FAR LIMITED — Investor Presentation 2014

Feb 5, 2014

FAR’s African story is unfolding

Investor presentation February 2014

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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.

• 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 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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Corporate snapshot

Company is well positioned for significant growth

Capital Structure
ASX Ticker	FAR
Shares on issue	2,499,846,742
Share price*	A$0.041
Market capitalisation*	A$102M
Cash and term deposits*	A$24M
Incoming cash Q1	US$5M

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

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*As at 4 February 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

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

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

Senegal Kenya Unexplored frontier Exciting frontier Billion barrel potential Large equity positions

Multiple prospects Expansive acreage Guinea-Bissau Sinapa discovery Drill ready

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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FAR’s prospects in 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 March 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: 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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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
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• prospects, spudding early March

• Second well: ‘L’

prospects, spudding early May

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Source kitchen
West
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East
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Senegal

Rig has been mobilised and has commenced drilling operations

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

• Anticipated that first of two Senegal wells will spud in Q1 2014

• Testing approximately 1.5 billion barrels of prospective resources[1 ]

• Potentially game-changing exploration wells that offer significant growth upside

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

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Guinea-Bissau and AGC

Work programs approved

• 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

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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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SENEGAL
GUINEA BISSAU
2
4A
5A
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Guinea-Bissau

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• Proven oil-prone basin

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

• ~1 billion barrels prospective resources identified*

• Sinapa appraisal well (Sinapa West) in late 2014

• Multiple follow up prospects on success

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BLOCKS 2, 4A & 5A AGC PROFOND
15% interest 8.8% interest
Operator: Svenska Petroleum Operator: Ophir Energy PLC
SENEGAL
GUINEA BISSAU
2
4A
5A
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Block 2 and Blocks 4A/5A prospects

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

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iscovery P90 P50 P10* Sinapa (2C contingent resources) 4.4 13.4 38.9 East Sinapa (prospective resources) 1.8 7.5 34.2 West Sinapa (prospective resources) 17.7 64.7 251.7	iscovery P90 P50 P10* Sinapa (2C contingent resources) 4.4 13.4 38.9 East Sinapa (prospective resources) 1.8 7.5 34.2 West Sinapa (prospective resources) 17.7 64.7 251.7	iscovery P90 P50 P10* Sinapa (2C contingent resources) 4.4 13.4 38.9 East Sinapa (prospective resources) 1.8 7.5 34.2 West Sinapa (prospective resources) 17.7 64.7 251.7	iscovery P90 P50 P10* Sinapa (2C contingent resources) 4.4 13.4 38.9 East Sinapa (prospective resources) 1.8 7.5 34.2 West Sinapa (prospective resources) 17.7 64.7 251.7
	P90*	P50*	P10*
Sinapa (2C contingent resources)	4.4	13.4	38.9
East Sinapa (prospective resources)	1.8	7.5	34.2
West Sinapa (prospective resources)	17.7	64.7	251.7

Guinea-Bissau – Sinapa discovery

• 13.4 mmbbls 2C contingent resource in Sinapa Discovery*

• Combined contingent and prospective resource 85.6 mmbbls (P50)* potential in Sinapa Project

• Upside potential (P10)* of 300+ mmbbls

• Appraisal well (late 2014)

• High chance of success at 36%*

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

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West Sinapa
Prospect
Sinapa
Discovery
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Depth map and seismic image showing the Sinapa discovery and West Sinapa prospect

• Reference FAR ASX release dated 4 February 2014

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FAR’s prospects in East Africa Large equity in fast emerging oil and gas province

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Kenya

Large acreage in highly prospective Lamu Basin

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• Two licences in heart of the Lamu Basin

• Fully carried through the acquisition of 1000kms 2D seismic and one onshore well in Block L6

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

• Seismic acquisition to commence April 2014

• Well to be drilled H1 2015

• Milio International (operator of Block L20) is farmin partner

• FAR to retain 24% free carried onshore and 60% of offshore Block L6

• FAR remains operator of the Block L6

• Lamu Basin acreage tightly held

• Great neighbours! BG currently drilling Sunbird well in Block 10A

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Kenya

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Block L6

• 3.7 billion bbl[1] oil potential in block

• High quality prospects identified on new 3D (130330 million bbl[1] prospects)

• Emerging oil prone carbonate reef play currently being drilled by BG

• Enormous follow-up potential

• Onshore gas development potential

Block L9

• FAR 30% interest in block

• Operator is Ophir Energy

• Highly prized block

• Joint venture arrangements nearing completion

• Farming down for drilling – end 2014

• From 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 : Prospects and leads

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Onshore

• Farmout deal concluded

• Fully carried on 2D seismic and well

• Program to commence April 2014

Offshore

• 3D seismic completed April 2013

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

• 3.7 billion barrel oil prospectivity[1] in block

• Supported by a known working hydrocarbon system

• Shallow water < 350m

• Kifaru prospect: 178 million barrels oil[1 ]

• Tembo prospect: 327 million barrels oil[1 ]

• Multiple follow drill targets in success case

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

BLOCK L6 Onshore

BLOCK L6 Offshore 60% interest Operator: FAR Limited

24% interest (following Government consent) Operator: FAR Limited

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Kenya: Community relations

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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

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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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FAR’s African story is unfolding

$24m cash + $5m in Q1

5 wells to be drilled in next 18 months…

3 free carried wells in program totaling >$200M

2 wells commencing March 2014 targeting 1.5bn barrels of oil

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