Slide 1: Le Ce Be ee Ly
7 7 Le Ce Be ee Ly
Slide 2: Overview of FAR
Overview of FAR ® Non Operator Focus (more $$ in wells) ® Active International Portfolio (USA/China) @ Strong 3D driven 2005 Program (10.wells) t 31 December 2004) [otal issued Shares _ yo
Slide 3: Share price performance
Share price performance FAR Share Price and Volume - 1 Jan 2004 to present $0.20;-— a a 45,000,000 $0.18-+-f-~-——— eee -—} 40,000,000 $0.16} ML — ~-+ 35,000,000 $0.144- 30,000,000 $0.12} 25,000,000 $0.10 20,000,000 $0.08 15,000,000 $0.06 10,000,000 $0.04} 5,000,000 $0.02 Share price 7 . | Current dr
Slide 4: FAR Objectives
FAR Objectives Achieve drilling success of 80% in 10 well program planned during 2005 Lodge oilfield development plan in China within this financial year Exploit new growth opportunities in USA and double sales in 2005 Achiévesignificant.increasé shareholder value = Why FAR’s program should succeed?
Slide 5: Review of 2004
Review of 2004 Prospect Well FAR% Result Production China 3 wells 15 Currently reviewing | Start up Jan 2007 Beibu Gulf 22/12 > 15,000 bopd WA-254-P “PP&A --] Sage mini FPSO model < 2 Muggles “| years (?) Lake Long . 1 well ‘ | a | Gas production” "| 5.6,mmefd and 301 bopd Jan “LSE 328 #1... . ~ | 2
Slide 6: Lake Long
Lake Long Lake Long has produced 300BCF and 20 mmbbis (70 mmboe) from 26 zones FAR has had: 100% success rate in all five wells at Lake Long FAR recently increased interests Entire field has 3D seismic cover 6 producing \ 2 new Hollywood prospects following 2004 discov sry. Sub lease from BP approve
Slide 7: Proposed Well
Proposed Well Path Depth 11,000 15,500) 766 BCFG Cib. Op.Sands
Slide 8: Bay Courant (FAR 20%)
Bay Courant (FAR 20%) Discovered by. Tenneco 1973 On trend with 7OBCF Apache operated Golden Meadow field Drilled Nov. 2004, First Production Mar 2005 estimated at 200 plus bopd. Within.1 mile of pipeline... a Deeper gas play progressing SOUTHEAST LOUIBIANA, | GAS PIRELINE TRANSRIBBION MAP ‘SHOWING.
Slide 9: Oil price
Oil price | @ China uses >6 million bbis per day of which 2.5 is imported (up 40% in first 7 months of 2004) USA es 20 million-bbis p (60% imported) | eak of Id'be greater than $100 per bbl Conclusions - We are in a bull market for-energy driven by China and India We are now.using (27 billion bbls)
Slide 10: Natural Gas Spot
Natural Gas Spot Henry Hub 10272004 Od2008 0622004 OBON2004 102004 120GRld o2na 2005 O30032004 O6N5I2004 OTaI2ROd OONNI200Od Tikieatod Ot a006 Ml g6.025 ; Ow wnt g.com —— Close (a7 9) 2938-40084
Slide 11: Drilling Program 2005
DRILLING PROGRAM 2005 USA Welder.Ranch High Impact Deep Wilcox Gas play Texas Lak od. Gas play Louisiana Bay Courant Deep Gas Play, Louisiana Clear Branch. Deep Gas Play, Louisiana South Grosse Tete Oil/Gas Play, Louisiana © Rainosek shallow oil/deep Gas play,Texas — AUSTRALIA CHINA “WA-254-P (Littl
Slide 12: Potential impact of USA program
Potential impact of USA program (pecuative) Prospect Welder. | $ Grosse Eagle 2 Rainosek | Clear Bay Lake Ranch Tete Branch Courant Long FAR interest | 9% 17% 15% 22% 9% 15% 4% Discovery | 40 4 6BCF-|5BCF-..|%00BCF |29BCF | 10BCF Size (P50) ; / ; ; ; 1.4mmbl 417-23 mmbl | 44mmb! * Potential. ~ $8.72
Slide 13: United States of America
UNITED STATES OF AMERICA BASIN OILFIELDS . m Cheyenne: San Francisco... ; ~. “EAGLE PROSPECT - wt =: ” WEST BUFFALO. wes ~WALLOW ; Los Angeles . ~~ HARDEMAN © Chicago mw - LOUISIANA / TEXAS PROGRAM — New Orleans.”
