FAR LIMITED — Interim / Quarterly Report 2012

Sep 11, 2012

FAR LIMITED

ABN 41 009 117 293

FINANCIAL REPORT FOR THE HALF YEAR ENDED 30 JUNE 2012

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FAR LIMITED HALF-YEAR FINANCIAL REPORT 2012 CONTENTS

LIMITED F-YEAR FINANCIAL REPORT 2012 TENTS
Directors’ report	3
Auditor’s independence declaration	5
Independent auditor’s report	6
Directors’ declaration	8
Condensed consolidated statement of comprehensive income	9
Condensed consolidated statement of financial position	10
Condensed consolidated statement of changes in equity	11
Condensed consolidated cash flow statement	12
Notes to the condensed consolidated financial statements	13

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FAR LIMITED DIRECTORS’ REPORT

The directors of FAR Limited submit herewith the Financial Report of FAR Limited and its subsidiaries (“the Consolidated Entity”) for the half-year ended 30 June 2012. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:

The directors of the Company in office during or since the end of the period are:

Mr N J Limb Ms C M Norman Mr A E Brindal Mr C L Cavness Mr M J Evans (resigned 19 April 2012)

All directors held office during and since the end of the period unless otherwise stated.

REVIEW OF OPERATIONS

The loss of the Consolidated Entity for the half-year after income tax was $345,943 (half-year ended 30 June 2011: $6,331,531).

During the half-year the Consolidated Entity successfully raised $15 million through a placement and share purchase plan. As at 30 June 2012 the Consolidated Entity had a cash balance of $33.7 million.

During the half-year the principal activities of the Consolidated Entity continued to be the exploration for and production of oil and gas and the acquisition and sale of oil and gas exploration and production interests.

A summary of the Consolidated Entity’s operations during the period is provided below:

Kenya

FAR has completed a 3D seismic survey over the L6 permit offshore Kenya. The permit lies in the Lamu Basin, north of recent, world scale, natural gas discoveries totaling around 100 trillion cubic feet off the coasts of Mozambique and Tanzania.

FAR operates the L6 block with 60% equity. The completion of the seismic survey fulfills the work program for the current period with the Kenyan Ministry of Energy. Final data delivery is expected in mid January 2013 and FAR is currently negotiating a timetable for delivery of early products so that the drill location can be finalised ahead of drilling in 2013.

The highly anticipated and large Mbawa prospect in neighbouring Block L8 was spudded by Apache in August and the partners have reported the discovery of 52 net metres (approximately 170 feet) of natural gas pay.

Anadarko Petroleum Corporation has announced plans to drill the first of its wells before year end (Blocks L5, L7, L12, L11A, L11B) and BG is also preparing to drill its first well offshore Kenya (Blocks L10A and L10B). The well planned for Block L6 in 2013 will be FAR’s first well in Kenya.

Ophir Energy operates the L-9 Joint Venture, also in the Lamu Basin, in which FAR has a 30% interest. The JOA and Deeds of Assignment remain in the process of being finalised.

Senegal

FAR is the operator of the Rufisque, Sangomar and Sangomar Deep blocks offshore Sengal and has a 100% paying interest. The process of bringing in a partner to drill a well with FAR in Senegal is underway and the company looks forward to providing updates as they become available.

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FAR LIMITED DIRECTORS’ REPORT

FAR notes an important well to be drilled by African Petroleum on the Alhamdulilah Prospect in the Gambia that straddles FAR’s Senegal acreage (est 600mmbbls recoverable oil) is scheduled for the end of 2012 or early 2013. This prospect adds to the inventory of prospects that FAR has in the Senegalese acreage on offer to potential partners.

Guinea Bissau

FAR has a 21.43% paying interest in three blocks offshore Guinea Bissau which are operated by Svenska. The permits are currently in Phase 1 of the exploration term, which has been extended for two years to 25 November 2012. A further optional four year Phase 2 exploration period has a work commitment that includes a single exploration well.

AGC

FAR has a 10% interest in the AGC Profond block which is operated by Ophir. During the half-year work continued on evaluating leads in the block in readiness for entering a new exploration period in September 2012.

Australia

During the half-year work continued on compiling the regional data and reprocessing existing 2D and 3D seismic data ahead of planning a 3D seismic survey in blocks WA-457-P and WA458-P for early 2013. FAR is the operator and holds 100% of both blocks.

North America

Sales revenues from oil and gas sales were $306,148 for the half-year compared to $399,356 in the previous corresponding six monthly period.

