FAR LIMITED — AGM Information 2017

May 28, 2017

Annual General Meeting

ASX:FAR 29 May 2017

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Board and management

Experienced Board and management with strong relationships in Africa

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Board with significant experience

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Nicholas Limb

Geophysicist and investment banker

Non-Executive Chairman

15 years as MD/Chairman of an ASX listed, international mining company, Australia.

Appointed 2012

10 years in Financial services with May and Mellor and HSBC. 38 years industry experience in the resources industry.

Catherine Norman

Geophysicist

Managing Director Appointed Nov 2011

28 years experience in the resources industry. 6 years as MD of Flow Energy Limited. 10 years as Managing Director of international oil services company in the UK developing projects in Europe, Africa and the Middle East region.

Ben Clube

Geologist and Chartered Accountant

Executive Director Appointed 2013

27 years of experience in the resource sector.

Senior Finance Executive BHP Petroleum. Finance Director and Company Secretary of Oilex Ltd prior to joining FAR.

Reg Nelson

Exploration Geophysicist

Non-Executive Director

45 years of experience in the petroleum and minerals industries.

13 years as Managing Director of Beach Energy plus 10 years as CEO and Executive Director. Recipient of APPEA's Reg Sprigg Gold Medal in 2009 for outstanding services to the Australian oil and gas industry.

Appointed 2015

Fellow Certified Practising Accountant

Albert Brindal

Non-Executive Director

Director of the Company since 2007.

Appointed 2007, retiring Broad commercial experience and Chairman of Remuneration Committee. 2017

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Senior management

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Catherine Norman Managing Director

BSC (geophysics), AICD

Ben Clube

Chief Operating Officer, Executive Director

BSC (geology), AICD, AIPN

Pete Thiessen Chief Financial Officer

BA (accounting), MICA

Peter Nicholls Exploration Manager

BSC (geophysics)

Jon Keall Chief Geoscientist

MSC (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. Cath is a geophysicist who has been Managing Director of FAR since Nov 2011 and 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 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.

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Our Company

• Fifth largest E&P on the ASX: Market cap A$442M[1]

• Strategic focus Mauritania-Senegal-GuineaBissau (MSGB) Basin

• 8 exploration permits in MSGB Basin

• Basin opening discoveries in Senegal in 2014

• Progressing towards first oil from SNE Field 2021

• Strong balance sheet : cash Q1 A$35M, no debt

• Successfully raised A$80M April[2 ] funded to SNE field development FID

• Strong commitment to supporting social and educational programs

• Strategic partnership with CNOOC UK

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1: Market capitalization at 26 May 2017

2: FAR ASX Release dated 12 April 2017

Community & social programs

Investing in education & training, enterprise & community development programs through our Senegal joint venture

Renovated a primary school in the regional city of Thiess

Sponsored regional soccer competitions through provision of 200 balls and uniforms

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FAR shareholder summary

Top 200 shareholders by type

Shareholder base*

• Top 200 shareholders own 70% of FAR

• FAR’s shareholders are predominantly located in Australia

• 3 substantial shareholders:

• Meridian Asset Management

• Robertson Family

• Fidelity Group

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Institutions 46%

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Family Office 13%

Private 31%

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Other 10%

Top 200 shareholders by location

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Australia 54% Asia 10% Europe (ex UK) 7% North America 20% UK 6% Other

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*Analysis of top 200 shareholders from FAR register as at 18 April 2017

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2016 Achievements

• 4 successful SNE appraisal wells in 2016 prove SNE field capable of delivering commercial oil flow rates • Increased the SNE contingent recoverable resource base from a 2C of 330mmbbls to a 2C of 641mmbls * • Passed MEFS (Minimum Economic Field Size) for SNE • Statement on commerciality for SNE Field • Pre-FEED activities commenced • Preserved pre-emptive rights over COP Senegal sale • Completed three high-impact social programs in Senegal in addition to JV programs • Change the exploration focus of the Guinea Bissau JV • Successfully raised capital , stayed fiscally strong • Captured Djiffere block option • Awarded “ Breakthrough company of the year* ”, Africa

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FAR relative performance

• Oil price rise and stabilisation is good for the ASX 200 (producers)

Relative performance – Last twelve months

• FAR still greatly viewed as explorer

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•
$0.11 COP sale price at US$2.20/bbl reflecting
low oil price environment of July 2016
ASX-200
$0.10
Energy:
9,722
+17%
$0.09 Brent oil:
US$51.22
+4%
FAR:
8.3cps
$0.08
(3%)
$0.07
$0.06
May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17
FAR S&P ASX-200 Energy Index (rebased) Brent oil (US$/bbl, rebased)
Share price (A$p.s.)
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Source: IRESS. Note: Market data as at 25-May-17. S&P ASX-200 Energy Index and Brent price indexed to FAR’s share price of 8.6cps, as at 26-May-16.

