Lixus Opportunity Offshore

MMEA Scout Group Meeting, July 2019 Disclaimer and Forward Looking Statements

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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. All opinions expressed in these Presentation Materials are those solely of the Company unless otherwise stated. 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.

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www.chariotoilandgas.com

2 Chariot Oil & Gas

Morocco Balanced exploration Saipem 12000 RSD-1 March, 2018 portfolio with giant potential

Lixus - Material, high- value gas appraisal project

Growing Moroccan gas Brazil market with Morocco attractive gas pricing Non-operated deepwater well

Ocean Rig Prospect S Poseidon October, 2018 Strategy focused on transformational value

Experienced and operationally excellent team Namibia

Opportunity to South Atlantic 100 Ma Namibia Reconstruction participate in Morocco Operated well setting new industry portfolio benchmark for deepwater drilling

3 * 2C Resources or 2U Prospective Resources as independently estimated by Netherland Sewell and Associates (“NSAI”) July 2019 ** Chariot Internal Estimate of Remaining Recoverable Resources Morocco Portfolio Summary

SPAIN

Atlantic Ocean GME Anchois-1

Ain El Hamra Field MOROCCO Miocene Turbidites Cretaceous SR Type II-III Lixus ALGERIA

MOH-B

RSD-1

SDX Energy Gas Production KEN-A

Mohammedia

Chariot Licence Jurassic Light Oil Production Lixus 3D: 1400 km2

Moh/Ken 3D: 2700 km2 0 km 50

4 July 2019 Anchois Discovery – Material, High Value Gas Project

ANCHOIS-1

Gas ve Anchois-1 gas discovery in 388 m WD, 40km from coastline - 1C 156 Bcf*, 2C 307 Bcf* in Gas Sands A and B Sand A 2U Prospective Resource of 116 Bcf* in undrilled Gas Sand C

(Anchois Deep prospect), making a mid-case estimated total Amplitude remaining recoverable resources of 423 Bcf

Gas Sand B +ve Excellent quality reservoirs of up to 30+% porosity and >1 Darcy permeability, expected to deliver high production rates Gas Sand C Favourable gas composition with 97% Methane, no CO2 or H2S Strong seismic attribute support for gas-bearing sands Appraisal Programme:

3D reprocessing and re-evaluation of the subsurface GAS SAND B Developing the gas market, maturing development concepts ANCHOIS-1 Contingent appraisal well, to be suspended as a potential Negative Amplitude (F-N)*F Volume producer, subject to partnering and off-taker requirements

GAS SAND A A Sand Feeder Channels Gross column: 48m GWC Net Pay: 20m

Av. Porosity: 28% +ve B Sand GWC

25 m

GWC 0

Gross column: 49m Net Pay: 35m B1 RMS Amplitude Av. Porosity: 25% A1 RMS Amplitude

Stacked channels and fan 25 m Gas effect seen on lobe reservoir sands frequency spectrum GWC

Anchois-1 Anchois-1

5 * Netherland Sewell and Associates Inc. (“NSAI”) estimate of Gross 2C Resources or unrisked 2U Prospective Resources July 2019 Anchois Reservoir Description – Gas Sand B

10

30 20

6 July 2019 Anchois Reservoir Description – Gas Sand B

Limited reservoir development in Merou and area

Feeder channels, conduits for sand transportation

Sandy overbanks / splays

Clear gas effect on frequency spectrum in Anchois discovery and satellite prospects

Turbidite fan lobes and channels

10

30 20

7 July 2019 Anchois Field – Conceptual Development Plan

Phase I

Onshore Central Processing Facility

14” gas pipeline & control umbilical

Anchois Satellites: Anchois Field: Exploration Drilling & Phase I Phase II Development Development Phase II

Subsea tie-back to Anchois manifold in success case

8 July 2019 Lixus – Anchois Satellites

Anchois W Anchois N B Sand Top Reservoir Amplitude Anchois N Anchois NE Anchois Anchois W

Anchois WSW 89* Bcf 308* Bcf

Anchois WSW Anchois SW

ve -

Anchois SW Amplitude Anchois S 2 km +ve 61* Bcf 101* Bcf A

Anchois N Anchois SW Anchois Anchois W

Anchois WSW

Anchois Deep

9 * Netherland Sewell and Associates Inc. (“NSAI”) estimate of 2C Resources or 2U Prospective Resources July 2019 Lixus – Additional Prospects

Maquereau North Merged Top Reservoir Seismic Amplitude Maquereau North B Sand Equivalent Lar-A-1

Maquereau Central 254** Bcf Maquereau Central Maquereau South

Merou-1

93** Bcf

N Maquereau South NW Anchois

W Anchois-1 102** Bcf

Turbot

WSW SW S Turbot

330** Bcf

+ve +ve Deep Thon-1 Tombe

Tombe ve ve

- 10 km

66** Bcf

10 July 2019 Lixus – Exploration Portfolio

Area is covered by >1700 km2 of existing 3D data All on-block discoveries exhibit AVO anomalies, all dry wells have no anomalies AVO products available and interpreted on the 2006 3D Lixus Licence seismic surveys, with 2010 data now under analysis Anchois & Satellites are an amplitude-supported discovery and prospect inventory with remaining recoverable resources of > 1 Tcf* Additional Inventory has resources of > 800 Bcf**

