FAR LIMITED - AGM Information 2015

Annual General Meeting

15 May 2015

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FAR Senior management

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Cath Norman Managing Director

BSc (Geophysics), AICD

Ben Clube

Chief Operating Officer, Executive Director

BSc (Geology), AICD, AIPN

Gordon Ramsay Executive General Manager, Business Development

BSc (Geophysics), MBA, AICD

Pete Thiessen Chief Financial Officer

BA (Accounting), MICA

Peter Nicholls Exploration Manager

BSc Hons (Geophysics)

Jon Keall Chief Geoscientist

MSc Hons (Geology)

Over 20 years experience in the mineral and oil & gas exploration industry, having held executive positions both in Australia and in the UK. Cath has carried out operating assignments in Europe, Africa, the Middle East and Australia. She has a strong background in the application of traditional and innovating geophysical technologies in the search for oil and gas and in new business development. Cath is a geophysicist who previously served as the Managing Director of Flow Energy for 6 years.

Over 20 years experience as a finance executive in the upstream petroleum industry. He has spent the majority of his career at BHP Billiton Petroleum and held roles across the full life cycle of exploration, development and operations. Ben has extensive experience capturing and implementing international projects. Ben is an associate of the Institute of Chartered Accountants of England and Wales.

Over 30 years commercial and technical experience including leading and advising corporate finance and advisory roles in the oil & gas industry, as well as being responsible for the discovery of several oil and gas fields. Rated as Australia's No. 1 energy equity research analyst at both UBS and Salomon Smith Barney (CitiGroup). Gordon was a senior exploration geophysicist at Gulf Canada Resources (Gulf Oil) prior to being recruited to Australia by BHP Billiton Petroleum.

Over 15 years experience as a Chartered Accountant. Pete has previously contracted independently to the mining and exploration industry and more recently was the CFO and Company Secretary of Flow Energy Limited. Prior to that he was a Client Director with Deloitte global accounting and professional service firm. Pete is a member of the Institute of Chartered Accountants.

Over 30 years experience in oil and gas exploration and development projects with BHP Billiton Petroleum, Nexus Energy, Antares, Oil Search and BP Australia. A professional geophysicist with experience in managing exploration teams operating offshore permits and wells. Proven track record of identifying prospective areas, working up prospects, and finding commercial fields.

Over 20 years experience in oil and gas exploration internationally and within Australia. A professional geologist that has worked for BHP Petroleum on many of the petroliferous basins of Australia-Asia and involved in several significant oil and gas discoveries. Experience over the full exploration cycle from identification and capture of new acreage, prospect generation, drilling and discovery of hydrocarbons.

FAR in 2014

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FAR in 2014

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Yes, there are elephants lurking under Senegalese waters!

2014 Highlights

2 world class discoveries offshore Senegal : FAN-1 and SNE-1 wells
Basin opening discoveries
Prolific and rich source rock proven
SNE commerciality low risk
SNE twice the pre-drill size
2/2 Success rate on frontier exploration wells
SNE discovery ranked number one for 2014
Free carried for US$200M drilling
End year cash $67M, no debt
Successful raise of capital $55M
First two deepwater wells offshore Senegal
Significant running room – prospectivity derisked

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Market snapshot

Entry into ASX 300 Index
High liquidity relative to peers
Strong balance sheet, no debt

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Australia
Europe
19% Asia
North America
Rest of the
78%
World
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Institutional Investors
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FAR register as at 24 February 2015

Capital Structure
ASX Ticker	FAR
Shareprice(14 April 2015)	A$0.094
Market capitalisation(14 April 2015)	A$294M
Cash(31 Dec 2014)	A$67M
Average broker ratingandprice target	Buy, A$0.20

Performance relative to the oil price

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7 Oct 14: 10 Nov 14: 11 May 15:
FAN-1 oil discovery SNE-1 oil discovery; Senegal evaluation work
gross oil interval of 95m gross oil column, plan announced - 3 firm
$0.16
more than 500m, net oil pay 36m and 3 optional wells plus
net oil pay 29m seismic
31 Dec 14:
$0.14 2 Jun 14: Year end market cap
$8m equity $269M, share price 8.2c,
raising cash $67M
$0.12
27 Aug 14:
Oil samples
$0.10
recovered in $0.10
Fan-1 150.0%
$0.08
20 Oct 14:
$46.7m equity
$0.06
raising
$0.04 3.3%
$0.02 (38.5%)
$0.00
May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15
FAR ASX 100 (rebased) Brent (rebased)
(A$ per share)
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Chart courtesy Credit Suisse

Source: Company filings, IRESS. Note: Market data as at 12-May-15.

