Ann: Robust development economics for SNE oil field, Senegal, page-5

FAR managing director Cath Norman, said, “The release of the economics for the development of the SNE oil field marks an important milestone for FAR, the Government of Senegal and the RSSD Joint Venture. The Joint Venture will now progress the final submission of the Development and Exploitation Plan for the SNE Field to the Minister of Energy in Senegal and anticipate approval of the plan by Presidential decree before the end of the year. The finalisation of the economics also allows the JV partners to conclude funding arrangements and FAR looks forward to updating shareholders in the coming weeks. On successful completion of the financing for the development, FAR will be fully funded through to first oil from SNE in late 2022. Given the strong economics for the development, the value of FAR’s share of the SNE field is forecast to triple in value between now and first oil. This is a terrific result for FAR shareholders, especially given this estimate does not take into account the anticipated upside opportunities that are anticipated through the development. FAR’s transition to being an oil producer is an exciting one – and will see FAR become a material Australian listed oil producer from 2023.”