Slide 1: Annual General Meeting 2020 - Presentation
27 May 2020 Annual General Meeting 2020 - Presentation In accordance with the Listing Rules, FAR Limited (ASX: FAR) releases the attached, to be presented at the Company’s Annual General Meeting to be held at 10am today, 27 May 2020. This announcement has been approved for release by the FAR Disclos
Slide 2: Annual General Meeting
Annual General Meeting 27 May 2020
Slide 3: Our Company
Our Company FAR has a dominant acreage position offshore Senegal, Gambia and Guinea-Bissau Market data (2) A$ US$ Share Price $0.016 $0.011 Market capitalisation $160m $105.6m Cash $122.9m $80.3m Enterprise value $37.1m $25.3m Substantial shareholders Meridian 19.17% Allan Gray 12.47% FARJOY 5.16% R
Slide 4: 2019 Company highlights
Successful completion of AS45m capital raise May 2019 Additional 1 @) % interest in Gambian blocks Experienced Board and Management — appointed Julian Fowles to FAR Board Development and Exploitation plan submitted for Sangomar Field approved Jan 2020 Planning progressed to drill another well in The
Slide 5: Senegal
Senegal Rufisque, Sangomar & Sangomar Deep 15% working interest
Slide 6: RSSD Exploitation and evaluation permits
RSSD Exploitation and evaluation permits RSSD Evaluation area (FAN, SNE North) Sangomar Oil Field exploitation area 5
Slide 7: 2019 Senegal: Sangomar Field development highlights
2019 Senegal : Sangomar Field development highlights
Slide 8: Sangomar Field development
Sangomar Field development Phased development(1) P50 resource position2 (gross)… Phased development designed to reduce execution 700 160 3 644 risks and upfront capital requirements 600 (mmboe) 1 255 – Phase 1: targeting 2311 mmbbls oil and peak 500 production of 100,000 bpd (gross) or 13,670 bpd 40
Slide 9: Sangomar field development timeline (Phase 1)
Sangomar field development timeline (Phase 1) 2020 2021 2022 2023 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FID taken Key project Full Notice to Proceed (FNTP) for Steady state milestones the drilling and subsea construction production reached and installation contracts First oil(2) Rig 1 dril
Slide 10: Sangomar – robust economics at low oil prices
Sangomar – robust economics at low oil prices The Sangomar Oil Field will have a Brent oil price break-even of ~US$30/bbl (life of field) and ~US$22/bbl (from first oil) Indicative net-back price from first oil US$/bbl (3) Development Peak Peak production production 13,670 13,670 bpd bpd (net) (net)
Slide 11: Sangomar break even price comparison
Sangomar break even price comparison Sangomar Source Woodmac 2019 10
Slide 12: The Gambia
The Gambia Block A2 & A5 50% working interest & operator
Slide 13: The Gambia
The Gambia ‒ Increase in FAR working interest from 40% to 50% ‒ FAR remains operator (partner PETRONAS) ‒ The Soloo prospect, the extension of the Sangomar Field into The Gambia, has resource potential of 152 mmbbls (1) ‒ The Bambo prospect has resource potential of 454 mmbbls (1) and is directly up
Slide 14: Guinea-Bissau
Guinea-Bissau Block 2 (Sinapa), Block 4A & 5A (Esperanca) 21.4% working interest
Slide 15: Guinea-Bissau exploration project
Guinea-Bissau exploration project FAR LICENCES OFFSHORE SENEGAL, SINAPA (BLOCK 2) & ESPERANÇA (BLOCKS 4A & 5A) 21.4% paying interest, 21.4% beneficial interest THE GAMBIA & GUINEA-BISSAU Operator: Svenska Petroleum Exploration AB 14
Slide 16: Other assets
Other assets Australia: Petroleum Exploration Permit WA-458-P 100% working interest & operator Kenya: Exploration licence L6 60% working interest and operator
Slide 17: 2020 Impact of COVID-19 and oil price rout
2020 Impact of COVID-19 and oil price rout ‒ FAR debt financing not completed as planned ‒ Reworking debt options for financing the Sangomar development ‒ Data room open to support option to sell all or part of FAR’s RSSD interest ‒ Preserving cash ‒ Overheads and costs of operated assets cut ‒ In p
Slide 18: Social contribution
Social contribution GBVA VOLLEYBALL SPONSORSHIP ELECTRIFICATION & RENOVATION OF SERAKUNDA LOWER BASIC SCHOOL THE GAMBIA FOOTBALL CLEANING &TOOLS BASKETBALL TO GEAR CLEANING TOOLS TO DISTRIBUTION OF SCHOOL ANTI-MALARIA KITS TO TO LOCAL LOCAL COMMUNITIES FOOTBALL CLUBS LOCAL COMMUNITIES SUPPLIES TO 60
Slide 19: Governance & Sustainability
Governance & Sustainability FAR is committed to managing its environmental, social and governance (‘ESG’) responsibilities and to embedding ESG into FAR’s philosophy, practices and business processes. PEARL is embedded throughout our organisation, from the most detailed Health, Safety and Environmen
Slide 20: Climate change
Climate change FAR acknowledges the Paris Agreement and is working towards implementing the recommendations of the TCFD. FAR recognises its responsibility to support greenhouse gas emissions reduction initiatives where it can. CURRENTLY: ACTIVELY CONSIDERING: Using energy- Encouraging video conferen
Slide 21: Contact us
Contact us Level 17, 530 Collins Street Connect with FAR Limited: Melbourne VIC 3000 Australia T: +61 3 9618 2550 info@far.com.au far.com.au
Slide 22: 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