(CHAR.L) Chariot Oil & Gas Ltd Buy/Sell

RNS Number : 4656I Chariot Oil & Gas Ld 11 March 2010

For immediate release 11 March 2010

Chariot Oil & Gas Limited

("the Company")

Holding in Company

The Company was notified today by Photon Global Limited that as of 10th March 2010, it now holds 8,340,439 ordinary shares in the Company. This holding represents approximately 5.91% of the Company's issued ordinary share capital.

RNS Number : 9184H Chariot Oil & Gas Ld 02 March 2010

This release replaces the previously announced RNS 8994H. This release contains an amendment to the percentage increase stated in the first paragraph, from 39% to 62%.

2nd March 2010

Chariot Oil & Gas Limited

("Chariot", the "Company" or the "Group")

Mean Prospective Resources Reported from Central Blocks

Total Group resources increased by 3.3 billion barrels to over 8.5 billion barrels

Chariot Oil & Gas Limited (AIM: CHAR), 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 62% 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.

Namibia Central Blocks Lead Portfolio - Feb 2010
Lead
Prospective Resources (million Klipspringer Hartebeest Oryx Totals*
barrels)
Mean 1,857 1,264 310 3,299
P90 Low Estimate 673 371 99 1,724
P50 Best Estimate 1,614 1,045 258 3,100
P10 High Estimate 3,383 2,459 592 5,145

RNS Number : 8994H Chariot Oil & Gas Ld 02 March 2010

For immediate release 2 March 2010

Chariot Oil & Gas Limited

("Chariot", the "Company" or the "Group")

Mean Prospective Resources Reported from Central Blocks

Total Group resources increased by 3.3 billion barrels to over 8.5 billion barrels

Chariot Oil & Gas Limited (AIM: CHAR), 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.

Namibia Central Blocks Lead Portfolio - Feb 2010
Lead
Prospective Resources (million Klipspringer Hartebeest Oryx Totals*
barrels)
Mean 1,857 1,264 310 3,299
P90 Low Estimate 673 371 99 1,724
P50 Best Estimate 1,614 1,045 258 3,100
P10 High Estimate 3,383 2,459 592 5,145

RNS Number : 7133H Chariot Oil & Gas Ld 26 February 2010

For immediate release 26 February 2010

Chariot Oil & Gas Limited

('Chariot', the 'Company' or the 'Group')

Pre-Close Update

Chariot Oil & Gas Limited (AIM: CHAR), the Africa focused oil and gas exploration company today gives the following update ahead of its full year results for the year ended 28 February 2010.

Over the past six months work has continued across all the offshore Namibian blocks of interest, the focus being on the processing and interpretation of the comprehensive seismic data that was acquired last year. Chariot holds a large acreage position, totalling an area of 38,725km², and has undertaken extensive seismic acquisition programmes over all of its licences. Initial results in the form of quick look cubes are now available, with further detailed processing and interpretation work continuing.

A number of key indicators have already been identified from the seismic surveys in the Northern Blocks. In particular, the time and depth analysis of the initial 900 km² supports evidence of significant structures, oil prone source rock, bright spots and volcanic highs - all of which indicate a working petroleum system which underscores the prospectivity of this area. Additionally, the processing of the latest 600km² of seismic data is underway.

In the Central Blocks, the Company is continuing to work on the potential resource volumes, the results of which will be announced later this quarter. In the Southern Blocks, work also progresses in partnership with Petrobras on block 2714A and the latest seismic programme is being processed.

Management continues to seek out suitable assets which will enhance the existing portfolio, building on and balancing the high impact exploration that the Namibian blocks offer. The objective is to secure value add opportunities which provide nearer term production or producing potential in order to bring the Group's first oil date forward and generate cash flow in the shorter term. A range of potential new opportunities have been or are currently being reviewed.

The Chariot team has also grown significantly over the past few months with the appointments of Matthew Taylor, Julia Kemper, Alex Green and Martin Richards who bring an average of over 25 years of industry experience to the Company. Along with the staff based in Namibia, Chariot has an enviable in-house technical team with a range of expertise and proven past success in analysing seismic, making discoveries, identifying new opportunities, negotiating farm-outs and completing acquisitions.

Chariot has recently opened a dataroom in London and has received numerous expressions of interest from significant third parties, to visit and review the latest information. Chariot looks forward to welcoming these initial companies and others into the dataroom over the next several months.

Chariot was also pleased to conclude the settlement of the dispute with HRT in early February. The settlement released the $2.5m provision which Chariot included in its interims as at 31 August 2009.

Paul Welch commented, "The past six months have been important for Chariot with a great deal of work being done in-house on our Namibian blocks as well as carrying out substantial due diligence on a variety of new opportunities. With a strengthened technical team in place, a healthy financial position and an exciting exploration portfolio, Chariot is well placed to be optimistic about the future. We look forward to reporting on the resource potential of the Central blocks and our preliminary results in due course."

For further information please contact:

Chariot Oil & Gas Limited +44 (0)20 7318 0450

Paul Welch, CEO

Ambrian Partners Limited +44 (0)207634 4856

(NOMAD and Joint Broker) Richard Swindells BMO Capital Markets Limited
(Joint Broker) +44 (0)20 7664 8120

Bill Smith, Adam Janikowski

Buchanan Communications +44 (0)20 7466 5000

Ben Willey, Ben Romney, Chris McMahon

NOTES TO EDITORS

About Chariot

Chariot Oil & Gas Limited (www.chariotoilandgas.com) is an independent oil and gas exploration group. The Group currently holds licences covering eight blocks in Namibia, all of which are offshore. All of these blocks are currently in the exploration phase.

Shares in Chariot Oil & Gas limited are admitted to trading on the AIM Market of the London Stock Exchange under the symbol 'CHAR'.

This information is provided by RNS The company news service from the London Stock Exchange

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