FAR LIMITED — Investor Presentation 2021

Jul 21, 2021

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22 July 2021

Investor Update Presentation

In accordance with the Listing Rules, FAR Limited (ASX: FAR) releases the attached document relating to the above.

This announcement has been approved for release by the FAR Limited board of directors.

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Investor update

22 July 2021

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A new chapter for FAR

• Senegal sale proceeds received, cash of US$128M*, no debt

• Planned capital return to shareholders of A$0.80 per share

• History of exploration success, extensive exploration database, excellent relationships have paved way for next African chapter

• New board to take FAR into future

• Exciting Bambo-1 exploration well in Q4

• Continue to be partner of choice, operate responsibly and to industry best practice

• Fully funded for current work program

• Rationalise current portfolio, success case planning for Gambia

• Right size business and costs for future

• Produce first FAR sustainability report in 2022

* At 19 July 2021, unaudited

Block A2 & A5 50% interest, PETRONAS 50% Operator: FAR Limited

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The Gambia

• Drilling Bambo-1 well Q4 2021

• Rig contract executed, mobilization of drill ship second half of October

• Targeting 3 key prospects Soloo (extension of Sangomar), Bambo and Soloo Deep

• Total 1.18bn bbls at 7-37% CoS

• Well satisfies A2 and A5 licence obligations until end 2022

• Budget well cost

• JV approved budget: US$51M

• Spent to date: US$6.5M

• Remaining budget: US$44.5M

• Net to FAR remaining: US$22.25M

• Using experienced drill team

• COVID safe practices in place

• Government relations very strong and supportive

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• PETRONAS alignment and strong support

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Bambo-1 well

• Soloo Prospect is extension of discovered hydrocarbons in the Sangomar Field

• Bambo Prospect is a large exploration prospect which overlies Soloo

• The planned well will be targeting combined Best Estimate of 1.1 billion bbls oil

Gambia prospects	Low Estimate	Best Estimate	High Estimate	COS
	*(mmbbls) **	*(mmbbls) **	*(mmbbls) **
	P90	P50	P10
Bambo
390	137	464	1,155	25%
400	27	75	167	16%
Soloo
410	55	150	329	29%
440	18	51	116	36%
Soloo Deep
552	80	238	455	7%
562	48	140	242	12%
Total	365	1,118	2,464
Total net to FAR	182.5	559	1,232

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* 100% basis, recoverable, prospective resource. Refer ASX release dated 16 June 2021

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Bambo-1 operations and logistics

• Stena IceMax drillship to

• spud well late October/early November

• Well estimated to take 30 days

• Real time logging of well in Melbourne (high speed link)

• Well management will be conducted by FAR/ Exceed in Aberdeen

• Water depth of 1000m

• Well planned depth 3400m

• Safety and environmental

• protection of utmost importance

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Forthcoming drilling program

July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Evaluation of drilling and commercial pathways Drilling Bambo 2021 2022 Drill planning Farmout/Sell Drill planning (2023 well commitment)/Farmout/Sell * July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec The Gambia Blocks A2/A5 Guinea-Bissau Blocks 2, 4A & 5A Australia WA July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Execute strategy, contingent on well result***	July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Evaluation of drilling and commercial pathways Drilling Bambo 2021 2022 Drill planning Farmout/Sell Drill planning (2023 well commitment)/Farmout/Sell * July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec The Gambia Blocks A2/A5 Guinea-Bissau Blocks 2, 4A & 5A Australia WA July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Execute strategy, contingent on well result***	July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Evaluation of drilling and commercial pathways Drilling Bambo 2021 2022 Drill planning Farmout/Sell Drill planning (2023 well commitment)/Farmout/Sell * July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec The Gambia Blocks A2/A5 Guinea-Bissau Blocks 2, 4A & 5A Australia WA July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Execute strategy, contingent on well result***
	Evaluation of drilling and commercial pathways Drilling Bambo Drill planning * Execute strategy, contingent on well result***
	July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
	Drill planning (2023 well commitment)/Farmout/Sell
	July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Farmout/Sell
	July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

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*Appraisal well is subject to Bambo-1 outcome and JV/Government approval

Looking forward for FAR

• Board changes implemented and capital return in progress (A$0.80 per share totalling approx A$80M)

• Fully funded for the Bambo-1 well in Q4

• Commence farmout/sale of Guinea-Bissau asset

• Complete farmout/sale WA-458-P or prepare to drop by mid 2022

• Up to US$55M to be received from Woodside, contingent on future oil price and timing of first oil. First oil is targeted for 2023

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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 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.

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