Slide 1: Investor Update Presentation
22 July 2021 For personal use only Investor Update Presentation In accordance with the Listing Rules, FAR Limited (ASX: FAR) releases the attached document relating to the above. This announcement has been approved for release by the FAR Limited board of directors.
Slide 2: Investor update
Investor update For personal use only 22 July 2021
Slide 3: A new chapter for FAR
A new chapter for FAR For personal use only • Senegal sale proceeds received, cash of US$128M*, no debt • Planned capital return to shareholders of A$0.80 per share • History of exploration success, extensive exploration database, excellent relationships have paved way for next African chapter • New
Slide 4: The Gambia
The Gambia For personal use only Block A2 & A5 50% interest, PETRONAS 50% Operator: FAR Limited
Slide 5: The Gambia: Drilling Bambo-1 well Q4 2021
The Gambia For personal use only • Drilling Bambo-1 well Q4 2021 • Rig contract executed, mobilization of drill ship second half of October • Targeting 3 key prospects Soloo (extension of Sangomar), Bambo and Soloo Deep • Total 1.18bn bbls at 7-37% CoS • Well satisfies A2 and A5 licence obligations
Slide 6: Bambo-1 well
Bambo-1 well For personal use only • Soloo Prospect is extension of discovered hydrocarbons in the Sangomar Field • Bambo Prospect is a large exploration prospect which overlies Soloo • The planned well will be targeting combined Best Estimate of 1.1 billion bbls oil Gambia Low Estimate Best Estimat
Slide 7: Bambo-1 operations and logistics
Bambo-1 operations and logistics For personal use only • Stena IceMax drillship to spud well late October/early November • Well estimated to take 30 days • Real time logging of well in Melbourne (high speed link) • Well management will be conducted by FAR/ Exceed in Aberdeen • Water depth of 1000m •
Slide 8: Forthcoming drilling program
Forthcoming drilling program For personal use only 2021 2022 Evaluation of drilling The Gambia Drill planning Drilling and commercial Execute strategy, contingent on well result* * Blocks A2/A5 Bambo pathways July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Guinea-Bissau Dril
Slide 9: Looking forward for FAR
Looking forward for FAR For personal use only • Board changes implemented and capital return in progress (A$0.80 per share totalling approx A$80M) • Fully funded for the Bambo-1 well in Q4 • Commence farmout/sale of Guinea-Bissau asset • Complete farmout/sale WA-458-P or prepare to drop by mid 2022
Slide 10: Contact us
Contact us For personal use only 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 11: 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