FAR LIMITED — Capital/Financing Update 2012

Apr 22, 2012

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23 April 2012

ASX ANNOUNCEMENT AND MEDIA RELEASE

Share Purchase Plan Update

FAR is pleased to advise that the shares issued under its Share Purchase Plan (“SPP”) have now been allotted, raising $3million before costs. The proceeds of the SPP, together with the $12 million raised in the placement announced to the ASX on 29 March 2012, will be used to fund the Company’s offshore Kenyan oil and gas exploration programmes.

As advised in our release of 16 April 2012, the SPP was oversubscribed. As a result of this strong shareholder support, all applications have been scaled back on a pro-rata basis in accordance with the SPP terms and conditions.

The difference between the application monies received and the number of shares allocated to applicants, multiplied by the issue price of the shares, will now be refunded to applicants by cheque as soon as possible without interest.

Applicants are advised that the allocation of shares and refunds due under each application are as follows:

lows:
ApplicationAmount$	Scaled BackApplication$	Number ofSharesReceived	Refund Due$
1,000.00	794.89	18,486	205.11
3,000.00	2,384.71	55,459	615.29
5,000.00	3,974.49	92,431	1,025.51
10,000.00	7,948.99	184,861	2,051.01
15,000.00	11,923.48	277,291	3,076.52

The total number of shares issued under the SPP was 69,766,585.

FAR’s managing director, Cath Norman said “we are very pleased with the strong demand from our shareholders for the SPP and their support for the upcoming exploration programme in offshore Kenya. The SPP proceeds, together with the recent $12m capital raising, have placed FAR in a strong financial position to maintain its equity interest in Kenyan Blocks L6 and Block L9, both close to a string of recent major offshore gas discoveries”.

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About FAR Ltd

FAR Limited (ASX:FAR) is an independent oil and gas explorer with high impact assets in East and West Africa. FAR's recent acquisition of Flow Energy has strengthened its African focus, gaining entry to the fast emerging oil and gas province of Kenya, East Africa.

In West Africa, FAR holds a dominant position among ASX listed entities with high potential prospects in Senegal, Guinea Bissau and the AGC Profond.

FAR will focus its near-term efforts on the highly prospective margins of West and East Africa.

FAR also holds a large portfolio of frontier exploration acreage with considerable prospectivity in Southern Jamaica, and acreage surrounded by proven petroleum systems in Western Australia.

Incorporated in Western Australia in 1984 as First Australian Resources NL, the company became a listed public entity in 1985. The name was changed to FAR Limited in 2010.

For more information contact:

Catherine Norman

Managing Director FAR Limited

Telephone (03) 9618 2550 International: +61 3 9618 2550

For Media inquiries contact:

Ian Howarth Collins Street Media

0407 822 319