FAR LIMITED — Investor Presentation 2013

Nov 18, 2013

FAR’s African story is ready to unfold

Melbourne Mining Club Cutting Edge Series 19 November 2013

Cath Norman Managing Director FAR Limited ASX:FAR

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Corporate snapshot

Company is well positioned for significant growth

Capital Structure
ASX Ticker	FAR
Shares on issue	2,499,846,742
Share price*	A$0.038
Market capitalisation*	A$95M
Cash and term deposits*	A$25.7M
Unlisted options	132.0M

Board & management

Nicholas Limb, Non-Executive Chairman

Catherine Norman, Managing Director

Ben Clube, Executive Director and Commercial Manager

Charles Cavness, Non-Executive Director

Albert Brindal, Non-Executive Director

Detailed bio’s in Appendix

*As at 18 November 2013

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FAR in Africa

• 9 exploration licenses in 3 West and East African countries, combined 31,400 km[2] area

• Combined best estimate unrisked prospective resources 7,000 mmbbls[*]

• 5 wells to be drilled in next 18 months[1]

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Senegal Kenya
Unexplored frontier Exciting frontier
Billion barrel potential Large equity positions
AGC Profond
Multiple prospects
Expansive acreage
Guinea-Bissau
Sinapa discovery
Drill ready
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1Assuming current options are taken up *From FAR internal prospective resources 27 Feb 2013, best estimate, gross, unrisked prospective resources, 100% basis, oil only

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Offshore West Africa

Strong acreage position in Senegal, AGC Profond & Guinea Bissau

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Senegal

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• Fully carried on drilling of two wells

• Drilling commencing Feb 2014

• Partners are Cairn Energy (40%) and ConocoPhillips (35%)

• US$190M to be spent on drilling

• FAR to receive US$10M in cash

• Testing 1.5 billion barrels of oil in two wells, 225 million barrels net to FAR

• Size of total prize pool 3.5 billion barrels oil[] , 525 million barrels[] net to FAR

*From FAR internal prospective resources 27 Feb 2013, best estimate, gross, unrisked prospective resources, 100% basis, oil only

RUFISQUE, SANGOMAR & SANGOMAR DEEP OFFSHORE 16.7% paying interest, 15% beneficial interest Operator: Cairn Energy PLC

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Senegal: Where are we drilling?

• First well: Fan

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L Prospect
1000m WD
Fan Prospects 4500m TD
1600m WD
5800m TD
Oil Migration Oil Traps
Source kitchen
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• prospects, spudding end Feb 2014

• Second well: ‘L’

• prospects, spudding early May 2014

West/Offshore

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East
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Senegal: Prospects and Leads summary

• Petroleum system established – Rufisque Dome

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• World class source rocks

• Drilling shelf edge and deepwater fan

• 550 million barrels[1] in shelf well

• 900 million barrels[1] in deepwater fan well

• 3.5 billion barrel[1] follow up potential in success case

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• 1From FAR internal prospective resources 27 Feb 2013, best estimate, gross, unrisked prospective resources, 100% basis, oil only

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Guinea Bissau and AGC

• One block in AGC, three blocks offshore Guinea Bissau

• Large permit areas > 15,000 km[2]

• Options for future and particularly in success case for Senegal

• Includes Sinapa oil field

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BLOCKS 2, 4A & 5A AGC PROFOND 15% interest 8.8% interest Operator: Svenska Petroleum Operator: Ophir Energy PLC

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FAR in East Africa

Large equity in fast emerging oil and gas province

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Offshore Kenya

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• Large acreage position in Lamu basin

• Two exploration blocks, drill ready in L6

• Great neighbours in BG, Anadarko, Total, ENI…

• Acreage tightly held

• Apache discovered gas in Block L8

• Anadarko had oil shows in offshore Block L7

• Further drilling in 2014 by Anadarko, BG, Afren and Apache

BLOCK L6 BLOCK L9 60% interest 30% interest Operator: FAR Limited Operator: Ophir Energy PLC

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Kenya

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Block L6

• FAR operator with 60% interest

• High quality prospects identified on new 3D

• Emerging oil prone Miocene reef play to be drilled by BG Q1 2014

• Farming down for drilling in 2014

Block L9

• FAR 30% interest in block

• Operator Ophir Energy

• Highly prized block

• Farming down for drilling in 2014

1From FAR internal prospective resources 27 Feb 2013, best estimate, gross, unrisked prospective resources, 100% basis, oil only

BLOCK L6 BLOCK L9 60% interest 30% interest Operator: FAR Limited Operator: Ophir Energy PLC

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Kubwa
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Kenya Block L6 : Follow up potential

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• 3D seismic completed April 2013

• Identification of new Miocene reef play to be drilled by BG in Q1 2014

BLOCK L6

60% interest Operator: FAR Limited

• 3.7 billion barrel oil prospectivity[1] in block

• Supported by a known working hydrocarbon system

• Shallow water < 350m

• Drilling with partner at end 2014

• Kifaru prospect: 178 million barrels oil[1]

• Tembo prospect: 327 million barrels oil[1]

• Multiple follow drill targets in success case

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1 From FAR prospective resources 27 Feb 2013. Best estimate, unrisked prospective resources , 100% basis, oil or gas

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Kenya: Community relations

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Mark Jenkins addressing a local community along the coast

Community awareness program, coast of Kenya

Locating the Kipini-1 wellhead

Collecting data for the Environmental Impact Assessment

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2014 : A busy year ahead

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SENEGAL
Sangomar Profond Drill Planning Drilling Drilling Evaluation of Drilling
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Afren/BG/Anadarko drilling
KENYA
L6 Farmout Drill Planning Drilling
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
KENYA
L9 Farmout Drill Planning Drilling
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
GUINEA BISSAU
Drill Planning Drilling Evaluation of Drilling
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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This timetable is indicative and final timetable will be determined when government approvals, availability of rigs and seismic vessels are confirmed

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Disclaimer

• This presentation has been prepared by FAR Limited (“FAR” or the “Company”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation. It is not to be distributed to third parties without the consent of FAR.

• This presentation contains forward-looking statements and projected drilling schedules that are not based on historical fact, including those identified by the use of forward-looking terminology containing such words as “believes”, “may”, “will”, “estimates”, “continue”, “anticipates”, “intends”, “expects”, “should”, “schedule”, “program”, “potential” or the negatives thereof and words of similar import.

• Management of FAR cautions that these forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by the statements. Management believes that the estimates are reasonable, but should not unduly be relied upon.

• FAR makes no representation, warranty (express or implied), or assurance as to the completeness or accuracy of these projections and, accordingly, expresses no opinion or any other form of assurance regarding them. Management does not intend to publish updates or revisions of any forward-looking statements included in this document to reflect FAR’s circumstances after the date hereof or to reflect subsequent market analysis.

• By its very nature exploration for oil and gas is a high risk business and is not suitable for certain investors. FAR securities are speculative. Potential investors should consult their stockbroker or financial advisor. There are a number of risks, both specific to FAR and of a general nature which may affect the future operating and financial performance of FAR and the value of an investment in FAR including and not limited to economic conditions, stock market fluctuations, oil and gas demand and price movements, regional infrastructure

constraints, securing drilling rigs, timing of approvals from relevant authorities, regulatory risks, operational risks, reliance on key personnel, foreign currency fluctuations, and regional geopolitical risks.

• You should not act or refrain from acting in reliance on this presentation material. This overview of FAR does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

• 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.

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