Unlocking Africa Oil

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www.chariotoilandgas.com1

September 2010

UNLOCKINGAFRICAS

OIL & GASPOTENTIAL


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Disclaimer and Forward Looking Statements

These Presentation Materials do not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for anysecurities in the Company nor shall they or any part of them form the basis of or be relied upon in any manner or for any purpose whatsoever.

These Presentation Materials must not be used or relied upon for the purpose of making any investment decision or engaging in an investment activity and anydecision in connection with a purchase of shares in the Company must be made solely on the basis of the publicly available information. Accordingly, neither theCompany nor its directors makes any representation or warranty in respect of the contents of the Presentation Materials.

The information contained in the Presentation Materials is subject to amendment, revision and updating in any way without notice or liability to any party. Thepresentation materials contain forward-looking statements which involve risk and uncertainties and actual results and developments may differ materially from those

expressed or implied by these statements depending on a variety of factors. No representation or warranty, express or implied, is made as to the fairness, accuracyor completeness of the information or opinions contained herein, which have not been independently verified.

The delivery of these Presentation Materials shall not at any time or in any circumstance create any implication that there has been no adverse change, or anyevent reasonably likely to involve any adverse change, in the condition (financial or otherwise) of the Company since the date of these Presentation Materials.

The Presentation Materials are confidential and being supplied to you for your own information and may not be reproduced, further distributed, passed on, or thecontents otherwise divulged, directly or indirectly, to any other person (except the recipients professional advisers) or published, in whole or in part, for any purposewhatsoever. The Presentation Materials may not be used for the purpose of an offer or solicitationto subscribe for securities by anyone in any jurisdiction.


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Presenters

Appointed CEO in October 2009

22 years of Global E&P Experience 12 years with Shell, 10 yearswith Independents (Hunt, Pioneer)

Spent last 5 years in North Africa primarily focused on S.Tunisia

Regional Manager of Pioneer, responsible for concessions of JeninNord, Cherouq, Adam (Non-Op), BEK, & Anaguid

Instrumental in growing production from 1,500 to 30,000 BOPD(gross) during tenure

Strong technical background BS & MS degrees in Petroleumengineering (Colorado School of Mines) & financial skills with anMBA (SMU)

Paul Welch, CEO


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Company Listing & Trading Information

Listing: AIM, London

Ticker Symbol: CHAR

Admission to AIM: 19th May 2008

Offering Size: 45m

No. of Shares in issue: 144m

Current Market Cap: 161m

0

20

40

60

80

100

120

140

160

23 Feb 2010 15 Mar 2010 04 Apr 2010 24 Apr 2010 14 May 2010 03 Jun 2010 23 Jun 2010 13 Jul 2010 02 Aug 2010 22 Aug 2010

DailySharePrice-p/sh

are

Chariot Oil & Gas

6 Month - Share Price Performance


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Chariot - At a Glance

Enviable position

in Namibia One of last frontiers for oil and gas exploration

2nd largest acreage position in country 30,504km2 Licences in 3 geologically distinct basins

Significantinvestment to

date Exceeded work programme commitments Largest exploration programme undertaken offshore to date Exploration spend US$79MM

ComprehensiveWork Programme Undertaken across all blocks of interest totalling: 4500 km2 of 3D seismic 3000 km of 2D seismic acquisitionNotable success

to date Increased gross mean prospective resources from 3.9 billion barrels to10.1 billion barrels Attracted major partner in Petrobras Significant share price appreciation

HighlyExperiencedManagement

Strong Technical and Corporate Team Wealth of knowledge of both Namibian geology and operating incountry Complete skill set in-house, G&G, Engineering & Commercial

Clear Strategyand Goals

Continue to develop Namibian assets unlock huge potential Secure further farm-in partners Take steps to add nearer term production assets into the portfolio to

balance risk profile bring first oil date forward


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Namibia Large Acreage Position

9 exploration wells have been drilled

across the entire Namibian margin to date

The Namibian margin is comparable inarea to the North Sea

Namibia vs. North Sea

Large block allocations in Namibiarelative to other oil and gas regions


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Chariot/Enigma 5th Largest Acreage Holder in West Africa

5th largest

acreageholder inWest Africa

0 20,000 40,000 60,000 80,000 100,000 120,000

PetroSA

Ophir Energy

Namcor

Premier

Chariot Oil & Gas

Oranto

Tullow Oil

BHP Billiton

Shell

Sonangol P&P

Canadian Natural Resource s

Hyperdynamics

Sungu Sungu Pe troleum

Encore Oil & Gas

Arcadia Petroleum

Anadarko

Petrobras

First Australia Resources

Young Energy Prize

Dana Petroleum

Net Block Acreage (km)

Top 20 acreage holders offshore West Africa

Source: Wood Mackenzie pathfinder database, July 2010Total of 248 companies reviewed.


