FAR LIMITED - Investor Presentation 2013

FAR’s African story is ready to unfold

Good Oil Conference

September 2013

Ben Clube

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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.

Our Company • Australian junior oil and gas explorer • Listed on Australian Securities exchange ASX: FAR • Diversified African asset base (9 licences in 3 countries) • Exposure to both transform margins in West Africa and Lamu Basin, Kenya • Large scale acreage position • 7+ billion bbl prospect and lead inventory • 2 major farm out deals concluded • 5 wells in the next 18 months • Near term drilling catalysts in adjacent blocks (Anadarko, BG, Afren, Apache) • Strong cash position to be bolstered by $5M from Cairn Energy and $3M from sale of Beibu Gulf project	Our Company • Australian junior oil and gas explorer • Listed on Australian Securities exchange ASX: FAR • Diversified African asset base (9 licences in 3 countries) • Exposure to both transform margins in West Africa and Lamu Basin, Kenya • Large scale acreage position • 7+ billion bbl prospect and lead inventory • 2 major farm out deals concluded • 5 wells in the next 18 months • Near term drilling catalysts in adjacent blocks (Anadarko, BG, Afren, Apache) • Strong cash position to be bolstered by $5M from Cairn Energy and $3M from sale of Beibu Gulf project	Capital Structure Shares on issue 2,499,846,742 Share price (at 9 Aug 2013) A$0.044 Market capitalisation A$110M Cash and term deposits (at 9 Aug 2013) A$23.7M Enterprise value A$86.3M Unlisted options 132.0M
	• Australian junior oil and gas explorer • Listed on Australian Securities exchange ASX: FAR • Diversified African asset base (9 licences in 3 countries) • Exposure to both transform margins in West Africa and Lamu Basin, Kenya • Large scale acreage position • 7+ billion bbl prospect and lead inventory • 2 major farm out deals concluded • 5 wells in the next 18 months • Near term drilling catalysts in adjacent blocks (Anadarko, BG, Afren, Apache) • Strong cash position to be bolstered by $5M from Cairn Energy and $3M from sale of Beibu Gulf project

FAR Board

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Nicholas Limb Non-Executive Chairman Appointed 2012

Geophysicist and investment banker

15 years as MD/Chairman of an ASX listed, international mining company, Australia. 10 years in Financial services with May and Mellor and HSBC. 35 years industry experience in the resources industry.

Catherine Norman Managing Director Appointed Nov 2011

Geophysicist

6 years as MD of Flow Energy Limited. 10 years as Managing Director of international oil services company in the UK developing projects in Europe, Africa and the Middle East region. 25 years experience in the resources industry.

Ben Clube Executive Director and Commercial Manager Appointed 2013

Geologist and Chartered Accountant

26 years of experience in the resource sector. Senior Finance Executive BHP Petroleum where he held roles across the full life cycle of exploration, development and operations. Finance Director and Company Secretary of Oilex Ltd prior to joining FAR.

Charles Cavness Attorney at law Non-Executive Director Served in the legal departments of two large American oil companies, Penzoil Corporation and Arco. Appointed 1994 He has spent his entire career in the oil industry and consequently has experience in the United States, Latin America and the Middle East. 35 years experience in the oil sector.

Fellow Certified Practising Accountant

Albert Brindal Non-Executive Director Appointed 2007

Director of the Company since 2007 and served as the Company Secretary since 2000. Broad commercial experience and Chairman of Remuneration Committee.

East and West Africa

Emerging oil and gas provinces

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Senegal
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Unexplored frontier Billion barrel potential

Kenya Exciting frontier Large equity positions

Nine exploration licences in three countries
31,400km[2] combined area
Combined best estimate unrisked prospective resources 7 billion barrels oil
Five wells in next 18 months

Multiple prospects Expansive acreage

Sinapa discovery Drill ready

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Offshore West Africa

Strong acreage position in Senegal, AGC Profond & Guinea Bissau

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Senegal

Farm in deals recently signed to drill 2 wells H1 2014
Partners are Cairn Energy (40%) and ConocoPhillips (35%)
US$190M Estimated to be spent on drilling
FAR to receive ~US$10M in net cash
FAR retains 15% (after farm ins completed)
Size of prize pool 3.5 billion barrels oil[*] ,
525 million bbls[*] net to FAR

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*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 (on conclusion of farm-out and Government approval) Operator: Cairn Energy PLC

