Half Year Report and Accounts

• Profit up 1515.3% to $40.8 million
• Contingent payment of up to $55 million expected from Woodside sale
• Gneiss Energy appointed as advisor to explore sale of contingent payment

FAR Ltd reported a net profit of $40.8 million for the half-year ended June 2024, a significant increase from the $2.9 million loss in the prior period. The profit was driven by the recognition of the consideration receivable from the sale of its interest in the RSSD project to Woodside Energy in 2021. As part of the sale, FAR received rights to a Contingent Payment of up to $55 million, based on a share of oil production and oil prices. Woodside has now achieved first oil from the Sangomar field in Senegal, and the FAR Board expects the full $55 million Contingent Payment to be received prior to the transaction long stop date in 2027. FAR has appointed Gneiss Energy, a UK-based energy corporate finance advisory firm, to assist with the potential sale of the Contingent Payment. The Group has also given notice of its surrender of Blocks A2 and A5 in The Gambia, and is in the final stages of shutting down its in-country presence there. The Group's cash and cash equivalents stood at $2.2 million as of June 30, 2024.

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