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NAMIBIAN GEOLOGY


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Putting Namibia in Geologic Context

Exploration in the South Atlantic has traditionally has focused on the Salt Basins.

Recent discoveries confirm that prolific source rocks extend both north and south of these salt basins into underexploredareas such as Namibia

Geochemical analyses of Kudu gas indicate an over-mature oil prone, lacustrine source rock is the origin of the gas oilmay be expected from the same source rocks in areas where maturity is lower

Reconstruction of the South

Atlantic in the Early Cretaceousa narrow lake formed between

Africa and South America

accumulating rich source rocks

10.1


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Charge Maturity of Basins

Charge data indicates that Chariots licences are situated in the oil window

Generalized Stratigraphic Column modified from Bray et al 1998.


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Chariots Position in Namibia

Chariots Position:

8 offshore blocks, all 100% owned except 2714A (50%with Petrobras), in 3 geologically distinct basins

8offshoreblocks

Completed seismic acquisition programmes:

Northern Blocks 1,500km2 of 3D Central Blocks 3,000 line km of 2D

Southern Blocks 3,000 km2 of 3D

Resource Potential Identified:

11 prospects and 6 leads identified to date Un-risked gross prospective resource potential of

10.1 billion barrels


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Northern Area (Blocks 1811 A & B)

Proven rich oil proneCenomanian/Turonian

Source in well withassociated oil shows

Current Activity

Source rock extent & kitchen mapping;

Prospect Inventory Build (reserves and risking) Existing Inventory

5 Prospects 2 Leads Total: 2,257 MMbbls


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Northern Area (Blocks 1811 A & B)

N

Draped anticlineswith seismicAmplitudes

PreliminaryAmplitude

Extractions ShowBrights on Highs

(DHIs)


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Cretaceous Basin

floor fan / channelcomplexes

Cretaceous Basin

floor fan / channelcomplexes

Cenozoic

Cenomanian-Turoniansource interval

Aptian sourceinterval Barremian synrift

source interval?

Top synrift

Thick sands inCretaceous of

shelf wells

Large fans

mapped inCretaceous

Basement

gashydrates?

Thick sands inCretaceous of

shelf wells

Thick sandsin Cretaceousof shelf wells

Central Area (2312 A & B, 2412 A & B North)

Current Activity

Source rock extent & kitchen mapping;

Prospect Inventory validation - Completed

Existing Inventory

3 Leads 4,061 MMbbls


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Central Area (2312 A & B, 2412 A & B North)

Lead Mapping produced by Integrating Depth Map (Black Contours)and Sand Isopach to define Combination Traps

Planned work to mature Leads to Prospects

Potential acquisition of 3D seismic survey, area 2500km2 approx.


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Southern Area (2714 A & B)

Current Activity

Petrobras as Partner with 50% interest;

Processing PSTM/PSDM over entire cube;

Sedimentological and Geochemical Analyses;

Petroleum Basin Modeling;

Regional Geological and Geophysical Integration.

Existing Inventory Reminder

16 Leads 2,705 MMbbls

AptianSourceInterval

Basement

Barremian?Source Interval

Lower Cretaceous

stratigraphic pinch-out traps

UpperCretaceous basinfloor fans

Sub-Aptianstratigraphic pinchouttraps - Kudu

LowerCretaceoussands with highamplitudes

Current Activity

Petrobras as Partner with 50% interest;

Sedimentological and Geochemical Analyses;

Petroleum Basin Modeling;

Existing Inventory

6 Prospects 1 Lead

Total 3,742 MMbbls


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Southern Area (2714 A & B)


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Probabilistic Prospective Resource Volumes

Gross attributable to Licence in MMbbls Net attributable to Group MMbblsProbabilistic Volume Method Low Best High Low Best High Working

Region Status (Monte Carlo Simulation) Estimate Estimate Estimate Estimate Estimate Estimate Risk Interest Operator

