Slide 1: Forward-looking material notice
The following presentation contains certain “forward-looking material” that involves estimates, assumptions and uncertainties. No assurance can be given that FAR’s expectations or goals will be realised and actual outcomes may differ materially from those presented. py
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) © Cash of $2.8m. (at 31 ‘March 2009) Totalissued Shares sisi(‘é#*@ «826588844 $22,173,689 | ~~ (www far.com.au)
Slide 3: Share price performance
Share price performance FAR Share Price and Volume - 1 Jul 2000 to present $0.20 45,000,000 $0.18 4- —-~ 40,000,000 $0.16 | “=. —.} 35,000,000 $0.14 4A A A Pe ‘=> ++ 30,000,000 $0.12 | "44 25,000,000 $0.10 4 fi Bes, ee re we Le of a 20,000,000 $0.08 f- -=- fo - ea hae — FE. ai os AEE 15,000,000 $0.0
Slide 4: FAR option price chart
ConmsSec ¢ ® Parilecn charts FAROS - FIRST SUSTRALIAH OPTION 341-JUL 12-May “0.05 shareholders as bonus options in 2003 ] 0.035 0.03 if o o bo Price (Dollars) Close = $0.022 porn , ,J bel sg diz n ‘ Jel, dal , sabia mi whe ad J EC) May Jun Jul Aug Sep Oct Noy Dec Jan Feb Mar Apr May o4 o4 o4 o4 O4 o
Slide 5: FAR Objectives
FAR Objectives Achieve drilling success of 80% in 10 well program planned during 2005 Lodge oilfield development plan in China early third quarter Exploit new growth opportunities in USA and double sales in 2005 e e e @ Significantly,increase, shareholder value. Why FAR’s program should succeed? @ S
Slide 6: Review of 2004
Review of 2004 Prospect Well FAR% Result Production China 3 wells 5 Wei 12-8 West in Potential start up Jan 2007 Beibu Gulf 22/12 pre-development > 15,000 bopd WA-254-P 1 well y og P&A New small field development Muggles concepts being studied may “| impact Sage (mini FPSO) < 2 : years (?) Lake Long
Slide 7: Lake Long
Lake Long Lake Long has produced 300BCF and 20 mmbbis (70 mmboe) from 26 zones FAR has had 100% success rate in all five wells at Lake Long FAR recently increased interests Entire field has 3D seismic cover, 6 producing wells. generating ~ - A$ m ‘pa to FAR 2 new Hollywood prospects following 2004 d
Slide 8: South North
South North Proposed Well Path Hollywood 766 BCFG Cib. Op.Sands
Slide 9: 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 planned June 2005. Within.4 mile of pipeline Deeper gas play (29 BCF) or 5mmboe below 12, 80 ft. Farmout discussions progressing SOUTHEAST LOUISIANA GAS PIPELI
Slide 10: Oil price
2. Oil price @ China uses >6 million bbis-per day of which 2.5 is imported (up 40% in first 7 months.of 2004) USA uses 20 million bbls per day (60% imported) © Oil adjusted for inflation from peak of 1979 would be greater than $100 per bbl Conclusions Weare in.a bull market for energy driven. by Chi
Slide 11: $ / Barrel
$ / Barrel £ $60 $55 | “ we = Crude Oil Spot WT Cushing “061022004 oS103/2004 {0101/2004 VANB2004 “02/03/2008 ‘04/06/2008 May 3, 2004 -May 12, 2005 wars Economics 22005 Sea, alla Cat ity ia) 209-1081 —= Close
Slide 12: Natural Gas Spot
Natural Gas Spot Henry Hub $3.00 : | ) $6.645 $7.50 p< $7.00 = $6.00 i. = & $5.50 - $5.00 $4.50 = $4.00 - ee re ci espe cee spinouenssicnceascis pepe zisemeeym ep cothees wee arsine gal 05/03/2004 0702/2004 09/01/2004 4102/2004 01/04/2005 03/07/2008 OS ME2005 Oe2etl4 CBNORR004 TONT2004 120GR0Od OBNS
Slide 13: Drilling Program 2005