No exploration activity was undertaken in North America in the current period.

AUDITOR’S INDEPENDENCE DECLARATION

In order to comply with Section 306 (2) of the Corporations Act 2001, the directors’ report includes the auditor’s independence declaration on page 5 of the half year financial report.

Signed in accordance with a resolution of the directors made pursuant to Section 306(3) of the Corporations Act 2001.

On behalf of the Directors

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Mr N J Limb Chairman

Melbourne, 12 September 2012

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Deloitte Touche Tohmatsu ABN 74 490 121 060

Woodside Plaza Level 14 240 St Georges Terrace Perth WA 6000 GPO Box A46 Perth WA 6837 Australia

The Board of Directors FAR Limited Level 17 530 Collins Street Melbourne VIC 3000

Tel: +61 8 9365 7000 Fax: +61 8 9365 7001 www.deloitte.com.au

12 September 2012

Dear Board Members

FAR Limited

In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of independence to the directors of FAR Limited.

As lead audit partner for the review of the financial statements of FAR Limited for the half-year ended 30 June 2012, I declare that to the best of my knowledge and belief, there have been no contraventions of:

(i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• (ii) any applicable code of professional conduct in relation to the review.

Yours sincerely

DELOITTE TOUCHE TOHMATSU

David Newman

Partner Chartered Accountant

Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Touche Tohmatsu Limited

Deloitte Touche Tohmatsu ABN 74 490 121 060

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Woodside Plaza Level 14 240 St Georges Terrace Perth WA 6000 GPO Box A46 Perth WA 6837 Australia

Tel: +61 8 9365 7000 Fax: +61 8 9365 7001 www.deloitte.com.au

Independent Auditor’s Review Report to the members of FAR Limited

We have reviewed the accompanying half-year financial report of FAR Limited, which comprises the condensed statement of financial position as at 30 June 2012, and the condensed statement of comprehensive income, the condensed cash flow statement and the condensed statement of changes in equity for the half-year ended on that date, selected explanatory notes and, the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the end of the half-year or from time to time during the half-year as set out on pages 8 to 17.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 30 June 2012 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of FAR Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Auditor’s Independence Declaration

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 . We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of FAR Limited, would be in the same terms if given to the directors as at the time of this auditor’s review report.

Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Touche Tohmatsu Limited

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Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of FAR Limited is not in accordance with the Corporations Act 2001 , including:

• (a) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2012 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

DELOITTE TOUCHE TOHMATSU

David Newman Partner Chartered Accountants Perth, 12 September 2012

FAR LIMITED DIRECTORS’ DECLARATION

The directors declare that:

(a) in the directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; and

(b) in the directors’ opinion, the attached financial statements and notes thereto are in accordance with the Corporations Act 2001, including compliance with accounting standards and giving a true and fair view of the financial position and performance of the Consolidated Entity.

Signed in accordance with a resolution of the directors made pursuant to s.303(5) of the Corporations Act 2001.

On behalf of the Directors

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Mr N J Limb Chairman

Melbourne, 12 September 2012

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FAR LIMITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the half-year ended 30 June 2012

Note Revenue 3 Other income 4 Direct operating costs Depreciation and amortisation expense Exploration expense Abandonment expense Finance costs Administration expenses Employee benefits expense Consulting expense Foreign exchange gain / (loss) Other expenses Loss before income tax Income tax expense Loss attributable to members of FAR Limited Other comprehensive income Exchange differences arising on translation of foreign operations Total comprehensive income for the period attributable to members of FAR Limited Earnings per share: Basic and diluted loss per share (cents per share)	Half-year ended
	30 June 2012 $ 30 June 2011 $ 977 840 1 301 832 2 821 231 - (168 541) (157 442) (125 393) (237 794) (303 789) (4 656 154) (454) - (39 192) (301 492) (546 995) (332 506) (2 297 188) (847 523) (539 998) (320 226) 24 784 (672 803) (148 248) (107 423)
	(345 943) (6 331 531) - -
	(345 943) (6 331 531)
	1 709 (50 237)
	(344 234) (6 381 768)
	(0.01) (0.51)

Notes to the financial statements are included on pages 13 to 17.

