ASX: CEO Connect

March 2018

• FAR Limited (FAR:ASX) Market cap A$437M1

• Africa and oil focused company

• Most successful Australian oil explorer for over a decade

• Partner in the world’s largest oil discovery for 2014, offshore Senegal, W Africa

• Expecting first oil from Senegalese production in 2021-23

• Drilling first exploration well in neighbouring The Gambia in Q4 2018

• Samo-1 well offshore The Gambia is 10kms from the giant SNE oil field offshore Senegal

• Samo-1 well carries 50% chance of success

• No dry oil wells drilled by FAR in 11 straight wells offshore Senegal

• Strong balance sheet: cash end 2017 A$49.9M, no debt

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

Our Company

1: Market capitalization at 28 March 2018

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Top 10 largest offshore oil discoveries

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FAN-1 and SNE-1 opened up Senegal

• MSGB Basin is an industry hotspot following FAN and SNE discoveries made by FAR and partners in 2014

• FAN South and SNE North discoveries made by FAR and partners in 2017

• 7 successful SNE evaluation wells drilled over 2015/2016/2017

• 100% drilling success (11 deepwaterwells) to date by FAR and partners

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

• BP, Total, CNOOC, Woodside, Petronas all now active in the basin

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

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Growth of the SNE oil field – a true elephant

Pre-Drill (Oct 2014)

P90 : 50mmbblsP50 : 154 mmbblsP10 : 350 mmbbls

Post discovery (Nov 2014)

1C: 150 mmbbls2C: 330 mmbbls3C: 670 mmbbls

RISC audited(April 2016)

1C: 277 mmbbls2C: 561 mmbbls3C: 1071 mmbbls

Latest RISC audited (August 2016)

1C: 348 mmbbls2C: 641 mmbbls3C: 1128 mmbbls

*Reference FAR ASX release dated 23 August 2016, 13 April 2016: unrisked contingent resources, 100% basis, oil onlyRISC 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 is one of the largest acreage holders in the MSGBC Basin

• FAR has been in Senegal since 2006

• FAR drilled the first deepwater well offshore Senegal and the first exploration well for over 40 years in 2014

• SNE oil field ranked as worlds largest oil discovery in 2014: 641mmbbls 2C contingent resource*

• FAR now drilled 11 wells offshore Senegal with a 100% success rate

• FAR 15% Senegal, net 96mmbbls 2C contingent oil

• FAR has 40% interest in blocks A2/A5 offshore The Gambia

• Hoping to repeat Senegalese success in late 2018

FAR in West Africa

FAR LICENCES OFFSHORE SENEGAL, THE GAMBIA & GUINEA-BISSAU

*Reference FAR ASX release dated 21 November 2017: prospective resources, unrisked, recoverable, 100% basis, oil onlyRISC 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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• Blocks A2 and A5 highly prospective following the discovery of the SNE oil field to the north, offshore Senegal

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

• Samo prospect assessed to contain best estimate prospective resource 825mmbbls oil

• 9 wells have drilled successfully into the Samoreservoirs: 10kms from SNE field

• Good potential to repeat success experienced in Senegal

• FAR has farmed out to PETRONAS of Malaysia and will be carried through the Samo-1 well and be a cash consideration

• FAR will operate the Samo-1 well drilling the Samo Prospect and retain 40% working interest

The Gambia: FAR’s next frontier

THE GAMBIABlocks A2/A5

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Samo Prospect - Extension of the SNE trend

Samo prospect has 50% chance of success

– Access to same, prolific oil source as SNE Field

– Same high quality, oil bearing reservoirs

Samo SNE

Gas

OilOil

• Great time to be drilling deepwater exploration wells

• Deepwater drill rig rates are at all time lows

• Rig rates are 70% less than highs of 2014 at US$100/bbl prices

• Wells will cost approximately US$40M (FAR is carried by PETRONAS)

• Comparative cost in 2014 of US$100-$150 for similar well

• Scheduled to spud well in Q4 will results by year end

Drilling readiness

Community & social programs

Donation of soccer balls and uniforms to local community

Tallinding school rehabilitation project

Donation of 100 bins to Serrakunda markets

2018 is a big year for FAR

• SNE Field development plan to be submitted to Senegalese Government for approval in September

• Approval expected end of 2018

• Final Investment Decision (FID) for SNE Field development expected mid 2019 with first oil in 2021-23

• FAR to drill the neighbouring Samo Prospect in The Gambia in Q4

• Samo Prospect is 825mmbbls of prospective resources on a best estimate basis* with 50% chance of success

• The Samo-1 well results expected by year end

• FAR funded for forthcoming work program

*Reference FAR ASX release dated 21 November 2017: prospective resources, unrisked, recoverable, 100% basis, oil onlyRISC 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

Level 17, 530 Collins StreetMelbourne VIC 3000 Australia T: +61 3 9618 2550 info@far.com.au

far.com.au

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