P90 P50 P10 Mean P90 P50 P10 Mean Factor (%)*** (%)

North Prospect Tapir N 321 409 514 414 321 409 514 414 11% 100% Enigma

North Prospect Tapir 167 208 255 210 167 208 255 210 11% 100% Enigma

North Prospect Tapir S 126 165 215 168 126 165 215 168 11% 100% Enigma

North Lead Tapir NE 367 500 671 511 367 500 671 511 10% 100% Enigma

North Prospect Tapir S Fan 171 260 383 270 171 260 383 270 13% 100% Enigma

North Prospect Zamba N 39 90 192 105 39 90 192 105 14% 100% Enigma

North Lead Zamba 247 518 999 581 247 518 999 581 15% 100% Enigma

Total Northern Block Oil* 1,845 2,223 2,714 2,257 1,845 2,223 2,714 2,257 100% EnigmaSouth Prospect A Structural 77 108 150 112 39 54 75 56 18% 50% Enigma

South Prospect B Structural 281 373 484 379 141 187 242 190 18% 50% Enigma

South Prospect C Structural 260 351 460 356 130 176 230 178 18% 50% Enigma

South Lead C Stratigraphic 752 1,107 1,550 1,133 376 554 775 567 10% 50% Enigma

South Prospect G Structural 693 917 1,189 932 347 459 595 466 20% 50% Enigma

South Prospect H Structural 136 188 254 191 68 94 127 96 18% 50% Enigma

South Prospect K Structural 408 602 845 617 204 301 423 309 18% 50% Enigma

Total Southern Block Oil* 3,220 3,718 4,298 3,742 1,610 1,859 2,149 1,871 50% Enigma

Central Lead Klipspringer 902 1,909 3,732 2,153 902 1,909 3,732 2,153 5% 100% Enigma

Central Lead Hartebeest 467 1,220 2,643 1,425 467 1,220 2,643 1,425 5% 100% Enigma

Central Lead Oryx 197 422 836 480 197 422 836 480 5% 100% EnigmaTotal Central Block Oil* 2,291 3,855 6,168 4,061 2,291 3,855 6,168 4,061 100% Enigma

Namibia Total Northern, Central and Southern** 7,356 9,796 13,180 10,060 5,746 7,937 11,031 8,189 Enigma

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

** Arithmetic sum of statistical block totals

*** Many of the prospects and leads in the Northern and Southern blocks have multiple horizons with independent chances of success . For example, Tapir North has a

consolidated risk factor of 26% for finding hydrocarbons. The stated risk factors; however, are consistent with the given volumes.


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Overall Programme

Current Activity

Securing Additional Blue Chip Partners

Data Room open in London

Summary of Commitments

o Initial Exploration Period: Geological and Geophysical Studies Complete Seismic Acquisition

2D SeismicCommitment: 2500 kmActual: 3000 km

Difference: +500 km3D Seismic

Commitment: 700 km2

Actual: 4,500 km2

Difference: +3,800 km2

ExpendituresCommitment: $29.40 MMActual: $79.00 MM

Difference: +$49.60 MMo Results:

8,536 MMbbls of Resource Potential Identified

Attracted a Blue Chip Major Operator Significantly raised the oil exploration potential

profile of Namibia

Summary of Commitments

o Initial Exploration Period: Geological and Geophysical Studies Complete Seismic Acquisition

2D SeismicCommitment: 2500 kmActual: 3000 km

Difference: +500 km3D Seismic

Commitment: 700 km2

Actual: 4,500 km2

Difference: +3,800 km2

ExpendituresCommitment: $29.40 MMActual: $79.00 MM

Difference: +$49.60 MMo Results:

10.1 Bbbls of Resource Potential Identified

Attracted a Blue Chip Major Operator Significantly raised the oil exploration potential

profile of Namibia


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PORTFOLIO MANAGEMENT


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Development of Portfolio - Strategy

New Business Development Activities Accelerating

Key priority to introduce cash flows into the Group

Objective:

Reduce the exploration risk in the portfolio

Identify undervalued near-producing / producing assets

Bring first production date forward

Lower cost profile as most areas are on-shore

Numerous opportunities identified and under evaluation

Screened over 80 opportunities to date

Several in advanced stages of discussion


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Production &Development opportunities

Low risk, exploration &production opportunities

Higher risk, high valueexploration opportunities

Higher risk, low costexploration opportunities

New Venture Search Africa 2010

APPROACH:

