FAR LIMITED — Investor Presentation 2014

Mar 31, 2014

FAR’s African story is unfolding

Investor presentation April 2014

==> picture [148 x 64] intentionally omitted <==

Disclaimer

• This presentation has been prepared by FAR Limited (“FAR”). It should not be considered as an offer or invitation to subscribe for or purchase any shares in FAR or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for shares in FAR will be entered into on the basis of this presentation.

• This presentation contains forward-looking statements 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.

• 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. The forward looking statements are expressly subject to this caution. FAR makes no representation, warranty (express or implied), or assurance as to the completeness or accuracy of these forward-looking statements and, accordingly, expresses no opinion or any other form of assurance regarding them. FAR will not necessarily publish updates or revisions of these forwardlooking statements to reflect FAR’s circumstances after the date hereof.

• By its very nature exploration and development of oil and gas is high risk and is not suitable for certain investors. FAR shares are a speculative investment. 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.

• This presentation does not purport to be all inclusive or to contain all information which you may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation, perform your own analysis, and seek your own advice from your professional adviser before making any investment decision.

• Cautionary Statement for Prospective Resource Estimates – With respect to the Prospective Resource estimates contained within this report, it should be noted that the estimated quantities of Petroleum that may potentially be recovered by the future application of a development project may relate to undiscovered accumulations. These estimates have an associated risk of discovery and risk of development. Further exploration and appraisal 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 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, the Society of Exploration Geophysicists 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.

2

*Reference ASX releases dated 27 Feb 2013, 5 Feb 2014, 11 Mar 2014, best estimate, gross, unrisked prospective resources, 100% basis, oil only

3

Corporate snapshot

Capital Structure
ASX Ticker	FAR
Shares on issue	2,499,846,742
Share price*	A$0.058
Market capitalisation*	A$145M
Cash and term deposits (approx)*	A$28M

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

==> picture [148 x 64] intentionally omitted <==

*As at 28 March 2014

Exposure to world class emerging O&G areas

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

• 2 wells with Cairn and ConocoPhillips offshore Senegal commencing April 2014

Senegal Kenya Unexplored frontier Exciting frontier Billion barrel potential Large equity positions AGC Profond Multiple prospects Expansive acreage Guinea-Bissau Sinapa discovery Drill ready

*Reference ASX releases dated 27 Feb 2013, 5 Feb 2014, 11 Mar 2014, best estimate, gross, unrisked prospective resources, 100% basis, oil only

5

FAR’s prospects in offshore West Africa

Strong acreage position in Senegal, Guinea Bissau & AGC Profond

==> picture [235 x 256] intentionally omitted <==

==> picture [128 x 127] intentionally omitted <==

==> picture [148 x 64] intentionally omitted <==

Senegal

• Funded through drilling of two wells

• Drilling commencing April 2014

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

• Approx US$200M to be spent on drilling

• FAR received 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*

==> picture [80 x 81] intentionally omitted <==

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

==> picture [334 x 329] intentionally omitted <==

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

7

Senegal: Prospects and Leads summary

==> picture [80 x 81] intentionally omitted <==

• Petroleum system established – Rufisque Dome

• World class source rocks

• Drilling shelf edge and deepwater fan

• 550 million barrels[*] in shelf well (SNE-1)

• 900 million barrels[*] in deepwater fan well (FAN-1)

==> picture [64 x 21] intentionally omitted <==

----- Start of picture text -----

FAN-1 well
----- End of picture text -----

• 3.5 billion barrel[1 ] follow up potential

in success case

==> picture [254 x 161] intentionally omitted <==

==> picture [64 x 21] intentionally omitted <==

----- Start of picture text -----

SNE-1 well
----- End of picture text -----

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

8

Senegal: Where are we drilling?

