Chariot Ltd Regulatory News (CHAR)

21 May 2013

Chariot Oil & Gas Limited

AGM Statement and Operational Update

Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margin focused oil and gas exploration company, will be holding its Annual General Meeting at 13.00 today in its registered offices, Guernsey.

At the meeting Larry Bottomley, Chief Executive of Chariot, will make the following statement:

"It is a pleasure to provide my first AGM statement as CEO. Since our last AGM, the Chariot story has evolved considerably. Over the last year Chariot acquired substantial datasets that have served to significantly enhance the team's understanding of our acreage and further develop our prospect inventory. We have also diversified our risk portfolio through the acquisition of acreage offshore Morocco, Mauritania, and, more recently, Brazil. In doing so, we are building a balanced portfolio of high potential assets as well as further exposing the Company to additional transformational prospect opportunities. Whilst no drilling will take place during 2013, this will be a busy year of development and growth as we look to de-risk and mature the portfolio through the evaluation of our extensive 3D seismic databases and integration of well results, including those of nearby third-party drilling activity. We are focused on preserving our cash through prudent asset and prospect selection and through seeking partners who will provide access to third party funding as well as further validation of the potential of our assets.

Namibia remains a priority for us. From the well results and additional seismic information we have identified two petroleum systems within our acreage which have different risk profiles, allowing us to effectively screen and rank new play types and prospects of interest. With regards to the Southern licences, in block 2714A, the Operator continues its analysis of the well results, which at this stage appear to be in line with that of Chariot's evaluation. Following discussions on the forward plan for the block, the partnership has submitted a request for a one year extension on the second renewal phase, with all parties committed to the licence for a further year. In 2714B, as previously reported, a new play system has been identified in this licence owing to information from the Kabeljou-1 well data. A 3D seismic programme, expected to commence in H2 2014, will be designed to seek to capture the value of the asset.

Within the Central Area, in order to ensure that the Company is able to maximise the integration of information from third party drilling in the deeper petroleum system, the farm-out process will commence in Q3 2013. With regards to the Northern Area, the dataroom remains open and active with additional companies still due to attend.

Concurrent to this, work across our Mauritanian and Moroccan licences is on-going. The 3D seismic information from our Mauritanian acquisition programme is being processed, the fast track data has been received and we expect final PSDM to arrive in November 2013. A dataroom showing the Company's 2D seismic interpretation within this region was closed at the end of February and has received interest. The Company will consider bids that it believes to be commercially acceptable and, should this be the case, will proceed with a farm-out this year. However, if this does not occur, we will look to farm-out the acreage once the 3D seismic has been interpreted in H1 2014 in order to gain a partner for drilling. The 2D seismic processing and interpretation offshore Morocco is also in progress and it is anticipated that the Company will be at a point to consider its forward programme within this region in Q4 of this year.

In addition to the diversification into Mauritania and Morocco last year, the Company is pleased to have further balanced its acreage with an early entrant position offshore Brazil. This acreage is located along the transform margin that is conjugate to the Atlantic offshore basins in Cote d'Ivoire and Ghana which have seen recent significant oil and gas discoveries. As with our other assets, we have successfully secured acreage in areas that are of interest to other major industry players and this, in line with Company strategy, provides further exposure to giant potential opportunities.

As previously announced, we ended last year with $US68.3 million. During the course of 2013 we have budgeted a spend of $US25 million on the costs of the acquisition, processing and interpretation of our 3500km2 3D seismic campaign offshore Mauritania as well as G&G and G&A costs of US$15 million. The Company is fully funded in all of its contractual commitments, including that of the recently acquired acreage in Brazil.

We would like to thank our shareholders for their continued support. Whilst last year's drilling was disappointing, the information from these wells has been invaluable in furthering the exploration programmes in Namibia, which we believe remains a highly prospective region. In addition, the Company is now able to benefit from its substantial acreage positions in Mauritania, Morocco and Brazil, which we believe hold significant potential.

We seek to continue to de-risk our asset base whilst maturing multiple prospects for drilling and we also remain fully committed to creating transformational growth for our shareholders."

-Ends-

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NOTES TO EDITORS

About Chariot

Chariot Oil & Gas Limited is an independent oil and gas exploration group. The Group currently holds four licences in the shallow water offshore Brazil, licences covering eight blocks in Namibia, through its wholly owned subsidiary Enigma Oil & Gas Exploration (Pty) Limited, one block in Mauritania through its wholly owned subsidiary Chariot Oil & Gas Investments (Mauritania) Ltd., and three blocks in Morocco through its wholly owned subsidiary Chariot Oil & Gas Investments (Morocco) Ltd. all of which are offshore. All of these blocks are currently in the exploration phase.

The ordinary shares of Chariot Oil & Gas Limited are admitted to trading on the AIM Market of the London Stock Exchange under the symbol 'CHAR'.

The contents of the Company's website are not incorporated into, nor do they form part of, this announcement.