Company Information for Chariot Oil & Gas Limited

AIM-CHAR

www.chariotoilandgas.com

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AIM; CHAR

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Company Statement

Chariot is the holding company for the Group which is involved in oil and gas exploration focusing on the South Atlantic margins, specifically Namibia, using state of the art technology for offshore exploration.

In the short term, the Group’s strategy is to explore the potential resources within its Blocks and to obtain further data to mature the Prospect and Leads that have been identified by HRT Petroleum.

A critical element of the Group’s strategy will also be to explore the possibility of a farm-out agreement with a major oil company to provide funding, mitigate risk and expedite exploration and potential development. Preliminary farm-out discussions with a major oil company have been initiated by the Group. These discussions are at an early stage and there is no certainty that an agreement will be reached. Further funding, via a farm-out or otherwise, will be required by the Group to scale-up its exploration activities and to enable drilling to take place in the future.

In addition to the continued exploration and development of its existing Blocks, the Directors also intend to introduce production cash flows and other exploration opportunities in order to balance the Group’s existing portfolio. The Directors’ intention is primarily to remain focused on the South Atlantic margins to capitalise on its current and developing experience and expertise in this area.

Operations and Technology

The Group currently holds licences covering ten Blocks in Namibia, eight of which are offshore and two of which are onshore.

Chariot’s offshore Blocks are located along the coast of Namibia and are bordered by the paleodepositional systems of the Kunene River to the north and the Orange River to the south. The onshore Blocks are located in the south of the country in the Nama basin. The locations of the Blocks are shown in this diagram.

All licenses are in the first exploratory period of four years duration. As of August 31 2010 there are two electable, 2 year renewal periods that can be secured.

Namibia
The Namibian government has also pursued free-market principles designed to promote commercial development and has actively encouraged foreign investment. The Namibian Foreign Investment Act, which was passed in 1990, provides for freedom from nationalisation, freedom to remit capital and profits, currency convertibility and a process for settling disputes equitably. Namibia has a gross domestic product of US$6.7 billion and a gross domestic real growth rate of 4.5 per cent.

Namibia has a variety of natural resources and is a significant producer of diamonds, uranium, zinc and copper. The country is also a source of gold, lead, silver, tin, vanadium, gemstones, tantalite, phosphate, sulphur, and salt. The economy of Namibia is currently heavily dependent on the extraction and processing of such minerals for export and at present, mining, being its second largest industry, represents some 20 per cent. of Namibia’s gross national product.

Other Operators
A number of major resource companies are already operating in Namibia including Anglo American plc, Areva CI, BHP Billiton Limited, De Beers SA, Hunt Oil, Tullow Oil and Rio Tinto plc.

Hydrocarbon Situation
Only 14 wells have been drilled to date offshore Namibia. Seven of these are appraised wells in the Kudu field

Work Programme
Over the next two years, the Directors’ intention is to undertake a geological and geophysical programme of work with the objective of maximising the prospectivity of the blocks and to better define the location and scope of 2D and 3D seismic programmes to be undertaken.

Geographical Spread

South Atlantic

Board of Directors and Key Management

William Peter Kidney	Non-executive Chairman
Kevin Eric John Broger	Chief Executive Officer
Heindrich Steven Ndume	Country Director Namibia
James Everett Burgess	Commercial Director
Adonis Pouroulis	Non-executive Director
Norman Leighton	Non-executive Director
Robert Archibald Gilchrist Sinclair	Non-executive Director

Senior Management Team
Guy Michael Gibbons	Chief Financial Officer
Siegfried Baumgartner	Namibia exploration team
Dr. Frederico de Melo Ribeiro	Exploration Manager

Company Address

PO Box 100, Sydney Vane House, Admiral Park
St Peter Port, Guernsey, United Kingdom GY1 3EL


Telephone:	+44 (0)20 7357 9477
Email:	chariot[at]hogarthpr.co.uk
Website:	http://www.chariotoilandgas.com

Additional Address/Key Contact

Media Contact
Julian Walker/Harriet Pask
Hogarth Partnership Limited
No.1 London Bridge
London
SE1 9BG
United Kingdom

Tel: +44 (0)20 7357 9477
Email: chariot@hogarthpr.co.uk

Capital

Photon Global Limited; 8,147,312 ordinary shares; 5.77%

Most Recent Statement

12/06/08 - Director Dealing
24/05/08 - Significant Shareholder
18/05/08 - Placing and admission to trading on AIM

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