Slide 1: FAR's African story is ready to unfold
FAR’s African story is ready to unfold For personal use only Annual General Meeting 27 May 2013 Cath Norman
Slide 2: Disclaimer
Disclaimer For personal use only • This presentation has been prepared by FAR Limited (“FAR” or the “Company”). constraints, securing drilling rigs, timing of approvals from relevant authorities, It should not be considered as an offer or invitation to subscribe for or purchase regulatory risks, ope
Slide 3: Highlights since last AGM
Highlights since last AGM For personal use only • Completed re-interpretation of Senegal data • Successful farmout to Cairn Energy for free carry on first well offshore Senegal and $9.8 million cash • Acquired 780km2 3D seismic data offshore Kenya • First company to identify the Kenyan reef play on
Slide 4: Our company
Our company For personal use only • Australian junior oil and gas explorer Capital Structure • Listed on Australian Securities exchange ASX: FAR Shares on issue 2,499,846,742 • Diversified African asset base Share price (at 24 March 2013) A$0.028 (9 licences in 3 countries) Market capitalisation A$7
Slide 5: FAR Board
FAR Board Nicholas Limb Geophysicist and investment banker For personal use only Non-Executive Chairman 15 years as MD/Chairman of an ASX listed, international mining company, Australia. Appointed 2012 10 years in Financial services with May and Mellor and HSBC. 35 years industry experience in the r
Slide 6: East and West Africa
East and West Africa Senegal Unexplored frontier Kenya Exciting frontier Billion barrel potential Large equity positions For personal use only • Emerging oil and gas provinces AGC Profond • Nine exploration licences in three countries Multiple prospects Expansive acreage • 31,400km2 combined area •
Slide 7: Offshore West Africa
Offshore West Africa For personal use only Strong acreage position in Senegal, AGC Profond & Guinea Bissau
Slide 8: Senegal
Senegal For personal use only • Farmout completed March 2013 RUFISQUE, SANGOMAR & SANGOMAR DEEP • Well to be drilled by Cairn Energy early 2014 27.5% paying interest, 25% beneficial interest • FAR to receive $9.8M in back costs when farmout (on conclusion of farm-out) Operator: Cairn Energy PLC (‘Ca
Slide 9: Senegal: Prospects and Leads
Senegal: Prospects and Leads For personal use only • Petroleum system established – Rufisque Dome • World class Turonian and Cenomanian source rock • Cairn to drill “L” prospect early 2014 • “L” prospect to test Aptian and Albian shelf edge • Targeting 440 million barrels2 oil in “L” prospect • Mult
Slide 10: Guinea-Bissau and AGC Profond, West Africa
Guinea-Bissau and AGC Profond, West Africa For personal use only FAR in Guinea Bissau SINAPA (BLOCK 2) & ESPERANÇA (BLOCKS 4A & 5A) • Block 2 contains the Sinapa oil discovery (Premier 21.43% paying interest, 15% beneficial interest 2004), P50 111million bbls OIP to be appraised by JV Operator: Sven
Slide 11: East Africa
East Africa For personal use only Large equity in a fast emerging oil and gas margin
Slide 12: Offshore East Africa
Offshore East Africa For personal use only • 2 licences in the heart of the Lamu Basin • Over 100TCF recoverable gas has been discovered in the last two years in Rovuma Basin to south • Anadarko intersected oil in offshore Block L7, April 2013 and Apache discovered gas in Block L8, August 2013 • 16
Slide 13: Kenya
Kenya For personal use only Block L6 BLOCK L6 BLOCK L9 • FAR operator with 60% interest 60% paying and 30% paying and • 3.7 billion bbl1 oil potential in block beneficial interest beneficial interest Operator: FAR Limited Operator: Ophir Energy PLC (‘Ophir’) • Gas discovery in Apache Mbawa well and
Slide 14: Kenya Block L6: Prospects and leads
Kenya Block L6 : Prospects and leads For personal use only Prospect Play Oil (mmbbls)1 Gas (bcf)1 Miocene 3D seismic prospects Reefs Kudu Updip Kifaru Miocene reef 178 517 Miocene fans Kipini Kifaru West Miocene reef 130 388 Eocene clastics Tembo Eocene clastics 327 807 2D seismic prospects Cretaceo
Slide 15: Kenya: Community relations
Kenya: Community relations For personal use only Mark Jenkins addressing a local community along the coast Community awareness program, coast of Kenya Locating the Kipini-1 wellhead Collecting data for the Environmental Impact Assessment 15
Slide 16: Timetable of events
Timetable of events 2013 2014 For personal use only African Petroleum SENEGAL Farmout Drill Planning Drilling G&G Sangomar Profond Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Anadarko Apache/BG/Afren KENYA Data Processing & Farmout Drill Planning Drilling L6 Jan Feb Mar A
Slide 17: FAR's African story is ready to unfold
FAR’s African story is ready to unfold For personal use only • Drilling 2014 offshore Kenya following Anadarko, BG, Apache and Afren • Drilling Senegal early 2014 following African Petroleum drilling in The Gambia • Large equity positions and hence highly leveraged to success • Experienced Board and