FAR in 2014 Yes, there are elephants lurking under Senegalese waters 4
2014 Highlights 2 world class discoveries offshore Senegal : FAN-1 and SNE-1 wells Basin opening discoveries Prolific and rich source rock proven SNE commerciality low risk SNE twice the pre-drill size 2/2 Success rate on…
Market snapshot Australia Entry into ASX 300 Index Europe High liquidity relative to peers 19% Asia North America Strong balance sheet, no debt Rest of the 78% World Institutional Investors FAR register as at 24 February…
Performance relative to the oil price 7 Oct 14: 10 Nov 14: 11 May 15: FAN-1 oil discovery SNE-1 oil discovery; Senegal evaluation work gross oil interval of 95m gross oil column, plan announced - 3 firm 0.16 more than 500m, net oil…
FAR in Africa Africa focused SENEGAL KENYA Early mover advantage FAN-1 and SNE-1 Large equity Wide portfolio discoveries, position in extensive running emerging basin room Significant African experience GUINEA-BISSAU Focus on…
Senegal Stable democracy: 198 years Peaceful country Capital Dakar FAR in Senegal since 2006 FAR was operator with 90% equity until August 2013 FAR one of longest standing oil companies in country FAR has strong relationships…
Senegal PSC area of 7,490 km2 : Sangomar, RUFISQUE, SANGOMAR & SANGOMAR DEEP OFFSHORE 16.7% paying interest, 15% beneficial interest Sangomar Deep and Rufisque blocks Operator: Cairn Energy PLC Joint venture partners are: FAR 15%,…
Senegal prospects and leads 11
FAN-1 and SNE-1 seismic section/schematic FAN-1 SNE-1 1430m WD 1150m WD W E Source Kitchen Oil Migration Oil Traps 12
FAN-1 oil discovery Oil discovery announced 7 Oct 2014 100km offshore in the Sangomar Deep block 1,427m water depth/TD of 4,927m North Fan complex Stacked deepwater Cretaceous sands Oil gravity 28-41 degrees API FAN (Beer…
FAN 3D amplitude section Thick, oil-bearing interval, interpreted to be a stacked series of oil columns Oil-water contact not encountered Possibly drilled on edge of reservoir section Analysis of well data ongoing Reprocessed 3D…
SNE-1 oil discovery Discovery announced 10 Nov 2014 100km offshore in Sangomar Deep block 1,100m water depth / TD of 3,107m Worlds largest oil discovery in 2014 (IHS CERA) 2C resources net to FAR 50mmbbls* Twice the size of the…
SNE-1 oil discovery Cretaceous clastic shelf edge play Gas Excellent sandstone reservoir Gross pay 107m Oil gravity 32 degrees API Net pay 19m Upside potential in thin sands Ave porosity 25% Ave hydrocarbon saturation 70% Oil…
SNE top reservoir Conformance of amplitude with structure Pre-drill estimate 154 mmbbls (gross, best estimate prospective resource)* Pre drill estimate at amplitude anomaly Post drill field significantly larger Pre drill…
Senegal geological shelf FAN-1 SNE-1 N S 18
Discoveries at FAN-1 and SNE-1 FAN-1 SNE-1 19
Lookalikes of SNE discovery FAN-1 SNE-1 Sirius Soleil 20
Buried Hill and Fan prospects FAN-1 SNE-1 Sirius Bellatrix Soleil Central South Fan Fan 21
Senegal shelf prospects Extensive prospect inventory mapped on 3D seismic Two distinct play types on shelf 77mmbbl* Shelf edge (SNE) Buried Hills 74mmbbl* 204mmbbl* 141mmbbl* 168mmbbl* 101mmbbl* *Reference ASX…
Senegal shelf prospects The minimum economic field size for a standalone FPSO hub is 200 mmbbls (Operator estimate) Tie-back to hub development: 77mmbbl* 75 mmbbls over 35-40km radius 74mmbbl* (Operator estimate) 204mmbbl*…
Bellatrix prospect Buried Hill play Bellatrix gross unrisked prospective resources* Strong amplitude response Low estimate 69 mmbbls Amplitude conforms to structure Best estimate 168 mmbbls Prospect overlies northern extent of High…
