GROWTH 
THROUGH
Ex PLORaTIOn
Chariot Oil & Gas Limited
a nnual Report and a ccounts 2012
Chariot Oil & Gas Limited Annual Report and Accounts 2012 CHaRIOT a T  
a GL an CE
Chariot holds significant acreage positions in these 
highly prospective regions which we consider to be:
n am IBIa 
Licences in three geologically 
distinct basins
maturing exploration portfolio
8,000km
2
 3D seismic all areas
Proprietary data from  
two most recent wells
Giant prospects to explore and 
drill within existing portfolio
ma URITan Ia
acreage acquired adjacent  
to other major explorers
Oil shows in licence area; 
block adjacent to three recent 
discoveries
3,500km
2
 3D seismic  
acquisition completed
Giant play potential
mOROCCO
acreage proximal to oil and  
gas/condensate fields
Increasing industry interest
Giant lead potential
Frontier 
Region
Emerging 
Region
Chariot Oil & Gas Limited  
is an independent oil and gas 
exploration company focused 
offshore West a frica with a 
portfolio of assets located in 
the under-explored regions of 
n amibia 
SEE mORE
Pa GE 14 , mauritania 
SEE mORE
Pa GE 16
and morocco 
SEE mORE
Pa GE 18 .
Proven 
Region Hig Hlig Hts During an D Post Perio D Contents
overview
Highlights 01
Growth through exploration 02
Experienced E&P team 04
Business review
Chairman’s statement 06
Chief Executive’s review 09
Operations overview 12
Namibia 14
Mauritania 16
Morocco 18
Corporate governance
Corporate Social Responsibility 20
Board of Directors 22
Senior Management 24
Directors’ remuneration report  26
Corporate governance statement 28
Report of the Directors 29
Financial statements
Independent auditors’ report 32
Consolidated statement 
of comprehensive income 33
Consolidated statement 
of changes in equity 34
Consolidated statement 
of financial position 35
Consolidated cash flow statement 36
Notes forming part of 
the financial statements 37
The last year has been one of significant operational and exploration 
development for Chariot. While the results of the drilling campaign were 
disappointing, the participation in two wells, accumulation of 7,000km
2
 
of 3D seismic and early entry into two new regions reflects the ability 
of the Chariot team and its commitment to taking the Company forward. 
Over the coming year, we will continue to develop our portfolio and manage 
risk whilst applying capital discipline throughout all of our projects.
larr Y Botto Mle Y
Chief Executive Officer
02
Read our overview  
and outlook
04
Discover why our team  
is well positioned to deliver  
in our core areas
Over the next few pages we explain  
our investment case.
n amibia
  Farm-out agreements with BP and AziNam approved by Namibian 
Ministry – back costs received
  Completed and safely operated drilling of Tapir South well 
in Northern Area – well plugged and abandoned as dry
  Drilling of Kabeljou-1 well in Southern Area, completed in partnership 
with Petrobras (Operator) and BP – well plugged and abandoned as 
dry but subsequent well analyses by Chariot have strengthened case 
for significant new play in Southern Area
  Completed 3,500km
2
 3D seismic acquisition, processing and 
interpretation in Central a rea – two petroleum systems with 
19 targets identified
  Resource update on Zamba prospect – gross mean prospective 
resources of 375mmbls identified
  Partnering programme in Northern Area initiated 
Mauritania
  Acquired Block C19 offshore Mauritania – balanced risk portfolio with 
acreage located in a proven petroleum region with multiple play types 
  Expedited exploration programme – completed 3,500km² 3D seismic 
survey within seven months of gazettal 
  Three canyon head leads identified from legacy 2D seismic data 
Morocco
  Acquired Loukos, Casablanca/Safi and Rabat Deep licences offshore 
Morocco, an emerging petroleum province – further mitigating risk 
profile with multiple target potential
  Identified a lead in Rabat Deep from legacy 2D data with gross mean 
prospective resource estimate of 400mmbbls
Corporate
  Placing in March 2012 raised US$48.7m (gross)
  Board changes in December 2012
  Cash position of US$68.3m at 31 December 2012
01
Overview Business Review Corporate Governance Financial Statements   Debt free with all contractual 
commitments fully funded through  
to end of 2014
  Forward plan for Namibian Southern 
Block 2714A, expected 2Q 2013
  Partnering process to be initiated 
on Namibian Central Area prospects 
in 3Q 2013
  3D seismic data from Block C19, 
Mauritania to be processed and ready 
for interpretation in 4Q 2013, resource 
update expected 1Q 2014
  Third party drilling activity will further 
assist in prospect selection
  3D seismic acquisition to be designed 
for Namibian Southern Area 2714B, 
intended to commence in 2014
  3D seismic acquisition survey to be 
designed for Morocco following 
resource update from reprocessing 
of 11,000km of legacy 2D seismic data
  Evaluation of new ventures, will continue 
to seek value add opportunities
  Drilling planned offshore Namibia, 
Mauritania and Morocco in 2014, 2015 
and 2016 respectively, subject to 
partner participation and rig availability
GROWTh Th ROUGh 
ex Ploration
Chariot is an independent AIM listed oil and gas exploration company. It is the 8th largest 
acreage holder offshore West Africa and has doubled its portfolio over the last year to  
~60,000km
2
. Chariot’s assets lie in highly prospective regions – frontier, proven and 
emerging basins providing the company with an inventory of prospects with giant potential.
Balancing the portfolio
namibia
Chariot was one of the first oil and gas explorers to secure its licence areas offshore 
Namibia. As a result of this early entrance, Chariot holds a significant acreage position 
totalling 30,504km² and its four licences are strategically located across three geologically 
distinct basins.
Mauritania
The Company holds a 90% interest in Block C19 offshore Mauritania through its wholly 
owned subsidiary Chariot Oil & Gas Investments (Mauritania) Limited. This acquisition was 
in line with Chariot’s strategy of looking to unlock further potential in West African deep 
water assets and balancing the portfolio with acreage in a proven hydrocarbon province. 
Morocco
Following its entry into Mauritania in April 2012, the Company further expanded its asset 
base with the acquisition of a 75% interest in blocks Loukos, Casablanca/Safi and Rabat 
Deep offshore Morocco in October 2012.
Morocco is an area of increasingly high interest to the oil and gas industry. It is still a relatively 
under-explored region, but has proven oil reserves and working petroleum systems. 
Chariot continues to seek out value add opportunities to further de-risk its portfolio.
Chariot has acquired significant acreage positions in relatively 
under explored regions; securing large equity positions allows 
sufficient head room for partner participation.
OvERvIEW
Outlook
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 02 Material stakes in prospects 
identified with potential to 
create transformational value
giant Potential
l icences in three countries 
across six basins, with assets  
at varied stages of maturity
DiVerse Port Folio
Track record of securing  
industry funding
Managing ris K
investment Case
Multiple V alue t riggers
namibia Mauritania Morocco
2013 HRT wells, Partnering Tullow wells; 3D Cairn, Kosmos wells
2014 N+C Drilling 2714B 3D Partnering Genel, Plains wells; 3D
2015 2714B Drilling Drilling Partnering
Commitments Fully Funded
  All contractual commitments funded through 2014
  Planned Work Programmme fully funded through 2013
  US$68.3m 2012 year-end cash position
  Partnering in Northern Area, Namibia, initiated
  Partnering in Central blocks, Namibia, 3Q
  Approaches on Mauritania and Morocco
Experienced E&P T eam
  Track record of accessing quality acreage ahead 
of the industry
  Over 200 years of combined E&P experience
  E&P operations experience in 31 countries
  Over 40 discoveries; 14 major discoveries
  Acquired 11,500km
2
 of 3D in three years
  Successfully operated an ultra deep water well
Focused Strategy
  Explore in new or emerging provinces
  Take large equity positions in the early phases  
of exploration
  Manage risk through: 
– Levered partners 
– Portfolio diversity 
– Application of technology
  Ensure capital discipline
Quality Exploration Portfolio
  Eight blocks, three countries
  ~ 60, 0 0 0 k m
2
 (gross) acreage
  Giant potential prospect inventory
  Licences in proven, emerging and frontier provinces
  Doubled portfolio over the last year
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 03
Overview Business Review Corporate Governance Financial Statements  
Chariot’s strength lies with its in-house technical team which has  
a reputation for accessing quality acreage ahead of the industry.
ex Perien CeD  
E&P TEAM
Countries with operator 
exploration experience  
within the Chariot team
Countries with operator 
development and production 
experience within the  
Chariot team
31
11
OvERvIEW
24
Read about our  
Senior Management
04
Chariot Oil & Gas Limited
Annual Report and Accounts 2012  
CHariot’s e x Perien CeD 
E&P TEAM
o ver 200 years of combined experience in 
Exploration, Development and Production.
200+
40+
o ver 40 discoveries,  
with 14 major discoveries.