Maximise focus High grade countries Screen opportunities

Target range of opportunity types See map and legend


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TRADING COMPARABLES


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Trading Comparables AIM Listed Explorers

CompanyMarket Cap

US$MCashUS$M

DebtUS$M

EnterpriseValueUS$M

UnriskedNet

ProspectiveResources(MMbbls)

EV/UnriskedResources

US$/bbl CoS (%)

Net RiskedResources

MMbbls

EV/RiskedResources

US$/bbl

Dominion Petroleum$57.4 $50.0 $28.0 $35.4 1715 $0.02 10% 172 $0.21

Falkland Oil & Gas $261.6 $80.4 $0.0 $181.2 3087 $0.06 10% 309 $0.59

Borders & Southern $479.1 $170.7 $0.0 $308.4 1000 $0.31 10% 100 $3.08

Desire Petroleum

$487.4 $88.0 $0.0 $399.4 3000 $0.13 10% 300 $1.33Africa Oil $80.1 $36.1 $1.3 $45.3 5723 $0.01 10% 572 $0.08

BPC Ltd$37.0 $1.3 $0.0 $35.7 5500 $0.01 10% 550 $0.06

Energulf Resources $19.4 $3.3 $0.0 $16.1 300 $0.05 10% 30 $0.54

Tower Resources $48.1 $1.9 $0.0 $46.2 1700 $0.03 10% 170 $0.27

Chariot Oil & Gas (120p) $262.0 $16.2 $0.0 $245.8 10060 $0.02 10% 1006 $0.24

AVERAGE $0.07 $0.71

Chariot Oil & Gas (335p) $739.8 $24.7 $0.0 $504.5 10060 $0.07 10% 1003 $0.71

Chariot still significantly undervalued relative to its peers

Figures as of 06.09.2010


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$2

$20

$200

$2,000

200 2,000 20,000

EnterpriseValue($m)

Unrisked Prospective Resources (MMbls)

Trading Comparables - AIM Listed Explorers

Figures as of 06.09.10

Chariot-335p

Chariot-120p

Average EV/Resource: US$ 0.07/bbl

Above the line = more expensive

Below the line = less expensive Desire

Falklands

Africa Oil

BPC

Tower

Energulf

Borders & Southern

Dominion


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Summary

Significant Progress Made Completed current work programme commitments

Remain debt free with cash on hand

Moving into an exciting period in development cycle

Northern and Southern Blocks - Completion of interpretation of the 3D seismic

Gross prospective resources increased to 10.1 Bbbls

Namibia Going Forward

Full CPR completed 4th Qtr

Dataroom open - Multiple expressions of interest received to review processed 3D seismic data

Expect to secure 1 additional farm-in partner in 2010 (likely 4th Qtr)

Strategy Going Forward

Maximise value from position in Namibia and mature prospects for drilling

Reduce exploration risk and bring first oil production date forward

Share Price Still Undervalued Relative to Peer Group

High impact offshore potential in Namibia to be underpinned by development andproducing asset acquisitions


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APPENDICES


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Chariot Oil & Gas Limited(incorporated in Guernsey) +

Chariot Oil & Gas Invests

(Namibia) Limited(incorporated in Guernsey)

Enigma Oil & Gas

Exploration (Pty) Limited(incorporated in Namibia)

Company History and Corporate Structure

2007:

Guernsey based Company formed to acquire 2 exploration businesseswith Namibian licences

Initial exploration work commences

2008: Listed on AIM in May, raised 45million Reprocessing produces 1 prospect, 22 leads 2D and 3D seismic acquisition programmes commenced across all

offshore blocks

2009: Petrobras farms into Block 2714A Completion of seismic acquisition programmes Appointment of CEO, Paul Welch, from Royal Dutch Shell, Hunt Oil &

Pioneer Natural Resources Progressed additional opportunities

2010 to date:- Completed acquisition of 3,000 Km of 2D seismic and 4,500 Km sq of 3D- Dataroom opened in London- Increase in gross prospective resources, up 62% to 8.5 Bbbls- First Renewal Phase approved- 11 Prospects and 6 Leads identified from 3D datasets- Further increase of gross prospective resources up 18% to 10.1 Bbbls

Enigma is ultimately wholly owned and controlledby Chariot. Enigma is the operator and holds thepetroleum agreements and licences.