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FAR LIMITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 June 2012

Notes CURRENT ASSETS Cash and cash equivalents Trade and other receivables 5 Other financial assets Other Total Current Assets NON CURRENT ASSETS Trade and other receivables 5 Other financial assets Property, plant and equipment Oil and gas properties Total Non-Current Assets TOTAL ASSETS CURRENT LIABILITIES Trade and other payables Borrowings Provisions Other financial liabilities Total Current Liabilities NON-CURRENT LIABILITIES Trade and other payables Deferred tax liabilities Provisions Other financial liabilities Total Non-Current Liabilities TOTAL LIABILITIES NET ASSETS EQUITY Issued Capital Reserves Accumulated losses TOTAL EQUITY	30 June 31 December 2012 $ 2011 $ 33 676 639 23 803 920 1 530 792 3 324 928 357 699 305 780 45 550 120 874
	35 610 679 27555 502
	2 943 774 - - 71 924 137 625 205 804 58110 395 49777 465
	61 191 794 50 055193
	96 802 473 77610 695
	8 094 253 1 040 570 - 2 927 885 316 813 519 026 26 529 -
	8437596 4 487 481
	176 626 - 4 187 577 4 187 577 18 135 68 907 - 26 529
	4382337 4 283 013
	12819 933 8770494
	83 982 540 68 840 201
	143 384 588 129 137 015 3 180 772 1 940 063 (62582820) (62 236 877)
	83 982540 68 840201

Notes to the financial statements are included on pages 13 to 17.

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FAR LIMITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the half-year ended 30 June 2012

							Total attributable to equity holders of theparent
			Reserves
			Equity component on convertible notes
				Foreign currency translation reserve
	Share capital	Option reserve			Total	Accumulated losses
	$	$	$	$	$	$	$
Balance at1January2011	103 879103						55 573 542
		1996 955	674085	(894 141)	1 776 899	(50 082 460)
Lossforthe period			-		-		(6 331531)
	-	-		-		(6 331531)
Exchange differences arising on translation of foreign operations			-				(50 237)
	-	-		(50 237)	(50 237)	-
Total comprehensive income for theperiod			-				(6 381 768)
	-	-		(50237)	(50237)	(6 331531)
Issue ofshares			-				37 459
	37 459	-		-	-	-
Issue ofoptions							178 000
			-	-
	-	178 000			178 000	-
Transfer from equity component on convertible notesreserve							-
		-		-
	2589		(2589)		(2589)	-
Balance at 30 June 2011			671 496				49407 233
	103 919151	2 174955		(944378)	1902073	(56413 991)
Balance at1January2012							68 840201
	129137015	2 174955	671 496	(906 388)	1940 063	(62 236 877)
Lossforthe period							(345 943)
				-	-
	-	-	-			(345 943)
Exchange differences arising on translation of foreignoperations			-				1 709
	-	-		1 709	1 709	-
Total comprehensive income for theperiod							(344 234)
	-	-	-	1 709	1 709	(345 943)
Issue ofshares							15 039 947
		-	-	-
	15 039 947				-	-
Shareissue costs							(792374)
		-	-	-
	(792374)				-	-
Issue ofoptions							1 239 000
			-	-
	-	1 239 000			1 239 000	-
Balance at 30 June 2012							83 982 540
	143 384 588	3 413 955	671 496	(904 679)	3 180 772	(62 582 820)

Notes to the financial statements are included on pages 13 to 17.

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FAR LIMITED CONDENSED CONSOLIDATED CASH FLOW STATEMENT for the half-year ended 30 June 2012

Note CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers Interest and other costs of finance paid Net cash (used in)/provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Interest received Payments for oil and gas properties Payments for property, plant and equipment Proceeds from sale of property, plant and equipment Proceeds from sale of oil and gas properties Net cash provided by/(used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Repayment of borrowings Proceeds from issue of shares Payment for share issue costs Net cash (used in)/provided by financing activities NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS Cash and cash equivalents at the beginning of the period Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the financial period	Half-year ended
	30 June 30 June
	2012 $ 2011 $
	401 699 446 835 (3 010 302) (1 438 465) (39 157) (230 516)
	(2647 760) (1 222 146)
	527 830 988 615 (2 407 758) (4 972 835) (30 988) (78 004) 48 747 - 2 898 949 -
	1036780 (4062 224)
	(2 927 889) - 15 039 947 - (792 375) -
	11319 683 -
	9 708 703 (5 284 370) 23 803 920 38 092 132 164 016 (527 032)
	33 676 639 32 280 730

Notes to the financial statements are included on pages 13 to 17.