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FAR relative performance

• Better performance for 2017 so far

• ~~Risk being removed from SNE developmen~~ t

Relative performance – since 1-Jan-17

• FAR funded to FID

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$0.10 •
Market sentiment more positive on the
whole – balance sheets adjusted for “lower
for longer” oil price
$0.09
FAR:
8.3cps
+11%
ASX-200
$0.08
Energy:
9,722
+8%
$0.07
Brent oil:
US$51.22
(10%)
$0.06
Jan-17 Feb-17 Mar-17 Apr-17 May-17
FAR S&P ASX-200 Energy Index (rebased) Brent oil (US$/bbl, rebased)
Share price (A$p.s.)
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Source: IRESS. Note: Market data as at 25-May-17. S&P ASX-200 Energy Index and Brent price indexed to FAR’s share price of 7.5cps, as at 2-Jan-17.

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Our industry leading into 2017

• By mid 2016, an estimated 360,000 workers were shed by E&P companies world wide

• By mid 2016, 160,000 (42.5%) of workers in oilfield services had lost their jobs

• Companies have been preparing for a “ Lower for longer ” oil price

• EIA Short term energy outlook predicts average of US$54/bbl for 2017 and US$57/bbl for 2018 (with a range of US$41-US$66 for 2017) and US$79/bbl for 2020

• Most oil companies have restructured debt, sold noncore assets, reduced staff numbers and restated core objectives for 2017 onwards

• SNE Field scheduled for first oil in increasing demand for oil and forecast decrease in shale production

• SNE breakeven at <US$35/bbl

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Our strategy

• Focus on MSGB Basin and in particular the extension of the Shelf Edge play to the south

• Lever local and specific technical knowledge into high value exploration opportunities with large equity positions

• Bring FAR local and specific technical knowledge to our advantage through strategic partnerships

• Keep all options open with respect to future participation in the SNE development

• Keep options open to pre-empt low ball sales of equity in FAR projects

• Don’t pay for exploration drilling where possible

• Ensure market fully informed to get maximum value in share price for shareholders

• Ensure we are robustly funded and financially strong

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2017 Strategy at work

• Negotiated farm-in to blocks A2/A5 The Gambia: continuation of SNE Field shelf edge structure

• Executed AMI (Area of Mutual Interest) Agreement with CNOOK UK

• Upgraded undrilled prospective resources : >1bbbls

• Successfully raised $80M to leave FAR funded to FID on the SNE Field development

• Completed 3 successful SNE appraisal wells safely and under budget

• Met final objectives of SNE Field evaluation

• Spudded first pure exploration well since 2014

• Revision of contingent resources, first phase development plan and economics underway

• Continuing to grow online shareholder communications platforms

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World class acreage in MSGB Basin

• 10 exploration licenses globally, 4 operated by FAR

• 8 licences in the MSGB Basin

• 2 successful discoveries offshore Senegal and further exploration drilling planned on MSGB licences in next 3 years

Senegal Kenya SNE Field and FAN-1 Frontier acreage discovery highlights with large equity multibillion barrel position potential The Gambia Entry into Block A2 and A5 in extension of SNE shelf edge play

Shelf edge play being evaluated following SNE discovery

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FAR in Senegal

• FAR in Senegal since 2006

• Basin opening FAN-1 and SNE-1 oil discoveries, 2014

• SNE ranked as worlds largest oil discovery in 2014

• JV invested ~ US$800M in three years

• 9 deep water exploration/appraisal wells with a 100% success rate

• SNE field grown to 641mmbbls 2C resource

• Appraisal of SNE Field completed may 2017

• Multi-billion dollar deep water development planned

• Strong commitment to sustainable social development and capacity building in country

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FAR LICENCES OFFSHORE SENEGAL, THE GAMBIA & GUINEA-BISSAU

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No production or activity offshore Senegal