DRILLING PROGRAM 2005 USA Welder Ranch High Impact Deep Wilcox Gas play Texas Lake,Long Deep Hollywood.Gas play Louisiana Eagle-2 Oilfield project, California Bay Courant Deep Gas Play, Louisiana Clear Branch Deep Gas Play, Louisiana South Grosse Tete Oil/Gas Play, Louisiana Rainosek shallow oil/dee
Slide 14: Potential impact of USA program (unrisked)
Potential impact of USA program (unrisked) Prospect Welder. $ Grosse Eagle 2 Rainosek | Clear Bay Lake Ranch Tete Branch Courant Long FAR interest | 9% 17% 15% 22% 9% 15% 4% Discovery |40B8CF —|462-615BCF |26BCF..|5BCF 100BCF |29BCF | 10BCF Size (P50) 1.4mmbl 17-23 mmbl 14mmbl Potential $9m""" $206-
Slide 15: United States of America
- UNITED STATES OF AMERICA “Cheyenne San Francisco EAGLE PROSPECT : ae WEST BUFFALO WALLOW o , HARDEMAN Los Angeles we Chicago LOUISIANA / TEXAS PROGRAM New Orleans
Slide 16: Welder Ranch Project (9%)
Welder Ranch Project (9%) “Amplitude anomaly driven gas play on 1,000 acre ami *Objectives defined by 3D — *Probable reserves 39BCF and 1.4mmbbls (pre drill) *Nearby wells (3,900 feet) producing 32 million,cubic feet per day (11,000 psi) *DHC US$2.7m *No 2 well now drilling at 10,900 feet toward pla
Slide 17: wi i
wi i SCHRWING UPTHROWN ES Ac. Chowuwre, GOMY IN. Drip Miuktd pte: Zermem Kol Mex —~ 11,a00" Basin Floor Far, 16,500" 18,000" " BOB MDB? Peranttrler 5 Ponaiiele ‘ To Be, Shoe 2007, Ants Waris LEVERT LEASE Bak Mies ~- $0,000) 5 O5OIS MMB oe 4 PROVED UNDEVELOPED i . 2-3 Wells. CHENANGO Bot Mex/Nomiom S
Slide 18: South Grosse Tete
" SOUTH GROSSE TETE. te yao i. 7 carmen i z ‘] ow ESO Tidy T 16 ase Teen warns Bet. | Tia fe we areaneee TEETH RAL AE & 4 a # Le SKS are oa PWNS Wouxores a2temuiormy Rhemmgrmnd Somuereitiie Wa. Bam. cH a Pee AEA (REN AN reais
Slide 19: Potential Value of South Grosse Tete
Potential Value of South Grosse Tete Formation Potential Net Value Per FAR FAR (17%) Share A$million Undiluted (speculative) Bolmex 3-5 mmblis 10-16 5-9 cents 11,650 ft Nonion 12-15 BCF 4.5 2-3 cents 13,000 ft Nodosaria 5 mmbbis 49 24 cents 13,500 100 BCF Wilcox 9-13 mmbblis 143-206 70 cents to $1.0
Slide 20: Eagle Oilfield development project
Eagle Oilfield 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 risk because Eagle has proven oil.and gas Targeting sands
Slide 21: Eagle oil pool development impact
i v FIRST AUT RALAN m sun wv EAGLE OIL POOL IMPACT OF EAGLE DEVELOPMENT SUCCESS (SPECULATIVE-UNRISKED) PACT PER SHARE (undiluted) (VPE case) * NEARBY EOCENE — ae OIL FIELDS “ East Coalinga Field | 5d. & B36 BCFG Eagle Oil P 27 MMBO & 50 ool BCF Te ee 5 miles bytes, Middle Dance aes - Bige (ecatn opa
Slide 22: Eagle Oil Pool MMBO & 50 BCF
Eagle Oil Pool 27 MMBO &50 BCF ' cagoretivcay “ ot. sands] nl Pinch outzero edge of Mi: cient i Sac SAN JOAQUIN BASIN, CALIFORNIA, AUGUST, 2004 tary setocchi #1 EAGLE OIL FIELD DEVELOPMENT PROJECT Eagle at (1986) Subsea Vertical Coss Section View along 320 Aniuth (2a01) gotumern SE ‘oven varus umes
Slide 23: East Coalinga analogue and Eagle workover
non East Coalinga Oil Field, Gatchell stratigraphic trap analogue, 504 MMBO & 536 BCFG, March 2001 EAGLE OIL POOL DEVELOPMENT PROJECT ‘SAN JOAQUIN BASIN, ~ CALIFORNIA Oil recovery of 250 barrels from well bore, Eagle workover, March 2001 EAGLE OIL POOL DEVELOPMENT PROJECT San Joaquin Basin, Californ
Slide 24: Planned Eagle-2 horizontal well
500 to 1000 BOPD and 1.5 - 3.5 MMCED expected >) Proposed Eagle-2 __EAGLE OIL POOL sens Planned Eagle-2 Horizontal Well Bore
Slide 25: Carnarvon Basin
