FAR LIMITED — AGM Information 2016

May 12, 2016

Chairman’s Address

Annual General Meeting of Shareholders 13 May 2016

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The FAR corporate evolution

Transitioning from a junior explorer to a leading energy company

• entry in to ASX Top 300 - March 2015

• ASX top 5 oil & gas company, behind Woodside Petroleum, Oil Search, Santos, Beach

• ahead of AWE, Karoon Gas, LNG, Senex and Sino Energy

2013 share register[(2) ]

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Retail Investors
67%
Institutional
Investors 16%
High Net worth
Investors 15%
Management 1%
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Share register rotation from retail to institutional investors is underway

• partly organically (as the project is de-risked)

• partly through equity raisings

Current 2016 share register[(1) ]

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Retail Investors
45%
Institutional
Investors 24%
High Net worth
Investors 29%
Management 2%
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Source: FAR Management and per Market Eye Notes: (1) Current shareholder register as at 6-May-16 and including the first tranche (A$47m) of the A$60m Apr-16 capital issuance; (2) Shareholder register as at 20-May-13

2

The FAR share price evolution

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Attracting Partners Portfolio
Flow/FAR merger Exploration Evaluation & Appraisal
in Senegal Mgment
Feb-12 Jun-14 Oct-14 Oct-15 Apr-16
Capital raisings $15m, 4.3cps $8m, 4cps $46.7m, 11cps $40m, 8cps $60m, 8.5cps
0.16 150
Oct-14
FAN-1
0.14 Nov-14
SNE-1 130
Mar-16
0.12
SNE-3
Apr-16
110BEL-1 +
0.10 SNE contingent
Jan-16
resource upgrade
SNE-2
FAR:
0.08 90
8.2cps +
Feb-16 149%
0.06 SNE contingent
70
resource
upgrade Brent:
0.04
A$61/bbl
(42%) or
50
US$45/bbl
0.02
- 30
Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
Share price (A$p.s.) Brent Oil (A$/bbl)
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Brent Oil (A$/bbl)

FAR share price

3

Source: FAR market releases and IRESS market data

FAR’s market capitalization increased by 300% in 3 yrs

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140 450
400
120
Current market
capitalisation of A$350m 350
100
300
80 A$145m in
value
250 through A$265m of
capital market
60 raisings capitalisation
growth over
200
the last 3
years
40
150 A$120m in
price
performance
20 (1)
100
Market capitalisation of A$85m
as at 1-Jan-13
- 50
Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16
Price Performance Capital Raised Brent Oil (A$)
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Source: IRESS market data from 1-Jan-13 to 6-May-16 Notes: (1) Based on total shares outstanding of 2,500m as at 1-Jan-13

4

FAR have outperformed since last AGM

Last twelve months (% change)[(1) ]

Last three years (% change)[(2) ]

Cairn Energy									12%	12%
FAR	-6%
Sundance Oil Buru Energy AWE Karoon Gas Ophir Energy Sino Gas & Energy Beach Energy Horizon Oil Tullow Oil Senex Energy Kosmos Energy Bowleven Brent Oil price (A$) Carnarvon Petroleum ASX200	-63% -56% -56% -52% -43% -43% -41% -41% -38% -38% -32% -26% -18% -8% -52% -41% -43% -32%							8%
							-18%
						-26%
					-32%
				-38%
				-38%
			-41%
	-75%

FAR						157%
Carnarvon Petroleum						-8% 3% 67%
ASX200
Cairn Energy	-29%
Sino Gas & Energy				-28%
Kosmos Energy	-51%			-32%
Brent Oil price (A$)			-40%
AWE		-49%
Beach Energy		-50%
-83% -76 -73 Buru Energy Horizon Oil Sundance Oil Ophir Energy Karoon Gas Tullow Oil Senex Energy Bowleven	-83% -83% -78% -73% -69% -66% -65% % %
	-89%

Share price change in A$ Share price change in local currency

Australian Peers Macro UK/US Peers

5

Source: IRESS market data Notes: (1) Performance based from 15-May-15 to 6-May-16; (2) Performance based from 6-May-13 to 6-May-16

Funding FAR

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What it takes to get Institutional Funding

