31 March 2021

Second Addendum to Notice of General Meeting

FAR Limited (ASX: FAR) is about to commence the dispatch of a Second Addendum to the Notice of Meeting relating to the rescheduled General Meeting of Shareholders to be held at 10:00am (AEST) on Thursday, 15 April 2021. A copy of the Second Addendum to the Notice of Meeting and a Shareholder letter are attached, together with a copy of the shareholder proxy voting form. Copies of the documents have been lodged with the ASX today and are available on the company's website www.far.com.au.

This announcement has been approved for release by the FAR Limited Board of Directors.

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ABN 41 009 117 293

FAR

MR SAM SAMPLE FLAT 123

123 SAMPLE STREET THE SAMPLE HILL SAMPLE ESTATE SAMPLEVILLE VIC 3030

31 March 2021

Dear Shareholders

Rescheduled Shareholders Meeting

Need assistance?

Phone:

1300 850 505 (within Australia)

+61 3 9415 4000 (outside Australia)

Online:

www.investorcentre.com/contact

Control Number: 999999

SRN/HIN: I9999999999

PIN: 99999

YOUR VOTE IS IMPORTANT

For your proxy appointment to be effective it

must be received by 10.00 am (Melbourne time) on Tuesday, 13 April 2021.

FAR has today released a Second Addendum to Notice of General Meeting and Explanatory Statement to the shareholders meeting which is being held at 10 am (Melbourne time) on Thursday, 15 April 2021. The Second Addendum and earlier meeting materials can be found at www.far.com.au/GM . This is an important document. Please read it carefully.

The purpose of the meeting is to consider approving the sale of FAR's interest in the Senegal RSSD project to Woodside Energy (Senegal) B.V..

The background in relation to the Woodside Sale is contained in the original Notice of Meeting and Explanatory Statement dated 18 November 2020 as supplemented by the information in the Addendum to Notice of General Meeting and Explanatory Statement dated 8 February 2021 and the accompanying Second Addendum. I encourage shareholders to read this documentation carefully.

The original meeting date has been postponed twice to allow each of Remus Horizons PCC Limited and PJSC Lukoil an opportunity to convert their non-binding proposals to acquire FAR shares at 2.1 cents per share and 2.2 cents per share respectively into a binding offer. As at the date of this letter, no binding offer from Remus or Lukoil has eventuated.

The Directors unanimously recommend that shareholders vote in favour of the resolution.

If a binding offer from Remus or Lukoil or any alternative offer emerges, the Directors will update shareholders accordingly and may reconsider their recommendation.

The meeting will be held virtually and also at a physical location. Details on how to access the meeting are contained in the Second Addendum. Due to COVID-19 social distancing, shareholders are encouraged to attend virtually rather than physically attending.

Shareholders are encouraged to submit a proxy form in advance of the meeting by following the instructions set out in the Second Addendum and on the accompanying proxy form. Proxy forms need to be received no later than 10 am on 13 April 2021. If you have already voted and do not wish to change your proxy vote, you do not need to take any action.

The shareholders meeting has been postponed twice already. In view of the postponements to date and the need to progress the Woodside Sale, the Directors do not intend to further postpone it. Shareholders may wish to keep their eye on the ASX announcements platform in case there are any developments impacting on their voting decision over the period up to the date of the meeting.

This meeting closes out a very difficult 12 months for FAR. Since the board made the decision to sell FAR's share of the Senegal project a year ago, management has had to deal with the challenges of executing this strategy whilst working from home facing restrictions on travel and working with a market that was dealing with the COVID crisis, its implications for obtaining funding for oil and gas projects, and largely restraining from spending on oil and gas exploration and developments as access to capital was hugely challenged.

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Within six months, FAR had announced a sale of the asset to ONGC that was pre-empted by Woodside in late 2020. FAR had anticipated that this would be a straightforward sale leaving us with the cash to grow the business at a time when deal flow was abundant and in addition, drill our planned well in Gambia. The two indicative offers for the purchase of FAR by Remus at the end of 2020 and then Lukoil in mid-February 2021 have caused the Board of FAR to pause, see what may develop with Remus and Lukoil, and if so give shareholders information to support an informed decision by them regarding whether to approve the Woodside Sale. After some months, we find neither Remus nor Lukoil finalising their offers and hence the Board continues to recommend that shareholders support the sale to Woodside.

As you will read in the accompanying documents, FAR is currently in default of its payments to the Joint Venture in Senegal. These outstanding obligations substantially exceed FAR's current cash position so, as originally planned, shareholder approval of the sale to Woodside is proposed to avoid losing the asset. The only resolution being put to shareholders at this meeting is to consider the sale of this asset.

FAR is simultaneously proud of the role we have played in the discovery and evaluation of the Sangomar Field, and disappointed at having to sell at this time. Unfortunately, in the wake of COVID-19, the plan for FAR to continue as an interest holder in this asset through to first oil is no longer possible. We continue to support the sale of the asset to Woodside, and are keen to resume trading on the ASX, rebuild FAR and plan for success in our Gambian exploration later in 2021.