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Senegal: Prospects and Leads

Petroleum system established – Rufisque Dome
World class Turonian and Cenomanian source rocks
Drilling shelf edge and deepwater fan
~550 million barrels[1] oil shelf prospect
~900 million barrels[1] deepwater fan prospect
Chance of discovery 25%
Multiple other prospects and plays in area

Prospect	Play	Oil(mmbbls)1
Lufti	Buried Hill	203
Sabar	Buried Hill	304
Lamb-Ji	Buried Hill	136
Ramatou	Buried Hill	58
Lupalupa	Albian Shelf edge	154
Boabab	Aptian	491
Alhamdulillah North	Salt anticline	252
Sth Canyon	Slope Fans	439
Central Canyon	Slope Fans	612
North Canyon	Slope Fans	304
Beer	EarlyFans	632
Total - Gross		3,585
Total - Net to FAR	After farmout	538

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

Senegal: North Fan Prospect

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West East
Approximate North Approximate North
Fan Well location Fan Well location
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Senegal: ‘L’ Prospect

Lupalupa objective (Albian sands)

Albian Amplitude Extraction

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Baobab Objective (Aptian carbonates)

Guinea-Bissau and AGC

One block in AGC, three blocks offshore Guinea Bissau
Large permit area > 15,000 km[2]
Shallow water (60m)

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

Sinapa oil discovery (Premier 2004)
Potential Sinapa appraisal well in 2014
Follow on exploration potential on success

Approximate W Sinapa well location

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SENEGAL
GUINEA BISSAU
2
4A
5A
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East Africa

Large equity in fast emerging oil and gas margin

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Offshore Kenya

Large acreage position in fast emerging Lamu basin
100TCF recoverable gas discovered in the last three years in Rovuma Basin to south
16 offshore wells drilled offshore Mozambique and Tanzania since March 2010 and 14 major discoveries
Acreage tightly held
Great neighbours!
Apache discovered gas in Block L8, August 2013
Anadarko had oil shows in offshore Block L7, April 2013
Further drilling in 2013/14 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

Block L6

FAR operator with 60% interest
3.7 billion bbl[1] oil potential in block
High quality prospects identified on new 3D (130-330 million bbl[1] prospects)
Emerging oil prone carbonate reef play
Enormous follow up potential
Farming down for drilling in 2014

Block L9

FAR 30% interest in block
Operator Ophir Energy
Highly prized block
Joint venture arrangements nearing completion
Farming down for drilling

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

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

Kenya Block L6 : Prospects and leads

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Maridadi-1 Oil Sample Miocene
Reefs Kudu
Updip
Miocene fans Kipini
Eocene
clastics
Cretaceous
clastics Chui
2D Prospect
3D Prospect
Nyati
SW Kifaru West Kifaru NE Nyati
West
Kiboko
20kms
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Kenya: Community relations

