Yes, Once Again ---Latest From Malcy

Far Limited

Far reported that CNOOC has acquired 55.55% of Svenska’s interest in the highly prospective acreage offshore Guinea Bissau where Far retains a 21.42% participation interest in each licence. There is a proven hydrocarbon system with two oil discoveries on the licences and drilling to test the Greater Atum Prospect (with 471mmbbls, 100% basis, best estimate prospective resource) is expected in Q1 2020.

Greater Atum is a shelf-edge combined structural-stratigraphic play analogous to the giant SNE oil discovery offshore Senegal where Far is credited with a significant role in its discovery. As a result CNOOC’s arrival into these permits shows ‘significant new interest’ in the MSGBC Basin shelf margin fairway and supports Far’s exploration offshore Guinea-Bissau.

Far MD Cath Norman said that ‘we look forward to progressing the Guinea-Bissau acreage now that CNOOC have farmed into the project’ and that ‘attracting a NOC such as CNOOC shows the confidence that another major company has in Far’s Guinea-Bissau acreage’. For Far shareholders I see this as being a most significant step, with a lot happening in Senegal which will cement the company’s valuation it is now progressing on a number of other fronts and with premier league partners. The portfolio may have taken some time to build up but it was done with foresight and the possibility of significant upside potential is clear for all to see.