Slide 1: FAR Ltd: Breakthrough Company of the Year
FAR Ltd: Breakthrough Company of the Year For personal use only Noosa Mining & Exploration Conference 21-22 July 2016
Slide 2: FAR market overview
FAR market overview For personal use only Market data (15 July 2016) Share Register ASX Ticker FAR Retail 46% Share price A$0.08 Institutional 24% Cash* (excludes $60m raised) $31.7m High Net Worth (>500k) 22% Market cap A$345M Investment bank 5% Average broker rating / target Buy, A$0.15 Cash balan
Slide 3: Senegal
Senegal For personal use only • FAR in Senegal since 2006 OFFSHORE SENEGAL PSC FAR 16.7% paying interest, 15% beneficial interest Operator: Cairn Energy PLC • FAR farm-out in 2013 of US$196M for initial two well carry • Basin opening FAN-1 and SNE-1 oil discoveries in 2014 • PSC partners: Cairn Ener
Slide 4: Regional oil and gas discoveries (2012)
Regional oil and gas discoveries (2012) For personal use only • Regional exploration success close to Senegal • Guinea Bissau: oil at Sinapa and Dome Flore (heavy oil) • Mauritania: oil at Chinguetti (on production) plus other gas discoveries • No commercial discoveries offshore Senegal 4
Slide 5: Regional oil and gas discoveries (2016)
Regional oil and gas discoveries (2016) For personal use only • FAN-1 and SNE-1 oil discoveries have made Senegal the world’s top location for exploration • FAN-1 proved up a prolific oil source and a gross oil bearing interval of >500m • SNE is ranked by IHS CERA as the largest global discovery in
Slide 6: Senegal schematic section
Senegal schematic section For personal use only • Gross oil-bearing interval of > 500m • No water-bearing sands intersected Shelf Edge play Fan play 6
Slide 7: FAN-1 oil discovery (October 2014)
FAN-1 oil discovery (October 2014) For personal use only • Proved prolific source • Oil gravity 28-41 degrees API • Gross oil bearing interval >500m • Operator gross oil (STOIIP) in place* – P90: 250 mmbbls – P50: 950 mmbbls – P10: 2,500 mmbbls • Proved oil migration model up dip • De-risked future
Slide 8: SNE-1 oil discovery (November 2014)
SNE-1 oil discovery (November 2014) For personal use only • Excellent reservoir • Oil gravity 32 degrees API • Gross oil column of 96m • Contingent recoverable resource* – P90 (1C): 277 mmbbls – P50 (2C): 561 mmbbls – P10 (3C): 1071 mmbbls • Four well field appraisal program commenced November 2015
Slide 9: SNE appraisal well locations
SNE appraisal well locations For personal use only Objective of wells and progress to date: • Size of oil pool ✔ • Test reservoir properties and deliverability from logging, coring and testing ✔ • Measure field connectivity SNE field seismic cross section BEL-1 SNE-2 SNE-1 SNE-3 SNE-4 N S Drilling O
Slide 10: SNE resource growth
SNE resource growth For personal use only Pre-Drill (Oct 2014) Post discovery (Nov 2014) Latest RISC audited (April 2016) P90 : 50mmbbls 1C: 150 mmbbls 1C: 277 mmbbls P50 : 154 mmbbls 2C: 330 mmbbls 2C: 561 mmbbls P10 : 350 mmbbls 3C: 670 mmbbls 3C: 1071 mmbbls *Reference FAR ASX releases dated 13 A
Slide 11: SNE footprint ~350km2 (135 square miles)
SNE footprint ~350km2 (135 square miles) For personal use only Source: Google earth, FAR 11
Slide 12: SNE-2 & SNE-3 flow test results
SNE-2 & SNE-3 flow test results For personal use only Flow tests have confirmed reservoir quality and ability to flow at commercial rates SNE-2 lower and upper reservoirs units • Gross 12m: 8,000 bopd stabilised • Gross 15m: 1,000 bopd unstabilised • Flowed higher than estimates SNE-3 tested upper r
Slide 13: SNE field outline and well locations
SNE field outline and well locations For personal use only 13
Slide 14: SNE development and tie back concept
SNE development and tie back concept For personal use only • Standalone FPSO with expansion capability for satellite tie-backs • Subsea production gas injection and water injection wells • First oil anticipated from 2021* *Reference FAR ASX release dated 24 September 2015 and 4 January 2016, Cairn E
Slide 15: Capturing more shelf edge exposure
Capturing more shelf edge exposure For personal use only Senegal JV focussed on the SNE shelf trend play and FAR is expanding the footprint into Djiffere • Undrilled Senegal exploration prospects with >1bn bbls potential • New Senegal joint venture 2015 3D seismic shot along trend from SNE • New FAR
Slide 16: Woodside transaction with ConocoPhillips
Woodside transaction with ConocoPhillips For personal use only Woodside has entered into a conditional agreement to acquire ConocoPhillips 35% interests in Senegal for US$430m FAR has been notified of its right to pre-empt by ConocoPhillips FAR is reviewing the proposal to fully understand the poten
Slide 17: FAR value adding activity
FAR value adding activity • Update of FAR’s SNE contingent resources For personal use only (new BEL-1, SNE-4 and core data) • FAR statement on SNE commerciality • Update on Senegal prospective exploration resources, including Djiffere • Drilling and evaluation activities expected to resume offshore
Slide 18: Contact us
Contact us For personal use only Level 17, 530 Collins Street Melbourne VIC 3000 Australia T: +61 3 9618 2550 info@far.com.au far.com.au Connect with FAR Limited:
Slide 19: 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