Exploration Work Programme: Maquereau N Maquereau C 3D reprocessing, AVO and quantitative interpretation Optional exploration drilling Maquereau S NW N 2C Resource of Anchois and Prospective Resource (PR) of Anchois W Turbot Satellites and the additional Prospect Inventory* (Bcf) Anchois 1000 SW Anchois & Satellites 900 Anchois & 800 Satellites Additional Prospect 700 Inventory 600 500 Tombe 400 PR 300 2C 200 PR PR 100 0

11 * Netherland Sewell and Associates Inc. (“NSAI”) estimate of Gross 2C Resources or unrisked 2U Prospective Resources July 2019 ** Chariot Internal Estimate of 2U Prospective Resources or Remaining Recoverable Resources Growing Moroccan Gas Market

Power plants Moroccan energy demand is forecast 0 km 50 Pipelines GME Export 3 Coal 1 Planned Pipelines to double between 2015 and 2030 ~1200 Mscf/d Fuel Oil / Gas Moroccan Power generation is # Sales Options Planned LNG Re-Gas Plant Gas principally from imported coal, fuel Tahaddart CCGT (400MW) Hydro ~50 mmscf/d 2 Planned Gas oil and gas1 Ministry of Energy focus is security Lixus Anchois of supply; access to energy at low Dhar Doum CCGT (1200MW) 32km cost; and to minimize the impact on ~150 mmscf/d CPF 1 the environment5 Kenitra Fuel Oil (315MW) 5 ~40 mmscf/d Supportive government with a desire to utilize indigenous gas vs. 4a Kenitra imported fossil fuels - 2018 Mohammedia Aïn Beni Mathar petroleum imports expected to be SDX Energy ~$6.6Bn Production 4b $8.50 - $9/mcf expected gas price (to industry) Jorf to power sector (linked to $70 - Lasfar $75/bbl Brent) sets a very attractive Sound Energy local gas price Development Tendrara © OpenMapTiles

Primary Energy Demand Power Generation Gas Consumption Ain Beni Mathar

Gas

GME Tahaddart

POWER GENERATION Coal

Industry Oil

12 Source - BP Statistical Review 2018, IEA, ONEE, Gas Strategies July 2019 Morocco Fiscal Terms

EXCEPTIONAL

> 200m WATER DEPTH

13 Source - ONYHM July 2019 Morocco Fiscal Terms

EXCEPTIONAL

> 200m WATER DEPTH

LIXUS OFFSHORE TERMS 8 year exploration term commenced 30th May 2019 Initial Period Commitment - 3D seismic reprocessing & desktop studies First & Second Extension Periods Commitment – 1 well per period Exploitation Concession may be requested over any commercial accumulation: 25 years (extendable by 10 years) 3.5% royalty would apply to gas from Anchois 31% corporate tax (exempt during first 10 years of revenues) Royalty, rental, training, exploration, production and bonus expenditures are all tax deductible

Excellent project economics are supported by a combination of the attractive gas- price and exceptional contract terms, especially in first 10 years of production

14 Source - ONYHM July 2019 Lixus Offshore Project Opportunity

ANCHOIS-1 Material gas resources at Anchois in discovered and low-risk Gas undrilled gas sands – 423 Bcf Sand A

Development plan uses conventional technology, with the Gas Sand B opportunity for first gas by 2022-2023 Gas Sand C Multiple potential off-takers exist, for power generation in Morocco, where energy demand is increasing, and overseas, with attractive gas prices & fiscal terms Phase I Phase I Potential Development Phase I Potential Development Low-risk, high-value exploration tie-back satellite prospects 423 Bcf 423 Bcf 90 mmscf/d 90 mmscf/d (2C + 2U)*(2C + 2U)* for Phase 2 development – >500 Bcf 2C + 2U (A, B & C sand) 2C + 2U (A, B & C sand) 70 mmscf/d 70 mmscf/d 307 Bcf (2C)*307 Bcf (2C)* 2C (A & B sand) 2C (A & B sand)

Bcf

Additional production centres possible via drilling success Bcf mmscf/d from the wider prospect portfolio – >800 Bcf 35 mmscf/d mmscf/d 35 mmscf/d 156 Bcf (1C)156 Bcf (1C) 1C 1C Chariot has a strong operational and exploration track record in Morocco and internationally

Ocean Rig Poseidon, Value-accretive strategic and joint-venture partners are Chariot operated Prospect S well, being sought to mature the Anchois development project Namibia, 2018 and maximise value from exploration upsides

2H 1H 2H 1H 2H Country Licence 2019 2020 2020 2021 2021

Lixus Drilling* Drilling** MOROCCO Seismic Joint drilling campaign 75% reprocessing Anchois-2 Appraisal well opportunity Lixus Phase II 423Bcf*** exploration well

15 * Subject to partnering July 2019 ** Subject to partnering and dependent on outcome of adjacent drilling *** NSAI estimate of 2C +2U resources, or Gross Mean Prospective Resources