Slide 14: Welder Ranch Project (9%)
Welder Ranch Project (9%) “Amplitude anomaly driven gas play on 1,000 acre ami ‘Three objectives defined by 3D *Probable reserves 39BCF and. 1.4mmbblis *Nearby wells (3,900 feet. producing 32 million.cubic. feet. per day (11,000 psi) *DHC US$2.7m © _NOW DRILLING Significant gas shows
Slide 15: South Gross Tete - FAR 17%
" SOUTH GROSS TETE - FAR 17% Sirs i Sak ie Y a = _ rer ee Ce DEEP WILCOX s SROTEC 4 SCHWING UPTHROWN (| 1R0G Ac. Chasure, OH ML. Op : TOS Ent PR OOES Bok Mex — £1,500" Basin Bloor Par, 16.500" 18 000" itiphe Zaomen ST MRE? Pesmlisdes oly ROE Pema tahee ttt Weiss LEAR RE-ENTRY Sawdemario —- 1,00" MOI
Slide 16: South Grosse Tete
_ SOUTH GROSSE TETE_ Pees ae ; iii iii U7 ies oy 5 LINE Ue oe — ae Lo : wy 2 A v8 4, $f iti Oe - Gi yy a 7 : a AMET NEE ne BORE ZZ oo wots . ~ HeLcMeRE & ‘ 2d RakMEeNrenaE FEE Hace Etoentvee Mw aeiih ey Bar al aa aa al a orice iki FR a Ae LES & i 4 aw a Ua SERENE MLL es Cie BACAR A seme
Slide 17: Potential Value of South Grosse Tete
Potential Value of South Grosse Tete Formation Potential. Net Value Per FAR FAR (17%) Share A$million Undiluted (speculative) Bolmex 10-16 5-9 cents 11,650 ft Nonion 12-15. BOF 4.5 “g| 2-3 cents 13,000 ft. >. ; Nodosaria 5 mmbbis 49 26 cents. 13,500 100 BCF : Wilcox — 9«13 mmbbis 143-206 76 cents to
Slide 18: Eagle Oilfield development project
Eagle Oilfie d development project San Joaquin Basin, California Low risk 27 million barrel and'50 BCF stratigraphic oil field development play with 223 BOPD and 1 MMCFD 1986 field discovery well with 31 metre gross oil-column No exploration Targeting sandsto production potential ‘of 500-1000 BOPD a
Slide 19: Impact of Eagle development success
LAKES OL PRET AUSTRALIAN RESOURCES a, SUN RESOURCES: w 0 EAGLE OIL POOL IMPACT OF EAGLE DEVELOPMENT SUCCESS (SPECULATIVE-UNRISKED) IMPACT PER SHARE (VPE case) * i NEARBY EOCENE ye an OIL FIELDS : ool Bcr ci Wels RaAIEERUIR EEE Nearby Eocene Oil Fields
Slide 20: Eagle Oil Field Development Project
ef i 3 . ha — A q ; fl s a sl ; Eagle Oil Pool 27 MBO & 60 BCF graven FARNICEE sepetbeoogeral Tate, Bae pe Mary 6 oil sancel te EAGLE Oil, FIELD DEVELOPMENT PROJECT WF SAN JOAQUIN BASIN, CALIFORNIA, AUGUST, 2001 tory aetioccntas tagledi (1988) Subsea Vertical Geass Seetion View along 320 Axrnuth (20
Slide 21: | il — ' a
| il — ' a a a ae Lo a a, East Coalinga Oil Field, Gatchell ; Ce : i Ze : : stratigraphic trap analogue, 504 7 0 Ce LD MMBO & 536 BCFG, March 2001 |. «0 EAGLE OI POOL - DEVELOPMENT oo - aa PROJECT i . - ‘ | SAN JOAQUIN BASIN, : CALIFORNIA ii Oil recovery of 250 barrels from well bore, Eagle workover
Slide 22: 1000 BOPD and 1.5-3.5 MMCFD expected
500 to 1000 BOPD and 1.5 - 3.5 MMCFD expected _) Proposed Eagle-2 EAGLE OIL POOL Oil sands pinch out updi Planned Eagle-2 Horizontal Well Bore
Slide 23: Carnarvon Basin