Matthew is a petroleum geologist who has worked in 
the industry for over 30 years. He began his career with 
BNOC in 1980, moving to BP in 1984 and subsequently 
held senior geologist posts with BHP Petroleum and Triton 
Energy. Further to this Matthew consulted and advised a 
range of clients including Chevron, Dana Petroleum and 
Marathon Oil on New Venture projects, both identifying 
targets and providing detailed prospect and basin 
evaluations and opportunity assessments. Subsequent to 
this, he played a major role in the acquisition of exploration 
acreage in Namibia, Oman, Senegal, Togo and Western 
Europe whilst working for Hunt Oil.
MATTh EW TAYLOR
Director of Exploration
Julia has more than 25 years of experience in the oil and 
gas industry having worked as a geophysicist for both 
BP and Shell and more recently as senior geophysicist 
with Hunt Oil and MND Exploration and Production. 
She has been involved in all aspects of geophysical work 
throughout her career and has been a formative part of, 
and had key roles in, new venture divisions. Julia specialises 
in the development, interpretation and evaluation of 2D 
and 3D seismic programmes as well as the assessment of 
new opportunities. She has a long track record of working 
in Namibia and her knowledge of the country contributed 
to securing the offshore acreage for Hunt Oil in 2005.
Julia K eMPer
Principal Geophysicist
Ian has a strong technical and commercial background 
with over 30 years of global experience as a geophysicist. 
His geological and geophysical skills have been applied 
across a diverse range of assets and he has identified, 
evaluated and successfully promoted business 
opportunities in Venezuela, Colombia, North Africa, 
Kazakhstan and the UK. He started his career with Cities 
Service, subsequently working for RTZ, Elf and Ultramar, 
with key roles in the formation of successful farm-in 
groups, bidding rounds, focused interpretations and 
new venture analysis. In 1992 he moved to Nimir where 
he built up their worldwide exploration and production 
portfolio and from there joined Silverstone Energy 
(now Bridge Energy) which made three commercial 
discoveries during his tenure.
ian t Ho Mas
Senior Staff Geophysicist
05
Overview Business Review Corporate Governance Financial Statements Overview Business Review Corporate Governance Financial Statements
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 05 Business  
REvIEW
CHair Man’s  
state Ment
It is with pleasure that I report on the Company’s year-end 
results, my first as Chairman, the position of which I was 
delighted to accept in December 2012. 
 
The past year was an operational one for Chariot and we fulfilled a number of our 
strategic and exploration objectives. We completed the acquisition, processing and 
interpretation of our 3,500km² seismic programme in the Central area of Namibia; 
participated in two wells offshore Namibia; secured significant acreage positions in two 
new regions of interest; and completed the acquisition of a 3,500km² survey offshore 
Mauritania. Whilst the results of the Namibian drilling campaign were disappointing, this 
activity has enabled us to improve our understanding of the petroleum geology within 
Namibia and this will inform our forward programme. We have also been able to 
position ourselves as an early entrant into areas which we believe have the potential  
for giant opportunities. 
Frontier Explorer – Namibia
Chariot has been at the forefront of exploration activity offshore Namibia. Only 1 1 
exploration wells have been drilled offshore Namibia to date, just four of which were in 
deep water on a coastline over 1,000km in length. In April to mid-May 2012, the Company 
successfully operated, safely and within budget, the Tapir South deep water well in its 
Northern Area, which reflected positively on the capability of the Chariot team. Following 
the completion of BP’s farm-in to Southern Block 2714A, Chariot participated in a second 
well, Kabeljou-1, which was drilled in late July to early September. Whilst the wells were 
unsuccessful and plugged and abandoned, the information and knowledge we have now 
gained provides significant insight to the additional prospectivity within our acreage.
Leading up to and concurrent with drilling, Chariot acquired, processed and interpreted 
substantial amounts of seismic data. As a result, Chariot now holds the most extensive deep 
water well database and what we believe to be the second largest 3D seismic database in the 
country which is invaluable to the continued development of our Namibian portfolio.
Philip Loader, Chairman of Chariot Oil & Gas Limited, 
discusses Chariot’s operational progress last year, 
the steps made in broadening the portfolio and the 
Company’s corporate governance.
Extensive deep water 
well and seismic database 
offshore n amibia
Accessed significant acreage 
positions in underexplored 
regions with proven 
petroleum systems
Continuous pipeline of 
activity over coming years
06
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 Broadening the portfolio and managing risk
In addition to this exploration activity, we have also broadened and diversified our 
portfolio through the acquisition of Block C19 offshore Mauritania and the Loukos, 
Casablanca/Safi and Rabat Deep licences offshore Morocco. 
We have continued to build on our ability to identify underexplored, highly prospective 
regions and access significant acreage positions within these areas prior to other 
competitors and in advance of incurring high costs of entry and high premium agreements. 
Mauritania and Morocco are of specific interest to Chariot as they are both relatively 
immature from an exploration perspective but have proven petroleum systems. This is 
where we see the greatest opportunity for transformational growth. 
The entry and participation of several major oil companies within both Mauritania 
and Morocco in recent months highlights Chariot’s capacity to successfully execute 
this component of its strategy. The increased industry interest endorses both regions 
as highly prospective whilst indicating an appetite for increasing exploration activity, 
the results of which will continue to enhance the geological understanding of these 
basins  and also our assets. 
These acquisitions also contribute to balancing the risk profile of Chariot’s portfolio. 
Namibia is a frontier hydrocarbon province with very early stage exploration; Morocco 
is an emerging hydrocarbon province, however our acreage is located adjacent to historic 
oil production and gas condensate discoveries, and in Mauritania we have moved into an 
area which is a proven hydrocarbon province with current production. We also now have 
a range of exploration maturity within our asset base and have constructed a continuous 
pipeline of activity in the coming years.
regional relationships
Chariot considers its working relationships to be of utmost importance and key 
to long term success. The Company has developed and continues to maintain close 
working relationships with the Governments and Ministries in all the countries in which 
we operate and it is a pleasure to work alongside them. This cooperation ensures our 
operations can be carried out smoothly and I would like to thank the Governments 
and Ministry of Mines and Energy of Namibia, Mauritania and Morocco, as well as the 
State Oil Companies NAMCOR, SMH and ONYHM for their continued support which 
is invaluable to Chariot’s progress.
16
To view our  
Mauritanian acquisition 
18
To view our  
Moroccan acquisition 
12
Read our  
Operations overview
t his past year has seen the Company 
take some bold steps forward which 
have served to further develop our 
asset base on a number of levels.  
We now have a strong foothold 
in three very interesting geological 
provinces for oil and gas exploration 
and have created a portfolio that 
contains a variety of regional plays.
 Hig Hl ig H t s
  Fulfilled a number of strategic and 
exploration objectives throughout  
the year
  Hold significant acreage positions in 
areas that we believe have the potential 
for giant opportunities
  Strong working relationships with the 
Governments and Ministries in the 
countries in which we operate
  Independent Corporate Governance 
committee formed to continue 
to ensure clarity and transparency 
in decision making
  Fully funded to carry out our stated 
work programme through 2013 and 
all licence commitments are funded 
through 2014
07
Overview Business Review Corporate Governance Financial Statements
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 Business  
REvIEW
CHair Man’s st a te Ment  
Continue D
governance
There were a number of changes to our Board in December 2012 with Larry Bottomley 
appointed as Chief Executive Officer of the Company, myself as Non-Executive Chairman 
and Adonis Pouroulis moving to Non-Executive Director. Paul Welch and James Burgess 
stepped down from the Board, Heindrich Ndume became a Non-Executive Director 
and we welcomed Mark Reid to the Board as Chief Financial Officer. Alongside this 
re-organisation, an independent Corporate Governance Committee was created which 
consists of the Independent Directors and is chaired by George Canjar who is now 
the Senior Independent Non-Executive Director. The Company, where practicable, 
is dedicated to ensuring that it maintains the strictest corporate governance standards and 
this new committee allows for a healthy combination of key experience and independence 
necessary to continue to ensure clarity and transparency in all decision making.
Financial review 
The Group is debt free and held cash balances of US$68.3m at 31 December 2012 
(31 December 2011: US$129.0m).
The Group incurred a loss of US$88.6m for the year ended 31 December 2012 
(ten months ended 31 December 2011: US$9.2m) which included an impairment charge 
of US$80.8m for the Tapir South well.
Share based payments charges of US$1.8m for the year ended 31 December 2012 were 
lower than the US$2.4m for the ten months ended 31 December 2011 primarily due 
to fewer unvested share awards being in existence during the year.
Other administrative expenses at US$7.5m for the year ended 31 December 2012 were 
higher than the US$5.6m for the ten months ended 31 December 2011 primarily due to 
a shorter accounting period to 31 December 2011 and organisational restructuring costs 
incurred during the year ended 31 December 2012.
Finance income for the year ended 31 December 2012 comprises interest on cash 
balances of US$0.9m (ten months ended 31 December 2011: US$0.9m) and exchange 
gains on foreign currency cash balances of US$0.7m (ten months ended 31 December 
2011: US$Nil). In the ten months ended 31 December 2011 an exchange loss on foreign 
currency cash balances of US$2.1m was included in finance expense. 