+ Quoted Investment Company


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Adonis Pouroulis, Non-Executive Chairman

Extensive experience in the exploration and mining sector, primarily on the African continent

Expertise lies in the discovery and exploration of natural resources and bringing them into production Founded and listed Petra Diamonds (AIM: PDL) in 1997 now the largest diamond company on AIM

James Burgess, Commercial Director

20 years working in broking sector in London working with Hoare Govett which is now part of RBS. Set up Everett Financial Management in 1992 which he sold in 2003 Involved in the fund raising for and listing of a number of companies in the energy and resource sectors on AIM

Heindrich Ndume, Country Director, Namibia

Namibian national with wide-ranging mining exploration experience throughout sub-Saharan Africa Developed Namibias mining & energy strategies including National Energy Council Secretary and World Energy Council

Representative for the Namibian Ministry of Mines & Energy

George Canjar, Non-Executive Director

30 years with Shell and then Carrizo supervising exploration & seismic operations; deep offshore W. Africa and the Gulf of Mexico Expertise in the exploration and development of E&P projects and bringing them into production Specific expertise in deal structuring, portfolio development, risk analysis and strategic modelling. Broad experience in the E&P sector as well as a variety of corporate activity

Philip Loader, Non-Executive Director

Over 27 years experience in the upstream oil and gas industry, core strengths in international exploration and business development. Currently Senior Vice President of Exploration for Mubadala Oil & Gas, accountable for their exploration inventory across the Eastern

Hemisphere Spent over 10 years with Anadarko Petroleum Corporation in a variety of positions, latterly as Vice President of International Exploration Worldwide exploration experience; responsible for discoveries in Tunisia, Algeria and Equatorial Guinea

Robert Sinclair, Non-Executive Director

Partner and Managing Director of Artemis Trustees Limited, a Guernsey-based fiduciary services group Over 37 years experience in finance and accountancy, of which 27 have been spent in the Guernsey financial services industry Extensive experience of offshore trusts and corporate entities and financial planning for both individuals and corporations

Other Board Members


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Company Information

Number of shares in issue: 144,330,245

Fully diluted: 149,820,245

NOMAD: Ambrian Partners Limited

Joint Brokers: Ambrian Partners Limited: RBC Capital Markets

Broker Target Price: 262p (Ambrian June 10)

Significant Shareholders: %

Westward 15.8

Protech Namibia 14.8

Citigroup 13.7

Generali 5.5

Baillie Gifford 5.0

Libra Advisors 3.4

Board 1.9


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Namibia - Licence Details of Chariot Blocks

Summary of licence period terms:

Exploratory 4 year period evaluation geology & geophysics

Two, 2 year renewal periods drilling & drilling evaluation

Asset Licence Operator Interest % Status Phase Licence Renewal Date Licence Area Km

Offshore Basins

Block 1811A&B 14 Enigma 100 Exploration 27 October 2012 5,481

Block 2312A&B 19 Enigma 100 Exploration 31 August 2011

N/2 of Block 241A&B 19 Enigma 100 Exploration 31 August 2011

Block 2714 A 20 Enigma 50 Exploration 31 August 2011 5,481

Block 2714 B 15 Enigma 100 Exploration 27 October 2012 2,741

16,801


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Namibia Investment Climate

GDP: US$9.145 billion (2009 estimate)

Annual Growth: 0.7% (2009 estimate)Population: 2.1 millionInflation: 8.8% (2009 estimate)Major Industries: Mineral production, game and cattleranching, fishing, tourism.- Mining is 2nd largest industry (20% of GNP): copper,

diamonds, uranium, zincMajor trading partners: South Africa, UK, Spain, Japan,China and USA.Taxation of oil production:- 5% State Royalty / 35%corporation tax / no capital gainsExisting presence: BHP, Anglo, Areva, DeBeers, Rio Tinto

Stable democracy

Good relations with neighbours

Encouraging international foreign investment

Country risk profile of BBB = Brazil and South Africa

Source: CIA Factsheet / The Economist


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West African Fiscal Terms Comparison

Source: Wood Mackenzie July 2010

0%

10%

20%

30%

40%

50%

60%

70%

80%

Congo-

Brazzaville

PSC

NigeriaPSC

AngolaPSC

Equatorial

GuineaPSC

Namibia

Mauritania

Ghana

Government Share - %

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