If you have any questions, please contact the company, and you may email any questions to info@far.com.au

Yours sincerely

Nicholas Limb

Chairman

ABN 41009 117 293

Second Addendum to Notice of General Meeting and Explanatory Statement

For the General Meeting of shareholders to be held at, 10.00am (Melbourne time) on Thursday, 15 April 2021 or at any adjournment or further postponement thereof.

Due to COVID-19 social distancing requirements, shareholders wishing to participate at the meeting are encouraged to do so virtually via the webinar. Shareholders attending virtually will be taken for all purposes to be in attendance as if they were physically there. COVID-19 rules regarding social distancing are subject to constant change, and limitations are likely to apply to the number of people who may attend physically.

The meeting will be held virtually via webinar and also at a physical location. This is due to the expiration of the Corporations (Coronavirus Economic Response) Determination (No. 3) 2020 which had permitted fully virtual meetings. Accordingly in addition to the virtual webinar, the Directors have determined to conduct the meeting physically at the offices of Baker McKenzie, Level 19, 181 William Street, Melbourne.

Shareholders attending virtually will be treated for all purposes as if they were physically in attendance at the meeting. Consistent with ASIC's no-action position contained in its Media Release 21-061 dated 29 March 2021, the technology used to hold the meeting virtually will provide shareholders with a reasonable opportunity to ask questions or make comments (ensuring that shareholders whom are participating remotely are able to actively do so), voting at the meeting is occurring by way of a poll rather than a show of hands, each person entitled to vote is to be given the opportunity to vote in real time, and this Second Addendum includes information about how shareholders can participate in the meeting,

This is an important document. Please read it carefully.

This Second Addendum to Notice of General Meeting and Explanatory Statement ("Second Addendum") is additional to the Notice of General Meeting and accompanying Explanatory Statement dated 18 November 2020 ("Notice") for the General Meeting of FAR Limited shareholders that was originally scheduled to be held on Monday, 21 December 2020 which was then postponed to Thursday, 18 February 2021 by virtue of the Addendum to Notice of Meeting and Explanatory Statement dated 8 February 2021 ("First Addendum").

This Second Addendum supplements the Notice and the First Addendum, and should be read together with the Notice and the First Addendum.

A new Proxy Form is provided with this Second Addendum for shareholders wishing to change a Proxy Form which has already been submitted or to submit a Proxy Form for the first time. A previously submitted Proxy Form will continue to be valid unless it is changed.

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TIME AND PLACE OF MEETING, PROXY FORM AND LOGISTICAL MATTERS

Date of General Meeting

As previously announced, the General Meeting of the shareholders of the Company originally scheduled to be held at 10.00 am (Melbourne time) on Monday, 21 December 2020 and postponed to 18 February 2021, has been further postponed and will now be held at 10.00am (Melbourne time) on Thursday, 15 April 2021 or at any adjournment or further postponement thereof ("Meeting").

Details to access the Meeting virtually are unchanged from that set out in each of the Notice and First Addendum. The Meeting will be broadcast by Encore Events Technology. Shareholders can view and participate in the Meeting by registering to attend at www.far.com.au/gm.

Lukoil Proposal

The postponement the subject of this Second Addendum was to enable shareholders to obtain and consider further information in relation to the proposal from PJSC Lukoil ("Lukoil") to acquire 100% of the shares of the Company ("Lukoil Proposal") which was first announced to ASX on 17 February 2021.

As at the date of this Second Addendum, the Lukoil Proposal remains non-binding, conditional and has not been formalised. FAR cautions that there is no certainty that the Lukoil Proposal will necessarily eventuate and the FAR directors continue to recommend voting FOR the disposal of FAR's interest in the RSSD project. If Lukoil subsequently formalises its offer in an acceptable form then the FAR directors may change this recommendation.

Remus Proposal

The First Addendum noted that Remus Horizons PCC Limited ("Remus") had made a proposal to acquire 100% of the shares of the Company ("Remus Proposal").

As at the date of this Second Addendum, the Remus Proposal remains non-binding, conditional and has not been formalised. FAR cautions that there is no certainty that the Remus Proposal will necessarily eventuate and the FAR directors continue to recommend voting FOR the disposal of FAR's interest in the RSSD project. If Remus subsequently formalises its offer in an acceptable form then the FAR directors may change this recommendation.

Meeting Business

The business the subject of the Meeting is as follows:

RESOLUTION 1 - DISPOSAL OF INTEREST IN THE RSSD PROJECT

To consider and, if thought fit, to pass the following resolution as an ordinary resolution:

"That, for the purposes of ASX Listing Rule 11.2 and for all other purposes, approval is given for the disposal of the Company's interest in the RSSD Project on the terms and conditions set out in the Explanatory Statement accompanying this Notice."

For reasons of brevity, this Second Addendum does not generally repeat information contained in the Notice and the First Addendum which should be read in conjunction with this Second Addendum.

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FAR Limited published this content on 31 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 April 2021 15:51:05 UTC.