Capitalised exploration costs in the year of US$128.6m (31 December 201 1: US$15.4m) were 
funded by existing cash, US$48.7m gross share placing proceeds received in March 2012, 
the receipt of the BP farm-out cash relating to back costs and working capital movements.
Chariot is fully funded to carry out our stated work programme through to the end 
of 2013 and all contractual commitments in all of our licences are funded through to 2014. 
Conclusion 
This past year has seen the Company take some bold steps forward which have served 
to further develop our asset base on a number of levels. We now have a strong foothold 
in three very interesting geological provinces for oil and gas exploration and have created 
a portfolio that contains a variety of regional plays; exploration success in any of these 
regions has the potential to deliver transformational value to the stakeholders in Chariot. 
We look forward to continuing our work and taking these assets through the value curve. 
Philip Loader 
Chairman
19 March 2013
Boar D
MeMBers
PHiliP loaDer 
Non-Executive Chairman
larr Y BottoMleY 
Chief Executive Officer 
Boar D ex Pertise 
BREAKDOWN
Exploration
Oil and Gas
Finance
Africa
5/7
5/7
4/7
4/7
28
For more information on  
our Corporate Governance
MarK reiD 
Chief Financial Officer
aDonis Pouroulis 
Non-Executive Director
george C anJar 
Senior Independent  
Non-Executive Director
roBert sinClair 
Non-Executive Director
HeinDriCH nDuMe 
Non-Executive Director
08
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 CHieF exe CutiV e’s 
REvIEW
Hig Hlig Hts
  Significant work programmes to be 
carried out across the portfolio over 
the coming year
  Material improvements in the 
understanding of the petroleum 
systems in Namibia
  Focused strategy and clear approach  
to executing Company goal
  Seeking to leverage third party 
partnering and achieving best 
optionality
  Third party activity will help inform 
prospect selection for drilling
 Chariot’s strategy remains centred 
around creating transformational 
growth through the discovery and 
development of new hydrocarbon 
provinces. Our Namibian assets are 
now part of a more diversified West 
African portfolio and we are pleased 
with our new early entrant positions  
in Mauritania and Morocco.
Business  
REvIEW
The Company accumulated a significant 
amount of data during the last year.  
The well information from our Namibian 
drilling campaign, although unsuccessful, 
has materially improved our understanding 
of the petroleum systems in Namibia,  
and the extensive 3D seismic data in the 
Namibian Central blocks has led to the 
description of the giant potential that 
exists in this area. The additional assets  
in offshore Mauritania and Morocco 
included legacy data which allowed the 
Company to acquire an extensive 3D 
seismic programme in Mauritania.  
The improvement in understanding that  
these datasets have resulted in, and the 
broadening of the Chariot portfolio, 
means this has been a very interesting  
and exciting time to become CEO of 
Chariot. I look forward to progressing the 
exploration portfolio which will expose 
our shareholders to giant potential in the 
success case.
09
Overview Business Review Corporate Governance Financial Statements
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 Growth through exploration 
– Chariot’s strategy
The goal of the Company is to create 
transformational value through the 
discovery of material accumulations 
of hydrocarbons. In order to achieve 
this growth through exploration, the 
Company will take large equity positions 
in the early phases of exploration in new 
or emerging hydrocarbon provinces. To 
mitigate risk, we will develop these assets 
through levered partnering, portfolio 
diversity and the application of technology, 
all elements of which are evident in our 
current asset base. This approach ensures 
that the Company applies capital discipline 
throughout its projects. 
Levered Partnering
As mentioned above, the Company aims 
to manage risk by leveraging all of its 
equity positions and securing partnerships 
to share in the costs and rewards of 
exploration going forward. This not 
only provides industry validation as to 
the quality of an asset, but it also means 
that we are able to use the additional 
capital, through the recovery of back 
costs, and payment of seismic or drilling 
contributions, to build the portfolio in 
other areas. We executed this successfully 
in the farm-out of block 2714A to 
Petrobras, which covered the costs of 3D 
seismic in the block, and BP which carried 
the majority of Chariot’s costs on the 
Kabeljou-1 well.
Continuing with this methodology, 
the Company will be looking to execute 
the partnering process in its Namibian 
Northern and Central Areas this year. 
A data room has already opened for the 
Zamba prospect in the Northern Area 
and, should the partnering process be 
successful, the Company will be looking 
to drill this 375mmbbls gross mean 
prospective resource prospect in 2014.
In order to achieve the best optionality 
for the Company and to minimise 
its exposure to risk, Chariot considers 
it critical to ensure that its prospects are 
assessed and evaluated to the best of  
the Company’s abilities prior to farm-out. 
In the Central Area, third party drilling 
activity will be taking place in adjoining 
acreage during 1H of this year on similar 
prospects to some of those within our 
acreage. As such, the Company considers 
it prudent to await these drilling results 
in order to inform our prospect selection. 
The data room for the Central Blocks, 
therefore, is anticipated to open in 
3Q this year and, should the Company 
be successful in the partnering process, 
it will be looking to drill in 2014, subject 
to rig availability. 
The Company also has the intention to 
partner in Mauritania and Morocco prior 
to drilling: in Mauritania following the 
interpretation of its 3,500km
2
 seismic 
programme which is expected at year 
end 2013; and then in Morocco after 
reprocessing and interpreting its legacy 
2D data across all blocks and subsequent 
design of any follow-on 3D seismic 
programme that may be required to 
fully describe the potential and secure 
favourable commercial terms. 
10
Business  
REvIEW
Ch IEF Ex ECUTIvE’S REvIEW 
Continue D
Chariot is focused on the exploration of new and emerging hydrocarbon 
provinces where the scope for giant discoveries still exists. Chariot’s assets 
are early stage but located in proven basins with high future potential.
our strateg Y
Create transformational 
stakeholder value 
through the discovery  
of material accumulations 
of hydrocarbons
Chariot has a track record of success in securing industry funding 
with three successful farm-outs to date; Petrobras, BP and AziNam. 
Having secured large equity positions and diversified into 
frontier, proven and emerging basins, Chariot will seek to use 
its early mover advantage to continue to farm-down its assets.  
This will ensure capital discipline, reduce risk exposure 
and provide additional finance for the further exploration 
and development of its portfolio.
Risk Management and Capital Discipline
Objective
Explore in new 
or emerging 
hydrocarbon  
provinces
1 Take large equity 
positions in the 
early phases of 
exploration
2 Manage risk through
  Levered partnering
  Portfolio diversity
   A p p l i c a t i o n o f 
technology
3 Apply capital 
discipline
4
strategy
10
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 3 under-explored, 
highly prospective 
regions
Track record 
of accessing quality 
acreage ahead 
of the industry
Building on our work to date 
and moving forward
In terms of our upcoming activity, we have 
multiple value triggers within our longer 
term exploration programme and, within 
the nearer term, there will be regional 
third party news flow which will provide 
important information for the Company 
to incorporate into the understanding 
of the various petroleum systems and 
the development of its portfolio. 
Whilst there is no drilling planned this year, 
the team will be carrying out a significant 
amount of work in order to prepare 
its various assets for their next stages 
of development. This will include:
  11,000 km of 2D reprocessing and 
interpretation offshore Morocco, which 
will result in a prospective resource 
update in 3Q 2013 and be followed by 
the design of a 3D seismic programme
  receipt of the Pre Stack Depth 
Migration (PSDM) of the 3,500km
2
 
of 3D seismic data acquired offshore 
Mauritania with a subsequent resource 
update and initiation of partnering 
programme in 1H 2014
  the partnering process initiation 
in the Central Area offshore Namibia 
in 3Q 2013, already underway for the 
Northern Area
  the final evaluation of Kabeljou-1 well 
and forward plan for Southern Block 
2714A to be agreed with our partners 
in 2Q 2013 
  the planning of 3D seismic acquisition 
in the Southern Area in 4Q 2013, 
intended to commence in 2014, further 
to the identification of an interesting 
new play in this region
All this additional work will serve 
to de-risk and mature our portfolio 
towards partnering and drilling.
Alongside this activity, there will be 
several significant drilling programmes 
taking place this year in close proximity  
to our licences which have the potential  
to de-risk our prospects. 
HRT will be testing the deeper petroleum 
systems with three wells in Namibia. 
This activity will provide important 
information in the de-risking and targeting 
of prospects in the Central Blocks as well 
as help to outline the 3D seismic design 
of 2714B. In Mauritania, Tullow, Dana and 
Petronas will be commencing a four well 
drilling programme, two of which we 
believe will have read through potential 
into our Block. In Morocco, the drilling 
campaigns of Cairn and Kosmos will  
also provide near term activity that will  
inform the potential of both proven and 
new play systems which extend into 
Chariot acreage. 
the Chariot team
Our in-house team has a track record 
of successful partnering and securing 
industry funding, as evidenced by our 
farm-outs with Petrobras, BP and 
AziNam and we also have a proven ability 
to acquire exploration acreage ahead 
of our competitors. Our exploration team 
has extensive experience worldwide, 
having been involved in exploration 
operations in 31 different countries 
worldwide, including Namibia, Mauritania 
and Morocco. The team has been 
involved in over 40 discoveries to date, 
14 of which were major. We are looking 
to replicate this success with Chariot.
new V entures
Over the last 12 months we have doubled 
our acreage and we will continue to seek to 
add further opportunities to our asset base. 
