Mauritanian shoreline

Operations in Mauritania

overview – mauritania

-   Operator, 55% equity position (Cairn Energy 35% equity interest and SMHPM 10% equity interest)
-   Near zero cost option in an established basin
-   Block C-19 located in proximity to hydrocarbon producing region - oil shows in licence area with 4
     nearby discoveries
-   3,500km² 3D seismic acquired, processed and interpreted: no remaining commitments
-   Priority prospect PA-1 with gross mean prospective resources of 431mmbbls* - drill ready, subject to acquiring partners

Whilst Mauritania is an established oil producing region, it is still relatively underexplored and Chariot considers this to be a highly desirable region for oil and gas exploration. The Company’s acreage was acquired prior to other major industry explorers and Chariot fast-tracked its exploration here with a 3,500km² seismic acquisition programme which has been completed and processed. Chariot is partnered on this block with Cairn Energy.

C-19 sits in the north, outside the salt basin, where it is considered that there is less risk of the reservoir compartmentalisation as experienced in the producing Chinguetti oil field, with prospects identified in both Tertiary and Cretaceous turbidite reservoirs. Chariot focused on the northern region of Mauritania as it believes C-19 and the surrounding area to be a dominantly oil generating province. Oil shows identified in C-19 from historic drilling and four nearby discoveries (one with high quality oil typed to the Cenomanian-Turonian source interval which is widely developed in the basin), support Chariot’s view that the licence sits within the oil window


*NSAI estimate of Gross Mean Prospective Resources