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FAR LIMITED NOTES TO THE FINANCIAL STATEMENTS for the half-year ended 30 June 2012

1. Significant Accounting Policies

Statement of compliance

The half-year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and Accounting Standard AASB 134 Interim Financial Reporting . Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 Interim Financial Reporting. The half-year financial report does not include notes of the type normally included in an annual financial report and shall be read in conjunction with the most recent annual financial report.

Basis of preparation

The condensed consolidated financial statements have been prepared on the basis of historical cost except, where applicable, for the revaluation of certain non-current assets and financial instruments. All amounts are presented in Australian dollars, unless otherwise noted.

The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the company’s annual financial report for the year ended 31 December 2011, unless otherwise described herein.

Adoption of new and revised Accounting Standards

In the current period, the Consolidated Entity has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective for annual reporting periods beginning on or after 1 January 2012. The adoption of these new and revised Standards and Interpretations has not resulted in any changes to the Consolidated Entity’s accounting policies or in the amounts reported in the current or prior financial years.

2. Segment Information

AASB 8 requires operating segments to be identified on the basis of internal reports about components of the entity that are regularly reviewed by the Managing Director (chief operating decision maker) in order to allocate resources to the segments and to assess its performance.

The consolidated entity undertakes exploration for and the production of oil and gas in Australia, Africa, Jamaica and North America. The identification of the Consolidated Entity’s reporting segments remains consistent with prior periods, with management allocating resources to segments on a geographical basis with the inclusion of a ‘corporate’ segment which captures all head office and administrative income, expenses and assets.

Information regarding these segments is presented below. The accounting policies of the reportable segments are the same as those of the Consolidated Entity.

Segment Assets and Liabilities

The following is an analysis of the Consolidated Entity’s assets and liabilities by reportable operating segment:

AGC Australia Guinea Bissau Jamaica Kenya Senegal USA Corporate Total assets and liabilities	Assets Liabilities
	30 June 31 December 30 June 31 December
	2012 2011 2012 2011
	$ $ $ $
	131 324 - 380 196 295 009 1 395 096 125 628 1 321 430 - 5 691 781 5 469 126 - - 6 961 308 6 923 178 - - 36 672 331 22 611 046 10 098 367 4 187 577 15 046 404 14 670 052 - - 450 100 593 383 231 819 260 502 30 454 129 27 218 282 788 121 4 027 406
	96 802 473 77 610 695 12 819 933 8 770 494

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FAR LIMITED NOTES TO THE FINANCIAL STATEMENTS for the half-year ended 30 June 2012

Segment Revenue and Results

The following is an analysis of the Consolidated Entity’s revenue and results by reportable segment for the period under review:

the period under review:
	Revenue Segment Profit/(Loss)
	30 June 30 June 30 June 30 June
	2012 2011 2012 2011
	$ $ $ $
AGC Australia Canada Guinea Bissau Jamaica Kenya Senegal USA Other exploration Corporate Consolidated segment revenue and (loss)/ profit before tax for the period Income tax expense Consolidated segment revenue and (loss)/ profit after tax for the period	- - - (4 549 335) - - (115 567) (106 819) - - - - - - - - - - - - - - - - - - - - 306 306 399 684 (78 552) (94 628) - - (188 222) - 671 534 902 148 36 398 (1 580 749)
	977 840 1 301 832 (345 943) (6 331 531) - -
	977840 1301832 (345 943) (6 331531)

The revenue reported above represents revenue generated from external customers. There were no intersegment sales during the year.

3. Revenue

3. Revenue
Sales Revenue: Oil and gas revenues Interest Revenue: Bank deposits Other Revenue	Half-year ended
	30 June 30 June
	2012 $ 2011 $ 306 148 399 356 610 643 872 689 61 049 29 787
	977840 1301832

4. Other income

Gain on sale of oil and gas properties Miscellaneous other income	Half-year ended
	30 June 30 June
	2012 $ 2011 $ 2 820 729 - 501 -
	2 821 230 -

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FAR LIMITED NOTES TO THE FINANCIAL STATEMENTS for the half-year ended 30 June 2012

Gain on sale of oil and gas properties includes the gain from the current period recognition of the US$3 million third and final tranche receivable in respect of the sale in 2009 of the Consolidated Entity’s interest in the Beibu Gulf Block 22-12 Joint Venture (through the disposal of a wholly owned subsidiary). This amount is receivable on satisfaction of conditions stipulated in the sale and purchase agreement, being the production from the project of 1 million barrels of oil.

