Slide 1: An unfolding African success story
An unfolding African success story For personal use only Investor Presentation October 2014
Slide 2: Our company
Our company • High impact exploration in Africa For personal use only • Success in first well drilled offshore Senegal • Farmed out $240M of work program in last 18 months • Carried on the drilling of 3 wells and a 2D seismic program • 5 wells in 3 countries in next 15 months • Global farmin partner
Slide 3: Corporate snapshot
Corporate snapshot For personal use only Capital Structure ASX Ticker FAR Shares on issue 2,699,846,742 Share price* A$0.12 Market capitalisation* A$324M Cash* A$39M * As at 10 October 2014, Cash position unaudited
Slide 4: Board with significant experience
Board with significant experience For personal use only Nicholas Limb Geophysicist and investment banker 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. 38 years indu
Slide 5: Exposure to world class acreage
Exposure to world class acreage • 8 exploration licenses in 3 West and East African countries For personal use only • 2 wells with Cairn and ConocoPhillips offshore Senegal commenced April 2014 Senegal Kenya Unexplored frontier Exciting frontier Billion barrel potential Large equity positions Guinea
Slide 6: FAR's prospects offshore Senegal
FAR’s prospects offshore Senegal For personal use only Strong acreage position Success in first well drilled First offshore well for 40 years and first ever deepwater well
Slide 7: Senegal
Senegal • Stable democracy: For personal use only 196 years • Peaceful country • Capital Dakar • Population ~14M • FAR in Senegal since 2008 • FAR enjoys good standing with the Government, Petrosen and other stakeholders in Senegal • FAR was operator with 90% equity until August 2013 • President is
Slide 8: Senegal: Discovery in FAN-1
Senegal For personal use only • Discovery in FAN-1 : first of 2 carried wells RUFISQUE, SANGOMAR & SANGOMAR DEEP OFFSHORE 16.7% paying interest, 15% beneficial interest • FAR 15% interest Operator: Cairn Energy PLC • Permit area of 7,000 km2 • Partners are Cairn Energy (Operator:40%), ConocoPhillips
Slide 9: Senegal: Prospects and Leads summary
Senegal: Prospects and Leads summary For personal use only • Deepwater fan (FAN-1) well and shelf edge (SNE-1) well • Pre-drill estimates: - 900 million barrels* in fan well (FAN-1) - 550 million barrels* in shelf well (SNE-1) • 3.5 billion barrel* follow up potential in success case *From FAR inter
Slide 10: Senegal: Drilling schematic
Senegal: Drilling schematic SNE-1 For personal use only Drilled to date FAN-1 1150m WD 1428m WD ~3500m TD Yet to drill Oil Migration 4927m TD Oil Traps Buried Hills Play Albian Clastic Play Aptian Carbonate Play Campanian-Maastrichtian Fan Play Santonian Fan Play Source kitchen West East 10
Slide 11: Senegal: FAN-1 operations
Senegal: FAN-1 operations For personal use only Cajun Express Drilling Rig Sea surface Riser 1000m BOP Sea floor 1428m water depth Surface Casing Intermediate Casing 3000m 47 Days unscheduled maintenance Oil samples recovered Primary / Secondary Target 29m net oil bearing reservoir in cretaceous age
Slide 12: Senegal: FAN-1 well discovery
Senegal: FAN-1 well discovery • 500m gross oil column For personal use only • 29m net oil column Pre-drill prospective resources: FAN-1* • 28o – 41o API oil Upper fan (North Canyon prospect) 304 mmbbls • No oil/water contact encountered Base of slope play (Beer Prospect) 632 mmbbls Total 936 mmbbls
Slide 13: Senegal: Planned SNE-1 well
Senegal: Planned SNE-1 well For personal use only Shelf prospect prospective resources* Albian sands (Lupalupa prospect) 154 mmbbls Aptian carbonates (Boabab prospect) 491 mmbbls Total 645 mmbbls Total net to FAR 97 mmbbls SNE-1 FAN-1 *From FAR internal prospective resources 27 Feb 2013, best estima
Slide 14: Senegal: Planned SNE-1 well
Senegal: Planned SNE-1 well Albian sands objective Albian Amplitude Extraction For personal use only SNE-1 Aptian carbonates objective *From FAR internal prospective resources 27 Feb 2013, best estimate, gross, 14 unrisked prospective resources, 100% basis, oil only
Slide 15: Senegal pre-drill prospective resources
