FAR LIMITED — Capital/Financing Update 2014

May 6, 2014

7 May 2014

Senegal drilling update: Rig move to SNE-1 location

The Transocean Cajun Express Semi-Submersible rig has been moved from the FAN-1 well location to the SNE-1 well location whilst ongoing maintenance is being completed.

The FAN-1 well has been drilled to 1,200 metres below the seabed where 20” casing was cemented completing the ‘top hole’ portion of the well. The rig has then moblised to the SNE-1 location to most efficiently utilise the rig by drilling the ‘top hole’ portion of this second sell. After 20” casing is cemented on the SNE-1 well, the rig will return to the FAN-1 well location in five to seven days, and drill to the total planned depth.

A map showing the location of both the FAN-1 and SNE-1 wells is shown in the figure below.

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Figures 1 and 2: Location of the two Senegalese wells in the FAR 3D seismic area, offshore Senegal

About FAR

FAR (ASX: FAR) is an independent oil and gas explorer with high impact assets in East and West Africa. FAR holds a significant acreage position in the emerging exploration hot spots of East and West Africa transform margins. FAR has identified a sizeable prospect and lead portfolio in its acreage that is estimated to contain prospective resources of over 7 billion barrels of oil on a gross un-risked best estimate basis.

FAR recently signed two farm in deals with ConocoPhillips and Cairn Energy a leading UK independent to secure its share of funding for 2 high impact offshore exploration wells in Senegal to be drilled in early 2014.

Recent takeover activity, drilling and major gas discoveries close to FAR’s Kenyan acreage have heightened interest in the region generally and in FAR’s acreage position specifically. Exploration activity is ramping up in the Kenya offshore arena with 6 high impact wells expected to be drilled in the next 12 months.

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Disclaimers

The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

This document may include forward looking statements. Forward looking statements include, are not necessarily limited to, statements concerning FAR’s planned operation program and other statements that are not historic facts. When used in this document, the words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward looking statements. Although FAR Ltd believes its expectations reflected in these are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward looking statements.

Competent Person Statement

Information in this report relating to hydrocarbon resource estimates has been compiled by Peter Nicholls, the FAR Limited 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, 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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