Sirius prospect Shelf edge play Lookalike SNE Amplitude conforms A to structure Sirius prospect B On trend with SNE field SNE Field A Up-dip seal, proven B to work at SNE-1 Sirius gross unrisked prospective resources*…
Senegal undrilled prospect inventory* Operator chance of discovery significantly higher than FAR (refer Cairn Energy Capital Markets Day 11 May 2015) Bellatrix 80% Sirius 54% Soleil 67% *Reference ASX release dated 13 Apr 2015…
Evaluation work program Submitted to Government early May 3 year evaluation period 3 firm wells commencing Q4 2015 Initial evaluation focused on SNE discovery First 2 of 3 wells to be appraisal wells Plan to explore shelf…
SNE Field appraisal drilling Aimed at declaration of commerciality (DOC) Principal objective to prove minimum economic field size (MEFS) Operator MEFS 200mmbbls 1C resource 150mmbbls, 2C resource 330mmbbls*: low risk appraisal At…
Exploration drilling Principal aim to build shelf resource 3 likely target prospects Bellatrix Sirius Soleil Awaiting reprocessed seismic data Final drill location Q3 Probability of geological success around 50% 29
Seismic for 2015 Approx 2000km2 new seismic Commencing Q3 Aim to close eastern boundaries of prospects and leads Potential to add to prospect inventory in north and east Shallow water (40-800m) in Rufisque block Very…
Good news Industry costs coming down Day rate for deepwater rigs offshore W Africa heavily reduced JV locking in Ocean Rig Athena at market based rate Offshore upstream capital costs are expected to decline 12% on average between…
Notional Development Concept FPSO (Floating Production Storage and Offtake vessel) Hub at SNE Field Tie back to nearby fields Tanker support Multiple subsea centres Possible shallow water developments with platforms Development…
Senegal Economics* 18 NPV/bbl (US) 16 330mmbbls at SNE* 14 12 50mmbbls net to FAR* 10 CAPEX 17-26/bbl NPV/bbl at FID 8 6 (US5.8bn)* 4 2 OPEX 5-15/bbl* 0 US90/bbl 2014 costs US70/bbl 10% cost US50/bbl 20% cost Futures…
Senegal project timetable Evaluation Exploitation DOC for SNE field 2014 2015 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Drilling of FAN-1/SNE-1 FAN-1/SNE-1 data analysis Well planning…
FAR outside Senegal
Guinea-Bissau Three blocks, operator Svenska SINAPA (BLOCK 2) AND ESPERANA (BLOCKS 4A & 5A) 21.43% paying interest, 15% beneficial interest New 3D seismic evaluating SNE look-a-like Operator: Svenska Petroleum Exploration AB…
Kenya The Lamu Basin has proven oil at both BLOCK L6 BLOCK L9 60% interest offshore 30% interest ends of Miocene reef play 24% interest onshore Operator: Ophir Energy PLC Operator: FAR Limited Sunbird-1 well in Block 10A was an oil…
Australia WA-458-P exploration permit offshore WA-458-P, WA-457-P OFFSHORE DAMPIER BASIN 100% paying and beneficial interest Western Australia is surrounded by Operator: FAR Ltd discoveries Structural and combined structural-…
Community projects Flood relief program in Senegal Mosquito nets in Senegal Donation of soccer balls in Guinea Bissau Community consultation and education in all our areas of activity where appropriate
2015 Revealing the prize SNE ranked as number one discovery worldwide for 2014 Appraisal of the SNE field to commence in Q4 Current success rate is 2 from 2 for exploration wells offshore Senegal Firm commitment to drill another…
Contact us Level 17, 530 Collins Street Melbourne VIC 3000 Australia T: +61 3 9618 2550 www.far.com.au
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