We follow a stringent methodology in order 
to assess potential acreage and will continue 
to use this going forward. As noted, the 
focus is on regions that are under-explored 
but have working petroleum systems, though 
we will also consider niche opportunities 
that will provide the Company with 
competitive advantage. 
Looking Forward 
We consider Chariot’s portfolio to hold 
giant prospectivity which has the potential 
to create transformational value. The 
Company is dedicated to delivering on  
its strategy and will be using the significant 
data accumulated this year to develop its 
asset portfolio. The Company will seek  
to balance risk through the validation  
and support of third party leveraged 
partnerships which in turn will enable the 
Company to guard its capital and continue 
to build the exploration portfolio.  
There are multiple value triggers that will 
occur during the course of the year with 
regional third party drilling activity providing 
read through to the Chariot portfolio 
as well as developments within our own 
programme. The Company will seek 
partners to support the continuation of its 
drilling campaign offshore Namibia in 2014, 
the commencement of drilling offshore 
Mauritania in 2015 and in Morocco in 2016.
With careful planning, an exceptional 
team and high quality acreage, the 
Company intends to capitalise on our 
early mover position and to maximise 
value from our assets. I would like 
to thank our shareholders for their 
continued support and the Chariot  
team for their ongoing hard work.  
I look forward to reporting on our 
progress over the coming months.
l arry Bottomley 
Chief Executive Officer
19 March 2013
11
Overview Business Review Corporate Governance Financial Statements
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 oP erations 
OvERvIEW
Business  
REvIEW
Identifying prospectivity  
in under-explored yet highly 
promising basins.
n a MiBia
  l icences in three geologically  
distinct basins
 Maturing exploration portfolio
 8,000km
2
 3D seismic all areas
  Proprietary data from two most  
recent wells
  Giant prospects to explore  
and drill within existing portfolio
1811 
A&B
Botswana
South 
Africa
2312A&B
2412A&B(N/2)
2714A
2714B
o verview
Frontier 
region
  Acreage proximal to oil and gas/ 
condensate fields
 Increasing industry interest
 Giant lead potential
Moro CCo
Rabat Deep
Loukos
Casablanca
Safi
Algeria
Spain
o verview
emerging 
region
Mali Senegal
  Acreage acquired adjacent 
to other major explorers
  Oil shows in licence area; 
block adjacent to three recent 
discoveries
  3,500km
2
 3D seismic 
acquisition completed
 g iant play potential
Mauritania
C19
Morocco
o verview
Proven 
region
  30,504
km
2
T otal area covered
14
to view our namibia  
operations review
  12,175
km
2
T otal area covered
16
to view our Mauritania 
operations review
  16,207
km
2
T otal area covered
18
to view our Morrocco 
operations review
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 12 10
Read about  
our strategy
l icence 3Q 2013 1Q 2013 4Q 2013 2Q 2013 1h 2014 2h 2014 2015
l icence 3Q 2013 1Q 2013 4Q 2013 2Q 2013 1h 2014 2h 2014 2015
l icence 3Q 2013 1Q 2013 4Q 2013 2Q 2013 1h 2014 2h 2014 2015
n orthern a rea Partnering  
process
Potential drilling with a 
partner
Central a rea Prospect selection and 
initiation of partnering 
programme
Potential drilling with a 
partner
Third Party  
a ctivity
Repsol drilling campaign  
Potential BP-Serica drilling 
campaign
h RT 3 well drilling campaign
southern a rea        Forward plan for 
2714A to be decided 
by partners
Final well 
analysis expected 
from operator
2714B   
3D seismic 
acquisition
Design 3D seismic 
programme for 2714B
ACCESSING NEW v ENTURES
Third Party  
a ctivity
Potential Kosmos drilling Tullow-Dana four well drilling campaign
C19       Potential 
drilling with 
a partner
Third Party  
a ctivity
r abat Deep 
Loukos 
Cassablanca / Safi
Aquire 3D seismic            Design 3D seismic 
programme
Process and interpretation of  
>11,000km legacy 2D seismic
Well partnering  
and potential  
drilling
Well partnering  
and potential  
drilling
              Partnering 
process
Processing and interpretation of
3,500km
2
 3D seismic 
Cairn, Genel, Galp, Kosmos, Plains drilling
13
Overview Business Review Corporate Governance Financial Statements
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 na MiBia
Chariot was one of the first oil and gas explorers to secure 
its licence areas offshore Namibia. As a result of this early 
entrance, Chariot holds a significant acreage position totalling 
30,504km² and its four licences are strategically located 
across three geologically distinct basins. 
northern area
Chariot holds a 100% interest in Blocks 1811A & B in the Northern Area.
Chariot drilled and successfully operated the Tapir South well in April to mid-May 2012. 
This drilling targeted two reservoir systems. The lower reservoir was encountered with 
good quality thick sands but the upper reservoir was poorly developed. The shallower 
source kitchen to the south was insufficiently mature to generate hydrocarbons, while 
the deeper source kitchen was clearly ineffective as Tapir South had no significant 
hydrocarbons. The well was plugged and abandoned.
Following the completion of the Tapir South well, Chariot undertook a petrophysical 
and seismic processing project to identify where oil charged sands might exist and, with 
the benefit of the calibration data from the well, seismic attributes have been revealed 
supporting the case for hydrocarbon charge into Tapir North. This is a stratigraphic trap and 
there is concern regarding seal failure updip to the east but leakage in this direction provides 
charge access to the adjacent Zamba prospect, the ultimate trap for migrating hydrocarbons. 
Zamba is a large four-way dip closure, interpreted to have a karstified carbonate target, with 
a salt seal and which is on trend and analogous with recent Angolan discoveries. 
As a result of the post-well analysis, the Zamba prospect is now a priority target. The 
prospective resource volume has been reworked for the Zamba main prospect, with 
gross mean unrisked potential resources of 375mmbbls, with an upside of 540mmbbls 
should the wider Zamba complex, which would combine a variety of reservoirs within 
the area, be successful. 
Forward Plan
The partnering process has been initiated in the Northern Area and updates on this will 
be provided as appropriate. Should this be successful, the Company plans to drill this 
prospect with a partner in 2014.
Central area
Chariot holds a 90% interest and operatorship in the Central Area and is partnered by AziNam 
(10% interest) following the transfer of this interest from PGS to its associate company. 
In the Central Area, the 3,500km² of 3D seismic data has been mapped and interpreted 
and the prospect and lead inventory initially defined from 2D data has been updated 
to reflect the new features and attributes that have been identified further to this work. 
a sset l icence o perator interest  
%
status Phase l icence a rea  
km
2
Block 1811A&B 14 Enigma 100 Exploration 5,481
Block 2312A&B
 19 Enigma 90 Exploration 16,801
N/2 of Block 2412A&B
Block 2714A 20 Enigma 25 Exploration 5,481
Block 2714B 15 Enigma 100 Exploration 2,741
Business  
REvIEW
o wnership of 
Northern Blocks
o wnership of 
Central Blocks
Frontier 
region
3D seismic across all areas 
plus two wells in Namibia.
8,000km
2
1811A&B
2312A&B 
2412A&B(N/2)
2714A 
2714B
100%
90%
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 14 Key l icence Features
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, demonstrably 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.
The Central Area has two petroleum systems – a structurally deeper system which has 
synrift and deep marine source rocks that could potentially charge reservoirs interpreted 
as shallow water facies (reef and shelf edge plays); and a structurally shallower system, 
with deep water facies including a deep water source rock that has the potential 
to charge into clastic systems in basin floor fans and canyons that sit directly above this 
source system. Chariot has undertaken an evaluation of this area and has identified 
19 targets that fall in 13 prospect areas in these two petroleum systems. 
The prospective resources associated with these targets range from 150mmbbls – 
1.1 billion barrels (“Bbbls”). The principal prospect in the deeper petroleum system has 
a gross mean prospective resource of 1.1Bbbls; and the main prospect in the shallower 
petroleum system has a gross mean prospective resource of 571mmbbls. 
Forward Plan
Await the outcome of third party drilling in the area as this activity will target these 
source and reservoir systems and will therefore have a significant impact on which 
prospect is selected for drilling. Once these third party results are understood,  
Chariot intends to initiate a partnering process, secure a partner and if that is  
successful potentially drill in this area in 2014.
southern area
Chariot holds a 25% interest in 2714A (Petrobras 30% and operatorship, BP 45%)  
and a 100% equity in 2714B.
In the Southern Area of Namibia, Chariot participated in the Kabeljou-1 well in late 
July to early September 2012 which drilled a large four-way dip closure and encountered 
poor to fair reservoirs in the target interval. No commercial hydrocarbons were found 
but significant shows were encountered above the section in the shallower source rocks 
that exist within the area. Chariot’s analysis of the well results has highlighted significant 
potential and prospectivity of a shallower play in block 2714B which is supported by 
seismic facies which show characteristics of canyon head reservoirs. A 3D seismic survey 
is being planned to understand this potential in greater detail.