• To present ourselves as highly professional

• To deal with expectations on Governance and Remuneration practices

• a one size fits all mentality is often not ideal for FAR

• To recognise the ‘Proxy Advisor’ industry is inescapable

• need to engage with them pro-actively

• We compete globally for funds and relentless marketing to institutions is a necessity

7

We have upgraded our Governance Framework

• Corporate Governance Statement

• Policies

• Anti-Bribery and Corruption

• Committees & Charters

• Board Charter

• Audit Committee

• Nomination Committee

• Remuneration Committee

• Diversity

• Environment & Sustainability

• Human Rights & Child Protection

• Market Disclosure & Communications

• Risk Committee

• Risk Oversight & Management

• Disclosure Committee

• Securities Trading

• Code of Conduct

• Processes

• Board assessment

• Committee assessments

• Performance reviews

8

Remuneration frameworks

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Global Listed Company Remuneration Frameworks

• Post GFC listed companies globally have moved to to satisfy political and institutional demand that management’s interest are more clearly and transparently aligned with shareholders interests

• This has led to remuneration structures composed of:

base salary + a substantial ‘at risk’ component

• The ‘at risk’ component typically consists of:

• short term incentives (STI) – generally annual cash bonuses

  • determined by achievement of well defined Key Performance Indicators (KPIs)

and

• long term incentives (LTI) generally performance rights

• determined by reference to measures of shareholder returns

10

Frameworks

• Institutions rely on Proxy advisors to determine their voting

• engaging and meeting the requirements of the proxy advisors is essential

• but various advisors have different views making even this part difficult

• retail investors generally are opposed to these remuneration concepts

• they appear complex

• partly because they know that instead of restricting bad behaviour they have created opportunities to ‘game’ the system – and some do!

A well constructed scheme can act as a powerful motivator to staff from which shareholders should benefit

There is nothing inherently wrong with the system but

the devil is in the detail

11

What are Performance Rights ?

• They are not a share or an option

• The requirements are measured in 3 years time (the vesting date) – until then the –

• employee gets nothing that’s why they call them long term incentives

• If the grant requirements are satisfied then:

• either a newly created share is issued to the employee for each right; or

• FAR buys a share in the market for each right and delivers to the employee

• The Board has discretion to amend these rights and claw back any granted shares at any stage if warranted – e.g. ‘bad leaver provisions’

12

13

FAR’s overheads are very low

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2015
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$0.24M
$0.55M
$1.99M
$4.51M
$0.64M
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In-house technical Admin expenses Corporate salaries Corporate consulting Other

14

Travel stats 2015

Cath Norman

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Percentage of 2015 spent travelling[ ] 42%*

Europe 40 days Africa 31 days US 7 days Domestic 11 days Asia 4 days Melbourne

Ben Clube

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Percentage of 2015 Europe 59 days spent travelling[ ] Africa 33 days US 0 days Domestic 4 days Asia 10 days Melbourne 48%*

• Based on 220 potential working days per year

15

The FAR Remuneration Framework

• Total Possible Remuneration = base Salary (50%) + theoretical max ‘at risk’ component (50%)

• base salary = cash $558,000 FAR MD example

• subject to annual performance review

• ‘at risk’ = 1/2 STI + 1/2 LTI

• STI (cash payment)

Max $279,000

On our MD’s recommendation FAR board has determined this will be zero in 2015 & 2016 due to industry conditions

  - a formula which calculates the % of the maximum possible determined by KPI’s based around operational metrics

• LTI (performance rights) Max $279,000/$.078 = 3,578,000 rights

• number of rights calculated by dividing the max $ amount into the VWAP share price for 20 days preceding 1st February each year (date chosen to work in conjunction with the preparation of the annual account)

16

MD compensation benchmarking – LTM

Australian peer group comparison of Total Fixed Remuneration (“TFR”) and “At Risk” compensation

 FAR TFR is the lowest of the peer group

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350%
lowest of the
peer group
300%
 FAR at risk is
250% also one of the
lowest
200%
 Explorers
typically have
150% far more at risk
$145m
$317m $358m elements to
$356m
100% compensation,
as do
$388m
50% $1,209m international
companies
0%
400 500 600 700 800 900 1,000 1,100
Total fixed remuneration ('A$000) ("TFR")
At risk remuneration (as % of TFR)
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Non-cash flow producing (Explorer/developer)