At the date of sale only the first two tranches were recognised due to uncertainty over the satisfaction of the conditions precedent in respect of this final tranche. Based on the most recent information available from the operator of the Beibu Gulf Joint Venture, the directors now expect the conditions precedent to be met and have recognised this final tranche in the current period together with the associated costs that will become payable on receipt of this amount.

5. Trade and other receivables

5. Trade and other receivables
Current: Trade receivables Advance payments on contracts Interest receivable China sale receivable – tranche 2 Other receivables Less allowance for doubtful debts Non-current: China sale receivable – tranche 3	30 June 31 December
	2012 $ 2011 $ 66 405 98 872 883 132 - 171 674 85 235 - 2 953 919 745 564 682 148 (335 983) (495 246)
	1530792 3 324928
	2 943 774 -
	2 943 774 -

Included in non-current receivables is an amount of US$3million due in respect of the third tranche payment from the 2009 sale of the Consolidated Entity’s interest in the Beibu Gulf Block 22-12 Joint Venture. Refer to note 4 for further details.

The second tranche payment, payable on formal approval of an Oilfield Development Plan for the project, was received in full during the current period.

Other receivables include amounts totalling $335 983 (2011: $495,246) which were past due at balance date. These amounts have been provided against in full.

6. Borrowings

6. Borrowings
Current Unsecured loans – convertible notes	30 June 31 December
	2012 $ 2011 $ - 2 927 885
	- 2 927 885

The convertible notes matured on 31 January 2012 and were repaid in full.

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FAR LIMITED NOTES TO THE FINANCIAL STATEMENTS for the half-year ended 30 June 2012

7. Issued capital

Paid up capital: Ordinary fully paid shares at beginning of year Shares allotted during the year (a) Share issue costs Transfer from equity component on convertible notes reserve Ordinary fully paid shares at end of year	30 June 30 June 31 December 31 December
	2012 Number 2012 $ 2011 Number 2011 $ 2 150 080 157 129 137 015 1 244 439 464 103 879 103 349 766 585 15 039 947 905 640 693 25 305 521 - (792 374) - (50 198) - - - 2589
	2 499 846 742 143 384 588 2 150 080 157 129 137 015

(a) The following share issues were made during the year:

• (i) A placement of 280,000,000 shares at 4.3 cents per share on 5 April 2012 raising $12,040,000 before costs.

• (ii) An allotment of 69,766,585 shares at 4.3 cents under a Share Purchase Plan on 24 April 2012 raising $2,999,947 before costs.

• (b) At balance date the Company had the following options available to be exercised:

4,750,000 unlisted options to subscribe for ordinary shares at 10 cents on or before 31 March 2013 1,500,000 unlisted options to subscribe for ordinary shares at 18 cents on or before 30 April 2014 59,000,000 unlisted options to subscribe for ordinary shares at 6 cents on or before 30 June 2015

8. Share Based Payments

On 31 May 2012, the Company granted 59,000,000 unlisted incentive options exercisable at 6 cents on or before 30 June 2015 to employees and contractors. All options vested on grant date.

The options packages to employees and contractors have been valued at $850,500 and $388,500 respectively using the Black Scholes model and the financial effect has been recognised in ‘Employee Benefits Expense’ and ‘Consulting Expense’ in the current financial period statement of comprehensive income.

The following inputs have been used to calculate the fair value of these options at grant date:

Option pricing inputs
Number granted	59 000 000
Grant date	31 May 2012
Grant date share price	3.8 cents
Exercise price	6 cents
Expected volatility	100%
Option life	1,125 days
Risk-free interest rate	3.75%
Fair value per option	2.1 cents

9. Contingencies and commitments

As disclosed in notes 4 and 5 above, during the period, the Consolidated Entity has recognised a US$3 million receivable in respect of the third tranche payment from the sale in 2009 of the Consolidated Entity’s interest in the Beibu Gulf Block 22-12 Joint Venture. At 31 December 2011 this amount was included as a contingent asset.

Other than the above, there have been no other changes to the contingent assets and contingent liabilities reported in the annual financial report for the year ended 31 December 2011.

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FAR LIMITED NOTES TO THE FINANCIAL STATEMENTS for the half-year ended 30 June 2012

10. Subsequent events

The Directors are not aware of any other matters or circumstances at the date of this report, other than those referred to in this report, that have significantly affected or may significantly affect the operations, the results of the operations or the state of affairs of the Consolidated Entity in subsequent financial years.

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