7 February 2017
Senegal Prospective Resource Increase
 New 3D seismic data interpretation has unlocked numerous, highly attractive, oil prospects on
FAR’s offshore Senegal acreage
 Undrilled oil prospectivity has increased by over 50% from last review
 FAR best estimate of the undrilled prospective resources has been increased to total 1,563
mmbbls* on a gross, unrisked basis (234 mmbbls net to FAR*)
 Prospective resources inventory audited by RISC Operations Pty Ltd
FAR Limited (ASX: FAR) has identified over 1.5 billion barrels* of undrilled oil prospectivity in it’s
offshore Senegal acreage. The increase in undrilled prospective resources has resulted from the
interpretation of new 3D seismic data acquired in 2015 that has been integrated with the previous
3D seismic and well data.
Of the 1,563 mmbbls* mapped, 234 mmbbls* are net to FAR who is a 15% participant in the
Rufisque, Sangomar and Sangomar Deep (RSSD) joint venture. In addition to the undrilled prospects,
the 2C recoverable resource in the SNE discovery is 641 mmbbls* with 96 mmbbls* net to FAR
(reference ASX announcement 23 August 2016).
FAR Managing Director Cath Norman said;
“The prospectivity of FAR’s offshore Senegal acreage is extremely exciting. We have approximately
7,500 square kilometres of area under licence in Senegal and given success in our discoveries in the
FAN-1 and SNE-1 wells and subsequent successful appraisal of the SNE oil field, we know we have a
prolific working source rock, excellent reservoir development in the area and a good working seal. The
new 3D seismic data has allowed us to get confidence in mapping traps along the extension of the
SNE trend and also new plays and prospects in the acreage.
We are currently drilling SNE-5, the fifth well to appraise the SNE oil field, which will be followd by
SNE-6. Because of the relatively low cost of drilling in deepwater at present, our JV has negotiated
additional optional drilling slots for the rig. It is likely that one of these exploration targets will be
drilled following the current two well campaign, we look forward to keeping shareholders updated as
the drilling program progresses.
“Several prospects are located within tie-back distance to a future SNE production hub. These
prospects have the potential to deliver high value barrels, because they can be developed quickly and
at relatively low cost as a subsea tie-back to SNE infrastructure.”
RISC report
An updated Independent Resources Report for FAR on the exploration potential of FAR’s Rufisque,
Sangomar and Sangomar Deep offshore blocks, offshore Senegal has been completed by RISC
Operations Pty Ltd (“RISC”).
* Refer to Cautionary Statement in this report (page 4) relating to estimates of prospective resources
The prospective resource assessment completed by RISC and set out in its new Independent
Resources Report highlights that FAR has, “a material and robust exploration portfolio, which we
expect will be tested in coming years”.
The prospective resource estimates detailed in Table 1 are set out in RISC’s report and assess the
probabilistic resource evaluation carried out by FAR in accordance with industry standard SPE-PRMS
definitions.
Evaluation based on high quality 3D seismic
FAR’s latest exploration prospect mapping is based on the re-interpretation of FAR’s existing high
quality 3D seismic data and new 2,400 km² 3D seismic acquired over the RSSD blocks in late 2015.
Four main Senegal exploration plays have been identified based on Shelf and Basin concepts.

The Early Cretaceous Albian Shelf Play houses the SNE oil field. The Sirius and Spica
prospects are analogous to the SNE oil field and are located along the shelf edge trend to
north of SNE.

The Albian Fan Play.

The Late Cretaceous Shelf Play.

