Investor Presentation Noosa Mining & Exploration Conference 16-17 July 2015
FAR snapshot Mid cap E&P: FAR entered the ASX 300 Index in March 2015 Strong balance sheet. Cash balance A52.5m (March qtr). No debt Africa focused: Senegal, Guinea Bissau, Kenya and Australia FAN-1 and SNE-1: New basin opening oil…
FAR performance Capital Structure 7 Oct 14: FAN-1 oil discovery ASX Ticker FAR gross oil interval of 10 Nov 14: 0.16 more than 500m, SNE-1 oil discovery; Share price (13 July 2015) A0.08 net oil pay 29m 95m gross oil column, (A per…
FAR in Africa A wide portfolio with significant African experience SENEGAL KENYA FAN-1 and SNE-1 Large equity Focus on Senegal and NW oil discoveries, position in extensive running emerging basin Africa following discoveries room…
Senegal PSC area 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 US196M farm-out: Two successful wells…
FAN-1 and SNE-1 seismic section/schematic FAN-1 SNE-1 1430m WD 1150m WD W E Buried Hill Shelf Edge Fan Source Kitchen Oil Migration Oil Traps 6
FAN-1 oil discovery Proved prolific source: High quality light oil in a stratigraphic stacked Cretaceous sand sequence Oil gravity 28-41 degrees API Gross oil bearing interval 500m with no oil-water contact encountered (29m net)…
SNE-1 oil discovery Worlds largest oil discovery in 2014 (IHS CERA) Very good reservoir in a well defined Cretaceous structural trap Oil gravity 32 degrees API Gross oil column of 96m (36m net) with a gas cap Contingent…
SNE top reservoir Strong conformance of amplitude with structure Pre-drill estimate 154 mmbbls (gross) (best estimate prospective resource)* Pre drill estimate at amplitude anomaly came from gas cap only Post drill field…
SNE appraisal drilling Aimed to achieve declaration of commerciality to prove minimum economic field size (MEFS) Operator MEFS 200mmbbls Low risk appraisal: 1C resource is 150mmbbls, 2C resource 330mmbbls Flow testing (DSTs) and…
SNE economics* 18 SNE has robust economics 16 NPV/bbl (US) 14 Base assumption is 12 330mmbbls (50mmbbls net)* NPV/bbl at FID 10 8 CAPEX 17-26/bbl 6 4 OPEX 5-15/bbl 2 0 US10 NPV/bbl at US70 oil US90/bbl 2014 costs…
The shelf and fan area FAN-1 SNE-1 Sirius Bellatrix Soleil Central South Fan Fan 12
Senegal prospects Extensive prospect inventory 1.5 bn barrels of gross unrisked prospective resources mapped on high quality 3D seismic 77mmbbl* Two distinct play types on shelf 74mmbbl* Buried Hills (e.g. Bellatrix) 204mmbbl*…
Senegal undrilled prospect inventory* Unrisked Best Risked Best Low Best High FAR Estimate Prospective Estimate Prospective Area Target Estimate Estimate Estimate Working Resources net to FAR Chance of Resources net to FAR Prospect…
Bellatrix prospect Buried Hill play Bellatrix unrisked prospective resources* Strong amplitude response Low estimate 69 mmbbls Amplitude conforms to structure Best estimate 168 mmbbls High estimate 356 mmbbls Prospect overlies…
Sirius prospect S N Shelf edge play Lookalike to SNE Amplitude conforms A to structure Sirius prospect B On trend with the SNE field SNE Field A Up-dip seal, proven B to work at SNE-1 Sirius unrisked prospective…
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…
2015 revealing the prize SNE was the number one oil discovery worldwide in 2014 Appraisal of SNE starts 4Q 2015 100% success rate offshore Senegal (2 new oil field discoveries from 2 exploration wells) Firm commitment to drill two…
Contact us Level 17, 530 Collins Street Melbourne VIC 3000 Australia T: +61 3 9618 2550 www.far.com.au
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