Chariot Ltd. (OIGLF)

[douginil]

Chariot announce the spud of the OBA-1 well on the Dartois prospect in the Loukos Onshore licence onshore Morocco (Chariot, Operator 75%, ONHYM, 25%)

· Dartois target has Best Estimate recoverable prospective resources of 12 Bcf

· Independent prospect targeting a different trapping style to the Gaufrette prospect drilled by the RZK-1 well

· Success could potentially unlock a trend of prospects with combined Best Estimate recoverable prospective resources of 20 Bcf

· Results will be announced on completion of drilling

Duncan Wallace, Technical Director of Chariot commented:

“We are pleased to be underway with our second well in this drilling campaign, having spud the OBA-1 well within short order of completing operations at Gaufrette. We are now testing an independent prospect at Dartois, which is in a different reservoir fairway and along trend from an existing gas discovery, and we look forward to providing an update on the results in due course.”

Chariot continues to offer a Moroccan experience for shareholders who should benefit from the high natural gas prices and generous fiscal terms on offer in country. They have this low cost, shallow programme which if successful will come onstream quickly and profitably, they also have the subsequent development at Anchois which should deliver a substantial prize. All in all Chariot offers a combination of upside designed to work across the board for investors.