FAR LIMITED — AGM Information 2019

May 29, 2019

FAR matures for the future

Annual General Meeting 30 May 2019

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Leadership team

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FY18 Highlights

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Challenging market conditions

• It’s a volatile market

• Samo well result

coincided with large slump in oil price

• Underlying value in Senegal barrels

• Back to drilling in early 2020

• Good catalysts for share price growth in coming year

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Senegal

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FAR in Senegal

• FAR in Senegal since 2006

• Basin opening FAN-1 and SNE-1 oil discoveries in 2014, FAR now 15% WI

• 11 wells drilled since 2014

• 4 discoveries offshore Senegal

• 7 successful SNE appraisal wells

• JV Invested US$1bn to date

• Estimated 5Bbbls of oil in place in SNE

• FID for SNE development expected 2H 2019

• First oil production 2022, first gas 2024

• Application to appraise FAN, SNE North and FAN South discoveries

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FAR LICENCES OFFSHORE SENEGAL, submitted to Government THE GAMBIA & GUINEA-BISSAU

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Senegal project, last 12 months

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• Declared commerciality on the SNE Project July 2018

FAR RSSD LICENCES OFFSHORE SENEGAL

• Development and Exploitation Plan submitted October 2018

• FEED commenced December 2018

• ESIA approved Jan 2019

• PSC Extended to Dec 2019

• FPSO FEED commenced with MODEC

• Subsea FEED underway with Subsea Integration Alliance

• Drilling and completion tender awarded to Diamond Offshore for development drilling from early 2021

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Senegal plan for 2019

• Final investment decision planned H2

• Development and Exploitation Plan rebsubmission mid 2019

• 3D seismic acquisition early Q3 2019

• Award of PSC extension to evaluate FAN, FAN South and SNE North discoveries

• Finalise development financing for FID

• Tim Woodall in special director role

• Phase 1 CAPEX ~ US$3bn (net ~US$411M)*

• Targeting 50% JV project financing

• Options for FAR remaining 50%

  • Partial sell down of equity

  • Mezzanine finance

  • Bond

• “Execute” after FID

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SNE EXPLOITATION AREA AND EVALUATION EXTENSION AREA UNDER APPLICATION

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*Assumes FAR working interest at 13.7% after Petrosen increase to 18%

SNE Development

• Excellent reservoir properties

• 100m oil column

• 31[o] API oil

• Average porosity of 24%

• Average hydrocarbon saturation 73%

• Phase 1 Development

• 23 wells (including injectors)

• 100,000bbls/day

• Considerable upside on better recovery from reservoirs

• Cash flow from 2023

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• Phase 1 FPSO, subsea and design scalable for better recovery and future phases

• Later phase tieback to discoveries

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Block A2 & A5 Mauritania-Senegal-Guinea-BissauConakry Basin 40% working interest & operator

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Rolf Stork, Asset Manager, The Gambia

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FAR in The Gambia

• PETRONAS farmed in with a carry on the drilling of 1 well and cash consideration

• Samo-1 successfully and safely drilled within budget

• Continued to evaluate permit for additional prospects and leads

• Updated subsurface models with geological results from Samo-1 well

• Continued to be inspired to explore further in A2 and A5

• Next licence period commences 1 July and requires one well to be drilled over either block

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The Gambia – Operational Update

• Samo-1 successfully drilled to the planned depth approx 3,200m MDRT and intersected all target horizons

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• Drilled with the Stena DrillMAX 6[th] generation drillship in total of 26 days

• Final cost of $38.5M which was under budget (FAR cost $1M total)

• All safety and environmental objectives achieved

• An excellent achievement by all concerned including our drilling team and contractors

• Demonstrated the capacity of FAR Gambia Limited as Operator of the JV to deliver work programs safely and efficiently – a track record that is highly valued in the region

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Samo-1

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FAR in The Gambia

• Practical and enabling regulatory framework

• Geologically prospective and encouraging towards finding oil

• Strong working relations with The Government of The Gambia, regulators and the community

