• Participated at zero-cost in the dry Rabat Deep 1 deepwater well in Morocco operated by ENI. This well has demonstrated a new petroleum system in the offshore sector of Morocco.
  • Operated the deepwater Prospect S well in Namibia at the bottom of the cost cycle delivering what is likely to be one of the lowest cost deepwater drilling operations carried out in West Africa.


  • Approval of the Farm Out Agreement with ENI in Rabat Deep Offshore, Morocco
  • Award of Kenitra Offshore Exploration Permit and Commencement of Seismic Programme, offshore Morocco
  • Decision not to move into the First Renewal Exploration Period of Southern Blocks, offshore Namibia


  • Expiry of Loukos Morocco – decision not to enter next phase of exploration in order to focus on priority prospects
  • 800km2 3D seismic survey completed offshore Brazil
  • 2,600km2 3D seismic survey completed in Central Blocks, Namibia
  • Drilling farm-out secured with Eni
  • Decision not to move into the First Renewal Phase for C-19, Mauritania
  • Completed conversion of Mohammedia Reconnaissance licence into Exploration Permits


  • Completion of 2D seismic aquisition, Central Blocks, Namibia
  • License extension on Block C-19, Mauritania
  • Resource Update in Morocco, independent Competent Persons Report (“CPR”) on 3D seismic confirms prospectivity with gross mean prospective resources of 768mmbbls evaluated for JP-1 prospect and several other prospects with significant follow-on potential highlighted
  • Resource Update of C-19, Mauritania, independent CPR confirmed four giant prospects ranging from single target to multi-stacked prospects
  • Seabed coring aquisition completed in Morocco and Mauritania
  • Enviromental Impact Assessment (“EIA”) submitted and awaiting approval prior to initiating 3D seismic programme, Brazil
  • All commitments satisfied in Southern Blocks, Namibia. Processing of 2D data underway


  • Completion of 2D seismic offshore 2714B
  • Award of Mohammedia Reconnaissance Licence, offshore Morocco
  • Completion of 3D seismic acquisition offshore Morocco
  • Woodside farmed in for a 25% equity interest of the Rabat Deep licence offshore Morocco in return for paying 100% 3D seismic data costs, back costs on the block and a carry on additional data acquisition
  • Raised US$15m – July
  • New licences granted for Central Blocks 2312 & 2412A and Southern Block 2714A, offshore Namibia, achieving fast follower positioning
  • Opted not to apply for a new exploration licence in the Northern Blocks 1811A&B, offshore Namibia, in October


  • Completion of 3,500km2 3D seismic offshore Mauritania
  • Licence extension on Central Blocks and 2714A, Namibia
  • Licence extension on Loukos and Casablanca/Safi blocks, Morocco
  • Cairn farmed in for 35% equity interest of licence C19 offshore Mauritania in return for paying c.US$26mm for the costs of 3,500km2 3D seismic programme and other back costs
  • Successful bid for 4 licences offshore Brazil
  • Re-award of block 2714B, Namibia, in its entirety
  • CPR audit on Central Blocks, Namibia. Principal drilling candidate Prospect B identified with Unrisked Gross Mean Prospective Oil Resource of 469mmbbl and a probability of geologic success (Pg) of 22%
  • Post interpretation of 11,000km of legacy 2D seismic, submitted to enter into First Renewal Phase of Loukos and relinquished Casablanca/Safi offshore Morocco


  • 3,500km2 3D seismic acquisition on Central Blocks complete – processing and interpretation underway
  • Placing raising US$48.7m, 20 March
  • Tapir South exploration well spud 5 April, reached total depth of 4,879m TVDss on 11 May. Excellent reservoirs penetrated, no commercial hydrocarbons found
  • Additional asset, Block C19 offshore Mauritania, introduced to the portfolio, 10 April
  • Kabeljou exploration well spud 27 July, reached TVDss of 3,150m on 8 September. Source rock encountered but no commercial hydrocarbons were found
  • Further acreage acquired offshore Morocco: Loukos, Casablanca/Safi and Rabat Deep, October
  • Second Renewal Phase approved on Northern Blocks 1811 A&B and Southern Block 2714B offshore Namibia
  • 3,500km2 3D seismic acquisition programme commenced offshore Mauritania with FugroGeoteam, 17 November


  • Mega structure identified in Southern Blocks attributing 3.1bnbbls to gross mean prospective resources – up 30% to 13.2bnbbls, 9.7bnbbls net to Chariot
  • Further 700mmbbls of resource potential identified in Northern Blocks – up 36% to 13.9bnbbls, 10.4bnbbls net to Chariot
  • Raised US$140m (net)
  • Further 1.5bnbbls of resource potential identified in Southern Blocks – up 11.5% to 15.5bnbbls, 8.9bnbbls net to Chariot (post farm-outs)
  • BP farms into Block 2714A, PGS (holding now held by AziNam, a PGS company) farms into Blocks 2312A&B and Northern halves of 2412A&B
  • Further 3.9bnbbls of resource potential identified in Central Blocks – gross mean prospective resources now 20.0bnbbls, 12.5bnbbls net to Chariot
  • 3D Geostreamer seismic acquisition programme in Central Blocks extended from 2,500km2 to 3,500km2 and commenced


  • Completed acquisition of 3,000km of 2D seismic and 4,500km2 of 3D
  • Dataroom opened in London
  • Increase in gross prospective resources, up 62% to 8.5bnbbls, 7.4bnbbls net to Chariot
  • First Renewal Phase approved
  • 11 prospects and six leads identified from 3D datasets
  • Further increase of gross prospective resources up 18% to 10.1bnbbls, 8.2bnbbls net to Chariot
  • Independent CPR confirmed Chariot’s estimate of gross mean prospective resource volumes


  • 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


  • Listed on AIM in May, raised £45m
  • Reprocessing produces 1 prospect and 22 leads
  • 2D and 3D seismic acquisition programmes commenced across all offshore blocks


  • Guernsey-based company formed to acquire 2 exploration businesses with Namibian licences
  • Initial exploration work commenced