==> picture [80 x 81] intentionally omitted <==

==> picture [703 x 389] intentionally omitted <==

----- Start of picture text -----

• First well: Fan prospects, SNE-1
1000m WD
FAN-1 3300m TD
spudding April, 65 days
1500m WD
to TD 5300m TD
•
Second well: Shelf
prospects, spudding Buried Hills Play
June, 45 days to TD
Albian Clastic Play
Aptian Carbonate Play
Campanian-Maastrichtian Fan Play
Santonian Fan Play
Oil Migration Oil Traps
Source kitchen
West East
----- End of picture text -----

9

Senegal

==> picture [80 x 81] intentionally omitted <==

Rig has been mobilised and has commenced drilling operations

• Operator (Cairn Energy PLC) currently completing second of two wells offshore Morocco with the Cajun Express rig

• The first of two Senegal wells will spud in April 2014

• Testing approximately 1.5 billion barrels of prospective resources[* ]

• Significant follow-up potential on success

==> picture [295 x 206] intentionally omitted <==

*Unrisked best estimate, 100% basis as per FAR ASX release dated 27 February 2013

10

Guinea-Bissau and AGC

• One block in AGC, three blocks offshore Guinea Bissau

• Large permit area > 15,000 km[2]

• Large upside exposure in Senegal success case

• Attractive low risk inboard salt plays identified

• Proven oil-prone basin

• 1 billion barrels prospective resources identified offshore Guinea Bissau*

• Sinapa West appraisal planned in March 2015

• Multiple follow up prospects on success

• Completing technical review and undertaking permit negotiations in AGC Profond

==> picture [80 x 81] intentionally omitted <==

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

==> picture [317 x 217] intentionally omitted <==

----- Start of picture text -----

SENEGAL
GUINEA BISSAU
2
4A
----- End of picture text -----

• Unrisked best estimate, 100% basis as per FAR ASX release dated 4 February 2014

11

FAR’s prospects in East Africa

Large equity in fast emerging oil and gas province

==> picture [318 x 275] intentionally omitted <==

==> picture [154 x 154] intentionally omitted <==

==> picture [148 x 64] intentionally omitted <==

Kenya

• Proven oil at both ends of the kitchen

• Continuous reef trend

BLOCK L6 BLOCK L9 60% interest offshore 30% interest 24% interest onshore Operator: Ophir Energy PLC Operator: FAR Limited

• Drill ready prospects defined on 3D seismic

• Encouragement from recent drilling

• BG recently completed Sunbird-1 well in Block 10A

• Hydrocarbon column

• Returned hydrocarbons to surface

• High porosity and permeability

• Fully carried through the acquisition of 1000kms 2D seismic and one onshore well in Block L6 by Milio International of Dubai (~US$30M program)

• Awaiting Gvt approval for transfer of equity to FAR for L9*, JV work program to be decided

• Actively farming down offshore well in Block L6 and L9

==> picture [263 x 344] intentionally omitted <==

----- Start of picture text -----

Kubwa-1
Kifaru
Kifaru
Tembo
West
Mbawa-1
L9
Sunbird-1
Kiboko-1
0 50
Km
Miocene Reef prospects Cretaceous Clastic prospects
Eocene Clastic prospects Other prospects/leads
Eocene Fan prospects Discovery
----- End of picture text -----

• Reference FAR ASX Dec quarter report dated 31 January 2014

13

==> picture [756 x 459] intentionally omitted <==

----- Start of picture text -----

Kenya Block L6 : Reefal prospects
SW NE
Kifaru West
Kifaru
Miocene reef play
prospective resources
Kifaru prospect 178 mmbbls
Kifaru West prospect 130 mmbbls
Other total 1,249 mmbbls
Total 1,557 mmbbls
Total net to FAR 934.2 mmbbls
----- End of picture text -----*

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

14

A busy year ahead

==> picture [600 x 346] intentionally omitted <==

----- Start of picture text -----

2014 2015
SENEGAL
Drill Planning Drilling Drilling Evaluation of Drilling
Sangomar Profond
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
BG/Anadarko
KENYA
Farmout Onshore Seismic Acquisition & Processing Drill Planning Drilling Evaluation of Drilling
L6
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
KENYA
Farmout Drill Planning Drilling Evaluation of Drilling
L9
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
GUINEA BISSAU
Drill Planning Drilling Evaluation of Drilling
Blocks 2, 4A & 5A
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Australia
G &G 3D Seismic Acquisition & Processing
NWS
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
----- End of picture text -----

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

15

FAR’s African story is unfolding

Approximately $28M cash

5 wells to be drilled in next 12 months…

3 free carried wells in program totaling approximately $220M 2 wells commencing April 2014 targeting 1.5billion barrels of oil Plan to expand the portfolio of opportunities through new ventures

