FAR LIMITED — Capital/Financing Update 2015

Dec 9, 2015

10 December 2015

Shareholder update: Senegal project

Drilling program

The first SNE oil field appraisal well SNE-2 began drilling in the Senegal Sangomar Deep Offshore Block on 4 November and it reached its planned total depth of 2,825m TVD on 3 December 2015 (Refer Figure 1 and 2).

Coring and wire line logging operations have been completed. Preliminary data which has confirmed the SNE-1 discovery and are in line with pre-drill expectations. Preparations to test the well are currently in progress (drill stem tests).

3D Seismic program

FAR has also been advised by the Operator that the acquisition of the seismic survey over the Sangomar and Rufisque blocks has been completed and the Polarcus Adira seismic vessel has been demobilised. Final processed products from the survey are due to be delivered in Q3 2106.

Senegal JV partners: Cairn Energy plc (Operator) 40%, ConocoPhillips 35%, FAR 15% and Petrosen 10%.

FAR Managing Director Cath Norman said

“We are very pleased with the SNE-2 well progress achieved to date by the Ocean Rig Athena and the drilling management team. Overall, SNE-2 has been drilled, cored and logged ahead of schedule and we are now looking forward to delivering results from the evaluation program.”

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Figure 1 and 2: Location map and SNE field outline highlighting position of the SNE-2 well (drilling), SNE-3 and BEL-1 evaluation wells

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For more information please contact

FAR Limited Cath Norman Managing Director

Gordon Ramsay Executive General Manager, Business Development

T: +61 3 9618 2550 F: +61 3 9620 5200 E: info@far.com.au

Level 17, 530 Collins Street Melbourne VIC 3000 Australia www.far.com.au

Media enquiries

Ian Howarth

Collins Street Media

T +61 3 9600 1979

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