FAR LIMITED — Capital/Financing Update 2017

Feb 22, 2017

23 February 2017

SNE-5 at Total Depth

• The SNE-5 well has reached Total Depth of 2,852m

• Wireline logging operations have been completed

• Drill Stem Testing of the primary target reservoir has commenced

• Drilling and testing progressing safely and efficiently

Drilling of the SNE-5 well, the fifth to appraise the SNE oil field offshore Senegal has reached a Total Depth of 2,852m below the mud line.

A wireline logging and sampling program has been completed successfully and rig operations are progressing with a Drill Stem Test (DST) of the primary reservoir target at this location.

To date, the operations have been completed safely and ahead of schedule.

FAR looks forward to releasing flow test results at the completion of operations in the SNE-5 well.

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Figure 1: SNE field showing SNE-5 & 6 location

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Figure 2: Stena DrillMAX deep water drill ship

Background

The SNE-5 well is being drilled by the drill ship Stena DrillMAX (see Figure 2) and together with the follow on SNE-6 well, will evaluate the upper SNE reservoir units, specifically reservoir connectivity and deliverability, by conducting oil flow tests, including interference testing.

The two new wells follow the highly successful SNE-2, SNE-3, BEL-1 and SNE-4 appraisal drilling program completed on the SNE oil field in June 2016.

SNE-5 and SNE-6 are being drilled to help improve the joint venture understanding of the

characteristics of the upper SNE reservoir units and ensure potential development wells in these units are placed to optimise oil recovery and maximise value per well. The locations of the SNE-5 and SNE-6 wells are shown in Figure 1.

SNE-5 was drilled to total depth, after which a wireline logging and drill stem testing (DST) program is to take place.

SNE-5 is located in the southern area of the SNE oil field approximately 2km south east of SNE-3. SNE-6 is to be drilled immediately after the completion of SNE-5.

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