==> picture [148 x 64] intentionally omitted <==

17

Appendices

*As at 18 November 2013

==> picture [148 x 64] intentionally omitted <==

Senegal: Planned FAN-1 well

North Fan prospect prospective resources*	North Fan prospect prospective resources*
North Fan(H 82)	117 mmbbls
North Fan(H 85)	199 mmbbls
North Fan(H 88)	151 mmbbls
North Fan(H 89)	165 mmbbls
Total	632 mmbbls
Total net to FAR	95 mmbbls

==> picture [162 x 165] intentionally omitted <==

==> picture [415 x 237] intentionally omitted <==

----- Start of picture text -----

West East
Approximate North
Fan Well location
----- End of picture text -----

==> picture [272 x 165] intentionally omitted <==

==> picture [272 x 237] intentionally omitted <==

19

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

Senegal: Planned SNE-1 well

Shelf prospect prospective resources*	Shelf prospect prospective resources*
Albian sands	154 mmbbls
Aptian carbonates	491 mmbbls
Total	645 mmbbls
Total net to FAR	97 mmbbls

Albian Amplitude Extraction

Albian sands objective

==> picture [298 x 198] intentionally omitted <==

==> picture [149 x 198] intentionally omitted <==

==> picture [122 x 125] intentionally omitted <==

==> picture [348 x 194] intentionally omitted <==

==> picture [247 x 194] intentionally omitted <==

Aptian carbonates objective

20

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

Guinea-Bissau

• 2 discoveries made on block : low oil price (Sinapa - Premier 2004 and PGO 3 Exxon 1969)

• Sinapa West appraisal planned in March 2015

Guinea Bissau	Contingent and Prospective resources*	Contingent and Prospective resources*	Contingent and Prospective resources*
	Low estimate	Best estimate	High estimate
Sinapa Discovery 2C contingent resources	4.4	13.4	38.9
Total 2C contingent resources	4.4	13.4	38.9
Total net to FAR 2C contingent resources	0.7	2.0	5.8
East Sinapa prospect	1.8	7.5	34.2
West Sinapa prospect	17.7	64.4	251.7
Atum prospect	144.0	471.7	1,569.6
North Solah prospect	6.0	28.4	131.6
Arinca prospect	10.0	59.2	393.0
Sabayon prospect	3.4	18.1	88.2
Other leads Prospective resources	85.4	303.7	1,032.0
Total Prospective resources	269	954.0	3,500.0
Total net to FAR Prospective resources	40.0	143.0	525.0

==> picture [346 x 398] intentionally omitted <==

----- Start of picture text -----

AGC PROFOND
8.8% interest
Operator: Ophir Energy PLC
SENEGAL
GUINEA BISSAU
2
4A
5A
----- End of picture text -----

Block 2 and Blocks 4A/5A prospects

• Unrisked best estimate, 100% basis as per FAR ASX release dated 4 February 2014

21

Guinea-Bissau – Sinapa discovery

==> picture [80 x 81] intentionally omitted <==

• 13.4 mmbbls 2C contingent resource in Sinapa Discovery*

• Combined contingent and prospective resource 85.6 mmbbls* potential in Sinapa Project

• Upside potential of >300 mmbbls*

• Appraisal well (Q1 2015)

• High chance of success at 36%*

• Well cost US$37M; (~US$8M net to FAR)

==> picture [647 x 215] intentionally omitted <==

----- Start of picture text -----

West Sinapa
Prospect
Sinapa
Discovery
Depth map and seismic image showing the Sinapa discovery and West Sinapa prospect
----- End of picture text -----

• Reference FAR ASX release dated 4 February 2014

22

==> picture [353 x 473] intentionally omitted <==

----- Start of picture text -----

Miocene reefs
BLOCK L6 Miocene fans BLOCK L6
Onshore Eocene clastics Offshore
24% interest (following Government consent) Cretaceous clastics 60% interest
Operator: FAR Limited Kifaru 3D Survey Operator: FAR Limited
----- End of picture text -----

Kenya Block L6 : Prospects and leads

Onshore

• Farmout deal concluded with Milio International

• Fully carried on 2D seismic and well (uncapped)

• Program to commence mid 2014

• FAR retains 24% carried equity

• Onshore gas development potential

Offshore

• Drillable prospects defined on 3D seismic

• Identification of new Miocene reef play drilled by BG in early 2014 : Sunbird-1

• 3.7 billion barrel oil prospectivity[*] in block

• Shallow water < 350m

• Kifaru prospect: 178 million barrels oil[* ]