CARNARVON BASIN: a INFRASTRUCTURE MAP... Australia’s north west shelf WA-254-P FAR (10.7%) [er taeaee 8 Operated by. Apache Partners include Woodside Sage discovery, 8. 3 million bbls Mini FPSO studies in progress
Slide 24: Little Joe Prospect (WA-254-P)
Little Joe Prospect (WA-254-P) The Little Joe prospect is currently being offered as part of a farmout package by Woodside in adjoining permit WA-208-P. Mapping by Apache suggests that up to 35% of the prospect lies within WA-254-P The Prospect is a Tithonian.sand structural trap at approximately 22
Slide 25: Little Joe Prospect Summary
Little Joe: Prospect Summary Little Joe-1 Exploration well (new. -Play type) Block: ; WA208-P(65%), WA-254-P(35%) Operator. =~... Woodside “254:P)— RF 30-50% Unrisked Reserves.in place (MMSTB) i « Truncated BT TA » Stand Alone MOPU with tanker offloading. Opex A$15m/annum > 1% oil 2007 at 20000 BOPD
Slide 26: Carnarvon Basin Chronostratigraphic Section
Carnarvon Basin Chronostratigraphic Section LITTLE JOE OBJECTIVE DING. SROREL AGE FLAGELLATE | FALE STRATIGRAPHIC Ne AGE a ZOUES, an igartl ra Ma Meet Oo | retiey wedtoe EXMOUTH BARROW DAMPIER BEAG ‘potttir —o THT ; y vt AUER ad S| anew Ate MAM TERA IAS om eo “| waneassiensit ote ia os Se: : 160 O p
Slide 27: Offshore China Beibu Block 22/12
SOUTER FAR 5% OFFSHORE CHINA ee BEIBU BLOCK 22/12 FIRST AUSTRALIAN RESOURCES NL. EXISTING DISCOVERIES, PROSPECTS AND LEADS ‘Cyl i Hiatus aa ates peigneeoa nae pes nto sa ensieen facies ; crannies olticmosten ; i Concerns fPndata es , oe oe 2 oe o 4 F C5 MOON Deco ee oe a J ne “Atlant ot, es
Slide 28: Beibu Gulf Development
SEES ae BEB GULF DEVELOPIENT OVERALL FIELD PICTORIAL
Slide 29: eae
Ly a os ae eae D a / ey a ey oe _ Gee 12-6 ANNEXE PLATFORM 12-8 WEST PLATFORM AB, First Production: 13,000 bopd Jan 2007 Recoverable Reserves: 10 million bbls
Slide 30: Pitchfork Trilateral option
Pitchfork Trilateral’ option auality. = Precisely _ Annex’on 12-1 Platform
Slide 31: a Se
a Se Cae ) iin | yo STATI Ee 8 Pune 10, POWER CRAVE 0 PEON SN PONGE ChGLE oe BNE EAE First Production: 25, Recoverable Reserves: 15 million bbls 12-8 SUNEXE PLATFORM 412-6 EAST PLATFORM 12-6 WEST PLATFORM
Slide 32: Wei 12-8-East Comparison - Pre & Post Wei 12-8-3
Wei 12-8-East Comparison — Pre & Post Wei 12-8-3 ® Before drilling Wei 12-8-3 we had: e Atte di ili Oil viscosity ~8.5.cP Flat OWC @ 908.9 mTVDSS per Wei 12-8-2 STOIP.~90 mmstb 8 horizontal wells / ~12,000 m of reservoir contact Estimated reserves ~17 mmstb Possible tilted OWC throtigh all three 12-
Slide 33: Production from three countries in two years
Production from three countries in two years (?) ® Success at Lake Long/Bay Courant will expand FAR production in USA China — JV has agreed to 3 term and ODP to commercialise 12-8 Field Sage to focus on mini FPSO for possible development Little Joe and Point.Tor! } ffer rapid development if successf
Slide 34: Where are we heading?
Where are we heading?