FAR in Africa

Africa focused
Early mover advantage
Wide portfolio
Significant African experience
Focus on Senegal and NW Africa following discoveries

SENEGAL

FAN-1 and SNE-1 discoveries, extensive running room

Lookalike SNE structure, oil discovered in Sinapa Field

KENYA

Large equity position in emerging basin

Senegal

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Stable democracy:
198 years
Peaceful country
Capital Dakar
FAR in Senegal since 2006
FAR was operator with 90% equity until August 2013
FAR one of longest standing oil companies in country
FAR has strong relationships in Senegal
S&P sovereign credit rating of 'B+/B‘
4.7% GDP growth in 2014
President is a Petroleum Geologist!

Senegal

PSC area of 7,490 km[2] : Sangomar, Sangomar Deep and Rufisque blocks
Joint venture partners are: FAR 15%, Cairn Energy (Operator 40%), ConocoPhillips (35%) and Petrosen (10%)
Farm-ins by ConocoPhillips and Cairn for US$196M plus US$10M in cash (2 wells)
Two discoveries in FAN-1 and SNE-1 wells
Recent Kosmos success in Tortue-1, 2kms from Senegal border

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RUFISQUE, SANGOMAR & SANGOMAR DEEP OFFSHORE 16.7% paying interest, 15% beneficial interest Operator: Cairn Energy PLC

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Kosmos
Tortue-1
discovery
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Senegal prospects and leads

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FAN-1 and SNE-1 seismic section/schematic
FAN-1 SNE-1
1430m WD 1150m WD
W E
Source
Kitchen
Oil Migration Oil Traps
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FAN-1 and SNE-1 seismic section/schematic

FAN-1 oil discovery

Oil discovery announced 7 Oct 2014
100km offshore in the Sangomar Deep block
1,427m water depth/TD of 4,927m

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North Fan complex
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Stacked deepwater Cretaceous sands
Oil gravity 28-41 degrees API

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FAN (Beer prospect)
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Gross oil bearing interval >500m
No oil-water contact encountered
Net oil 29m encountered in the Albian
Proved prolific source
Proved migration model up dip and derisked SNE pre-drill

Operator STOIIP (in place) resource for FAN-1	Operator STOIIP (in place) resource for FAN-1
P90	250 mmbbls
P50	950 mmbbls
P10	2,500 mmbbls

FAN 3D amplitude section

Thick, oil-bearing interval,
interpreted to be a stacked series of oil columns
Oil-water contact not
encountered
Possibly drilled on edge of reservoir section
Analysis of well data ongoing
Reprocessed 3D seismic data completed late 2015
Not focus of firm 2015 drilling program
Appraisal 2016/7

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SNE-1 oil discovery

Discovery announced 10 Nov 2014

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100km offshore in Sangomar Deep block
1,100m water depth / TD of 3,107m
World’s largest oil discovery in 2014 (IHS CERA)
2C resources net to FAR 50mmbbls*
Twice the size of the pre-drill estimate for Albian sands

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SNE-1 gross contingent resources* Low estimate 150 mmbbls Best estimate 330 mmbbls High estimate 670 mmbbls

*Reference ASX releases dated 27 Feb 2013, 5 Feb 2014, 11 Mar 2014, 13 Apr 2015 best estimate, gross, unrisked contingent resources, 100% basis, oil only

SNE-1 oil discovery

• Cretaceous clastic shelf edge play

Excellent sandstone reservoir
Oil gravity 32 degrees API
Upside potential in thin sands

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Gas
Gross pay	107m
Net pay	19m
Ave porosity	25%
Ave hydrocarbon saturation	70%

Oil
Gross pay	96m
Net pay	36m
Ave porosity	24%
Ave hydrocarbon saturation	73%

Water
Gross thickness	38m
Ave porosity	22%

*Reference ASX releases dated 27 Feb 2013, 5 Feb 2014, 11 Mar 2014, 13 Apr 2015 best estimate, gross, unrisked contingent resources, 100% basis, oil only

SNE top reservoir

Conformance of amplitude with structure
Pre-drill estimate 154 mmbbls (gross, best estimate prospective resource)[* ]
Pre drill estimate at amplitude anomaly
Post drill field significantly larger

Pre drill field outline

Gas-Oil contact Oil-Water contact

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*Reference ASX releases dated 27 Feb 2013, 5 Feb 2014, 11 Mar 2014, 13 Apr 2015 best estimate, gross, unrisked contingent resources, 100% basis, oil only

