Chariot Oil & Gas Announces Interim Results

Source: www.gulfoilandgas.com 11/5/2010, Location: Africa

Chariot Oil & Gas Limited an independent oil and gas exploration group announces its unaudited interim results for the period ended 31 August 2010.

Highlights during period:

· Increase in gross mean unrisked prospective resources from 5.2 to 8.5 billion barrels with additional Central block volumes
· Processed 3D seismic received for both the Northern (1811 A&B) and Southern (2714 A&B) blocks
· Renewal phase granted for blocks 1811 A&B and 2714A
· Number of dataroom attendees exceeds expectations
· George Canjar and Philip Loader appointed as Non-Executive Directors

Post Period Highlights:

· Gross mean unrisked prospective resources further increased to 10.1 billion barrels (8.2 billion barrels net to Chariot)
· Independent CPR by Netherland, Sewell & Associates verifies resource potential
· Chariot determines an Expected Monetary Value (“EMV”) of £4.6 billion (P50) – corresponding to £5.98/bbl (US$9.27/bbl) per net risked bbl
· Adonis Pouroulis appointed as Non-Executive Chairman
· Further development of hydrocarbon charge story
· Second dataroom opened in London to accommodate all interested parties

Paul Welch, CEO of Chariot commented:

“I am very pleased to present Chariot’s latest interim results and provide an update on our progress and plans. We are moving into an exciting phase of the Company’s development cycle - the coming year is one of great potential where we hope to further transform the Company by continuing to de-risk our portfolio and capitalise on our position in what we consider to be one of the last frontiers in oil exploration. Our work to date has continued to support our belief in the prospectivity of offshore Namibia and we look forward to proving this up further over the coming months.”


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