Forward Plan
Third party drilling in the area will be important as this will provide information on the 
effectiveness of the source in the deeper petroleum system and the charge risk on 
deeper, onlap traps that occur in 2714B below the canyon heads. Further to the results  
of the drilling, Chariot will determine whether to focus the 3D programme on the canyon 
heads only or whether to extend the survey to cover the deeper onlap play. 
Final evaluation of the well results from the Kabeljou-1 well is still underway by Petrobras 
and an update to the prospect inventory in 2714A is pending further to the completion 
of this work which is expected at the end of March 2013. An update on the well 
evaluation results will be provided in due course followed by the forward plan as agreed 
with the partners in the block, expected in 2Q 2013.
o wnership of 
Southern Block 
2714A
o wnership of 
Southern Block 
2714B
100%
25%
 Chariot has been at the forefront of oil 
and gas exploration activity offshore Namibia 
having acquired 8,000km
2
 of 3D seismic data 
and participated in two exploration wells. 
Namibia is a frontier region in which only 
11 wells have been drilled offshore, four 
of those in the deep water, with Chariot 
operating the only ultra-deep water well 
to date. As a result, Chariot has the most 
extensive deep water well database within 
Namibia and the second largest 3D seismic 
database. From this we have accumulated 
a huge amount of proprietary information 
which, post the drilling of its wells this year, 
has enabled the Company to discriminate 
both a deep and a shallow petroleum system. 
The shallow system has not been explored  
in Namibia and is potentially very exciting 
with our new data demonstrating mature, 
world class, oil prone source rocks. 
Over the coming year, Chariot will apply this 
new information to its asset portfolio and 
use the results of third party drilling in close 
proximity to our acreage in order to develop 
its prospect inventory in both the deeper 
and shallower petroleum systems and 
mature targets for drilling. 
the opportunity we see
MATTHEW  
TAYLOR
Director of Exploration
15
Overview Business Review Corporate Governance Financial Statements
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 Mauritania
Mauritania is already a proven oil producing region with 
multiple discoveries made to date, further field developments 
are planned in the area and several wells are scheduled for 
drilling by other industry players this year. 
Chariot holds a 90% interest and operatorship in Block C19 which spans 12,175km
2 
(gross) offshore Mauritania. The Company is partnered with Société Mauritanienne des 
Hydrocarbures (SMH), the National Oil Company of Mauritania, which will participate 
with a 10% carried interest. 
licence overview 
In Mauritania, Chariot’s Block C19 is located in an established oil producing region and 
whilst relatively still immature, holds giant play potential. The producing Chinguetti field to 
the south demonstrates that a petroleum system exists within this region and Block C19 
is located 40km north west of an oil discovery in the Aigrette well. Within the Block itself 
there are extensive natural slicks indicating oil seepage and two wells have been drilled, 
both of which had good oil shows. On the legacy 2D data, Chariot has identified three 
deepwater fan and canyon head plays which are analogous to the nearby Banda and 
Tiof fields, with Banda having reported resources in the region of 300mmboe.
a sset l icence o perator interest  
%
status Phase l icence a rea  
km
2
Block C19 C19 Chariot Oil & 
Gas Investments 
(Mauritania) 
Limited
90 Exploration 12,175
Business  
REvIEW
3D seismic acquisition programme 
already completed, interpretation 
underway.
Geoceltic seismic vessel 
shooting 3D across block C19
3,500km
2
Proven 
region
C19
Interest and 
operatorship 
of Block C19
90%
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 16 Key l icence Features
Block C19 is a highly attractive addition 
to Chariot’s existing offshore West Africa 
portfolio.
Mauritania lies on the margin of the 
Central Atlantic, the oldest segment  
of the Atlantic which began opening  
in Triassic times.
Exploration has been sporadic in this 
basin but has resulted in several oil 
and gas discoveries that are under 
development by Tullow as well as the 
producing Chinguetti field.
Good quality oil is sourced from prolific 
Cenomanian-Turonian age source rocks 
(the same as the source for the Ghanaian 
oil fields) and is contained in Tertiary age 
deep marine sandstones sealed by shales.
At this stage of prospectivity 
development, Chariot has identified 
several potential target levels and 
a fairway for trapping geometries likely 
to be largely stratigraphic but with 
structural potential.
Other operators in the region include 
Dana, Tullow Oil, Petronas and Kosmos.
As in Namibia, Mauritania offers 
a favourable working environment, 
fair  fiscal terms and a developed, 
stable resource sector.
A Jurassic arch runs through the central part of Block C19 and to the south and north 
of this are depocentres in which Cretaceous, Lower Tertiary and Upper Tertiary 
fan systems have been deposited. These fan systems are proven effective with the 
discoveries to the south in both Cretaceous and Upper Tertiary fans and occur in the 
southern part of Chariot’s acreage, with three canyon head leads (as mentioned 
above), identified on the legacy 2D seismic data. These leads and play types have been 
targeted by the 3,500km² 3D survey undertaken in the south-western area of the 
block, the acquisition of which was completed in January 2013. The final volumes of the 
Pre-Stack Depth Migration on this data is expected in November 2013 which will result 
in a resource update in 1Q 2014. 
In Mauritania there will also be extensive third party drilling activity during the course 
of this year and specific wells will target turbidite reservoirs that make up potential targets 
in Block C19. Further drilling is planned in 2014 in the ultra deepwater area which will also 
have some read through into the Chariot portfolio.
Forward Plan  
Chariot has already received industry interest in its Mauritanian acreage and a partnering 
process will be initiated for drilling as soon as possible. Should this process be successful, 
it is anticipated that drilling will commence in 2015.
location of participating  
majors regionally
Dana Petroleum
Kosmos energy
tullow oil
Petronas Carigali
Chariot Oil & Gas
total
Block adjacent to
tH ree
recent discoveries
 Mauritania is a proven petroleum 
province which offers a favourable working 
environment, fair fiscal terms and a 
developed, stable resource sector.
Historically the exploration in the offshore 
region has concentrated in the salt basin 
and discoveries of both oil and gas have 
been found there. The extra attraction of 
exploring the northern extension of this 
basin beyond the mobile salt is twofold. 
Firstly, the large proportion of gas found 
in the salt basin reflects the deeper burial 
there, so in the Chariot acreage the source 
rocks are predicted to be generating oil 
rather than gas. 
Secondly, away from the complexities of 
the salt, the reservoirs will be simpler and 
the traps have the potential to be larger.
The source rock within the Block has been 
modelled to be oil generating which is 
supported by the legacy wells of RAB-1A 
and AKZ-1A. Giant deep water canyon 
head, channel and fan plays have been 
identified on legacy 2D seismic which 
are analogous to the nearby Banda field 
(~300mmboe) and Tiof discovery. 
The recent 3,500km
2
 seismic programme 
acquired data over these leads and the 
Company will process the data carefully 
through to November this year. The data 
will then be interpreted in detail in order 
to develop prospects to drill with  
a partner in 2015. 
the opportunity we see
IAN THOMAS
Senior Staff Geophysicist
17
Overview Business Review Corporate Governance Financial Statements
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 Moro CCo
licence overview
In its offshore Moroccan licences, Chariot’s blocks are located near to historic onshore  
oil production, current onshore gas production and oil and gas condensate discoveries both 
onshore and offshore. The northern margin of Morocco is also thought to be geologically 
analogous to the conjugate Nova Scotia basin where significant discoveries have been made 
and where super majors are currently undertaking extensive exploration programmes. 
Chariot secured acreage in the northern part of Morocco prior to the entry of a number  
of other industry players and, whilst the Moroccan margin is relatively underexplored, the 
multiple play fairways and giant potential that Chariot has identified within its licences from 
2D data are supported by success in the conjugate basin.
The Rabat Deep, Casablanca and Loukos licences are located over a Palaeozoic basin  
on which sits a Jurassic carbonate platform and an outboard Cretaceous deepwater basin.  
As a consequence, there are Palaeozoic plays, Jurassic carbonate plays and Cretaceous 
clastic plays. A biogenic gas play within the Pliocene foredeep to the Atlas fold belt is also 
present. The source rock in the Jurassic is modelled to be oil generating in Rabat Deep; 
there are extensive slicks and seeps on the block and seismic direct hydrocarbon indicators 
on the legacy 2D seismic data. To the north of the Loukos block, there are thermogenic  
gas discoveries both offshore and onshore and immediately to the east is the Pliocene 
biogenic gas play that is currently in production. Some 60km to the east of the Chariot 
acreage are Jurassic oil fields that were produced in the late ’50s and ’60s. These were 
sourced from the Jurassic and reservoired in the Jurassic and demonstrate that the 
hydrocarbon system works. 
