Slide 1: Annual General Meeting Presentation
31 May 2023 Annual General Meeting Presentation FAR Limited (ASX:FAR) is pleased to attach a copy of the Annual General Meeting presentation that will be made at the Company’s 2023 Annual General Meeting to be held today. This announcement has been approved for release by the FAR Board of Directors.
Slide 2: FAR Limited Shareholder Update
FAR Limited Shareholder Update Annual General Meeting 31 May 2023
Slide 3: 2022 in review
2022 in review Continued to implement strategies to realise value from our investment in the Gambia To date approximately US$3.4 million returned via on market buyback and unmarketable parcel Assessed a range of new business initiatives in the oil and gas sector and across the Energy Transition sect
Slide 4: Extract value from The Gambia
Extract value from The Gambia During the year we continued to execute against our strategy of determining how to realise full value from our investment in The Gambia. Key activities included; • Completed the evaluation of data from the 2021 drilling campaign • Obtained 100% ownership in The Gambia B
Slide 5: Woodside Contingent Payment
Woodside Contingent Payment • FAR maintains its exposure to a future contingent payment from Woodside of up to US$55 million as part of the sale of the Senegal RSSD Project to Woodside in 2021. • Based on the Woodside expected start of oil production in late 2023, annual payments under the Contingen
Slide 6: Overheads and Capital Management
Overheads and Capital Management • Through 2022, the Company continued to focus on cost saving initiatives to preserve our cash balance and ensure we are right sized for our strategy and outlook. • On capital management, we continued to return capital to the market. Key initiatives have focused on;
Slide 7: Assessing new business opportunities
Assessing new business opportunities • Since the 2022 Annual General Meeting, FAR has sought to explore a range of new business initiatives in both the oil and gas and across the energy transition sectors. • New business initiative reviews have been undertaken on a cost-effective basis, using the Bo
Slide 8: Outlook and Strategy for 2023
Outlook and Strategy for 2023 Financial and Capital discipline • Continued focus on minimising corporate overheads • Execute against our 10% share buyback program Assess monetisation strategies for our assets • The Company will be in a position by the end of this year to have sought offers for its W
Slide 9: Our Company
Our Company 1.0 0.9 0.8 Share Price (A$/sh( 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0 ASX Ticker Substantial shareholders3 Board of Directors FAR Share price1 A$0.70 Meridian Capital 20.4% Chair Patrick O’Connor Cash2 US$30.7M Garth Campbell- Debt Nil Western Gate Group 9.7% Director/CFO Cowan Issued shares 9
Slide 10: 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
Slide 11: Contact us
Contact us Level 12 Podium, 530 Collins Street Melbourne VIC 3000 Australia T: +61 3 9618 2550 info@far.com.au far.com.au For further information, please contact: Investors: Patrick O’Connor Craig Sainsbury Chairman Automic Group p.oconnor@far.com.au craig.sainsbury@automicgroup.com.au P: +61 412 02