FAR LIMITED — Investor Presentation 2017

Nov 21, 2017

The Gambia FAR’s next frontier

November 2017

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Our Company

• ASX:FAR Market cap A$410M[1]

• Strategic focus Mauritania-Senegal-Guinea-Bissau (MSGB) Basin, NW Africa

• 8 exploration permits in MSGB Basin

• Basin opening discoveries in Senegal in 2014

• Funded to SNE field development FID

• Strong balance sheet : cash Q3 A$63M, no debt

• Strong commitment to supporting social and educational programs

• Strategic partnership with CNOOC UK

• Awarded African “Breakthrough Company of the Year 2016” and “African Explorer of the Year 2017”

• Operator and 80% partner in the highly prospective A2/A5 blocks offshore The Gambia

• Drilling A2/A5 2018

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1: Market capitalization at 17 November 2017

FAR in the MSGB Basin

• FAR is one of the largest acreage holders in the MSGB Basin

• FAR in Senegal since 2006, Guinea Bissau since 2008 and The Gambia since March 2017

• Basin opening FAN-1 and SNE-1 oil discoveries, 2014

• SNE ranked as worlds largest oil discovery in 2014

• 11 deep water wells with a 100% success rate

• FAR 15% Senegal (Cairn Energy operator), 20% Guinea Bissau (Svenska Operator)

• FAR Farmed into 80% of blocks A2/A5 The Gambia in March 2017

• FAR operates blocks A2/A5

• First exploration well offshore The Gambia since 1979 to be drilled late 2018

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FAR LICENCES OFFSHORE SENEGAL, THE GAMBIA & GUINEA-BISSAU

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FAN-1 and SNE-1 opened up Senegal

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Industry hotspot - increased investment and activity

• FAN and SNE discoveries 2014

• FAN South and SNE North discoveries 2017

• 7 successful SNE appraisal wells drilled over 2015/16/17

• 100% drilling success (11 wells) to date

• Major gas discoveries made in 2015, 2016, 2017 by Kosmos and partners

• BP farm-in to Kosmos acreage introduces a large IOC to the basin

• CNOOC farm-in to Impact acreage in AGC March 2017

• Total awarded ROP block May 2017

Stellar Energy Advisers stated “The SNE discovery saved African exploration”

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Top 10 largest offshore oil discoveries

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FAR progress in Senegal

• FAR introduced Cairn Energy and ConocoPhillips to the joint venture in 2012

• Estimated NPV Senegal oil at FID US$10/bbl

• JV invested ~ US$950M in three years

• SNE field grown to 641mmbbls 2C resource

• SNE Field appraisal completed May 2017

• Currently in pre-FEED, phased development planned for SNE field

• First oil planned for 2021-2023

• Break even oil price for SNE development under US$35/bbl

• Life of production of SNE field > 30 years

• Two additional discoveries made in 2017: FAN South and SNE North

• Evaluation programs on FAN South and SNE North to be submitted to the government for approval early 2018

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• All discoveries made to date within tie back range of a hub development at SNE

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Growth of the SNE oil field – a true elephant

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Pre-Drill Post discovery RISC audited Latest RISC audited (Oct 2014) (Nov 2014) (April 2016) (August 2016) P90 : 50mmbbls 1C: 150 mmbbls 1C: 277 mmbbls 1C: 348 mmbbls P50 : 154 mmbbls 2C: 330 mmbbls 2C: 561 mmbbls 2C: 641 mmbbls P10 : 350 mmbbls 3C: 670 mmbbls 3C: 1071 mmbbls 3C: 1128 mmbbls

*Reference FAR ASX release dated 23 August 2016, 13 April 2016: unrisked contingent resources, 100% basis, oil only RISC is an independent technical expert that reviewed and modified a probabilistic resource evaluation carried out by FAR in accordance with industry standard SPE-PRMS definitions

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FAR in The Gambia

• Area identified by FAR as part of regional studies in 2013 & 2014 following SNE field discovery

• Polarcus 3D seismic data confirmed the presence of the Samo prospect

• FAR Farmed in to A2/A5 in March 2017

• 80% equity and operator

• 1.1 billion barrels of oil prospectivity mapped to date and confirmed by RISC audit

• Extensive preparations underway for drilling Samo Prospect in late 2018

• Good potential to repeat success experienced in Senegal

• Success will be transformational for people of The Gambia

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THE GAMBIA

FAR 80% interest and Operator Erin Energy 20% partner

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Prospectivity of the A2/A5 blocks

• RISC Audit of blocks A2/A5 prospectivity released 21 November 2017

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• Samo Prospect Prospective Resources*

Samo Prospect	mmbbls oil
Low estimate (P90)	335
Best estimate (P50)	825
High estimate (P10)	1,713
Chance of success (CoS)	55%

• Bambo Prospect Prospective Resources*

Bambo Prospect	mmbbls oil
Low estimate (P90)	117
Best estimate (P50)	333
High estimate (P10)	2615
Chance of success (CoS)	18%

• Total Best Estimate 1,158 mmbbls (926mm bbls net to FAR)

• 3D seismic data currently being reprocessed to optimise drilling location

*Reference FAR ASX release dated 21 November 2017: prospective resources, unrisked, recoverable, 100% basis, oil only RISC is an independent technical expert that reviewed and modified a probabilistic resource evaluation carried out by FAR in accordance with industry standard SPE-PRMS definitions

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Samo Prospect - Extension of the SNE trend

• On trend and adjacent to SNE field – same geological play

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• Samo is 5kms from core of the SNE Field

• Samo reservoirs have been drilled by 9 wells in Senegal drilling program at 100% success rate on the structural trend - high chance of drilling success

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Samo Prospect - Extension of the SNE trend

• Samo prospect defined on 3D seismic:

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• Access to same, prolific source kitchen as SNE

• Same upper/400 series reservoirs as SNE

• Thickening of 400 series sands to the south

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SNE
Samo
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FAR and CNOOC UK Strategic Alliance

• Area of Mutual interest

• agreement with CNOOC UK

• Covering area offshore Senegal and The Gambia

• CNOOC one of the largest independent oil and gas producers in the world

• Complementary skills enhance FAR and CNOOC UK capabilities

• CNOOC UK has potential to bring deep and broad experience in deepwater operations to the area of interest

• CNOOC UK operator/producer of choice offshore UKCS

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Community & social programs

Investing in education & training, enterprise & community development programs through our Senegal joint venture

Renovated a primary school in the regional city of Thiess

Sponsored regional soccer competitions through provision of 200 balls and uniforms

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FAR in 2018

• 2013: Year of farmout

• 2014: Year of discovery

• 2015-2017: Appraisal of the SNE Field

• 2017-2018 : Development planning and studies

• 2018-2021 : Engineering, financing & construction

• 2021-23 : First oil from Phase 1 SNE development

• 100% success rate to date offshore Senegal

• 2018: Drilling The Gambia

• 2018-2020: Drill planning for Guinea-Bissau

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Contact us

Level 17, 530 Collins Street Melbourne VIC 3000 Australia T: +61 3 9618 2550 info@far.com.au far.com.au Connect with FAR Limited:

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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 circumstancesafter 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.

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