Central FAN and South Fan are Late Cretaceous Basin canyon fed slope plays.
Figure 1 below includes prospect outlines, play types and the location of the 2015 3D seismic survey
(blue hatched area). This figure also highlights several Senegal prospects that are located within
tieback range (Operator: 30 - 40km radius) to an SNE production hub and they could have a
significant positive impact on the size, scope and future returns generated from the SNE project
development.
Figure 1. FAR prospects mapped from Sangomar and RSSD 3D seismic and approximate tie back area
Page 2
* Refer to Cautionary Statement in this report (page 4) relating to estimates of prospective resources
Prospective resource table
Table 1: Senegal prospective resources
Sirius
Albian shelf edge
Prospective, gross, unrisked
recoverable oil resources*
Best estimate (P50) mmbbls
(mmbbls)
294
Spica
Albian shelf edge
199
37%
Leebeer SNE
Late Albian shelf
116
33%
Leebeer Sirius
Late Albian shelf
50
20%
Leebeer Spica
Late Albian shelf
47
20%
Rufisque Onlap
Albian
181
14%
Alhamdulillah
Albian Fan
80
23%
Leraw
Cenomanian
108
23%
Jabbah
Cenomanian
44
25%
Jabbah Deep
Cenomanian
111
16%
South Fan
Cretaceous Fan
134
18%
Central Fan
Cretaceous Fan
96
17%
Prospect name
Play type
Total all prospects
(1)
Suum Lead
60%
1,460
Aptian Carbonate Shelf
Total prospects and leads
Total - net to FAR
(i)
Probability of success
%
103
1,563
234
Not audited by RISC
Strong subsea tieback potential
An important feature of many of the prospects that make up FAR’s Senegal prospective resources is
their proximity to the SNE oil field, and therefore potential to be connected to an SNE production
hub through a subsea tie back system.
The Operator of the RSSD joint venture has previously stated that any new discovery located within a
30km radius from the SNE FPSO, would be a candidate for a subsea tie back to an SNE production
hub.
These potential tie-back prospects have very attractive economics because they contain the second
highest NPV barrels after those located within the SNE field because of their relatively low
development cost and quick timing to develop through a subsea connection back to a centrally
located production hub which eliminates costly duplication of key infrastructure (e.g. FPSO).
Page 3
* Refer to Cautionary Statement in this report (page 4) relating to estimates of prospective resources
Disclaimers
*Prospective Resource Estimates Cautionary Statement - 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.
Prospective and Contingent Resources - All contingent and prospective resource estimates presented in this
report are prepared as at 27/2/2013, 11/3/2014, 5/2/2014, 13/04/2015, 13/4/2016 and 23/08/2016
(Reference: FAR ASX releases of the same dates). The estimates have been prepared by the Company in
accordance with the definitions and guidelines set forth in the Petroleum Resources Management System, 2007
approved by the Society of Petroleum Engineer and have been prepared using probabilistic methods. The
contingent resource estimates provided in this report are those quantities of petroleum to be potentially
recoverable from known accumulations, but the project is not considered mature enough for commercial
development due to one or more contingencies. The prospective resource estimates provided in this report are
Best Estimates and represent that there is a 50% probability that the actual resource volume will be in excess of
the amounts reported. The estimates are unrisked and have not been adjusted for both an associated chance of
discovery and a chance of development. The 100% basis and net to FAR contingent and prospective resource
estimates include Government share of production applicable under the Production Sharing Contract.
Competent Person Statement Information - The hydrocarbon resource estimates in this report have been
compiled by Peter Nicholls, the FAR Limited 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 Petroleum Engineers and the Petroleum Exploration Society of Australia. Mr Nicholls consents to the
inclusion of the information in this report relating to hydrocarbon Contingent and Prospective Resources in the
form and context in which it appears. The Contingent and 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.
Forward looking statements - This document may include forward looking statements. Forward looking
statements include, are not necessarily limited to, statements concerning FAR’s planned operation program and
other statements that are not historic facts. When used in this document, the words such as “could”, “plan”,
“estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward looking
statements. Although FAR Ltd believes its expectations reflected in these are reasonable, such statements
involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these
forward looking statements. The entity confirms that it is not aware of any new information or data that
materially affects the information included in this announcement and that all material assumptions and
technical parameters underpinning this announcement continue to apply and have not materially changed.
Page 4
* Refer to Cautionary Statement in this report (page 4) relating to estimates of prospective resources