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Unlocking Africa's Oil & Gas Potential

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Unlocking Africa's Oil & Gas Potential September 2010 UNLOCKING AFRICA’S OIL & GAS POTENTIAL www.chariotoilandgas.com 1 Disclaimer and Forward Looking Statements These Presentation Materials do not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities in the Company nor shall they or any part of them form the basis of or be relied upon in any manner or for any purpose whatsoever. These Presentation Materials must not be used or relied upon for the purpose of making any investment decision or engaging in an investment activity and any decision in connection with a purchase of shares in the Company must be made solely on the basis of the publicly available information. Accordingly, neither the Company nor its directors makes any representation or warranty in respect of the contents of the Presentation Materials. The information contained in the Presentation Materials is subject to amendment, revision and updating in any way without notice or liability to any party. The presentation materials contain forward-looking statements which involve risk and uncertainties and actual results and developments may differ materially from those expressed or implied by these statements depending on a variety of factors. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information or opinions contained herein, which have not been independently verified. The delivery of these Presentation Materials shall not at any time or in any circumstance create any implication that there has been no adverse change, or any event reasonably likely to involve any adverse change, in the condition (financial or otherwise) of the Company since the date of these Presentation Materials. The Presentation Materials are confidential and being supplied to you for your own information and may not be reproduced, further distributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person (except the recipient‟s professional advisers) or published, in whole or in part, for any purpose whatsoever. The Presentation Materials may not be used for the purpose of an offer or solicitation to subscribe for securities by anyone in any jurisdiction. www.chariotoilandgas.com 2 Presenters • Appointed CEO in October 2009 • 22 years of Global E&P Experience – 12 years with Shell, 10 years with Independents (Hunt, Pioneer) • Spent last 5 years in North Africa primarily focused on S.Tunisia • Regional Manager of Pioneer, responsible for concessions of Jenin Nord, Cherouq, Adam (Non-Op), BEK, & Anaguid • Instrumental in growing production from 1,500 to 30,000 BOPD (gross) during tenure Paul Welch, CEO • Strong technical background BS & MS degrees in Petroleum engineering (Colorado School of Mines) & financial skills with an MBA (SMU) www.chariotoilandgas.com 3 Company Listing & Trading Information Chariot Oil & Gas 6 Month - Share Price Performance 160 140 Listing: AIM, London 120 Ticker Symbol: CHAR p/share 100 - Admission to AIM: 19th May 2008 80 Offering Size: £45m 60 No. of Shares in issue: 144m 40 Daily Share Price Share Daily Current Market Cap: £161m 20 0 23 Feb 2010 15 Mar 2010 04 Apr 2010 24 Apr 2010 14 May 2010 03 Jun 2010 23 Jun 2010 13 Jul 2010 02 Aug 2010 22 Aug 2010 www.chariotoilandgas.com 4 Chariot - At a Glance Enviable position • One of last frontiers for oil and gas exploration • 2nd largest acreage position in country – 30,504km2 in Namibia • Licences in 3 geologically distinct basins Significant • Exceeded work programme commitments investment to • Largest exploration programme undertaken offshore to date • Exploration spend – US$79MM date Comprehensive • Undertaken across all blocks of interest totalling: – 4500 km2 of 3D seismic Work Programme – 3000 km of 2D seismic acquisition Notable success • Increased gross mean prospective resources from 3.9bbbls to 8.5bbls • Attracted major partner in Petrobras to date • Significant share price appreciation Highly • Strong Technical and Corporate Team Experienced • Wealth of knowledge of both Namibian geology and operating in country Management • Complete skill set in-house, G&G, Engineering & Commercial Clear Strategy • Continue to develop Namibian assets – unlock huge potential and Goals • Secure further farm-in partners • Take steps to add nearer term production assets into the portfolio to balance risk profile – bring first oil date forward www.chariotoilandgas.com 5 Namibia – Large Acreage Position • 9 exploration wells have been drilled across the entire Namibian margin to date • The Namibian margin is comparable in area to the North Sea Namibia vs. North Sea Large block allocations in Namibia relative to other oil and gas regions www.chariotoilandgas.com 6 Chariot/Enigma – 5th