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Chariot Announces Increase in Prospective Resources

Source: www.gulfoilandgas.com 3/2/2010, Location: Africa

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Chariot Oil & Gas Limited, the Africa focused oil and gas exploration company is pleased to announce an increase in the Company’s unrisked mean prospective oil resources of 3.3 billion barrels to a total of over 8.5 billion barrels. This results from volumes being attributed to the Central Blocks (licences 2312 A & B and the northern halves of 2412 A & B) offshore Namibia and increases the Group’s resources by 39% from the previously reported 5.24 billion barrels identified in the Northern and Southern licences.

This resource increase follows the interpretation and processing of the 3,000 line km seismic survey which was acquired across the Central Blocks in the second half of 2009 by Seabird Exploration. No resource potential had previously been attributed to these blocks.

Aggregate mean unrisked prospective resources of 3.3 billion barrels have been identified within three new leads, all of which are combination traps with a component of structural (dip) closure and a stratigraphic upside.

Interpretation of the 2D seismic data identified a number of leads with three - Klipspringer, Hartebeest and Oryx - being high graded for inclusion as prospective unrisked resources. These all lie in the southern area of Block 2412 A & B in water depths of 2,000 – 2,500m. The leads are interpreted to lie within a mapped deepwater Cretaceous channel – fan system with seismic character indicative of deep marine sandstone facies. The high graded leads are identified as combination traps with a component of structural dip closure (apparent following depth conversion) with upside stratigraphic trapping potential. Preliminary modelling suggests that the leads are oil prone.

The Central Blocks straddle the Luderitz and Walvis Basins, with all leads lying within the Luderitz in the southern area of the licences. It is important to note that these leads sit within in a separate region to the Namibe and Orange Basins where Chariot’s Northern and Southern Blocks are situated respectively. This is of particular note as Chariot has resource potential in three geologically distinctive basins and is therefore well positioned across the Namibian South Atlantic margin.

The table below sets out the prospective resource estimates for the three leads. The volumetrics which have led to the resource increase were based on probabilistic Monte Carlo simulations for these new structures. The Central Blocks are 100% owned and operated by Enigma Oil & Gas Exploration (Pty) Limited, a wholly owned subsidiary of Chariot.

Total resource numbers are probabilistically summed and therefore the figures do not add arithmetically.

The current seismic grid has a 7km line spacing and further seismic studies will be required to improve trap definition and identify any potential direct hydrocarbon indicators (DHIs). Present risk estimates for the leads are of the order of 5% chance of success, reflecting the uncertainty due limited seismic coverage. With additional seismic it is expected that the chance of success will increase to better than 10% and potentially 20% with DHIs.

Paul Welch, CEO commented, “We are delighted to report these volumes, boosting our unrisked gross mean prospective resources to over 8.5 billion barrels and underscoring the potential which we believe is present offshore Namibia. We were very encouraged by the structures that were originally mapped across these licences and our additional seismic acquisition in the Central Blocks has enabled us to cherry pick these leads of particular interest.”

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