A world class oil story Investor Update February 2017
About FAR NW Africa focussed oil exploration company ASX Ticker FAR Sixth largest independent exploration & production Share price* A0.08 company listed on the Australian Securities Exchange Cash* A47m SNE ranked worlds No. 1…
FAR in Senegal FAR has been in Senegal since 2006 OFFSHORE SENEGAL PSC FAR 16.7% paying interest, 15% beneficial interest Senegal is a peaceful democracy with a stable Operator: Cairn Energy PLC outlook (S&P sovereign credit rating…
World hot spot for oil and gas discoveries 2013 No deep water drilling offshore Senegal 2016 Offshore oil and gas discoveries The basin opening FAN-1 and SNE-1 oil discoveries have made Senegal one of the worlds most attractive new…
Senegal geology and discovery wells SNE-1 oil discovery (Nov 2014) Oil gravity 32 API Gross oil column 96m FAN-1 oil discovery (Oct 2014) FAR gross contingent Gross Oil gravity oil-bearing 28-41 API interval of 500m resource* No…
SNE 2015/16 appraisal wells Four appraisal wells drilled in the 2015/16 campaign Objective the appraisal program: Size of oil pool Test reservoir properties and deliverability from logging, coring and testing Measure field…
Deliverability of oil from SNE Main reservoirs flowed at commercially viable rates SNE-2 lower and upper reservoirs units Gross 12m: 8,000 bopd through 3/4 choke (stabilised constrained flow) SNE-2 flow test Gross 15m: 1,000 bopd…
Appraisal results to date 2015/16 drilling program completed safely, efficiently and under budget Each well confirmed: 100m gross oil column High quality 32 API oil Correlation of reservoir units Footprint: SNE field now…
2017 Drilling program Drilling of SNE-5 commenced 21 January Back to back SNE-5 and SNE-6 field development optimisation wells SNE-5 to be flow tested and pressure gauges installed SNE-6 to be flow tested and used as a pulse well…
Drill costs coming down Stena Drillmax contracted for the drilling and evaluation of SNE-5 and SNE-6 plus options Stena DrillMAX is a state of the art, sixth generation, dual mast, dynamically positioned, deep water drill ship…
Status of SNE development planning Development planning underway Currently in pre- FEED stage (concept select)* Low cost Classification environment SNE development to benefit from: Project optimisation Standardisation…
SNE development concept Standalone FPSO: with expansion capability for satellite tie-backs FARs phased development concept has plateau production of 140,000 bopd and first oil in 2022* Development expenditure: US13-15/bbl*…
Operator economic development scenario SNE stand alone development (based on Cairn 2C 473 mmbbls) US12.50/bbl FAR EV / SNE 2C contingent oil resource Source: Cairn Energy estimates (refer Cairn Energy Half Yearly Result…
Scratching the surface of the prospectivity 500m of gross oil interval intersected in the FAN-1 well prolific, oil source rock Deepwater drilling has a 100% track record. There have been 6/6 successful wells drilled by FAR from…
Senegal undrilled prospect inventory* Unrisked Best Estimate Prospective Low Best High FAR Resources net to Chance of Target Estimate Estimate Estimate Working FAR Discovery Prospect Reservoir (mmbbls) (mmbbls) (mmbbls) Interest…
SNE story so FAR 21 months from discovery to statement of commerciality OCT 2014 NOV 2014 DEC 2014 NOV 2015 JAN 2016 JAN 2016 Spud SNE-1 Discovery Contingent Spud SNE-2 SNE-2 DST Spud SNE-3 at SNE-1 resource World class announced…
Whats next in Senegal Drilling and flow test results from the firm SNE-5 and SNE-6 drilling program Addition to contingent resources De-risking barrels towards reserves Progress the SNE development plan for the SNE Field and move…
Board with significant experience Nicholas Limb Geophysicist and investment banker Non-Executive Chairman 16 years as MD/Chairman of an ASX listed, international mining company, Australia. Appointed 2012 11 years in Financial services…
FAR research coverage Peter Arden Tim Hurst-Brown +61 3 9256 8700 +44 20 7866 0092 pardenbellpotter.com.au Tim.hurst.brownmirabaud.co.uk James Bullen Adam Martin +61 2 9263 2728 +61 3 9256 8904 james.bullencanaccord.com.au…
Contact us Level 17, 530 Collins Street Melbourne VIC 3000 Australia T: +61 3 9618 2550 infofar.com.au far.com.au Connect with FAR Limited:
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