Licence Overview - Namibia

Key Features of Chariot’s Licences:

• Prospect portfolio includes several large structural traps and combination structural/stratigraphic closures in three different geological settings
• Prolific hydrocarbon generation is proven in the Orange Basin with the giant Kudu gas field, which appears to be sourced from an oil prone, but locally over mature source rock
• Extensive seabed gas hydrates, gas chimneys and other direct hydrocarbon indicators (“DHIs”), all positive indicators of both gas and oil generation
• Past drilling, even where unsuccessful, has revealed interbedded sandstone and shale intervals providing multiple sealed reservoir target levels for future exploration
• Despite poor trap development on the shelf, discoveries have been made and oil shows encountered, proving a petroleum charge system
• All elements for a working petroleum system have been demonstrated through recent drilling

Licence Details of Chariot Blocks:

Asset	Licence	Operator	Interest %	Status Phase	Licence Area km²
Block 2312	0071	Enigma	65	Exploration	16,801
Block 2412A

Taxation of Oil Production:

• 5% – state royalty
• 35% – corporation tax
• 25% – additional profits tax (“APT”) – when IRR > 15%
• No capital gains tax