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Bubbles indicates market capitalisation of each company

Cash flow producer

17

MD compensation benchmarking – LTM

International and Australian peer group comparison of Total Fixed Remuneration (“TFR”) and “At Risk” compensation

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600%
 FAR TFR is the
lowest of the
500% peer group
$3,575m
$1,018m  FAR at risk is also
one of the
400%
lowest
$2,106m
 Explorers
300%
$128m typically have far
more at risk
elements to
200%
compensation,
$317m $358m
as do
$356m
100% international
$388m $1,209m companies
0%
400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400
Total fixed remuneration ('A$000) ("TFR")
Bubbles indicates market Non-cash flow producing
Cash flow producer
capitalisation of each company (Explorer/developer)
At risk remuneration (as % of TFR)
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18

Calculating the final number of performance rights

• In 3 years time the 2016 LTI grant will be determined

• Absolute Share Price Measure

FAR MD example

• If the share price has grown at less than 15% compound for the 3 years i.e. the share price is <$0.119

0 shares

• If the share price has grown at 15% compound for 3 years i.e. the share price is >$0.119

894,500 shares

• If the share price has grown at 25% compound for 3 years i.e. the share price is >$0.152

1,789,000 shares

• Relative Share Price Measure (comparator group S&P/ASX Energy 300)

• The idea is to remove the ‘market effect’ from this component

• If the share price growth is worse than 50% of the group

0 shares

• If the share price growth is better than 50% of the group

894,500 shares

• If the share price growth is better than 75% of the group

1,789,000 shares

19

Summary

• In 2016 our Managing Director will be paid (subject to the resolutions being passed today)

• Cash A$558,000

• She will not be paid a cash bonus

• She will not receive any free options or shares

• She will receive 3,578,000 performance rights which in 3 years will turn into between zero and 3,578,000 shares if the share price does well on both an absolute and relative basis

• Our COO’s outcomes are similar

On any comparative basis in the industry our MD and COO are paid at the low end of the scale yet have performed at the top end

20

Evaluating the world’s lar est oil discover g y

FAR Limited Annual General Meeting 13 May 2016

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Senior management

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Gordon Ramsay
Business Development
Ben Clube
Peter Thiessen COO, Director
CFO, Company
Secretary
Peter Nicholls
Exploration Manager
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2

FAR snapshot

• Two major basin opening oil discoveries in Senegal in 2014

• SNE Field largest global oil find since discovery in 2014 • SNE Appraisal drilling commenced 2015 • 5/5 successful wells offshore Senegal to date • Quality partners in Senegal discoveries: ConocoPhillips, Cairn Energy, Petrosen

• Fifth largest pure E&P on ASX (at 1 May 2016)

• Successful capital raise of $60M in April 2016

• Cash balance: A$31.7M (31 Mar 2016)

• Under budget for 2016 work program

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SNE Oil field footprint approximately 350 km[2 ]

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4

Senegal

• Strong in-country relationships

• Peaceful democracy

• Solid growth: 4.7% GDP in 2014

• S&P sovereign credit rating 'B+/B‘

• First offshore exploration wells for 40 years and first in deep water

• FAR farm-out in 2013 for US$196M carry

• Joint venture partners: FAR 15%, Cairn Energy (Operator 40%), ConocoPhillips (35%) and Petrosen (10%)

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OFFSHORE SENEGAL PSC

FAR 16.7% paying interest, 15% beneficial interest Operator: Cairn Energy PLC

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5

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Geological setting

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W FAN-1 SNE-2 SNE-1 SNE-3 BEL-1 E
Buried Hills play
Shelf Edge play
Fan play
0 10
km
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6

FAN-1 Discovery

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W

FAN-1 SNE-2 SNE-1 SNE-3 BEL-1

E

– FAN-1 well drilled first

• Results announced Oct 2014

– Oil gravity 28-41 degrees API

• Gross oil bearing interval >500m

– Operator gross oil (STOIIP) in place – P90: 250 mmbbls – P50: 950 mmbbls

– P10: 2,500 mmbbls

– De-risked future shelf drilling

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0
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10
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km