CARNARVON BASIN INFRASTRUCTURE MAP LEGEND fee, anwipr Foto Paar aesenbh Petre es Pee ira Bi, {to aaee ee | Operated by Apache Partners include Woodside Australia’s north west shelf WA-254-P FAR (10.7%) Sage discovery 8.3 million bbls — Mini FPSO studies in progress Fmmvowrt “RvPErNO § A wnecieana [w
Slide 26: Little Joe Prospect (WA-254-P)
Little Joe Prospect (WA-254-P) The Little Joe prospect is earmarked for 34 gtr 2005 drilling by Santos on (Woodside operated) adjoining permit WA-208-P. Mapping by Apache shows that up to 35% (of the 26 million barrel potential) lies within WA-254-P The Prospect is a Tithonian sand-structural trap a
Slide 27: 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 Pg: 18% FAR WI: Cover ADA WNRe2o4-P} RF 30-50% Unrisked Reserves. in place (MMSTB) : PSO P10 Truncated 37 71> >» Stand Alone or tied:into Legendre facilities. : > 15 oil
Slide 28: Carnarvon Basin Chronostratigraphic Section
Carnarvon Basin Chronostratigraphic Section DINO- SPORE AGE FLAGELLATE | Poulen STRATIGRAPHIC . AGE see Sao | ar Ma eetgaa) | veh veBloe | EXMOUTH BARROW DAMPIER BEAGLE 2 agen date GRENSPE SE . > Ff ae = A wusraie ede WA foatuinae: ii ° Beversoncnos [Ae Ht VaLANGIOAR eee BERAIASEN Let ie avaTmersoen
Slide 29: WTS |
WTS | [WANDOD SOUTH t TAYPERNO # | i -> STRICKLANG 1 Wa 426Ft WA-340-P
Slide 30: Marauder: Prospect Summary
Marauder: Prospect Summary Prospect: Marauder-1 Well Type: Exploration Block: WA-254-P Pg: 29% Operator: Apache Pc(oil): 14% Key Risk: Migration/Gas Legendre Only Unrisked Reserves (MMSTB) P90 P50 P10 Mean Truncated 6.0 17.0 47.7 22.5 >» Legendre Look-alike development — Leased Platform and FSO > 15
Slide 31: Offshore China Beibu Block 22/12
ABER FAR 5% OFFSHORE CHINA / - yt CS a BEIBU BLOCK 22M2 . FIRST AUSTRALIAN RESOURCES NL, EXISTING DISCOVERIES, f PROSPECTS AND LEAD foes ¢ Pubes & Prospect! Leads O02 Cal Diecowery <> pa ais iets ‘i g Bessescnss RILCMETRES | AEE, fife pert pee
Slide 32: Beibu Gulf Development
aN II BEIBU GULF DEVELOPMENT OVERALL FIELD PICTORIAL
Slide 33: Beibu Gulf platforms
oo Se KOEG y, oe VG a a on He Co _ Te eae A ay SS EES y a Le ye Wie Be : 8- 10 million bbls SEs — Recoverable Reserv 2-1 PLATFORM WEL 4 12-8 ANNEXE PLATFORM 12-8 WEST PLATFORM SOS
Slide 34: Slide 34
Slide 35: Beibu Gulf platforms
we Ke | — Wey ~ oD ae Lo ee TS i ey a 1 PLATFORM a aah oy Cl (FF Le WE! 12- ~ 5 = ©. E S oS S a bo] tt N cel 12-5 ANNEXE PLATFORM 12-8 EAST PLATFORM 12-6 WEST PLATFORM
Slide 36: Offshore China: WEI 6-12-1
OFFSHORE GHINA: WEI 6-12-1 Discovery and U pdip potential WEL G124 6-12-1 DRILLED IN 2002 OIL DISCOVERY BUT NOT CONSIDERED COMMERCIAL ON STAND ALONE BASIS Reconnaissance AVO Display
Slide 37: 6-12 South Prospect planned 2005
6-12 SOUTH PROSPECT PLANNED 2005 (possibly July) * Strong Analog to 6-12-1 Discovery, on Trend and Potentially Bigger * Could move 6-12 Complex to Commerciality WEL12-6-1 Discovery | WEI-12-6 South Prospect hele « a NE LAOH La6ee pf Lanaa Lares Laney BE Lad 2ibbds Lae LSate SW He5t Tt) Teo rs Thad T
Slide 38: Production from three countries in two years
Production from three countries in two years (7?) Success at Welder Ranch/SGT will expand FAR production in USA China — JV has agreed to 34 term and ODP to commercialise 12-8 Field Sage.to focus on-mini FPSO for possible development Little Joe/Maurader (Duomonte)offer rapid development if successful
Slide 39: Where are we heading?
Where are we heading? FAR