Ann: Annual General Meeting Presentation, page-65

An interesting meeting...there certainly wasn't the hype that we have been used to and I thought Nic Limb seemed a little toey/nervous in some of his commentary and answers. I was certainly disappointed in the way he answered the question on salaries!

I will leave the 'strong' opinions about whether this management should be moved on to others...however my moderate feel is that while I do believe a number of things could have been done better, some decisions have not been ideal and the pain we are all bearing is to a fair degree self inflicted, I also have sympathy that circumstances and timing have hit FAR negatively on three occasions and fronts (the POO drop in 2014 right on our SNE discovery, POO drop in 2020 and COVID). These together with my belief that finding good quality replacement people in this very volatile situation that FAR is in, is probably very unlikely in the short time frame we have to turn things around....this therefore leading me to believe that current management status quo may be our best option at this time.

There was at least some meat put on the bones today in explaining PE, financing and to a degree where we sit going forward. Whilst we are in no way out of the woods I do believe there is hope. Re-igniting the debt facility (this was mentioned multiple times), in parallel investigating selling all or part of Sangomar, and the statement that "FAR has no intention of entering into default" suggests to me that the eyes are pointed in the right direction. The challenge now for management is of course to get to the line.

Other good bits included...

Meridian and Allan Gray have been buying on market
FAR is talking to new and original lenders
Re-inforcement that there is considerable upside in Sangomar (...my words - if we can get there!)
There will be a new cashflow and CAPEX forecast from Woodside soon (expected to be down)
Farm down of the Gambia is aimed at 25% for FAR...this imo a good level for a company of FAR's size

The situation FAR and us shareholders find ourselves remains extremely disappointing. Circumstances and the way the game has been played has contributed to the situation. As we sit here it would seem to me that we have two distinct ways of looking at FAR. Either it is incapable of achieving what is needed to stay afloat (in which case certainly don't buy, and also sell and get at least some of your money back), or look at the prize that is there IF they can stay in the game (and I include Gambia and GB here) and hold or if you are game get some more. We have gone from what should have been a "transformational" stock in 2014 after the FAN and SNE discoveries to still being a classic "speculative" stock. To a degree I feel we snatched defeat from the jaws of victory...the question now is can we snatch victory from the jaws of defeat....it really is over to you management!

dodds