7

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SNE-1 Discovery

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W FAN-1 SNE-2 SNE-1 SNE-3 BEL-1 E
SNE Field
–
Result announced Nov 2014
–
Largest oil discovery for 2014
–
Has not been surpassed to date
–
Approximately 350 km [2] footprint
0 10
km
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8

SNE-1 oil discovery

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• Results announced Nov 2014

• Excellent reservoir

• 25% average porosity

• Oil gravity 32 degrees API

• Gross oil column of 96m (36m net)

• Contingent recoverable resource*

• P90 (1C): 150 mmbbls

• P50 (2C): 330 mmbbls

• P10 (3C): 670 mmbbls

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

9

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SNE Field: Growth of field before appraisal

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Pre-Drill Post discovery Pre-Appraisal P90 : 50mmbbls 1C: 150 mmbbls 1C: 240 mmbbls (+60%) P50 : 154 mmbbls 2C: 330 mmbbls 2C: 468 mmbbls (+40%) P10 : 350 mmbbls 3C: 670 mmbbls 3C: 940 mmbbls (+40%)

*Reference FAR ASX releases dated 13 Apr 2015, 8 Feb 2016: best estimate, gross, unrisked prospective resources, 100% basis, oil only

10

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SNE appraisal well locations

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: Objective of wells

• Size of oil pool

• Test reservoir properties and deliverability

• from logging, coring and testing

• Measure field connectivity

BEL-1 SNE-2 SNE-1 SNE-3

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S

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N
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●
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Drilling Oil Traps Flow tested zones

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11

SNE-2 Appraisal well

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• Excellent flow from two

independent drill stem tests (DST)

• Gross 12m zone: 8,000 bopd

  • stabilised and constrained, interpreted flow > 10,000 bopd

• Gross 15m zone: 1,000 bopd unstabilised

• Flow considerably greater than prognosis

• Confirmed commercially viable flow rates

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• 32 degrees API

• Gross oil column of 103m

12

SNE-3 Appraisal well

• Excellent flow from two drill stem

• tests (DST)

• Gross 15m zone: 5,400 bopd max and 4,000 bopd stabilised

• Increased to gross 20.5m zone: 4,500 bopd stabilised

• Flow greater than prognosis

• Confirmed commercially viable flow rates

• 32 degrees API

• Gross oil column of 101m

• Units shallow to prognosis: field larger to the south

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3
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• Gauges set to monitor pressure

13

Growth of the SNE oil field

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561
600
(84)
468
500
(70)
2C
Contingent 400 330
resource (50)
mmbbls,
300
unrisked,
100%basis oil
only 154
200
(net to FAR) (23)
100
0
Pre-drill prospective Post SNE-1 RISC, Pre Appraisal, RISC, post SNE-2,
resource (June '14) contingent resource post 3D repro (Feb SNE-3 (April '16)
(Dec '14) '16)
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14

BEL-1 Well results

• Dual objective for well

• Bellatrix exploration prospect

• Gas discovery in stacked sands

• 8m net gas pay

• No water contact detected – potential for down dip oil leg

• SNE field northern appraisal

• 100m gross oil column

• Good correlation reservoirs, GWC/OWC across SNE-1, 2, 3 and BEL-1

• 32 degrees API

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• 144m core collected

• Confirms SNE to north

15

Appraisal progress to date

: Objective of wells are to establish

• Size of oil pool ✔

– Reservoir properties and deliverability from logging, coring and testing ✔

• Reservoir connectivity

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●
Flow test SNE-2
●
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Drilling program progressing safely, efficiently and under budget

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●
Flow test SNE-3
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16

Interference testing

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Pulsing well ●
●
Observation well
Observation well
●
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17

Interference testing

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Pulsing well ●
●
Observation well
Observation well
●
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18

Interference testing

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Pulsing well ●
●
Observation well
Observation well
●
----- End of picture text -----

19

Interference testing

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Pulsing well ●
●
Observation well
Observation well
●
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20

Interference testing

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Pulsing well ●
●
Observation well
Observation well
●
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21

SNE-4 Appraisal well

• Spudded 16 April

• Aims of the well

• intersect key reservoirs in the oil

• acquire reservoir information from all units

• increase the contingent resources

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W E
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22

Senegal prospects and leads

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• JV PSC area 7,490 km[2]

• 3D seismic coverage ~5,000 km[2 ]

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23

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Capturing more shelf edge exposure

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●
●
●
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• New FAR Djiffere 3D seismic bought FAR option to earn a 75% W.I.

