Far Ltd · ASX:FAR
Far — Africa Oil Week 2015
17 slides from Far's conference presentation, Oct 26, 2015
Slide 1: Unlocking offshore Senegal
Unlocking offshore Senegal Africa Oil Week 26 October 2015
Slide 2: Who is FAR?
Who is FAR? • Australian listed oil company: 8th largest E&P on ASX • Africa focused: Senegal, Guinea Bissau, Kenya and Australia • Offshore Senegal: FAR’s core project • FAN-1 and SNE-1 wells: Basin opening oil discoveries • World’s largest oil discovery in 2014 (IHS CERA) • Good economics: SNE is
Slide 3: Senegal
Senegal • FAR has strong relationships : – Been in Senegal since 2006 – One of longest standing companies in country • Senegal is peaceful : has been a democracy for 198 years • Senegal achieved 4.7% GDP growth in 2014 • Senegal S&P sovereign credit rating: 'B+/B‘ (stable outlook) • President is a P
Slide 4: Senegal
Senegal • FAN-1 and SNE-1: First offshore oil OFFSHORE SENEGAL PSC exploration wells for 40 years, first FAR : 15% interest Operator: Cairn Energy PLC deepwater wells offshore • US$196M farmouts in 2013 • Quality partners: FAR 15%, Cairn Energy (Operator 40%), ConocoPhillips (35%) and Petrosen (10%)
Slide 5: The road to discovery
The road to discovery 2006: FAR farmed in 2008: Operator exits Senegal, leaving FAR with 90% and operatorship 2010: Shell option 2011: Kora well drilled in AGC Profond 2012: Drilling phase of PSC 2013: Cairn and ConocoPhillips partners 2014: Drilling and discovery 2015: Commencement of evaluation pr
Slide 6: Senegal prospects and leads
Senegal prospects and leads • PSC area 7,490 km2 • 3D seismic coverage ~2500km2 6
Slide 7: FAN-1 and SNE-1 model seismic section
FAN-1 and SNE-1 model seismic section FAN-1 SNE-1 1430m WD 1150m WD W E Buried Hills play Shelf Edge play Fan play Source Kitchen Oil Migration Oil Traps 7
Slide 8: FAN-1 oil discovery
FAN-1 oil discovery • Gross oil bearing interval >500m • Oil gravity 28-41 degrees API • No oil-water contact encountered • Proved prolific source and migration pathway • Operator gross oil STOIIP – P90: 250 mmbbls – P50: 950 mmbbls – P10: 2,500 mmbbls 8
Slide 9: SNE-1 oil discovery
SNE-1 oil discovery • Excellent reservoir average 25% porosity in well defined Cretaceous structural trap • Oil gravity 32 degrees API • Gross oil column of 96m (36m net) • Contingent resource* – P90 (1C): 150 mmbbls – P50 (2C): 330 mmbbls – P10 (3C): 670 mmbbls • Potential to get larger 9 *Referenc
Slide 10: Upside potential
Upside potential • FAR has mapped over 1.5 billion bbls of undrilled prospective resources* 77mmbbl* • Most within tie back range to a potential future hub 74mmbbl* development at SNE 204mmbbl* • Shelf edge prospects that are 141mmbbl* look-alikes to SNE Tie 168mmbbl* • Drilling Bellatrix Prospect a
Slide 11: Next steps offshore Senegal
Next steps offshore Senegal • Next steps are to – appraise the SNE discovery – build resource base through BEL-1 ● drilling ● Bellatrix • 3 well program committed: ● – 2 SNE appraisal wells ● SNE-2 – Bellatrix exploration well • Drilling commences mid SNE-1 ● October ● • Drilling costs coming down S
Slide 12: Appraisal drilling program: BEL-1
Appraisal drilling program: BEL-1 N BEL-1 SNE-2 SNE-1 SNE-3 S Bellatrix 12
Slide 13: Bellatrix prospect
Bellatrix prospect • Buried Hill play, yet undrilled Bellatrix unrisked prospective resources* • Strong amplitude Low estimate 69 mmbbls response, conforms to Best estimate 168 mmbbls structure High estimate 356 mmbbls • Prospect overlies northern extent of SNE field • FAR CoS: 49%, Operator: 80% •
Slide 14: Adding to the portfolio
Adding to the portfolio • Approx 2,400km2 new seismic • FAR option for 75% Djiffere block and operatorship • Completed 3D seismic survey in neighbouring Guinea Bissau acreage in early 2015 14
Slide 15: Unlocking the prize
Unlocking the prize • Evaluation drilling commencing • Aim to reach minimum economic field size (~200mmbbls) • Undrilled exploration prospects offshore Senegal with >1.5bn bbls potential • Seismic program to add prospects to the inventory • Possible lookalikes of shelf play in FAR’s Guinea Bissau ac
Slide 16: Contact us
Contact us Level 17, 530 Collins Street Melbourne VIC 3000 Australia T: +61 3 9618 2550 www.far.com.au
Slide 17: 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 considered as an offer or invitation to subscribe for or purchase any shares in information which you may require in order to make an i