Following its entry into Mauritania, Chariot further expanded its 
asset base with the acquisition of a 75% interest and operatorship 
in blocks Loukos, Casablanca/Safi and Rabat Deep offshore 
Morocco which together span 16,207km
2 
(gross). Morocco  
is an area of increasing interest to the oil and gas industry not 
only from a geologic perspective, but also through its competitive 
fiscal terms, supportive regulatory framework and excellent state 
oil company, ONh YM, with whom Chariot is partnered.
a sset l icence o perator interest  
%
status Phase l icence a rea  
km
2
Loukos Loukos Chariot Oil & 
Gas Investments 
(Morocco) 
Limited 
75 Exploration 1,925
Casablanca/Safi Casablanca/Safi Chariot Oil & 
Gas Investments 
(Morocco) 
Limited 
75 Exploration 3,500
Rabat Deep Rabat Deep Chariot Oil & 
Gas Investments 
(Morocco) 
Limited 
75 Exploration 10,782
Business  
REvIEW
wells have been drilled 
since 1968, 29 of which 
were drilled prior to 2003. 
34
emerging 
region
rabat Deep
Loukos
Casablanca
Safi
of acreage offshore Morocco acquired  
in the Central Atlantic passive margin.
16,207km
2
location of participating  
majors regionally
repsol
Chariot Oil & Gas
Chevron
t riangle
Plains
Kosmos energy
Cairn energy
genel
galp
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 18 Key l icence Features
Chariot’s Loukos, Casablanca/Safi and  
Rabat Deep blocks offshore northern 
Morocco are part of the Central Atlantic 
passive margin.
The Atlantic margin geology is 
superimposed upon pre-existing Palaeozoic 
basins which are prolific hydrocarbon 
producers to the east in Algeria and which 
are proven effective in parts of Morocco.
Results of offshore pre-2003 drilling included 
the discovery of the Cap Juby field in Jurassic 
carbonate reservoirs, and oil and gas shows 
in several other wells in Jurassic to T ertiary 
carbonate and clastic reservoirs. Post 2003 
discoveries include that of a significant gas 
discovery by Repsol, in the Anchois-1 well 
in Miocene clasticsl, in close proximity to 
Chariot’s acreage.
Regional source rocks are recognised in the 
Jurassic and Cretaceous as well as in the 
Palaeozoic, and hydrocarbon discoveries in 
Morocco and have been tied geochemically 
to all of these source rock levels.
Chariot’s acreage offers the potential for 
prospectivity in several of the proven plays 
in Morocco including very large Palaeozoic 
structures, large Jurassic carbonate features 
that may be reefal, Cretaceous sandstone 
plays and T ertiary shallow gas targets.
As in Namibia and Mauritania, there is a lot of third party activity that will be occurring  
in Morocco during the course of this year. A number of wells are expected by these third 
parties, and this drilling will target the Cretaceous deepwater systems and the Jurassic 
carbonate play that will have a read through to our Jurassic carbonate lead. The Jurassic 
carbonate bank lead identified in Rabat Deep covers an area of 107 km² and currently 
has a gross mean prospective resource estimate of 392mmbbls. 
Forward Plan 
Reprocess and interpret the 11,000km of legacy 2D data which will inform the  
understanding of the hydrocarbon systems and allow Chariot to design a 3D programme 
in 3Q this year before going to tender. The acquisition of this seismic is intended for 1Q 
2014, leading to partnering and potential drilling in 2015.
Matthew t aylor 
Director of Exploration
interest in 
blocks Loukos, 
Casablanca/Safi 
and Rabat Deep
75%
 To encourage foreign investment, the 
hydrocarbon law in Morocco was amended 
in 1992 and 2000, providing oil and gas 
investors with some of the most attractive 
fiscal terms available internationally. 
Morocco is an emerging oil and gas province 
and Chariot’s acreage is surrounded by gas 
production onshore, historic oil production 
onshore and gas condensate discoveries 
both onshore and offshore. Within our 
licence areas we have identified multiple 
plays and potential that is demonstrated by 
nearby discoveries and in the discoveries  
and production on the conjugate margin in 
Nova Scotia.
In our licence areas Mesozoic source rocks are 
modelled to be oil generating present day and 
this is corroborated by well defined natural oil 
slicks and seismic DHIs within the block area. 
From the legacy 2D seismic data Chariot has 
identified a large carbonate bank structure in 
the Rabat Deep licence, analogous to the 
Deep Panuke Field offshore Nova Scotia. 
Deep Panuke lies on the conjugate margin  
to Morocco and is a giant field. Also identified  
on the legacy 2D data set in the Rabat Deep 
block is a salt basin with mobile salt structures 
draped by basinal sediments and seismic  
facies indicating turbidite sands in potential 
trapping geometries. 
The Company will continue to reprocess  
the existing seismic data in order to develop 
its forward programme in the latter part 
of this year.
As in Mauritania, the giant potential of this 
area is reflected in an increasing industry 
interest with recent farm-ins to the region  
by Plains, Genel, Cairn and the acquisition  
of acreage by Chevron. 
the opportunity we see
JULIA KEMPER
Principal Geophysicist
19
Overview Business Review Corporate Governance Financial Statements
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 Cor Pora te s oC ial 
r esPonsiB ilit Y
Cor Porate  
g o Vernan Ce
Code of Conduct
Chariot maintains and requires the highest 
ethical standards in carrying out its 
business activities in regard to dealing with 
gifts, hospitality, corruption, fraud, the use 
of inside information and whistle-blowing. 
Chariot has a zero tolerance policy 
towards bribery. 
Equal Opportunity  
and Diversity
Chariot promotes and supports the 
rights and opportunities of all people 
to seek, obtain and hold employment 
without discrimination. It is our policy 
to make every effort to provide a 
working environment free from bullying, 
harassment, intimidation and discrimination 
on the basis of disability, nationality, race, 
sex, sexual orientation, religion or belief.
Employee Welfare
Chariot aims to assist employees at 
all levels to improve their professional 
abilities and to develop their skills.
The Group will practice manpower and 
succession planning in regard to the 
number and type of personnel resources 
that will be required in the future. Individual 
career progression activities are developed 
with this in mind.
Joint venture Partners, 
Contractors and Suppliers
Chariot is committed to being honest 
and fair in all its dealings with partners, 
contractors and suppliers. The Group has 
a policy to provide clarity and protection, 
within its terms of business, to ensure 
the delivery and receipt of products and 
services at agreed standards. Procedures 
are in place to ensure that any form 
of bribery or improper behaviour is 
prevented from being conducted on 
Chariot’s behalf by joint venture partners, 
contractors and suppliers. Chariot also 
closely guards information entrusted to it 
by joint venture partners, contractors and 
suppliers, and seeks to ensure that it is 
never used improperly.
Operating Responsibly and 
Continuous improvement
Chariot is committed to a proactive 
quality policy to ensure that stakeholders 
are satisfied with its results and the 
way in which the business operates and 
to promote continuous improvement 
in the overall operation of the Group. 
In pursuit of these objectives, Chariot will 
use recognised standards and models as 
benchmarks for its management systems.
Chariot supports the growing awareness of social, 
environmental and ethical matters when considering  
business practices. This statement provides an outline  
of the policies in place that guide the Group and its 
employees when dealing with social, environmental  
and ethical matters in the workplace.
our goals
  h igh ethical standards
  h onest and fair in all manners of business
  Implement and maintain management systems for 
sustainable environmental and socio-economic development 
Dolphins spotted from 
g eoceltic seismic vessel offshore 
Mauritania, Dec. 2012.  
www.wildscope.com
20
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 Environmental and  
socio-economic Policy
Chariot adopts an environmental policy which sets 
standards that meet or exceed industry guidelines and 
host government regulations. This is reviewed on a regular 
basis. Wherever we operate we will develop, implement 
and maintain management systems for sustainable 
development that will strive for continual improvement.
Prior to any seismic acquisition programmes and in 
preparation for the drilling of any exploratory wells, 
Chariot will employ environmental consultants to carry 
out area specific Environmental Impact Assessments 
(“EIAs”) which are approved by the relevant ministries. 
Chariot intends to carry out all necessary requirements 
to ensure that the environment in and around its areas 
of interest is maintained to the highest standard. During 
its last two seismic acquisition programmes, Chariot 
employed marine mammal observers to travel on board 
the seismic vessels. These observers were able to compile 
marine mammal and bird count statistics which will assist 
in the preparation of future EIAs.
With regards to preparation for drilling exploratory wells, 
Chariot will use its Environmental Management Plan 
which will be implemented from preparatory stage to 
well completion. Whilst drilling is underway, an Oil Spill 
Response and Emergency Response plan will be put in 
place. From a discovery, an Environmental Management 
System will be developed to co-ordinate and monitor 
environmental activities and report the performance over 
the lifetime of the field from discovery to development, 
through to abandonment.
Social impacts will also form part of these assessments 
and preliminary work in this area will consider the 
local communities and the local economic effects on 
a progressive and permanent level. It is Chariot’s aim to 
ensure that all the likely environmental and socioeconomic 
impacts will be managed with skill, care and diligence 
in accordance with professional standards.
Chariot is committed to maintaining and regularly 
reviewing its Health and Safety and Environmental  
(HSE) policies.
