Ann Incoming!!!, page-3

SNE field 2C contingent recoverable oil resource upgraded by 14% to 641 mmbbls.

Upgrade includes results from BEL-1 and SNE-4 wells.

The third material upgrade since discovery supports FAR’s view that SNE is a world class oil field with the credentials to support a potential commercial development

 FAR will provide a statement on SNE commerciality, plus update Senegal prospective resources*, including the Djiffere block, in coming weeks

FAR Managing Director Cath Norman said; “RISC’s new independent assessment of SNE’s 2C contingent recoverable resource of 641 mmbbls represents a significant 14% increase to RISC’s previously reported estimate of 561 mmbbls, and a stellar increase of 316% from the pre-drill estimated size of the field”. “RISC’s latest assessment of SNE integrates the results from the successful BEL-1 and SNE-4 appraisal wells. BEL-1 confirmed good quality oil reservoirs in the northern portion of the SNE field. SNE-4 found oil bearing upper reservoir sands of similar quality to those encoutered as gas bearing elsewhere in the SNE field”. “The industry phrase “good fields get better” could not be more appropriate for this world class field. The growth of the SNE field from a pre-drill P50 estimate of 154mmbbls to a 2C recoverable contingent resource of 641 mmbbls today has been achieved in less than two years. This highlights that new information from each successful SNE appraisal well and associated wireline logging, flow testing and core data has improved the overall level of confidence of the size of the field when integrated with 3D seismic and reservoir mapping”. “The Senegal JV has cut 612m of core data from four successful appraisal wells drilled into the field and this information is now dramatically improving our understanding of the petrophysical nature of the reservoir when combined with the well log data, particularly for the upper reservoir sand units”. “FAR has delivered another remarkable independently audited SNE resource upgrade and we look forward to providing investors with a future statement on FAR’s view of the commerciality of the SNE oil field, update on our prospective resources, and the resumption of drilling offshore Senegal in 2H 2016. SNE is a world class oil field that is truly worthy of the “elephant” title”.