FAR LIMITED — Investor Presentation 2013

Mar 3, 2013

INVESTOR PRESENTATION

March 2013

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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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 margin West Africa and Lamu Basin, Kenya

• Large scale acreage position

• 7+ billion bbl prospect inventory

• 5 wells in the next 18 months

• Near term drilling catalysts in adjacent blocks (Anadarko, BG, Afren, Apache in Kenya and African Petroleum in Senegal)

Capital Structure

Capital Structure
Shares on issue	2,499,846,742
Share price (at 1 March 2013)	A$0.046
Market capitalisation	A$115M
Cash and term deposits (at 31 Dec 2012)	A$23.2M
Enterprise value	A$91.8M
Unlisted options	74.75M

Tembo

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FAR Board

	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 (previously Flow Energy MD since 2005)	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.
	Charles Cavness Non-Executive Director Appointed 1994	Attorney at law Served in the legal departments of two large American oil companies, Penzoil Corporation and Arco. 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.
	Albert Brindal Non-Executive Director Appointed 2007	Chartered accountant Director of the Company since 2007 and served as the Company Secretary since 2000. Broad commercial experience and Chairman of Remuneration Committee.

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Africa : West and East emerging oil and gas provinces

• 9 exploration licenses in 3 countries

• Combined 31,400km[2 ] area

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

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SENEGAL
GUINEA-BISSAU
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• 5 wells in next 18 months[1]

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KENYA
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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 East Africa

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• FAR is holder of 2 licences in the heart of the Lamu Basin

• Estimated 100TCF recoverable gas has been discovered in the last two years in Rovuma Basin to south

• Anadarko drills first offshore exploration well offshore Mozambique March 2010

• 16 offshore wells have been drilled offshore Mozambique and Tanzania since March 2010 and 14 major discoveries have been made, near 100% success rate on drilling

• Success due to availability of high quality 3D seismic

• Prompted recent bids by Shell and ultimately PTTEP for Cove Energy offshore Mozambique

• Drilling of Mbawa well by Apache showed presence of working source rock, highly porous reservoir, presence of gas and evidence for liquids in Lamu Basin, block 8

• Drilling success seen offshore Mozambique and Tanzania to be tested offshore Kenya by Apache, Anadarko, Afren and BG in 2013

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Kenya, East Africa

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Kudu
Updip
Kipini
KENYA
Chui W [Chui]
Block L6
Nyati WNyati
Kifaru
Kifaru Kiboko
West Tembo
L6 3D survey
Mbawa
Prospect
Apache 3D survey
Tai
Block L9 L9 3D survey
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Block L6

• FAR operator with 60% interest

• 3.7 billion bbl oil potential in block (unrisked, best estimate, prospective resources, 100% basis, oil only)

• First well to be drilled late 2013/early 2014

• Updated inventory of prospects from 3D survey

• Great neighbours!

Block L9

• FAR 30% interest in block

• Operator Ophir Energy

• Ophir and FAR farm down will introduce new drill partner and operator

Large equity positions in a fast emerging oil and gas margin

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Kenya Block L6 : Prospects and Leads

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Miocene
Reefs
Kudu
Miocene fans Updip
Kipini
Eocene
clastics
Cretaceous
clastics
Chui
2D Prospect
3D Prospect
Nyati
Nyati
West
Kiboko
20kms
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Prospect	Play	Oil(mmbbls)1	Gas (bcf)1
3D seismicprospects
Kifaru	Miocene reef	178	517
Kifaru West	Miocene reef	130	388
Tembo	Eocene clastics	327	807
2Dseismicprospects
13Prospects	Eocene clastics	1,743	4,515
6Prospects	LateCretaceous clastics	126	547
11 Prospects	Miocenereefs	1,249	3,461
Total Gross		3,754	10,235
Total Net to FAR		2,252	6,141

• 3.7 billion bbl best estimate, unrisked prospective resources, 100% basis, oil only (2.2 billion bbl net to FAR)

• 3D seismic completed

• Identification of new carbonate reef play on 3D seismic

• Enormous follow up potential in block

• Supported by seeps and DHI’s : working petroleum system

• CoS (chance of success for discovery) of 3D prospects 19%

• Drilling late 2013/early 2014

• Shallow, benign offshore conditions

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

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Kenya Block L6 : Miocene reefs

• Kifaru prospect • 60-260m water • CoS 19% • 29 km[2]

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• 178 mmbbls[1] or 517 bcf[1]

