Investor Presentation 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. 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.
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 Executive Team
ADONIS POUROULIS PIERRE RAILLARD Acting Chief Executive Officer Morocco Country Director Adonis, one of the founders of Chariot and is a Pierre brings to Chariot over 25 years’ operational mining entrepreneur whose expertise lies in the and management experience in the energy discovery, exploration and development of industry, with specific expertise in the mineral resources. development of natural gas projects in Africa. Adonis has worked in the sector for over 25 years He joins the Company from Orca Energy Group, and has been influential in the founding, financing which he returned to as Head of Business and growth of a number of companies, including Development having previously played a key role Petra Diamonds. Adonis is the founder and chair in the development of the Songo Songo gas field, of the Pella Resources Group, an African focused located offshore Tanzania, which is analogous to natural resource group. Chariot’s Anchois gas project. Adonis has been a member of the board since IPO Pierre has also held leadership roles at African and took the role of Acting CEO in July 2020 Petroleum Corporation, Perenco and OneLNG.
JULIAN MAURICE-WILLIAMS DUNCAN WALLACE Chief Financial Officer Technical Director Julian is a Chartered Accountant with over ten years of experience in the Duncan is a geologist with 20 years of experience in exploration and oil and gas sector. Prior to being promoted in May 2015 Julian was production. After graduating with an MSc from Imperial College he joined Chariot’s Group Financial Controller for 3 years. Perenco, where he held a wide variety of technical, business development and management positions, including Brazil Country Manager Before joining Chariot in 2012 he was a manager within BDO LLP’s natural resources department in London where his client portfolio included Main Duncan joined the Chariot team in 2013 and since then has overseen the Market, AIM and ASX quoted oil and mining companies with exploration company’s exploration operations, stakeholder relations, managed farm- and production assets primarily in Africa, the Former Soviet Union, South down processes and new ventures activity which in 2018-19 successfully America, Australia and Asia. identified and captured the Lixus Offshore area in Morocco. Julian joined the board in July 2020. Duncan joined the board in July 2020.
3 Recent News
7 September 2020 - Resource
5 October 2020 – Gas Market
28 October 2020 - Financing
14 December 2020 – Further Upside
4 Plan for 2021 – Building an African Energy Transition Group
Transitional Power
Transitional Gas
Positive Impact
5 Transitional Gas - Lixus Offshore – Anchois Gas Project
SPAIN Since licence was awarded in May Rissana Mediterranean 2019, Chariot has completed the Chariot Atlantic Ocean Morocco following work:
GME
MOROCCO Lixus • 3D Seismic PSDM reprocessing
ALGERIA Larache • Independent Resource Assessments
Anchois-1 M21 Valve Station • Anchois Development Feasibility Study and Pre-FEED Engineering Ain El Hamra Field legacy oil production • Morocco Gas Market and Anchois Monetisation Study
RSD-1 SDX Energy Gas Expression of Interest on Production 5-6 • mmscfd to industrial development financing customers6 at Kenitra Kenitra Anchois Gas Discovery (2009) – B Sand RSD-1 exploration well (ENI, Woodside, Chariot, 2018) -ve 0 RABAT
Jurassic light oil A Sands legacy production Mohammedia B Sands Anchois-1 Casablanca
Lixus 3D 1400 km2 Oil Fields 1 km
Moh / Ken 3D 2700 km2 Gas Fields
6 Resources
Anchois-1 Appraisal CONTINGENT RESOURCES PLIOCENE
Exploration potential MIOCENE Proven fault block, in Pliocene under Exploration drilled by the evaluation A&B Sand Appraisal sidetrack discovery well (~2C) A Sand 115 Bcf well option Gas identified on PSDM in additional +128 Bcf B Sand 247 Bcf fault blocks (~3C)
Gas in PROSPECTIVE RESOURCES well Exploration ANCHOIS C&M Sands deepening Gas identified ANCHOIS FOOTWALL in additional 185 Bcf PROSPECT Low risk gas sands - fault blocks DEEP gas/reservoir proven by Water-bearing, good PROSPECT quality M sand O Sand 147 Bcf Anchois-1 (2U)
New exploration O Sand 358 Bcf prospects in deeper, undrilled, O Sand (2U) ANCHOIS RESOURCE DISTRIBUTION AND APPRAISAL & EXPLORATION DRILLING
ANCHOIS-1 WELL IMPACT OF SEISMIC REPROCESSING ON RESOURCE ESTIMATES • Excellent reservoir confirmed A SAND by log data and cores CONTINGENT RESOURCES (Bcf) PROSPECTIVE RESOURCES (Bcf) 20m pay • Dry gas with no CO2 or H2S 60% N:G 28% phie 2020 PSDM 1C 2C 3C 2020 PSDM 1U 2U 3U