Senegal pre-drill prospective resources For personal use only Unrisked Best FAR Unrisked Best Risked Best Estimate Estimate Prospective Working Estimate Prospective Chance of Prospective Resources Resources Interest(1) Resources (net to FAR) discovery(2) (net to FAR) Oil Prospect Play Well (mmbbl) (
Slide 16: Senegal: Global deepwater economics
Senegal: Global deepwater economics For personal use only In a US$100/bbl oil price environment the exploration prize remains very material. Deepwater also does not necessarily mean lower unit value (especially where oil is discovered). Technical challenges and costs are higher, but explorers benefi
Slide 17: Senegal: FAN-1 comparison with Jubilee
Senegal: FAN-1 comparison with Jubilee For personal use only Jubilee was one of the largest worldwide finds of 2007, and the largest find of the entire decade offshore West Africa. The Jubilee discovery was significant, not only because of its size, but also because it opened a new hydrocarbon play
Slide 18: Senegal: Further analysis of FAN-1 data ongoing
Senegal For personal use only • Further analysis of FAN-1 data ongoing • Operator continues ‘tight hole’ policy • Derisked SNE-1 well • Currently setting plug on FAN-1 before mobilising to SNE-1 well • Top hole of SNE-1 well drilled • Drilling operations to be completed by end of year • Significant
Slide 19: FAR's prospects in East Africa
FAR’s prospects in East Africa For personal use only Large equity in Kenya’s fast emerging Lamu Basin The next big thing for FAR
Slide 20: Kenya
Kenya For personal use only • Large acreage position in Lamu Basin BLOCK L6 BOCK L9 60% interest offshore 30% interest • Farmout completed for onshore L6: 24% interest onshore Operator: Ophir Energy PLC Operator: FAR Limited total work program ~US$30M • Actively farming down for an offshore well in
Slide 21: Kenya: Lamu Basin
Kenya: Lamu Basin • Proven oil at both ends of reef play BLOCK L6 BOCK L9 For personal use only 60% interest offshore 30% interest • Sunbird-1 well in Block 10A 24% interest onshore Operator: FAR Limited Operator: Ophir Energy PLC - Oil and gas discovery - Oil and gas column - Returned hydrocarbons
Slide 22: Kenya Block L6: Prospects and leads
Kenya Block L6 : Prospects and leads Onshore For personal use only • Farmout deal concluded with Milio International • Fully carried on 2D seismic and well Offshore • Drill ready prospects defined on 3D seismic • Large exposure to Miocene reef play drilled by BG : Sunbird-1 • 3.7 billion barrel oil
Slide 23: Kenya Block L6: Maridadi well result
Kenya Block L6 : Maridadi well result Maridadi-1B For personal use only Seal Reservoir Oil Shows 23
Slide 24: Kenya Block L6: Reef prospects
Kenya Block L6 : Reef prospects For personal use only SW NE Kifaru West Kifaru Miocene reef play prospective resources* Kifaru prospect 178 mmbbls Kifaru West prospect 130 mmbbls Other total 1,249 mmbbls Total 1,557 mmbbls Total net to FAR 934.2 mmbbls *From FAR internal prospective resources 27 Feb
Slide 25: FAR story unfolding
FAR story unfolding For personal use only • Significant discovery on first well. • 5 wells planned for next 15 months • 3 farmouts for 3 carried wells and a 2D seismic program totaling approximately $240M • Drilling continues in Senegal on SNE-1 exploration well • Approximately $39M cash • Kenya sto
Slide 26: The year ahead
The year ahead 2014 2015 For personal use only SENEGAL Sangomar Profond Drilling FAN-1 Drilling SNE-1 Evaluation of drilling July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Farmout Drill planning Drilling L6 Offshore July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug S
Slide 27: Contact us
Contact us For personal use only Level 17, 530 Collins Street Melbourne VIC 3000 Australia T: +61 3 9618 2550 www.far.com.au 27
Slide 28: Appendices
For personal use only Appendices 28
Slide 29: 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
Slide 30: Community projects
Community projects For personal use only • Flood relief program in Senegal • Mosquito nets in Senegal • Donation of soccer balls in Guinea Bissau • Community consultation and education in all our areas of activity where appropriate