FAR LIMITED — AGM Information 2021

Jun 21, 2021

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22 June 2021

Annual General Meeting 2021 - Presentation

In accordance with the Listing Rules, FAR Limited (ASX: FAR) releases the attached, to be presented at the Company’s Annual General Meeting to be held at 11am today, 22 June 2021.

This announcement has been approved for release by the FAR Limited Disclosure Committee.

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Annual General Meeting

22 June 2021

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Looking forward in FAR

• 2020 Decision made to sell Senegal project

• Sale process expected to complete before end June

• History of exploration success, extensive exploration database, excellent government relationships in Gambia and Senegal have paved way for next chapter

• FAR looking forward to using that extensive knowledge to successfully drill the Bambo-1 well offshore Gambia later this year

• Good time to have cash – opportunities to grow FAR

Block A2 & A5

50% interest Operator: FAR Limited

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The Gambia

• Rig contract executed for spud 1 Oct – 30 Nov 2021

• FAR share of cost est US$24M

• Targeting 3 key prospects Soloo (extn of Sangomar), Bambo and Soloo Deep

• Total 1.18bn bbls at 7-37% CoS

• Well satisfies A2 and A5 licence obligations until end 2022

• Using same drill team as per Samo (under budget, safe, efficient)

• COVID safe practices in place

• Gvt relations very strong and supportive

• Partner (Petronas) support strong

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Bambo-1 well

• Soloo Prospect is extension of discovered hydrocarbons in the Sangomar Field

• Bambo Prospect is a large exploration prospect which overlies Soloo

• The planned well will be targeting

• 1.1 billion bbls (P50)

Gambia prospects	Low Estimate	Best Estimate	High Estimate	COS
	*(mmbbls) **	*(mmbbls) **	*(mmbbls) **
	P90	P50	P10
Bambo
390	137	464	1,155	25%
400	27	75	167	16%
Soloo
410	55	150	329	29%
440	18	51	116	36%
Soloo Deep
552	80	238	455	7%
562	48	140	242	12%
Total	365	1,118	2,464
Total net to FAR	182.5	559	1,232

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Bambo-1 operations & logistics

Spud: 1 Oct – 30 Nov Duration: Approx 30 Days Rig: Stena IceMax Well management: FAR/Exceed

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MATERNITY WARD BANSANG HOSPITAL

WATER DISTRIBUTION AND STORAGE FACILITIES SANYANG WOMEN’S GARDEN

ELECTRICAL WORKS JAMBANJELLY LOWER BASIC SCHOOL

NDEMBAN CLINIC UPGRADE COVID TESTING AND TREATMENT CENTRE

Compelling exploration in the southern MSGBC Basin

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Guinea-Bissau

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• Operated by PetroNor

• Well obligation by end 2023

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Petroleum Exploration Permit WA-458-P Dampier Sub-basin, Northern Carnarvon Basin, North West Shelf 100% working interest & operator

Farmout/sale process underway

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Forthcoming drilling program

July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Evaluation of drilling Drilling Bambo-1 2021 2022 Drill planning Farmout/Sell Drill planning Drilling Evaluation Bambo-1 appraisal July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec The Gambia Blocks A2/A5 Guinea-Bissau Blocks 2, 4A & 5A Australia WA July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec*	July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Evaluation of drilling Drilling Bambo-1 2021 2022 Drill planning Farmout/Sell Drill planning Drilling Evaluation Bambo-1 appraisal July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec The Gambia Blocks A2/A5 Guinea-Bissau Blocks 2, 4A & 5A Australia WA July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec*	July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Evaluation of drilling Drilling Bambo-1 2021 2022 Drill planning Farmout/Sell Drill planning Drilling Evaluation Bambo-1 appraisal July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec The Gambia Blocks A2/A5 Guinea-Bissau Blocks 2, 4A & 5A Australia WA July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec*
	Evaluation of drilling Drilling Bambo-1 Drill planning Bambo-1 appraisal*
	July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
	Drill planning Drilling Evaluation
	July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Farmout/Sell
	July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

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*Subject to Bambo-1 success and JV/Government approval

Why Africa?

Peak oil has arrived

Capital not available for oil and gas companies No new exploration leases or sanctioning of new developments Alternative energies are cheaper than gas/oil fuelled power stations Hydrogen power gen is established

2% Global CO2 emissions High projected energy demand Income from oil and gas to support sustainable growth and protect sovereignty Move out of Energy Poverty Affordable, reliable supplies are integral to the transition to a lower carbon world Opportunities for FAR

Demand for oil recovering

Oil price to hit $100/bbl by year end (GS) Hydrogen power gen is years from viability Population growth in Africa set to surge

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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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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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