B SAND 2019 PSTM 1C 2C 3C 2019 PSTM 33m pay 67% N:G 0 100 200 300 400 500 600 0 200 400 600 800 1000 1200 26% phie Sidewall Cores • Best Estimate (2U) contingent resource of 361 Bcf • Total Best Estimate Remaining Recoverable Resources (2C+2U) of >1 Tcf
Sources: Estimates of Gross Contingent & Prospective Resources from NSAI Independent Resource Assessment 2019, 2020 7 Development Plan
• Pre-FEED: Subsea-to-Shore Concept • Development possible with existing conventional technology: • Subsea wells • 40 km flowline plus control umbilical Onshore Central Processing Facility • Onshore gas processing facility • Export of processed gas to market via GME pipeline • Allows for future wells to be tied back and connected to a subsea manifold Gas pipeline & control umbilical PRE-FEED DEVELOPMENT SCHEME Anchois Field Development Mediterranean Atlantic Sea Ocean
Tangier
Tahaddart CCGT (400MW) ~50 mmscf/d
Morocco
Anchois CPF Field M21 37 km station 12” pipeline
8 Gas Market
• Morocco’s primary energy demand is Portfolio, Gas Infrastructure SPAIN & Gas Sales Options growing and with >96% imported Pipelines • Gas has been a growing component of 1 Power Planned Pipelines 3 Chariot 3D Seismic the power generation mix, as part of 2 Industry Existing CCGT the national strategy to reduce Rissana Offshore 3 Spain 2 Tangier imports and transition to lower carbon (in negotiation) 1 energy, however facilities are under- Lixus utilised and coal still dominates Offshore • Attractive gas prices are established Anchois project ALGERIA ConocoPhillips SDX for power generation and industry Predator
Installed RSD-1 Power Demand 2 Kenitra 1 850 MW +20 TWh/yr (c.100mmscfd) RABAT By 2030 Capacity 2 Mohammedia Sound 2 Repsol Casablanca Gas Price Gas Price MOROCCO US$8/mmbtu US$10-11/mmbtu Power Industry
Morocco Primary Energy Demand Morocco Power Generation by National Energy Strategy Power 20 Fuel in 2018 (34 TWh Total) Generation Capacity targets 100% 15 6% 14% 80% 10 60% Mtoe 40% 5 15% 62% 20% 0 0% 3% 2015 2020 2025 2030
Coal Oil Gas Hydro Renewables Gas Coal Oil Wind Solar Hydro
Sources: IEA, ONEE, BP Energy Statistical Review, Gas Strategies, ONHYM 9 Financing
Multi- Lateral Lending Agencies Sovereign Partnering Wealth Funds
Financing
Reserves Nordic Based Bonds Lending
Moroccan Banks
10 Further Upside - Capturing Prospective Acreage
LIXUS OFFSHORE PORTFOLIO Lixus Offshore Portfolio: 2C & 2U Resources (Bcf) 3D Seismic, Bathymetry, Discoveries, Leads & Prospects 4000
3D PSDM coverage 3000
LIXUS 2000 OFFSHORE
1000
0 Anchois Anchois Anchois Other Lixus Prospects in Contingent Prospective Satellites Prospects Evaluation Chariot NSAI PSDM NSAI PSTM Preliminary Estimate
RISSANA OFFSHORE – Key Terms Agreed
Anchois Gas Prospect in Discovery Evaluation
Anchois Satellite Lead Prospects (post-Nappe)
Other Lixus Lead Prospects (sub-Nappe)
Sources: Estimates of Gross Contingent & Prospective Resources from NSAI Independent Resource Assessment 2020 & 2019 11 and Internal Company Estimates Existing Exploration & Production Portfolio
MOROCCO BRAZIL Anchois Gas Development 361 Bcf 2C & Material drill-ready portfolio ~1.5 Bbbls 2U 690 Bcf 2U Growth through Low-Risk Exploration 1.8+ Tcf 2U Operator, high working interest, no commitments • Attractive gas pricing 8-11 $/MMbtu • Equatorial basins are high-potential emerging regions, with success in Guyana and Suriname and on the • Established and growing local gas market supports conjugate margin in Ghana and Cote d’Ivoire viability of Anchois appraisal & development project • Key third party wells to test the basin’s potential, • Longer term transformational growth potential outboard and down-dip of Chariot’s acreage through Chariot’s exploration portfolio & knowledge • Third party exploration & production activity in onshore sector, adjacent to Chariot’s licences • World-class fiscal regime & investment destination
NAMIBIA Material drill-ready portfolio >1 Bbbls 2U • Operator, high working interest, no commitments • Basin-scale block of 16,000 km2 • Active in-country exploration, with upcoming third party drilling set to further test the exploration potential of the Atlantic basins
12 Time for a Transition
13 Value Accretive New Ventures
NEW VENTURES - Criteria NEW VENTURES – Focus on Africa
Chariot Portfolio
Chariot Historic Interest
Executives Experience
Responsive to ESG
Scalable Projects
Playing to Our Strengths
14 Chariot in Summary
NEW TEAM
TRANSITIONAL POWER NEW VISION
NEW TRANSITIONAL VALUES GAS
Creating value and delivering positive change through investment in projects that are driving the energy revolution
15