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Status in mid-2014

• No offshore production

• No oil exploration drilling offshore Senegal for 40 years

• No deep water drilling ever offshore Senegal

• FAR 90% of RSSD acreage before Cairn and COP farm down

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FAN-1 and SNE-1 opened up Senegal

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Current state of discoveries

• 7 successful SNE appraisal wells drilled over 2015/16/17

• 100% drilling success to date

• Major gas discoveries made in 2015, 2016, 2017

• BP farm-in to Kosmos acreage introduces a large IOC to the basin

• CNOOC farm-in to Impact acreage in AGC March 2017

• Total awarded ROP block May 2017

Stellar Energy Advisers stated “The SNE discovery saved African exploration”

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SNE Field geological setting and discovery well
SNE-1 oil discovery (Nov 2014)
•
Oil gravity 32 degrees API
•
Gross oil column 96m
• FAR gross contingent resource []
P90 (1C): 348 mmbbls,
P50 (2C): 641 mmbbls,
P10 (3C): 1,128 mmbbls
•
Excellent reservoir rocks in 2 main
families: lower and upper reservoir sands
Shelf Edge play
Fan play
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*Reference FAR ASX releases dated 13 Apr 2015 and 23 August 2016, best estimate, gross resources, 100% basis, oil only

SNE Field evaluation program

• Commenced appraisal drilling in Nov 2015

• Seven successful appraisal wells now drilled

• Pre-development appraisal completed

• Objectives of the appraisal program:

• Size of oil pool – 641mmbbls 2C recoverable oil*. Exceeded minimum economic field size of 200mmbbls

• Measure deliverability – world class flow rates encountered

• Measure field connectivity of upper reservoirs – completed with latest appraisal well

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SNE-2 flow test
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*Reference FAR ASX release dated 23 August 2016, 13 April 2016 unrisked contingent resources, 100% basis, oil only

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Size of the SNE oil field

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Pre-Drill Post discovery RISC audited Latest RISC audited (Oct 2014) (Nov 2014) (April 2016) (August 2016) P90 : 50mmbbls 1C: 150 mmbbls 1C: 277 mmbbls 1C: 348 mmbbls P50 : 154 mmbbls 2C: 330 mmbbls 2C: 561 mmbbls 2C: 641 mmbbls P10 : 350 mmbbls 3C: 670 mmbbls 3C: 1071 mmbbls 3C: 1128 mmbbls

*Reference FAR ASX release dated 23 August 2016, 13 April 2016: unrisked contingent resources, 100% basis, oil only RISC is an independent technical expert that reviewed and modified a probabilistic resource evaluation carried out by FAR in accordance with industry standard SPE-PRMS definitions

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Deliverability and connectivity of reservoirs

• DST’s conducted on SNE-2, SNE-3, SNE-5, SNE-6

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• Pressure gauges installed in SNE-3 and SNE-5

• Lower reservoirs flowed at world class rates (SNE-2)

• Deliverability and connectivity of upper reservoirs completed in May 2017

SNE-5

SNE-4 SNE-6 SNE-3

BEL-1

SNE-1 SNE-2

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N
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S

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Drilling

Gas

Oil

Reservoir sands

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SNE Appraisal results summary

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• All appraisal wells proved 97m gross oil column

• MEFS of 200mmbbls passed

• 2C resource 641mmbbls* and scope to increase

SNE Field at S460 reservoir level showing Sirius and Spica Prospects

• Deliverability of reservoirs understood – world class flow rates in primary, lower reservoirs

• SNE field footprint expanding to encompass Sirius and possibly Spica prospects

• Lower reservoir units to the west with better reservoir properties

• Size, deliverability and connectivity now understood and pre-development appraisal drilling completed

*Reference FAR ASX release dated 23 August 2016, 13 April 2016: unrisked contingent resources, 100% basis, oil only

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Efficient drilling, lower costs

• Currently using the Stena DrillMAX – a 6[th] generation, dual mast, dual BOP drill ship

• 2017 drilling program significantly ahead of planned AFE

• Drilling completed successfully and safely

• Daily rig rates reduced by 70% since first drilling campaign in 2014

• Great time to be drilling appraisal/development wells!

