FAR is the largest holder of exploration licences of any ASX listed oil and gas entity in Africa and has first mover advantage.

FAR holds two highly prospective licences with strong farm-out potential in the heart of the Lamu Basin. Kenya's exciting and fast emerging oil and gas margin is drawing the attention of major international players, with close to 100% exploration success in the region and neighbouring areas.

With high impact billion barrel potential targets, operator status and a large equity position, FAR is highly leveraged for success in Senegal. Offering world class oil accumulations, deepwater exploration activity in the West African region continues to gain momentum.

Containing an existing oil discovery in shallow water, FAR's offshore Guinea-Bissau blocks offer considerable potential. Exploration and appraisal drilling is likely in 2013, supported by encouraging 3D seismic acquired across the Sinapa discovery and numerous large prospects and leads.