• Proven track record of

completing work programs, which is highly valued

• Community programs ongoing with focus on health, education and the environment

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Community & social programs – The Gambia

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Peter Nicholls, Exploration Manager

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Samo-1 results

• Pre-drill was mapped as a very large structure, possibly connected to SNE

• Samo was deep to prognosis with the result that the Samo trap is separated from the SNE oil field

• Excellent reservoir was present but unfortunately at the expense of the seal intervals

• Hydrocarbon shows in the well at multiple levels indicates that hydrocarbon charge entered the feature, but was not retained because of the seal breach

• Seal breach at Samo does not impact remaining prospects towards the SNE oil field

• Oil shows in Samo are encouraging for the other prospects identified within the A2 and A5 blocks

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BLOCK A2 & A5 FAR 40% interest and Operator PETRONAS 40% partner

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Prospect map showing Samo Prospect pre-drill
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Further Gambian prospectivity

• Mapping is continuing after the Samo-1 well

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• Oil shows in Samo-1 and in Jammah-1

• provide strong support for charge into the area

• Numerous prospects are being mapped and evaluated for potential drilling in 2020

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Samo-1 Jammah
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Future prospects

**Prospect volumes ***	Low estimate	Best estimate	High estimate
Bambo	129	317	1,895
Soloo	55	247	277
Malo	211	374	683
Total all Prospects	395	938	2,855
Total net to FAR	158	375	1,142

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Best Estimate 938 mmbbls total prospective resources (375 mmbbls net to FAR)[*]

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*Recoverable prospective resources, best estimate, gross, recoverable, unrisked, 100% basis

Sinapa (Block 2) Esperanca (Block 4A & 5A) Mauritania-Senegal-Guinea-BissauConakry Basin 21.42% working interest

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Guinea-Bissau

• Existing discoveries on licence

• PGO-3 recovered 36° API oil

• Sinapa discovery of 35°- 37° API oil (gross 2C contingent resource of 13.4 mmbbls) with significant exploration follow-up.

• Untested shelf-edge play along southern margin of MSGBC Basin

• Exploration focus shifted to shelf edge play post SNE discovery

• Well planning continued in 2018

• Proposed Atum well to test prospective resources of 471mmbbls* in Q1 2020

• Updated licence terms and increased stake in licences

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SINAPA (BLOCK 2) & ESPERANÇA (BLOCKS 4A & 5A) 21.42% paying interest, 21.42% beneficial interest Operator: Svenska Petroleum Exploration AB

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*Recoverable prospective resources, best estimate, gross, recoverable, unrisked, 100% basis

Kenya

Block L6 Lamu Basin 60% working interest & operator

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Kenya, Block L6

• Despite enduring land access issues, continued to advance preparations for onshore work program

• Permit was granted non-operations extension

• JV applied for further extension

• Awaiting ministerial approval

• On-going discussions with government and other agencies to help resolve land dispute

• Identified multiple hydrocarbon play types

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BLOCK L6

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

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• Total Prospective Resources in Block L6 estimated >3Bbbls or >10Tcf gas

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*Recoverable prospective resources, best estimate, gross, unrisked, 100% basis

Australia

Petroleum Exploration Permit WA-458-P Dampier Sub-basin, Northwest Shelf 100% working interest and Operator

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Northwest Shelf, WA-458-P

• Located in a proven and prolific hydrocarbon producing basin

• Surrounded by producing fields

• Shallow water, low cost exploration environment strategically positioned to capture any upside

• Recent discoveries along the Northwest Shelf have generated significant interest

• Davros Extension MC3D survey completed in February 2019

• 360mmbbls best estimate prospective resources* mapped to date

• Expect to receive final processed seismic data end of Q4 2019

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

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*Recoverable prospective resources, best estimate, gross, unrisked, 100% basis

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Governance & sustainability

FAR is committed to sustainability and improvement of social, environmental and economic outcomes for the benefit of all stakeholders.

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*Subject to partner and Government approvals

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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