Minimising the impact  
of our operations on the 
environment is of primary 
importance to us
Chariot maintains a 
zero tolerance policy 
towards bribery
21
Overview Business Review Corporate Governance Financial Statements
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 Cor Porate  
g o Vernan Ce
Name and Title
PHILIP LOADER 
Non-Executive Chairman
LARRY BOTTOMLEY 
Chief Executive Officer 
MARK REID 
Chief Financial Officer
ADONIS POUROULIS 
Non-Executive Director
GEORGE CANJAR 
Senior Independent  
Non-Executive Director
HEINDRICH NDUME 
Non-Executive Director
ROBERT SINCLAIR 
Non-Executive Director
Biography
Philip has over 27 years’ experience in 
the upstream oil and gas industry and 
his core strengths lie in international 
exploration and business development. 
He is currently Senior Vice President 
of Exploration for Mubadala Oil & 
Gas, accountable for their exploration 
inventory across the Eastern 
Hemisphere.
Larry has worked in the oil and gas 
industry for over 30 years and has 
a significant track record of building 
exploration and production businesses 
on the international stage, delivering 
transformational growth and shareholder 
value. 
Mark has over 20 years of experience in 
financial services and investment banking. 
Before joining Chariot he was CFO at 
Aurelian Oil & Gas Plc and prior to that 
Head of Oil & Gas at the London office 
of BNP Paribas Fortis.
Adonis, one of the founders of Chariot 
and its Namibian 100% owned 
operating subsidiary Enigma, is a mining 
entrepreneur whose expertise lies in 
the discovery and exploration of natural 
resources.
George has 30 years of experience 
in the oil industry and began his career 
at Shell having graduated with a Bachelor 
of Science in Geologic Engineering from 
the Colorado School of Mines.
Heindrich is a Namibian national 
with mining exploration experience 
throughout sub-Saharan Africa.
Robert is Managing Director of the 
Guernsey based Artemis Trustees 
Limited and a Director of a number of 
investment fund management companies 
and investment funds associated with 
Artemis Trustees Limited.
Year Appointed
Appointed NED 2010,  
Chairman 2012
Appointed NED 2011, 
CEO 2012
2012 2008 2010 2008 2008
Experience
Philip began his career as a geophysicist 
in 1983 and throughout his career has 
evaluated numerous opportunities across 
the globe. He has a wealth of experience 
in Africa, having made discoveries in 
Tunisia, Algeria and Equatorial Guinea. 
Prior to Mubadala, Philip worked for 
Anadarko Petroleum Corporation for 
over 10 years, latterly as Vice President 
of International Exploration where he 
oversaw exploration related activities in 
a variety of international provinces. Philip 
holds a BSc (Hons) in Geology from the 
University of Manchester, an MSc DIC 
in Petroleum Geology (Geophysics) from 
Imperial College, University of London 
and an MBA from Henley Management 
College.
Larry has worked across a broad 
spectrum of exploratory and business 
development roles worldwide, in senior 
management roles with Perenco SA, 
Hunt Oil, Triton Energy and BP. He 
has a strong background in integrated 
geosciences, team management and 
relationship building and a key aspect 
of his work has been in the creation, 
development and delivery of significant 
drilling programmes that have led to 
the discovery and development of giant 
oil fields. 
He has also held senior positions for 
National Australia Bank’s Oil & Gas 
team and in Ernst & Young’s Corporate 
Finance business where he provided 
M&A and corporate finance services 
to clients worldwide for over eight years.
Adonis is also Chairman of Petra 
Diamonds Ltd, a pan-African diamond 
mining company which he founded and 
listed on London’s AIM market in 1997 
and which moved to the Main Market in 
2011. Petra is now South Africa’s second 
largest independent diamond producers. 
He has been influential in the listing of a 
number of other companies onto AIM 
and has been instrumental in structuring 
and raising funds to help finance early 
stage exploration and mining projects 
across Africa.
George is currently Director of Global 
Unconventional Business Development 
for Hess Corporation. He started his 
career spending 17 years with Royal 
Dutch/Shell Oil, followed by Carrizo Oil 
& Gas as Vice President of Exploration 
and Development and more recently he 
was Executive Vice President and Chief 
Operating Officer for Davis Petroleum 
Corporation. His career has spanned 
a broad spectrum of the E&P sector 
involving all petroleum engineering and 
exploration disciplines as well as a variety 
of corporate activity. His expertise lies in 
deal structuring, portfolio development, 
risk analysis and strategic modelling 
in addition to being the operational 
catalyst for bringing successful projects 
to first production.
Heindrich has played a unique role 
within the development of Namibia’s 
mining and energy strategies, including 
acting as National Energy Council 
Secretary and World Energy Council 
Representative for the Namibian Ministry 
of Mines and Energy. Heindrich was one 
of the founding shareholders of Enigma.
Robert is Chairman of Schroder Oriental 
Income Fund Limited, a Director of 
Picton Property Income Limited and 
Chairman of its Audit Committee. He 
is a Fellow of the Institute of Chartered 
Accountants in England and Wales 
and is resident in Guernsey. Robert 
represents the interests of Westward 
Investments Limited, a major shareholder 
of Chariot. 
Committee Membership 
Nomination Committee
Corporate Governance Committee
Audit Committee
Remuneration Committee
Remuneration Committee Corporate Governance Committee
Nomination Committee
Audit Committee
Remuneration Committee
Audit Committee
Remuneration Committee
Nomination Committee
Independent
Yes Not applicable Not applicable No Yes No No
Previous sector experience
TRITON
Boar D o F  
Dire Ctors
Chariot’s board are committed to high 
standards of corporate governance.
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 22 Non-Executive
Executive
Board tenure
Board Nationality
Board composition
Boar D DiVersit Y
2
0-1 years
2
2-3 years
3
4-5 years
 Non-Independent
 Independent
5
2
5
2
Name and Title
PHILIP LOADER 
Non-Executive Chairman
LARRY BOTTOMLEY 
Chief Executive Officer 
MARK REID 
Chief Financial Officer
ADONIS POUROULIS 
Non-Executive Director
GEORGE CANJAR 
Senior Independent  
Non-Executive Director
HEINDRICH NDUME 
Non-Executive Director
ROBERT SINCLAIR 
Non-Executive Director
Biography
Philip has over 27 years’ experience in 
the upstream oil and gas industry and 
his core strengths lie in international 
exploration and business development. 
He is currently Senior Vice President 
of Exploration for Mubadala Oil & 
Gas, accountable for their exploration 
inventory across the Eastern 
Hemisphere.
Larry has worked in the oil and gas 
industry for over 30 years and has 
a significant track record of building 
exploration and production businesses 
on the international stage, delivering 
transformational growth and shareholder 
value. 
Mark has over 20 years of experience in 
financial services and investment banking. 
Before joining Chariot he was CFO at 
Aurelian Oil & Gas Plc and prior to that 
Head of Oil & Gas at the London office 
of BNP Paribas Fortis.
Adonis, one of the founders of Chariot 
and its Namibian 100% owned 
operating subsidiary Enigma, is a mining 
entrepreneur whose expertise lies in 
the discovery and exploration of natural 
resources.
George has 30 years of experience 
in the oil industry and began his career 
at Shell having graduated with a Bachelor 
of Science in Geologic Engineering from 
the Colorado School of Mines.
Heindrich is a Namibian national 
with mining exploration experience 
throughout sub-Saharan Africa.
Robert is Managing Director of the 
Guernsey based Artemis Trustees 
Limited and a Director of a number of 
investment fund management companies 
and investment funds associated with 
Artemis Trustees Limited.
Year Appointed
Appointed NED 2010,  
Chairman 2012
Appointed NED 2011, 
CEO 2012
2012 2008 2010 2008 2008
Experience
Philip began his career as a geophysicist 
in 1983 and throughout his career has 
evaluated numerous opportunities across 
the globe. He has a wealth of experience 
in Africa, having made discoveries in 
Tunisia, Algeria and Equatorial Guinea. 
Prior to Mubadala, Philip worked for 
Anadarko Petroleum Corporation for 
over 10 years, latterly as Vice President 
of International Exploration where he 
oversaw exploration related activities in 
a variety of international provinces. Philip 
holds a BSc (Hons) in Geology from the 
University of Manchester, an MSc DIC 
in Petroleum Geology (Geophysics) from 
Imperial College, University of London 
and an MBA from Henley Management 
College.
Larry has worked across a broad 
spectrum of exploratory and business 
development roles worldwide, in senior 
management roles with Perenco SA, 
Hunt Oil, Triton Energy and BP. He 
has a strong background in integrated 
geosciences, team management and 
relationship building and a key aspect 
of his work has been in the creation, 
development and delivery of significant 
drilling programmes that have led to 
the discovery and development of giant 
oil fields. 
He has also held senior positions for 
National Australia Bank’s Oil & Gas 
team and in Ernst & Young’s Corporate 
Finance business where he provided 
M&A and corporate finance services 
to clients worldwide for over eight years.
Adonis is also Chairman of Petra 
Diamonds Ltd, a pan-African diamond 
mining company which he founded and 
listed on London’s AIM market in 1997 
and which moved to the Main Market in 
2011. Petra is now South Africa’s second 
largest independent diamond producers. 