• Kifaru West prospect

• 60-260m water

• • CoS 18%

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• 24.5km[2]

• 130 mmbbls[1] or 388bcf[1]

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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 Block L6 : Tembo structure

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• Tembo prospect • 49 km[2] • 310-360m water • CoS 21% • 327 mmbbls[1] or 807 bcf[1] • Upside (high estimate) of 1,212 mmbbls[1] or 2,907 bcf[1]

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Tembo flat events – possible DHI’s
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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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Cross section throu h Lamu Basin g

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L6 L8 L9
1000m
Kifaru Shallow water L9 Prospects
sediments
Tertiary
Reefs Tembo
2000m
Mbawa Turbidites
3000m
Deep water sediments
Cretaceous
S
4000m
Deltaics S
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Kenya : Community relations

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Locating the Kipini-1 wellhead

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Mark Jenkins addressing a local community along the coast

Community awareness program, coast of Kenya

Collecting data for the Environmental Impact Assessment

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Centre of activity in West Africa

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• FAR Limited has 7 blocks in West Africa , offshore Senegal, Guinea Bissau and the AGC Profond

• Discovery of Jubilee field offshore Ghana by Tullow spearheaded a wave of activity from Ghana to Senegal

• Focus of activity in and around FAR acreage over next 2 years

• Large 2D non-exclusive seismic survey in 2012 from Mauritania to Guinea

• Important well to be drilled by African Petroleum on the Alhamdulilah Prospect that straddles FAR’s Senegal acreage (est 1,000mmbbls recoverable oil from African Petroleum investor update Oct 2012)

• African Petroleum drilling in the Gambia expected late 2013

• Highly leveraged if region is successful

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Senegal, West Africa

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FAR in Senegal

• FAR 100%

• Total exploration spend on block US$21M

• Large acreage position 7,490km[2 ] in the Rufisque, Sangomar and Sangomar Deep blocks

• Drilling before Feb 2014

• African Petroleum to drill 500mmbbl Gambian Alhamdillulah Prospect overlapping into FAR’s Sangomar block in late 2013 (approx 250 mmbbls net to FAR)

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Senegal: Prospects and Leads

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		3,227

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Alhamdulillah
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Ramatou
Lamb-ji
Beer
Sabar
Boabab Buried Hill Play
Lufti Aptian Shelf Play
Albian Shelf Play
Lupalupa
Basin Floor Fan Play
Base of Slope Play
4WDC Salt Play
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1 From FAR prospective resources 27 Feb 2013. Best estimate, unrisked prospective resources , 100% basis, oil only

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Amplitude
extraction
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Sene al: Pros ects and leads g p

Buried Hills Play (unrisked prospective resources 700 mmbbls)

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Senonian
unconformity
surface
Inline 1356
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Lupalupa shelf edge prospect (unrisked prospective resources 154 mmbbls)

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Amplitude
extraction
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Sene al: Pros ects and leads g p

Baobab shelf edge (unrisked prospective resources 491 mmbbls)

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Alhamdilullah Prospect (unrisked prospective resources 252 mmbbls)

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Structural Spill
Possible Fan
2 km
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Sene al: Pros ects and leads g p

Slope fans (unrisked prospective resources 1,355 mmbbls)

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AGC and Guinea Bissau, West Africa

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SENEGAL
GUINEA BISSAU
AGC
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FAR in Guinea Bissau

• 21.43% paying interest,15% beneficial interest

• Operated by Svenska Petroleum Exploration AB

• Block 2 contains the Sinapa oil discovery (Premier 2004), P50 111mmbbls OIP to be appraised by JV in late 2013

• Shalllow water (60m)

• Exploration well to also be drilled in late 2013/early 2014

• Strong in country social program

FAR in the AGC Profond

• FAR 10% equity

• Block operated by Ophir Energy

• JV option to enter second 2 year renewal period Sept 2012, with well commitment

• Currently acquiring 3D seismic program on non exclusive basis (1,000 km[2] )

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Timetable of events

etable of events
ANARDARKO /AFREN	BG/APACHE
	AFRICAN PETROLEUM

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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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FAR’s African story is unfolding

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• Drilling early 2014 offshore Kenya following Anadarko, BG and Afren

• Drilling West Africa end 2013 following African Petroleum drilling

• Large equity positions and hence highly leveraged to success

• Experienced Board and management with strong relationships in Africa

• Strong cash position to take advantage of existing and new opportunities

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