Senegal geological shelf

FAN-1 SNE-1 N S

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Discoveries at FAN-1 and SNE-1

FAN-1 SNE-1

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Lookalikes of SNE discovery

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FAN-1 SNE-1
Sirius
Soleil
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Buried Hill and Fan prospects

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FAN-1 SNE-1
Sirius Bellatrix
Soleil
Central
South
Fan
Fan
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Senegal shelf prospects

Extensive prospect inventory mapped on 3D seismic
Two distinct play types on shelf
Shelf edge (SNE)
Buried Hills

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77mmbbl [ ]
74mmbbl [ ]
204mmbbl [ ]
141mmbbl [ ]
168mmbbl [ ]
101mmbbl [ ]
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*Reference ASX releases dated 13 Apr 2015 best estimate, gross, unrisked prospective resources, 100% basis, oil only

Senegal shelf prospects

The minimum economic field size
for a standalone FPSO hub is
~200 mmbbls (Operator estimate)
Tie-back to hub development:
~75 mmbbls over 35-40km radius
(Operator estimate)

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77mmbbl [ ]
74mmbbl [ ]
204mmbbl [ ]
141mmbbl [ ]
168mmbbl [ ]
101mmbbl [ ]
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*Reference ASX releases dated 13 Apr 2015 best estimate, gross, unrisked prospective resources, 100% basis, oil only

Bellatrix prospect

Buried Hill play
Strong amplitude response
Amplitude conforms to structure
Prospect overlies northern extent of SNE field

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Bellatrix gross unrisked prospective resources*	Bellatrix gross unrisked prospective resources*
Low estimate	69 mmbbls
Best estimate	168 mmbbls
High estimate	356 mmbbls

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*Reference ASX releases dated 13 Apr 2015 best estimate, gross, unrisked prospective resources, 100% basis, oil only

Sirius prospect

Shelf edge play

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A
Sirius
prospect B
SNE Field
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“Lookalike” SNE
Amplitude conforms to structure
On trend with SNE field

Sirius gross unrisked prospective resources* Low estimate 84 mmbbls Best estimate 204 mmbbls High estimate 474 mmbbls

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A B
Up-dip seal, proven
to work at SNE-1
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*Reference ASX releases dated 13 Apr 2015 best estimate, gross, unrisked prospective resources, 100% basis, oil only

Senegal undrilled prospect inventory[* ]

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Operator chance of discovery significantly higher than FAR (refer Cairn Energy Capital Markets Day 11 May 2015)

Bellatrix 80%
Sirius 54%
Soleil 67%

*Reference ASX release dated 13 Apr 2015 best estimate, gross, unrisked prospective resources, 100% basis, oil only

Evaluation work program

Submitted to Government early May
3 year evaluation period
3 firm wells commencing Q4 2015
Initial evaluation focused on SNE discovery
First 2 of 3 wells to be appraisal wells
Plan to explore shelf prospectivity and tie back opportunities
Third firm exploration well
In success case, drilling will continue in 2016/7
Ocean Rig Athena selected
EIA’s finalised
Development concepts and exploitation plan
Economic evaluation

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SNE Field appraisal drilling

Aimed at declaration of commerciality (DOC)
Principal objective to prove minimum economic field size (MEFS)
Operator MEFS 200mmbbls
1C resource 150mmbbls, 2C resource 330mmbbls*: low risk appraisal
At least one of the two wells will be flow tested
Coring of the well/s
Each well approx 35 days

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Testing approx 2 weeks

200mmbbls 350mmbbls

JV yet to agree appraisal locations

400mmbbls 250mmbbls

300mmbbls 600mmbbls

*Reference ASX releases dated 27 Feb 2013, 5 Feb 2014, 11 Mar 2014, 13 Apr 2015 best estimate, gross, unrisked contingent resources, 100% basis, oil only

Exploration drilling

Principal aim to build shelf resource
3 likely target prospects
Bellatrix
Sirius
Soleil
Awaiting reprocessed seismic data
Final drill location Q3
Probability of geological success around 50%

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Seismic for 2015

new
Approx 2000km[2 ] seismic
Commencing Q3
Aim to close eastern boundaries of prospects and leads
Potential to add to prospect inventory in north and east
Shallow water (40-800m) in Rufisque block
Very competitive pricing

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Good news! Industry costs coming down