Mark Jenkins addressing a local community along the coast

Locating the Kipini-1 wellhead

Community awareness program, coast of Kenya

Collecting data for the Environmental Impact Assessment

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Timetable of events

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2014 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Farmout Drill Planning Drilling KENYA L6 AGC AGC Profond Data Processing G&G AUSTRALIA NW Shelf 3D Seismic & Data Processing G&G Drill Planning Evaluation of Drilling Drilling SENEGAL Drilling KENYA L9 Farmout G & G Drilling Drill Planning GUINEA BISSAU Blocks 2, 4A & 5A Drill Planning Drilling Drilling Evaluation of Drilling Apache/BG/Afren Wells	Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2014 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Farmout Drill Planning Drilling KENYA L6 AGC AGC Profond Data Processing G&G AUSTRALIA NW Shelf 3D Seismic & Data Processing G&G Drill Planning Evaluation of Drilling Drilling SENEGAL Drilling KENYA L9 Farmout G & G Drilling Drill Planning GUINEA BISSAU Blocks 2, 4A & 5A Drill Planning Drilling Drilling Evaluation of Drilling Apache/BG/Afren Wells	Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2014 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Farmout Drill Planning Drilling KENYA L6 AGC AGC Profond Data Processing G&G AUSTRALIA NW Shelf 3D Seismic & Data Processing G&G Drill Planning Evaluation of Drilling Drilling SENEGAL Drilling KENYA L9 Farmout G & G Drilling Drill Planning GUINEA BISSAU Blocks 2, 4A & 5A Drill Planning Drilling Drilling Evaluation of Drilling Apache/BG/Afren Wells	Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2014 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Farmout Drill Planning Drilling KENYA L6 AGC AGC Profond Data Processing G&G AUSTRALIA NW Shelf 3D Seismic & Data Processing G&G Drill Planning Evaluation of Drilling Drilling SENEGAL Drilling KENYA L9 Farmout G & G Drilling Drill Planning GUINEA BISSAU Blocks 2, 4A & 5A Drill Planning Drilling Drilling Evaluation of Drilling Apache/BG/Afren Wells	Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2014 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Farmout Drill Planning Drilling KENYA L6 AGC AGC Profond Data Processing G&G AUSTRALIA NW Shelf 3D Seismic & Data Processing G&G Drill Planning Evaluation of Drilling Drilling SENEGAL Drilling KENYA L9 Farmout G & G Drilling Drill Planning GUINEA BISSAU Blocks 2, 4A & 5A Drill Planning Drilling Drilling Evaluation of Drilling Apache/BG/Afren Wells	Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2014 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Farmout Drill Planning Drilling KENYA L6 AGC AGC Profond Data Processing G&G AUSTRALIA NW Shelf 3D Seismic & Data Processing G&G Drill Planning Evaluation of Drilling Drilling SENEGAL Drilling KENYA L9 Farmout G & G Drilling Drill Planning GUINEA BISSAU Blocks 2, 4A & 5A Drill Planning Drilling Drilling Evaluation of Drilling Apache/BG/Afren Wells	Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2014 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Farmout Drill Planning Drilling KENYA L6 AGC AGC Profond Data Processing G&G AUSTRALIA NW Shelf 3D Seismic & Data Processing G&G Drill Planning Evaluation of Drilling Drilling SENEGAL Drilling KENYA L9 Farmout G & G Drilling Drill Planning GUINEA BISSAU Blocks 2, 4A & 5A Drill Planning Drilling Drilling Evaluation of Drilling Apache/BG/Afren Wells


Drill Planning		Drilling	Drilling	Evaluation of Drilling
Jul Aug Sep Oct Nov Dec	Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Apache/BG/Afren Wells
Farmout	Drill Planning					Drilling
Jul Aug Sep Oct Nov Dec	Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Farmout	G & G			Drill Planning		Drilling
Jul Aug Sep Oct Nov Dec	Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Drill Planning			Drilling	Drilling	Evaluation of Drilling
Jul Aug Sep Oct Nov Dec	Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Data Processing	G&G
Jul Aug Sep Oct Nov Dec	Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
3D Seismic & Data Proce	ssing		G&G
Jul Aug Sep Oct Nov Dec	Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

This timetable is indicative and final timetable will be determined when government approvals, availability of rigs and seismic vessels are confirmed

AI assistant

FAR LIMITED Investor Presentation 2013

64899_rns_2013-09-02_929e51d1-0b9c-4775-8fcd-f68edad428fa.pdf

Disclaimer

FAR Board

Geophysicist and investment banker

Geophysicist

Geologist and Chartered Accountant

Fellow Certified Practising Accountant

East and West Africa

Offshore West Africa

Senegal

Senegal: Prospects and Leads

Senegal: North Fan Prospect

Senegal: ‘L’ Prospect

Lupalupa objective (Albian sands)

Albian Amplitude Extraction

Guinea-Bissau and AGC

East Africa

Offshore Kenya

Kenya

Block L6

Block L9

Kenya Block L6 : Prospects and leads

Kenya: Community relations

Timetable of events

AI assistant

FAR LIMITED — Investor Presentation 2013

64899_rns_2013-09-02_929e51d1-0b9c-4775-8fcd-f68edad428fa.pdf

Disclaimer

FAR Board

Geophysicist and investment banker

Geophysicist

Geologist and Chartered Accountant

Fellow Certified Practising Accountant

East and West Africa

Offshore West Africa

Senegal

Senegal: Prospects and Leads

Senegal: North Fan Prospect

Senegal: ‘L’ Prospect

Lupalupa objective (Albian sands)

Albian Amplitude Extraction

Guinea-Bissau and AGC

East Africa

Offshore Kenya

Kenya

Block L6

Block L9

Kenya Block L6 : Prospects and leads

Kenya: Community relations

Timetable of events

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FAR LIMITED Investor Presentation 2013