• New Senegal joint venture 2015 3D seismic shot along trend from existing mapped prospects and assists SNE delineation

• Processing of data from both surveys now taking place

*Reference FAR ASX release dated 24 September 2015 and 4 January 2016

24

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Senegal economics

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• Excellent PSC terms

• Minimum Economic Field Size (MEFS) approx 200mmbbls*

• NPV/bbl of US$10 at US$50/bbl oil price and reduced CAPEX*

• Estimated first oil 2021

• Costs coming down

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25

*Reference Cairn Energy Capital Markets Day 2015/6

Industry woes, costs coming down

• 75% drop in oil price since peaks of 2014

• Dividends being widely reduced or cancelled – general negative investor sentiment

• Exploration companies to weather the low oil prices well into 2017

• Estimated US$213 bn of deepwater developments been suspended (US$1.3 trillion in global oil and gas projects)

• First time in 30 years industry has seen 2 consecutive years of investment decline

• 2.9 mmbbls/day forecast reduction in global production by 2025

• Licencing rounds poorly supported : 2015, Brazil sold 37/266 blocks

• Rates for drill rigs drop 20-50%, still declining (Senegal drop is >50% today)

• Development costs have dropped 7-25% , still falling

• Bad news for countries’ offshore development aims

• Significant layoffs in the industry (40% of service industry personnel)

• Scottish oil worker gets Gvt grant for new career in whisky industry!

26

Global rig count

80 90 100 110 120 130 140 150 160 Africa	1000 1500 2000 2500 3000 3500 4000 4500 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 2014 2015 2016 Worldwid Discovery wells Appraisal program US$650/day1 > 50% NPT2 US$330/day1 **< 5% NPT2 **	e

Source: Baker Hughes 1Rig day rate only, 2Excuding scheduled maintenance

27

What’s happening next?

• Results of SNE-4 well by end May

• Decision on future appraisal by end May

• Upgrade to contingent resources mid year (inc BEL-1, SNE-4 and core data)

• Receipt of Djiffere seismic data mid Q3

• FAR statement on SNE field commerciality Q3

• Decision to progress Djiffere block Q4

• Preparing for DOC, commencing preengineering work for SNE field in early 2017

• FAR is funded (contingent on results of drilling) through this period

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Administration

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Guinea-Bissau

• Three blocks, operator Svenska

• FAR 15% WI, 21.43% PI

• New 3D seismic evaluating SNE look-alike prospect (Atum)

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

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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’)

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30

Kenya

• Interest in two exploration blocks in the Lamu Basin

• Lamu Basin has proven oil at both ends of Miocene reef play (blue)

• Farmout for onshore L6:

• total work program ~US$30M

• 24% free carried interest (uncapped) over onshore L6

• 60% interest in offshore L6 prefarmout

• Recent, neighbouring oil and gas discoveries by BG, Anadarko and Apache

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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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31

Australia

• WA-458-P exploration permit offshore Western Australia is surrounded by discoveries

• Structural and combined structuralstratigraphic leads at proven reservoir levels

• Combined unrisked prospective resources for WA-458-P to be 359mmbbls[* ]

• A new 3D seismic survey over WA-458P

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

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• Planning to surrender WA-457-P in good standing

32

*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

FAR and its partners are committed to supporting activities that deliver positive, lasting social and economic benefits to Senegal through the following programs:

• Great Entrepreneur competition in Senegal

• English language training for students, officers, ministries and departments involved in the energy sector

• Provision of finance to the Hunger Project to support a women led microfinance program

• FAR has sponsored regional soccer competitions through provision of 200 balls

• FAR also provided mosquito nets to rural communities to help in protection against malaria after the seasonal rains

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2016 revealin the rize g p

• 2013: Year of farmout

• 2014: Year of discovery

• 2015/2016: Evaluating the SNE Field

• 100% success rate offshore Senegal

• Undrilled exploration prospects with >1bn bbls potential

• Expanding footprint through Djiffere

• Possible lookalikes of SNE in Guinea Bissau

• 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 far.com.au info@far.com.au

FAR is going social! Follow us on Twitter, LinkedIn and on our U-tube channel

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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.

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