FAR LIMITED — Capital/Financing Update 2017

Mar 27, 2017

28 March 2017

FAR expands exploration portfolio in West African hot spot Secures 80% stake in high potential offshore blocks in The Gambia

• FAR to acquire 80% working interest and Operatorship in the highly prospective offshore Blocks A2 and A5 in The Gambia from ERIN Energy Corporation

• Blocks A2 and A5 located on trend and adjacent to FAR’s Senegal blocks and world class SNE field with potential prospective resources of more than one billion barrels of oil*

• Large prospects similar to the SNE Field “shelf edge” play identified

• FAR to fund ERIN through an exploration well expected to be drilled late 2018

FAR Limited (“FAR”) has expanded its exploration portfolio in the rapidly emerging offshore Mauritania-Senegal-Guinea-Bissau Basin in West Africa through a farm-in deal with US based oil and gas company, ERIN Energy Corporation.

Meridian Minerals Limited (“Meridian”), a wholly owned subsidiary of FAR, will acquire an 80% interest and Operatorship of offshore Blocks A2 and A5 in The Gambia from the New York and Johannesburg Stock Exchange listed ERIN Energy Corporation ( see location map in figure 1 ).

The farm-in, which remains subject to approval by the Government of The Gambia, requires FAR to fund ERIN up to US$8 million through an exploration well expected to be drilled late in 2018.

Blocks A2 and A5 are adjacent to and on trend with FAR’s world class SNE oil field discovery and have significant exploration potential. The blocks cover an area of approximately 2,682km[2] within the rapidly emerging and prolific Mauritania-Senegal-Guinea-Bissau (“MSGB”) Basin. The blocks lie approximately 30km offshore in water depths ranging from 50 to 1,200 meters.

In combination, Blocks A2 and A5 have potential to contain prospective resources in excess of one billion barrels of oil (on an unrisked, best estimate, 100% basis*).

Figure 1: Blocks A2 / A5, The Gambia location

From 1,504 km[2] of modern 3D seismic data acquired in the blocks, FAR has identified large prospects similar to the “shelf edge” plays FAR is targeting in Senegal (see Figure 2). FAR has mapped three potentially drillable prospects and leads.

*Refer to Prospective Resource Estimates Cautionary Statement on page 3

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Figure 2: Location map Blocks A2 and A5 Gambia prospects and leads in relation to SNE field

FAR and ERIN expect to undertake 3D seismic reprocessing and interpretation during 2017 in order to mature prospects for drilling in late 2018.

Under the terms of the farm-in agreement, Meridian is to acquire an 80% working interest and become the Operator by making an upfront payment of US$5.18 million and funding up to US$8.0 million of ERIN’s share of the cost of an exploration well. If ERIN’s share of the exploration well costs is less than US$8.0 million then the balance is to be paid in cash. FAR’s share of the cost of the exploration well is expected to be in the order of US$25.0 to US$30.0 million. ERIN will retain a 20% working interest in Blocks A2 and A5.

Under the terms of the agreement, the well to be funded by FAR can be carried out in either Block A2 or Block A5 before 31 December 2018 or such later date if the current licence periods are extended.

FAR Managing Director Cath Norman said;

“Through this deal FAR has secured highly prospective acreage adjacent to and on trend with, FAR’s SNE field offshore Senegal. The significant prospectivity we have identified in Blocks A2 and A5 are analagous play types to those that FAR has successfully drilled in Senegal.

This substantial exploration potential, coupled with a dominant working interest, provides FAR with an exceptional opportunity to add significant shareholder value through near term exploration drilling success.

This transaction expands FAR’s portfolio and establishes FAR as one of the major players in the rapidly emerging MSGB Basin. With 8 successful exploration and appraisal wells drilled in Senegal resulting in the FAN and SNE field discoveries, the MSGB basin has emerged as an exploration ‘hot spot’ attracting the attenion of the world’s oil majors. Our large equity position gives us the option to farm down an interest before drilling.

FAR is committed to building a strong strategic partnership with the Government of the Republic of The Gambia and looks forward to working with the Government and ERIN to bring this transaction to a successful conclusion and drilling an exploration well in late 2018.”

About Erin Energy Corporation

Erin Energy Corporation is an independent oil and gas exploration and production company headquartered in Houston, Texas with a focus on finding and producing oil in sub-Saharan Africa. ERIN’s asset portfolio consists of nine licenses across four countries and covers an area of 19,000 sq km (~5 million acres) including current production and other exploration projects offshore Nigeria, as well as exploration licences offshore Ghana, The Gambia and onshore Kenya. Erin Energy is listed on the New York and Johannesburg Stock Exchanges under the ticker symbol ERN.

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Disclaimers

*Prospective Resource Estimates Cautionary Statement - 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.

Prospective and Contingent Resources - All contingent and prospective resource estimates presented in this report are prepared as at 27/2/2013, 11/3/2014, 5/2/2014, 13/04/2015, 13/4/2016 and 23/08/2016 (Reference: FAR ASX releases of the same dates). The estimates have been prepared by the Company in accordance with the definitions and guidelines set forth in the Petroleum Resources Management System, 2007 approved by the Society of Petroleum Engineer and have been prepared using probabilistic methods. The contingent resource estimates provided in this report are those quantities of petroleum to be potentially recoverable from known accumulations, but the project is not considered mature enough for commercial development due to one or more contingencies. The prospective resource estimates provided in this report are Best Estimates and represent that there is a 50% probability that the actual resource volume will be in excess of the amounts reported. The estimates are unrisked and have not been adjusted for both an associated chance of discovery and a chance of development. The 100% basis and net to FAR contingent and prospective resource estimates include Government share of production applicable under the Production Sharing Contract.

Competent Person Statement Information - The hydrocarbon resource estimates in this report have 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, the Society of Petroleum Engineers and the Petroleum Exploration Society of Australia. Mr Nicholls consents to the inclusion of the information in this report relating to hydrocarbon Contingent and Prospective Resources in the form and context in which it appears. The Contingent and 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.

Forward looking statements - 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. The entity confirms that it is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning this announcement continue to apply and have not materially changed.

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