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Looking forward to development of SNE

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• Results from interpretation of final appraisal wells expected in Q3 2017

• Development planning underway

• Development concept is FPSO (Floating Production, Storage and Offtake vessel) with subsea tie backs

• CAPEX : US$12- US$15/bbl*

• OPEX : < US$10/bbl*

• Breakeven oil price : US$35/bbl*

• NPV/bbl : US$12.50/bbl* (at FID, US$70/bbl oil price, 2C 473mmbbls)

• FAR Plateau production : ~140,000 bopd

• FAR Phase 1 development : 349 mmbbls

FAR Phase 1 development concept Refer to FAR ASX releases dated 24 September 2015 and 4 January 2016

• Drilling cost reductions yet to reduce CAPEX estimate

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*Cairn Energy Half Yearly Result 16/08/2016

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First pure exploration well planned since 2014

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• FAN South-1 on the South Fan prospect being drilled

• South Fan prospect mapped to contain 134 mmbbls oil *

• South Fan within tie back range to SNE development

• 500m of oil intersected in the FAN-1 well – prolific, oil source rock – indicates more oil to be found

• Undrilled exploration portfolio with >1bn bbls potential* updated Feb 2017

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*Reference FAR ASX release dated 7 February 2017,: gross, unrisked, recoverable, best estimate of prospective resources, oil only

The Gambia licence acquisitions

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• In line with FAR’s strategy to focus on NW African shelf following Senegal success

• FAR payment of US$5.18M to Erin, due on Government approval

• Well at end 2018

• Large equity position gives FAR options to farm down

• Support letter from Ministry of Petroleum

About The Gambia

• Capital: Banjul

• Population: 1.8M

• Languages: English (official), Mandinka, Wolof

• Major religions: Islam, Christianity

THE GAMBIA

Farm-in to 80% interest with operator rights Erin Energy 20% partner

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Blocks A2 and A5 prospectivity

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• 1 billion barrels of oil prospectivity mapped to date[*]

• Sama prospect defined on 3D seismic approximately 500mmbbls recoverable*

• 1,504km2 3D seismic data acquired in 2015

• Seismic reprocessing planned before drilling in 2018

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*Gross, unrisked, recoverable, best estimate of prospective resources, oil only

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Extension of the SNE shelf edge trend

• On trend with SNE – same play

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• Access to same source kitchen

• Highly prospective

• High chance of success

• Reservoirs now penetrated by 8 wells

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Extension of the SNE shelf edge trend

• 1 billion barrels of oil prospectivity mapped to date*

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• Sama prospect defined on 3D seismic 500mmbbls recoverable*

• Well to be drilled end 2018

• Dry hole well costs US$25-$30M

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*Gross, unrisked, recoverable, best estimate of prospective resources, oil only

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Regional schematic cross-section

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• Same upper/400 series reservoirs as SNE

• Thickening of 400 series sands to the south

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AMI with CNOOC

• Area of Mutual interest agreement with CNOOC

• Covering the designated area offshore Senegal and The Gambia

• CNOOC one of the largest independent oil and gas producers in the world

• Complementary skills enhance FAR and CNOOC ability to secure additional acreage

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Guinea-Bissau update

• Three blocks, operator Svenska

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

• FAR awarded additional equity (21.42%) and improved deep water terms

• Licence periods have been extended to 25 November 2020

• Joint venture to drill exploration well during licence period

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SINAPA (BLOCK 2) & ESPERANÇA (BLOCKS 4A & 5A)

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Kenya update

• Interest in two exploration blocks in the Lamu Basin

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

• Farmout for onshore L6 by Milio not completed

• Problems continue with access to onshore for seismic acquisition

• Currently seeking extension from the government

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BLOCK L6

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

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Australia update

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

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

• 3D seismic survey over WA-458-P yet to be completed

• Application underway for extension to the permit terms

• Awaiting government approval for surrender of WA-457-P

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WA-458-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

FAR moving forward in 2017

• 2013: Year of farmout

• 2014: Year of discovery

• 2015-2017: Appraisal of the SNE Field

• 2017-2019 : Development planning and studies

• 2019-2021 : Engineering, financing & construction

• 2021 : First oil from Phase 1 SNE development

• 100% success rate to date offshore Senegal

• Undrilled exploration prospects with >1bn bbls potential

• Back to pure exploration with FAN South-1 well

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Contact us

Level 17, 530 Collins Street Melbourne VIC 3000 Australia T: +61 3 9618 2550 info@far.com.au far.com.au Connect with FAR Limited:

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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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