Far Ltd · ASX:FAR
Far — Shareholder Meeting (May 2022)
24 slides from Far's shareholder meeting presentation, May 31, 2022
Slide 1: Annual General Meeting Presentation
31 May 2022 For personal use only Annual General Meeting Presentation FAR Limited (ASX: FAR) is pleased to attach a copy of the presentation that will be made at the Company’s 2022 Annual General Meeting to be held today. This announcement has been approved for release by the FAR Limited Board of Di
Slide 2: Shareholder Update - Annual General Meeting
FAR Limited For personal use only Shareholder Update Annual General Meeting 31 May 2022
Slide 3: 2021 in review
2021 in review For personal use only RSSD (Senegal) project sale agreed with Woodside for US$126m cash payment and up to US$55m in contingent payment Capital return to shareholders of A$0.80/share (US$57.7m) Restructure of Board and senior management team Completion of Bambo-1 well in The Gambia Blo
Slide 4: Our Assets
For personal use only Our Assets
Slide 5: Woodside Contingent Payment
Woodside Contingent Payment For personal use only • Entitlements are associated with the sale of FAR’s entire interest in the Senegal RSSD Project to Woodside. • FAR received US$126 million in cash from Woodside as well as rights to the Contingent Payment as consideration for the sale. • Potential f
Slide 6: Building the case for The Gambia
Building the case for The Gambia • FAR’s investments in The Gambia have thus far failed to find For personal use only Fan-1 potentially commercial quantities of hydrocarbons. SNE-1 • Wells drilled in and adjacent to The Gambia have however filled in critical elements of the petroleum system puzzle a
Slide 7: Jammah-1
Jammah-1 For personal use only In 1979 Jammah-1 found several sandstone reservoirs with overlying sealing shales but no hydrocarbons. Subsequent analysis of rock samples by FAR in 2019 found oil shows and modern 3D seismic demonstrated that the well was drilled off the crest of the structure. There
Slide 8: Fan-1: Senegal knowledge guides The Gambia
Fan-1: Senegal knowledge guides The Gambia For personal use only Our experience in Senegal provides the knowledge base to explore The Gambia. In 2014 Fan-1 found a thick oil column in Albian to Turonian sands but the reservoir was of poor quality. There were over 1,000m of world class source rocks i
Slide 9: SNE-1: Senegal knowledge guides The Gambia
SNE-1: Senegal knowledge guides The Gambia For personal use only In 2014 SNE-1 tested a structural high beneath the regional unconformity and encountered a thick oil column in good quality reservoirs. This is proof that oil has migrated from the source area to the west. There is a good top seal imme
Slide 10: Samo
Samo 1 For personal use only After the success of SNE-1 in Senegal, FAR’s attention shifted to The Gambia with the objective of exploring the same geological trend. The Samo structure was an opportunity to test an analogous structure at the same stratigraphic level and was an obvious choice. 9
Slide 11: Samo-1
Samo-1 For personal use only Samo-1 had oil shows at several levels confirming that the working petroleum system extends to the south. The top seal that was present in SNE-1 was not present in Samo-1 which is the most plausible reason for failure. The deeper shows and oil extracts suggest there may
Slide 12: Bambo-1
Bambo-1 For personal use only The Bambo-1 well was designed to test the southern extent of the SNE-1 structure which extends into Gambian waters. There were other objectives but because the well had to penetrate the SNE structure (Soloo prospect) above the oil water contact, the location with respec
Slide 13: Bambo-1
Bambo-1 For personal use only The seal missing in Samo-1 was present in Bambo-1. There appears to be an oil column in the Lower Albian primary target which is equivalent to the SNE-1 oil column but there was no reservoirs in Bambo-1. Once again the deeper shows suggest the presence of an eastern oil
Slide 14: What Next?
What Next? For personal use only The wells drilled to date have demonstrated the presence of several oil prone source rocks which can charge structures from the west and from the east. There are reservoirs, seals and viable traps. The challenge as always is to find these in the combination that work
Slide 15: Our Strategy
For personal use only Our Strategy
Slide 16: Our strategy for 2022
Our strategy for 2022 For personal use only Determine how best to realise full value from our investment in The Gambia Explore a broad range of new business opportunities Minimise overheads and preserve capital Capital management strategies to ensure our share price better reflects underlying asset
Slide 17: The Gambia Strategy
The Gambia Strategy For personal use only Determine how best to realise full value from our investments in The Gambia • Each of the wells drilled in The Gambia have provided valuable information, improving our understanding of the petroleum system which de-risks future exploration efforts. • The Boa
Slide 18: New Business Strategy
New Business Strategy For personal use only Explore a broad range of new business opportunities • While committed to exploring options to progress with our projects in The Gambia, maintenance of the status quo is not an option being considered by the Board. • The Company is reviewing a pipeline of n
Slide 19: Overheads and Capital Management Strategy
Overheads and Capital Management Strategy For personal use only Minimise overheads and preserve capital • FAR has budgeted to spend US$6.8 million during the year ending 31 December 2022 on The Gambia licenses, marketing, corporate and administration costs. • There is new focus on financial discipli
Slide 20: Environmental, Social and Governance
Environmental, Social and Governance For personal use only Maintain focus on governance and ESG • FAR is committed to managing its environmental, social and governance (ESG) responsibilities and to embedding ESG into FAR’s philosophy, practices and business processes. • FAR recognises its responsibi
Slide 21: Looking forward in FAR
Looking forward in FAR For personal use only The Gambia • Utilise the data and our knowledge The Gambian assets to unlock value. • Continue discussion with JV Partner and Government on path forward before Permit extension in September 2022. • Progressing a farm down and in doing so seek a carry of a
Slide 22: Our Company
Our Company For personal use only 1 0.9 0.8 Share Price (A$/sh) 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 31-May-21 30-Jun-21 31-Jul-21 31-Aug-21 30-Sep-21 31-Oct-21 30-Nov-21 31-Dec-21 31-Jan-22 28-Feb-22 31-Mar-22 30-Apr-22 27-May-22 ASX Ticker FAR Substantial shareholders Chairman Patrick O’Connor Share pric
Slide 23: 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 For personal use only considered as an offer or invitation to subscribe for or purchase any shares in information which you may require
Slide 24: Contact us
Contact us For personal use only Level 12 Podium, 530 Collins Street Melbourne VIC 3000 Australia T: +61 3 9618 2550 info@far.com.au far.com.au For further information, please contact: Investors: Media: Patrick O’Connor Craig Sainsbury Tristan Everett Chairman Market Eye Market Eye p.oconnor@far.com