Far Ltd · ASX:FAR
Far — Good Oil Conference 2014
31 slides from Far's conference presentation, Sep 11, 2014
Slide 1: An African Story
An African Story For personal use only Jon Keall Chief Geologist FAR Limited Good Oil Conference Fremantle September 2014
Slide 2: 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
Slide 3: FAR Highlights
FAR Highlights For personal use only • Australian listed company • Team with significant international upstream experience • Diversified acreage portfolio – 11 licences in 4 countries: Senegal, Kenya, Guinea-Bissau and Australia • 8.5 billion barrel prospect inventory identified • 3 major farm out d
Slide 4: FAR: Australia based, Africa focused
For personal use only FAR: Australia based, Africa focused WEST AFRICA 7 licences across 2 countries 2 licences Head Office Melbourne 4
Slide 5: The year ahead
For personal use only The year ahead 2014 2015 SENEGAL Drill planning Drilling FAN-1 Drilling SNE-1 Evaluation of drilling Sangomar Profond Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun L6 Offshore Farmout Drill planning Drilling L6 Onshore Farmout Onshore Seismic planning,
Slide 6: Exploration cycle
For personal use only Exploration cycle Marketing Field production Field development Challenges for a small company Appraisal and commercial evaluation Increasing cost Increasing value Decreasing risk Test prospect - well Drillable prospect Economic evaluation ……..high costs of drilling and 3D ……………
Slide 7: Exploration goals for a small company
Exploration goals for a small company • Quality portfolio with diversity For personal use only Not locked into a single basin, country or play. Offering multiple opportunities for success/increase shareholder value • Running room So if you take the risk and expense of drilling, there is follow-up in
Slide 8: FAR Early 2014
For personal use only FAR Early 2014 Marketing Field production Field development Appraisal and commercial evaluation Guinea Bissau Increasing cost Increasing value Decreasing risk Test prospect - well Senegal: Fan play Drillable prospect Economic evaluation Senegal: Shelf play KenyaL6 Detailed expl
Slide 9: FAR in Guinea Bissau
FAR in Guinea Bissau • Proven oil-prone basin For personal use only • 2 discoveries made on block during low oil price BLOCKS 2, 4A & 5A AGC PROFOND 15% interest 8.8% interest environment (East Sinapa - Premier 2004 and PGO Operator: Svenska Petroleum Operator: Ophir Energy PLC 3 Exxon 1969) • ~1 bi
Slide 10: Guinea Bissau – Sinapa discovery
Guinea Bissau – Sinapa discovery • 13.4 mmbbls 2C contingent resource in Sinapa For personal use only P90* P50* P10* Discovery* Sinapa 4.4 13.4 38.9 (2C contingent resources) • Combined contingent and prospective resource 85.6 mmbbls (P50)* potential in Sinapa Project East Sinapa 1.8 7.5 34.2 (prosp
Slide 11: FAR in Kenya L6
For personal use only FAR in Kenya L6 KENYA Marketing Block L6 Kipini-1 Field production Field development Appraisal and commercial evaluation Onshore well mid 2015 Test prospect - well Maridadi-1 Farm out to Milio 2014 Drillable prospect Economic evaluation Detailed exploration 3D seismic… 3D seism
Slide 12: Onshore Plays: Basin-margin rollover
Onshore Plays: Basin-margin rollover For personal use only 12
Slide 13: Lamu Basin Kenya
Lamu Basin Kenya Maridadi-1B For personal use only • Oil proven at both ends of the kitchen- 14 m oil column at Sunbird • Continuous reefal trend • Drill-ready prospects defined on 3D • Massive upside (multi -billion barrel) Miocene Reef prospects Cretaceous Clastic prospects Eocene Clastic prospect
Slide 14: Kenya Block L6: Reef prospects
For personal use only Kenya Block L6 : Reef prospects SW NE Kifaru West Kifaru Miocene reef play 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 15: Senegal
For personal use only Senegal • Drilling commenced April 2014 RUFISQUE, SANGOMAR & SANGOMAR DEEP OFFSHORE • Partners are Cairn Energy (40%) and 16.7% paying interest, 15% beneficial interest Operator: Cairn Energy PLC ConocoPhillips (35%) • US$190M to be spent on drilling • FAR received US$10M in ca
Slide 16: FAR in Senegal
For personal use only FAR in Senegal RUFISQUE, SANGOMAR & SANGOMAR DEEP OFFSHORE 16.7% paying interest, 15% beneficial interest Marketing Operator: Cairn Energy PLC Field production Field development Appraisal and commercial evaluation Drilling Q2/3 2014 Test prospect - well Farm out to Cairn & Dril
Slide 17: Senegal prospectivity
Senegal prospectivity • Petroleum system established – Rufisque Dome For personal use only • World class source rocks TOC 6 – 34% HI 450 - 650 17
Slide 18: Play schematic
Play schematic SNE-1 1150m WD FAN-1 3500m TD 1437m WD 5300m TD E For personal use only W Campanian - Maastrichtian Santonian Clastic Reservoir Source Carbonate Reservoir Source 18
Slide 19: Senonian Unconformity
For personal use only Senonian Unconformity N
Slide 20: Albian "Buried Hill" Play
For personal use only Albian “Buried Hill” Play
Slide 21: Albian "Buried Hill" Play
For personal use only Albian “Buried Hill” Play
Slide 22: Albian "Buried Hill" Play
For personal use only Albian ”Buried Hill” Play Senonian unconformity surface Inline 1356 22
Slide 23: Central fan complex
For personal use only Central fan complex 23
Slide 24: Central fan complex
For personal use only Central fan complex 24
Slide 25: Central fan complex
For personal use only Central fan complex 25
Slide 26: Senegal: North Fan prospect
For personal use only Senegal: North Fan prospect North Fan Prospect Best estimate unrisked prospective resource* North Fan (H 82) 117 mmbbls North Fan (H 85) 199 mmbbls North Fan (H 88) 151 mmbbls North Fan (H 89) 165 mmbbls West East Approximate North Fan well location (FAN-1) *From FAR internal p
Slide 27: Lupalupa prospect: Albian (SNE-1)
For personal use only Lupalupa prospect: Albian (SNE-1) 27
Slide 28: Lupalupa prospect: Albian (SNE-1)
For personal use only Lupalupa prospect: Albian (SNE-1) Tertiary Late Cretaceous shales (Seal) Intraformational Albian shales (seal) Aptian Carbonates 28
Slide 29: Lupalupa prospect (SNE-1)
Lupalupa prospect (SNE-1) Lupalupa objective (Albian sands) For personal use only L Prospect FAR Most Likely unrisked Prospective Resource Lupalupa – Albian sands 154 mmbbls Boabab – Aptian carbonates 491 mmbbls Baobab Objective (Aptian carbonates) 29
Slide 30: FAR in 2014
For personal use only FAR in 2014 30
Slide 31: Conclusions
Conclusions For personal use only Only half the story • Great Deals…… • Drilling Results……… ? Regardless of outcomes • Lots of Data rooms • Lots of air miles, departure lounges, customs and immigration • Lots of phone calls at night to different 31 time zones