FAR LIMITED — Investor Presentation 2018

Mar 4, 2018

The Gambia FAR’s next frontier

Investor update March 2018

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Our Company

• FAR Limited (FAR:ASX) Market cap A$421M[1]

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

• 8 exploration permits in MSGBC Basin

• Significant basin opening discoveries in Senegal in 2014

• 11 wells drilled offshore Senegal – all successful oil wells

• Progressing towards first oil from SNE Field 2021-23

• PETRONAS to join FAR to drill giant Samo prospect offshore The Gambia in late 2018

• Strong balance sheet: cash end 2017 A$49.9M, 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”

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1: Market capitalization at 2 March 2018

FAR Shareholder summary

• Top 200 shareholders own 70% of FAR

• 3 substantial shareholders:

• Meridian Asset Management

• FARJOY

• Fidelity Investments

Top 200 shareholders by type

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Institutions 49% Family Office 13% Private 31% Other 7%

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Top 200 shareholders by location

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*Analysis of top 200 shareholders from FAR register as at 15 January 2018

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Australia 51% Asia 9% North America 25% UK 5% Rest of world 9%

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FAR in the MSGBC Basin

• FAR is one of the largest acreage holders in the MSGBC 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 wells drilled 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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FAR in The Gambia

• Blocks A2 and A5 highly prospective following the discovery of the SNE oil field to the north, offshore Senegal

• FAR Farmed in to the blocks in March 2017

• 80% equity and Operator

• FAR to pay 100% of well costs to a cap of US$40M plus US$5.18M cash

• FAR to pay US$165K per % point of equity for 80% share of the blocks

• 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 – the drilling of this well will satisfy the work commitments for both blocks

• Good potential to repeat success experienced in Senegal where 8 wells have drilled successfully into the Samo reservoirs

• Success will be transformational for people of The Gambia

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THE GAMBIA Blocks A2/A5

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The Gambia farmout to PETRONAS

• FAR has successfully farmed out 40% interest in the A2 and A5 permits to PETRONAS in February 2018

THE GAMBIA

FAR 40% interest and Operator Petronas 40% partner Erin Energy 20% partner

• FAR retains 40% equity

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• PETRONAS to pay 80% of well costs to a cap of US$45M

• FAR to remain Operator of the Joint Venture through the exploration period including the drilling of the Samo-1 exploration well

• PETRONAS is the National Oil Company (NOC) of Malaysia – world class company with extensive and global deepwater development expertise

• Plans are underway to spud the Samo-1 well in late 2018

• FAR net cash at end of Q1 increases from A$33.8M to A$44.9M

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Prospectivity of the A2/A5 blocks

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

• 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 (926 mmbbls net to FAR)*

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• 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

• 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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Samo Prospect - Extension of the SNE trend

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

• 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 - Geology

Seismic depth section through the Samo prospect showing the geological interpretation with reservoir intervals which are proven at SNE.

WEST

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EAST
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Samo-1 (working location)
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*Seismic Data provided courtesy of Polarcus

Operational preparedness

• FAR to operate the Samo-1 well

• Selection of rig and contract discussions ongoing

• FAR operational team being established – expertise/key personnel being secured from last three successful drilling campaigns offshore Senegal

• Base of operations will be Gambia with marine/shorebase support from Dakar

• Agreement from the Senegal Joint Venture to sublet the shore base facilities to FAR Gambia for the period of operations

• Scheduled to drill Samo-1 well in late 2018

• Regular updates will be provided to shareholders

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Donation of soccer balls and uniforms to local community

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The Gambia: FAR’s next frontier

• Geology analogous to giant SNE oil field, offshore Senegal

• The SNE oil field is 5kms from the Samo Prospect

• Samo-1 well will be the first exploration well offshore The Gambia since 1979

• The Samo Prospect is 5kms from core of the SNE Field

• Samo assessed to contain 825mmbbls oil*

• Drilling of Samo-1 well to commence late 2018

• FAR has farmed out to a world class partner in PETRONAS

• FAR will retain 40% of the A2 and A5 blocks and is carried through the drilling of the Samo-1 well

• FAR continues to build a world class portfolio of assets in the exciting MSGBC Basin

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*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

Additional Slides

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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

• JV drilled 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

• 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 submitted to the government for approval

• 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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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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