FAR LIMITED — Capital/Financing Update 2012

Apr 15, 2012

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16 April 2012

ASX ANNOUNCEMENT AND MEDIA RELEASE

Share Purchase Plan Update

FAR is pleased to advise that its Share Purchase Plan (“SPP”) has now closed with applications being received in excess of the $3 million plan limit. In accordance with the terms and conditions of the SPP, all applications will be scaled back on a pro-rata basis, based on the number of shares applied for.

The extent of the scale back and the final allocation of shares to be made under each application will be calculated in the coming days and notified to the market in due course.

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

It is anticipated that shares issued under the SPP will be allotted on or around Friday 20 April 2012.

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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