Largest Acreage Holder in West Africa Top 20 acreage holders offshore West Africa Net Block Acreage (km²) 0 20,000 40,000 60,000 80,000 100,000 120,000 PetroSA th largest Ophir Energy acreage Namcor 5 holder in Premier Chariot Oil & Gas West Africa Oranto Tullow Oil BHP Billiton Shell Sonangol P&P Canadian Natural Resources Hyperdynamics Sungu Sungu Petroleum Encore Oil & Gas Arcadia Petroleum Anadarko Petrobras First Australia Resources Young Energy Prize Dana Petroleum Total of 248 companies reviewed. Source: Wood Mackenzie pathfinder database, July 2010 www.chariotoilandgas.com 7 NAMIBIAN GEOLOGY www.chariotoilandgas.com 8 Putting Namibia in Geologic Context • Exploration in the South Atlantic has traditionally has focused on the “Salt Basins”. • Recent discoveries confirm that prolific source rocks extend both north and south of these salt basins into underexplored areas such as Namibia • Geochemical analyses of Kudu gas indicate an over-mature oil prone, lacustrine source rock is the origin of the gas – oil may be expected from the same source rocks in areas where maturity is lower Reconstruction of the South Atlantic in the Early Cretaceous – a narrow lake formed between Africa and South America accumulating rich source rocks www.chariotoilandgas.com 9 Charge Maturity of Basins Generalized Stratigraphic Column modified from Bray et al 1998. Charge data indicates that Chariot‟s licences are situated in the oil window www.chariotoilandgas.com 10 Chariot’s Position in Namibia Chariot’s Position: • 8 offshore blocks, all 100% owned except 2714A (50% with Petrobras), in 3 geologically distinct basins Completed seismic acquisition programmes: • Northern Blocks – 1,500km2 of 3D • Central Blocks – 3,000 line km of 2D • Southern Blocks – 3,000 km2 of 3D Resource Potential Identified: • 1 prospect, 25 leads identified to date • Un-risked gross prospective resource potential of 8.5 billion barrels offshore 8 blocks www.chariotoilandgas.com 11 Northern Area (Blocks 1811 A & B) Proven rich oil prone Cenomanian/Turonian Source in well with associated oil shows www.chariotoilandgas.com 12 Northern Area (Blocks 1811 A & B) Preliminary Amplitude Extractions Show Brights on Highs N (DHI‟s) Draped anticlines with seismic Amplitudes www.chariotoilandgas.com 13 Central Area (2312 A & B, 2412 A & B North) Cenozoic gas hydrates? Large fans CretaceousCretaceous Basin Basin mapped in floorfloor fanfan // channelchannel Cretaceous complexescomplexes ThickThick sands in inCretaceous Cretaceous of ofshelf shelf wells wells Cenomanian- Top synrift Turonian Aptian source source interval interval Barremian synrift source interval? Basement www.chariotoilandgas.com 14 Central Area (2312 A & B, 2412 A & B North) Lead Mapping produced by Integrating Depth Map (Black Contours) and Sand Isopach to define Combination Traps Planned work to mature Leads to Prospects Potential acquisition of 3D seismic survey, area 2500km2 approx. www.chariotoilandgas.com 15 Southern Area (2714 A & B) Aptian Upper Source Cretaceous basin Interval floor fans Lower Cretaceous sands with high amplitudes Lower Cretaceous Basement Sub-Aptian Barremian? stratigraphic pinch- stratigraphic pinchout Source Interval out traps traps - Kudu Current Activity • Petrobras as Partner with 50% interest; • Processing PSTM/PSDM over entire cube; • Sedimentological and Geochemical Analyses; • Petroleum Basin Modeling; • Regional Geological and Geophysical Integration. • Existing Inventory Reminder 16 Leads 2,705 MMbbls www.chariotoilandgas.com 16 Southern Area (2714 A & B) www.chariotoilandgas.com 17 Probabilistic Prospective Resource Volumes Northern Blocks Southern Blocks Central Blocks www.chariotoilandgas.com 18 Overall Programme Summary of Commitments o Initial Exploration Period: • Geological and Geophysical Studies – Complete • Seismic Acquisition 2D Seismic Commitment: 2500 km Actual: 3000 km Difference: +500 km 3D Seismic Commitment: 700 km2 Actual: 4,500 km2 Difference: +3,800 km2 • Expenditures Commitment: $29.40 MM Actual: $79.00 MM Difference: +$49.60 MM o Results: 8,536 MMbbls of Resource Potential Identified Attracted a Blue Chip Major Operator Significantly raised the oil exploration potential profile of Namibia Current Activity Securing Additional Blue Chip Partners Data Room open in London www.chariotoilandgas.com 19 PORTFOLIO MANAGEMENT www.chariotoilandgas.com 20 Development of Portfolio - Strategy New Business Development Activities Accelerating • Key priority to introduce cash flows into the Group Objective: • Reduce the exploration risk in the portfolio • Identify undervalued near-producing / producing assets • Bring „first production‟ date forward • Lower cost profile as most areas are on-shore Numerous opportunities identified
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