Strategy

Chariot's main objective is to maximise value from its licence areas in Namibia and introduce nearer term assets into the portfolio in order to bring the 'first oil' date forward and diversify risk.

Chariot's key focus is on developing the potential of its Namibian assets. The Company continues to progress the exploration programmes across its blocks of interest in order to further expand its prospect and lead inventory and mature targets for drilling. A core element of the Group's strategy is to secure further farm-out agreements with industry partners to share in the costs and rewards of exploration going forward. A farm-out agreement is already in place with Petrobras with respect to a 50% interest in block 2714A. Chariot continues to liaise closely with Petrobras on this block and looks forward to working alongside other interested parties in due course.

In addition to the continued exploration and development of its existing blocks, the Company continues to look to balance the current portfolio with nearer term production potential in order to introduce production cash flows and reduce the risk profile.