Day rate for deepwater rigs offshore W Africa heavily reduced
JV locking in Ocean Rig Athena at market based rate
Offshore upstream capital costs are expected to decline 12% on average between 2014 and 2016
Labour pressure is also expected to ease from falling demand

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Notional Development Concept

FPSO (Floating Production Storage and Offtake vessel)

Hub at SNE Field
Tie back to nearby fields
Tanker support
Multiple subsea centres
Possible shallow water developments with platforms

Development expenditure:

Dependent on concept solution and scale of resources
Preliminary estimates CAPEX US$17-26/bbl, in line with analogue developments

Operating expenditure:

Dependent on development concept and operating philosophy
Preliminary estimates OPEX US$5-15/bbl
PSC cost recovery mechanism

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Senegal Economics*

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18
16 NPV/bbl (US$)
14
12
10
8
6
4
2
0
US$90/bbl @ 2014 costs US$70/bbl@ 10% cost US$50/bbl @ 20% cost
reduction reduction
Project IRR (%)
40%
35%
30%
25%
20%
15%
10%
5%
0%
US$90/bbl @ 2014 costs US$70/bbl @ 10% cost US$50/bbl @ 20% cost
reduction reduction
NPV/bbl at FID
IRR at FID
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330mmbbls at SNE*
50mmbbls net to FAR*
CAPEX $17-26/bbl (~US$5.8bn)*
OPEX $5-15/bbl*
Futures curve price of oil US$75
Current oil price: US$67
US$10 NPV/bbl at US$70 oil
SNE likely to be standalone at >200mmbbls*
Macro headwinds (soft oil price, poor market sentiment, lack of success in sector) are blowing hard!

* Source: Cairn Energy estimates (refer Cairn Energy Capital Markets Day presentation 11/05/2015)

Senegal project timetable

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning Reprocessing existing 3D seismic Firm 3 wells Contingent wells 3D seismic acquisition/processing Engineering and design 2014 2015 2016 2017 2018 Evaluation DOC for SNE field Exploitation
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Drilling of FAN-1/SNE-1
FAN-1/SNE-1 data analysis
Well planning
Reprocessing existing 3D seismic
Firm 3 wells
Contingent wells
3D seismic acquisition/processing
Engineering and design

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*Source http://www.ocean-rig.com/fleet/rig_availability

FAR outside Senegal

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Guinea-Bissau

Three blocks, operator Svenska
New 3D seismic evaluating SNE look-a-like prospect (Atum)

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SINAPA (BLOCK 2) AND ESPERANÇA (BLOCKS 4A & 5A) 21.43% paying interest, 15% beneficial interest Operator: Svenska Petroleum Exploration AB (‘Svenska’)

Sinapa has a gross 2C contingent resource of 13.4 mmbbls (FAR net 2 mmbbls)[* ]

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*Reference ASX releases dated 27 Feb 2013, 5 Feb 2014, 11 Mar 2014, 13 Apr 2015 best estimate, gross, unrisked contingent resources, 100% basis, oil only

Kenya

The Lamu Basin has proven oil at both ends of Miocene reef play
Sunbird-1 well in Block 10A was an oil and gas discovery
Maridadi-1 well in L6 has 1000m of oil shows in the core through the reef section
Milio E&P Ltd farm-in to onshore L6 includes seismic and a future well
Drill ready prospects on offshore 3D seismic
Combined unrisked prospective resources for L6: 3.75bn bbls of oil[] , 10.23 TCF of gas[ ]

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BLOCK L6

BLOCK L9

60% interest offshore 24% interest onshore Operator: FAR Limited

30% interest Operator: Ophir Energy PLC

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*Reference ASX releases dated 27 Feb 2013, 5 Feb 2014, 11 Mar 2014, 13 Apr 2015 best estimate, gross, unrisked contingent resources, 100% basis, oil only

Australia

WA-458-P exploration permit offshore Western Australia is surrounded by discoveries
Structural and combined structuralstratigraphic leads at proven reservoir levels
A new 3D seismic survey over WA-458-P and WA-457-P
Seismic products due early 2016
Combined unrisked prospective resources for WA-458-P to be 359mmbbls[* ]

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WA-458-P, WA-457-P OFFSHORE DAMPIER BASIN 100% paying and beneficial interest Operator: FAR Ltd

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*Reference ASX releases dated 27 Feb 2013, 5 Feb 2014, 11 Mar 2014, 13 Apr 2015 best estimate, gross, unrisked prospective resources, 100% basis, oil 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

