floating production storage and offloading (FPSO) facility, 100,000 bbls/day Phase 1 W
Slide 8: SNE: Robust economics and near-term cash flow
SNE: Robust economics and near-term cash flow Indicative economics Development 15,000 b/d net to FAR by 2023 US$/bbl US$65 Revenue Low costs ~US$16.30/bbl operating costs Less: Operating costs 16.30 Less: Capital 16.60 expenditure CAPEX optimisation Underway Less: Government 4.80 share of Profit oil
Slide 9: SNE upside
SNE upside • Enhanced oil recovery from SNE reservoirs • First gas expected 2024 • Tie back to FAN and SNE North discoveries • Extension of SNE field in Block A2, The Gambia - to be drilled in 2020, FAR operator (40%) 9
Slide 10: SNE: Transforming FAR
SNE: Transforming FAR The SNE oil development will be transformational for the people of Senegal and FAR SNE underpins FAR’s growth Phased development: Phase 1 platform for cash generation • US$90M/year free cash net to FAR Substantial growth potential beyond Phase 1 • Further 400 mmbbls discovered
Slide 11: Growth in focus area
Growth in focus area 2020 2021 2022 FID Senegal Design & Construction The Gambia Guinea-Bissau Drilling Post Seismic Firm Drilling Drilling Option First Oil Farm Out 11
Slide 12: Environment, social and governance
Environment, social and governance Environment Social Governance • SNE development • Investing in education & • FAR operates to support, industry best practice training, enterprise & promote and participate • Domestic production will community development in programs that allow Senegal to • Renovate
Slide 13: Senegal support
Senegal support • Senegal has one of the fastest growing economies in Africa • GDP growth in 2018 of 6.8% • Large infrastructure projects including a new highway, airport and airport railway • Domestic oil production will greatly benefit Senegal – contribute to achieving the 2030 Emergent Plan • New
Slide 14: On target to be the largest mid-tier ASX producer
- 10,000 15,000 5,000 FAR 2022 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Production (boe/d) Peer 8 Peer 9 Peer 10 Peer 11 FAR 2019 Peer 12 Peer 13 Peer 14 Peer 15 Peer 16 Peer 17 Peer 18 Peer 19 On target to be the largest mid-tier ASX producer Peer 20 Peer 21 14
Slide 15: On target to be the largest mid-tier ASX producer
On target to be the largest mid-tier ASX producer ...and we’re just getting started, we are aiming for 30,000 boe/d by 2025 15
Slide 16: 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
Slide 17: 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