Chariot Oil & Gas Limited provides an operational update across its portfolio and a revised forward-looking work programme.

Over the last year the Company has drilled two exploration wells and acquired 3,500km2 of 3D seismic data in Namibia; acquired an exploration licence and 3,500km2 of 3D seismic data in Mauritania; and secured three additional exploration licences in Morocco. The net acreage base has almost doubled to approximately 46,000 km2 over this period. Given this activity and growth, the Company has undertaken a review of its portfolio, matured the description of the prospect inventory and re-cast the forward exploration programme. In summary:

• The partnering process in the Namibian Northern Area has been initiated with the aim of drilling with a partner in 2014. The Zamba prospect is the priority target and has gross mean unrisked prospective resources estimated at 375 million barrels ("mmbbls"). • The Namibian Central Area partnering process will be initiated in 3Q 2013 with the aim of drilling with a partner in 2014. The two principal prospects have gross mean unrisked prospective resources estimated at 1.1 billion barrels ("Bbbls") and 570mmbbls.

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