• Tembo prospect: 327 million barrels oil[* ]

• Multiple follow drill targets in success case

• FAR retains 60% equity

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

23

==> picture [80 x 81] intentionally omitted <==

Kenya Block L6 : Maridadi well result

==> picture [60 x 8] intentionally omitted <==

----- Start of picture text -----

Maridadi-1B
----- End of picture text -----

==> picture [750 x 383] intentionally omitted <==

24

==> picture [780 x 521] intentionally omitted <==

----- Start of picture text -----

Kenya Block L6 : Maridadi well result
Maridadi-1B
Seal
Reservoir
Oil Shows
25
----- End of picture text -----

Cross section through Lamu Basin

==> picture [716 x 469] intentionally omitted <==

----- Start of picture text -----

L6 L8 L7
Davey Walu
Sunbird (Kifaru) High Mbawa Kubwa Depth
1000
2000
Reefs Tertiary
3000
Delta sands
S 4000
Turbidites
S
Cretaceous 5000
6000
S
Jurassic 7000
8000
9000
----- End of picture text -----

26

27

Kenya: Community relations

==> picture [80 x 81] intentionally omitted <==

Community awareness program, coast of Kenya

Mark Jenkins addressing a local community along the coast

Locating the Kipini-1 wellhead

Collecting data for the Environmental Impact Assessment

==> picture [160 x 169] intentionally omitted <==

FAR’s prospects in offshore Western Australia

• Proven oil and gas province of NW Shelf

• • Shallow water

• Low risk, low cost exploration

• New 3D seismic in 2014

==> picture [163 x 114] intentionally omitted <==

• 100% interest in two blocks

• 450 million boe prospective resources*

==> picture [168 x 169] intentionally omitted <==

==> picture [148 x 64] intentionally omitted <==

• Best estimate, gross, unrisked prospective resources, 100% basis, as per ASX release dated 11/3/2014

WA-458-P Dampier Basin

WA-458-P Prospective resources*	WA-458-P Prospective resources*
Top Angel play	20.7 mmbbls
Lower Angel structural play	5.8 mmbbls
Lower Angel stratigraphic play	152.2 mmbbls
Oxfordian fan	126.8 mmbbls
Legendre formation play	53.4 mmbbls
Total	358.9 mmbbls

• Oil-prone area

• New play concepts with amplitude support

• Leads and prospects mapped in proven reservoirs

• 360 mmbbls* prospective resources

==> picture [88 x 88] intentionally omitted <==

==> picture [190 x 134] intentionally omitted <==

==> picture [222 x 175] intentionally omitted <==

==> picture [237 x 181] intentionally omitted <==

==> picture [234 x 180] intentionally omitted <==

• Best estimate, gross, unrisked prospective resources, 100% basis, oil only, as per ASX release dated 11/3/2014

29

WA-457-P Dampier Basin

• Underexplored : Dampier prospect a four way dip closure

==> picture [88 x 88] intentionally omitted <==

• Modern seismic data has potential to locate the main sand fairways

• Potential for 185 mmbbls* in Dampier closure

==> picture [185 x 132] intentionally omitted <==

==> picture [265 x 192] intentionally omitted <==

WA-457-P Prospective resources*	WA-457-P Prospective resources*
Prospect	Play		Whole Prospect	Net to FAR (within WA-457-P)
Dampier	Angel Formation	Gas(bcf)	799.2	458.5
		Condensate (mmbbls)	16	9.2
		Total mmBOE	153.8	88.2

Dampier-1

==> picture [354 x 192] intentionally omitted <==

• Best estimate, gross, unrisked prospective resources, 100% basis, as per ASX release dated 11/3/2014

30

Board with significant E&P experience

==> picture [59 x 81] intentionally omitted <==

==> picture [59 x 82] intentionally omitted <==

==> picture [59 x 82] intentionally omitted <==

==> picture [59 x 81] intentionally omitted <==

==> picture [59 x 81] intentionally omitted <==

Nicholas Limb Non-Executive Chairman Appointed 2012

Catherine Norman Managing Director Appointed Nov 2011

Ben Clube Executive Director and Commercial Manager Appointed 2013

Charles Cavness Non-Executive Director Appointed 1994

Albert Brindal Non-Executive Director Appointed 2007

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.

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. 27 years experience in the resources industry.

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.

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.

Fellow Certified Practising Accountant

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

31