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2015 Revealing the prize

SNE ranked as number one discovery worldwide for 2014
Appraisal of the SNE field to commence in Q4
Current success rate is 2 from 2 for exploration wells offshore Senegal
Firm commitment to drill another exploration target
Undrilled prospects derisked through success
Upside potential is significant on shelf and in deepwater
JV committed to evaluation work program
FAR committed to finding more elephants lurking under Senegalese waters

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Contact us

Level 17, 530 Collins Street Melbourne VIC 3000 Australia T: +61 3 9618 2550

www.far.com.au

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Disclaimer

This presentation has been prepared by FAR Limited (‘FAR’). It should not be considered as an offer or invitation to subscribe for or purchase any shares in FAR or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for shares in FAR will be entered into on the basis of this presentation.
This presentation contains forward-looking statements that are not based on historical fact, including those identified by the use of forward-looking terminology containing such words as ‘believes’, ‘may’, ‘will’, ‘estimates’, ‘continue’, ‘anticipates’, ‘intends’, ‘expects’, ‘should’, ‘schedule’, ‘program’, ‘potential’ or the negatives thereof and words of similar import.
FAR cautions that these forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by the statements. The forward looking statements are expressly subject to this caution. FAR makes no representation, warranty (express or implied), or assurance as to the completeness or accuracy of these forward-looking statements and, accordingly, expresses no opinion or any other form of assurance regarding them. FAR will not necessarily publish updates or revisions of these forwardlooking statements to reflect FAR’s circumstances after the date hereof.
By its very nature exploration and development of oil and gas is high risk and is not suitable for certain investors. FAR shares are a speculative investment. There are a number of risks, both specific to FAR and of a general nature which may affect the future operating and financial performance of FAR and the value of an investment in FAR including and not limited to economic conditions, stock market fluctuations, oil and gas demand and price movements, regional infrastructure constraints, securing drilling rigs, timing of approvals from relevant authorities, regulatory risks, operational risks, reliance on key personnel, foreign currency fluctuations, and regional geopolitical risks.
This presentation does not purport to be all inclusive or to contain all information which you may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation, perform your own analysis, and seek your own advice from your professional adviser before making any investment decision.
Cautionary Statement for Prospective Resource Estimates – With respect to the Prospective Resource estimates contained within this report, it should be noted that the estimated quantities of Petroleum that may potentially be recovered by the future application of a development project may relate to undiscovered accumulations. These estimates have an associated risk of discovery and risk of development. Further exploration and appraisal is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
Information in this report relating to hydrocarbon resource estimates has been compiled by Peter Nicholls, the FAR exploration manager. Mr Nicholls has over 30 years of experience in petroleum geophysics and geology and is a member of the American Association of Petroleum Geology, the Society of Exploration Geophysicists and the Petroleum Exploration Society of Australia. Mr Nicholls consents to the inclusion of the information in this report relating to hydrocarbon Prospective Resources in the form and context in which it appears. The Prospective Resource estimates contained in this report are in accordance with the standard definitions set out by the Society of Petroleum Engineers, Petroleum Resource Management System.

AI assistant

FAR LIMITED — AGM Information 2015

64899_rns_2015-05-14_15c7e0f2-8e65-4bed-a50b-8ace221faee3.pdf

FAR Senior management

FAR in 2014

FAR in 2014

2014 Highlights

Market snapshot

Performance relative to the oil price

FAR in Africa

SENEGAL

KENYA

Senegal

Senegal

Senegal prospects and leads

FAN-1 and SNE-1 seismic section/schematic

FAN-1 oil discovery

FAN 3D amplitude section

SNE-1 oil discovery

SNE-1 oil discovery

• Cretaceous clastic shelf edge play

SNE top reservoir

Senegal geological shelf

Discoveries at FAN-1 and SNE-1

FAN-1 SNE-1

Lookalikes of SNE discovery

Buried Hill and Fan prospects

Senegal shelf prospects

Senegal shelf prospects

Bellatrix prospect

Sirius prospect

Senegal undrilled prospect inventory[* ]

Evaluation work program

SNE Field appraisal drilling

Exploration drilling

Seismic for 2015

Good news! Industry costs coming down

Notional Development Concept

FPSO (Floating Production Storage and Offtake vessel)

Development expenditure:

Operating expenditure:

Senegal Economics*

Senegal project timetable

FAR outside Senegal

Guinea-Bissau

Kenya

BLOCK L6

BLOCK L9

Australia

2015 Revealing the prize

Contact us

Disclaimer

More from FAR LIMITED

FAR LIMITED AGM Information 2015