Quarterly Activities Report and Appendix 5B Cashflow

• Woodside Energy achieves first oil from Sangomar field offshore Senegal
• FAR seeking offers for potential sale of up to US$55 million contingent payment from Woodside Energy
• Cash balance of US$2.2 million at quarter end

FAR Ltd, an independent, Africa-focused oil and gas exploration company, has released its quarterly activities report for the period ended 30 June 2024. The key highlights include Woodside Energy's announcement on 11 June 2024 that it had achieved first oil from the Sangomar field offshore Senegal, marking the safe delivery of the country's first offshore oil project. Woodside Energy further noted in its Second Quarter 2024 Report on 23 July 2024 that the first cargo was loaded subsequent to the quarter and commissioning activities and the safe ramp up of production are expected to continue through 2024. FAR is now seeking offers for a potential sale of the up to US$55 million contingent payment from Woodside Energy in relation to the RSSD Project in Senegal. The company had US$2.2 million of cash at the end of the quarter, with expenditure during the period totaling US$0.3 million, comprising mainly corporate and administration costs and exploration expenditure related to the wind-up of the Gambia interests.

Based on progress of the Sangomar development and current oil prices, the Board of FAR expects that the full US$55 million contingent payment from Woodside Energy will be received prior to the transaction long stop date in 2027.