He has been influential in the listing of a 
number of other companies onto AIM 
and has been instrumental in structuring 
and raising funds to help finance early 
stage exploration and mining projects 
across Africa.
George is currently Director of Global 
Unconventional Business Development 
for Hess Corporation. He started his 
career spending 17 years with Royal 
Dutch/Shell Oil, followed by Carrizo Oil 
& Gas as Vice President of Exploration 
and Development and more recently he 
was Executive Vice President and Chief 
Operating Officer for Davis Petroleum 
Corporation. His career has spanned 
a broad spectrum of the E&P sector 
involving all petroleum engineering and 
exploration disciplines as well as a variety 
of corporate activity. His expertise lies in 
deal structuring, portfolio development, 
risk analysis and strategic modelling 
in addition to being the operational 
catalyst for bringing successful projects 
to first production.
Heindrich has played a unique role 
within the development of Namibia’s 
mining and energy strategies, including 
acting as National Energy Council 
Secretary and World Energy Council 
Representative for the Namibian Ministry 
of Mines and Energy. Heindrich was one 
of the founding shareholders of Enigma.
Robert is Chairman of Schroder Oriental 
Income Fund Limited, a Director of 
Picton Property Income Limited and 
Chairman of its Audit Committee. He 
is a Fellow of the Institute of Chartered 
Accountants in England and Wales 
and is resident in Guernsey. Robert 
represents the interests of Westward 
Investments Limited, a major shareholder 
of Chariot. 
Committee Membership 
Nomination Committee
Corporate Governance Committee
Audit Committee
Remuneration Committee
Remuneration Committee Corporate Governance Committee
Nomination Committee
Audit Committee
Remuneration Committee
Audit Committee
Remuneration Committee
Nomination Committee
Independent
Yes Not applicable Not applicable No Yes No No
Previous sector experience
23
Overview Business Review Corporate Governance Financial Statements
Chariot Oil & Gas Limited
Annual Report and Accounts 2012
Chariot Oil & Gas Limited
Annual Report and Accounts 2012
Strategic Overview Business Review Corporate Governance Financial Statements
23 Cor Porate  
g o Vernan Ce
senior  
Manage Ment
MATTh EW T AYLOR 
Director of Exploration
Matthew is a petroleum geologist who has worked in 
the industry for over 30 years. He began his career with 
BNOC in 1980, moving to BP in 1984 and subsequently 
held senior geologist posts with BHP Petroleum and 
Triton Energy. 
Further to this Matthew consulted and advised a range of 
clients including Chevron, Dana Petroleum and Marathon 
Oil on New Venture projects, both identifying targets 
and providing detailed prospect and basin evaluations and 
opportunity assessments. Subsequent to this, he played 
a major role in the acquisition of exploration acreage in 
Namibia, Oman, Senegal, Togo and Western Europe 
whilst working for Hunt Oil.
30 Y ears experience
Julia Ke MPer 
Principal Geophysicist
Julia has more than 25 years of experience in the oil and 
gas industry having worked as a geophysicist for both BP 
and Shell and more recently as senior geophysicist with 
Hunt Oil and MND Exploration & Production. 
She has been involved in all aspects of geophysical 
work throughout her career and has been a formative 
part of, and had key roles in, new venture divisions. 
Julia specialises in the development, interpretation and 
evaluation of 2D and 3D seismic programmes as well 
as the assessment of new opportunities. She has a long 
track record working in Namibia and her knowledge of 
the country contributed to securing the offshore acreage 
for Hunt Oil in 2005.
25 Y ears experience
a nt Hon Y Jer Vis 
Senior Geoscientist
Anthony has been a geoscientist for over ten years and has 
worked across a variety of disciplines including petrophysics 
and wellsite operations, seismic interpretation, play fairway 
analysis, prospect generation and evaluation in Australasia, 
Africa, Europe and the Middle East. 
He began his career working in development, exploration 
and operations teams for Santos Ltd, moving onto Gaffney, 
Cline and Associates where he led detailed field reviews, 
CPRs and Reserve audits for independents, majors and 
NOCs. In 2009 he joined AWE Ltd as Senior Geoscientist 
where he assessed new venture projects including 
exploration, pre-developments and corporate acquisitions, 
led a successful licence round and was a member of their 
peer review team.
10 Y ears experience
ian tH o Mas 
Senior Staff Geophysicist
Ian has a strong technical and commercial background with 
over 30 years of global experience as a geophysicist. His 
geological and geophysical skills have been applied across a 
diverse range of assets and he has identified, evaluated and 
successfully promoted business opportunities in Venezuela, 
Colombia, North Africa, Kazakhstan and the UK.
He started his career with Cities Service, subsequently 
working for RTZ, Elf and Ultramar, with key roles in the 
formation of successful farm-in groups, bidding rounds, 
focused interpretations and new venture analysis. In 1992 
he moved to Nimir where he built up their worldwide 
exploration and production portfolio and from there 
joined Silverstone Energy (now Bridge Energy) which 
made three commercial discoveries during his tenure.
30 Y ears experience
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 24 04
Discover our E&P team’s  
global expertise
sieg Frie D 
Bau Mgartner 
Namibia Senior Exploration Advisor
Siegfried holds a Masters degree in Geology from the 
Ludwig-Maximilians-Universität in Munich and a BSc 
Degree in Computer Science from the Control Data 
Institute in Munich. He has approximately 30 years of 
international experience in the oil and computer industry.
He is a member of the American Association of 
Petroleum Geologists (“AAPG”, active member), 
the Geological Society of Namibia (life member), the 
Petroleum User Group (“ESRI”) and the Scientific 
Society of Namibia. Prior to joining the Group, Siegfried 
also worked for NAMCOR.
30 Y ears experience
Martin ri CHarD s 
Engineering Manager
Martin has worked in the oil and gas industry for over 
30 years and has an in-depth experience of all aspects 
of subsurface management, reservoir engineering and 
petroleum economics. He has worked as both a Chief 
and Senior Reservoir Engineer for a variety of companies, 
including Petro-Canada, Suez Oil Company, Deminex 
and Mobil.
He has particular expertise in operational and functional 
reservoir management, leading multi-disciplinary 
reservoir studies, asset management and reserves 
reporting. Martin has had numerous exploration and 
drilling successes to date.
30 Y ears experience
ro Bert 
MWANAChILENGA 
Namibia Country Manager and 
Senior Staff Drilling Engineer
Robert has been in the oil and gas industry for 20 years, 
with experience in a variety of international roles. Prior 
to joining Chariot, Robert worked for the National 
Petroleum Corporation of Namibia (“NAMCOR”) as 
Acting Managing Director, having also held roles within 
the Company as Engineering Manager and Development 
Engineer. 
He started his career as Field Engineer with DST in 
Lingen, Germany. He subsequently worked for Global 
Marine and later Petrobras before joining NAMCOR.
Robert is a member of the Society of Petroleum Engineers, 
the Association for the Advancement of Cost Engineers 
International and the Engineering Council of Namibia.
20 Y ears experience
alex g reen 
Commercial Manager
Alex has over 20 years experience in the business 
development, commercial and financial aspects of the 
upstream oil and gas sector. Alex began his career as a 
Petroleum Economist for Clyde Petroleum where he 
was responsible for developing the company’s corporate 
model and running the evaluation of acquisition 
opportunities. He subsequently worked as a Corporate 
Planner for BG Plc. later moving to become Commercial 
Manager and then Group Economics Manager for 
Paladin Resources. At Paladin, Alex led successful joint 
venture negotiations, coordinated and negotiated oil 
and gas sales agreements for the group and ran the 
financial and commercial analysis within the company’s 
business development team. He also played a key role in 
developing internal and external financial models.
20 Y ears experience
25
Overview Business Review Corporate Governance Financial Statements
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 Corporate  
Governan Ce
Dire Ctors’  
r emunera tion r eport
remuneration Committee
The Group’s Remuneration Committee comprises of George Canjar (Chairman), Adonis Pouroulis, Robert Sinclair and Philip Loader.
The purpose of the Remuneration Committee is to:
  make recommendations to the Board on an overall remuneration policy for Executive Directors and other senior executives in order 
to retain, attract and motivate high quality executives capable of achieving the Group’s objectives; and
  demonstrate to shareholders that the remuneration of the Executive Directors of the Group is set by a committee whose members 
have no personal interest in the outcome of their decision, and who will have due regard to the interests of the shareholders.
Procedures for developing policy and fixing remuneration
The Board fixes executive remuneration and ensures that no Director is involved in deciding his or her own remuneration. 
The Committee is authorised to obtain outside professional advice and expertise.
The Remuneration Committee is authorised by the Board to investigate any matter within its terms of reference and it is authorised 
to seek any information that it requires from any employee.
Details of the remuneration policy
The fees to be paid to the Directors are recommended by the Remuneration Committee and are subject to approval by the full Board.
Directors’ service agreements
Service agreements for Directors are terminable by either party on notice periods varying between six and 12 months.
Directors’ remuneration
The following remuneration comprising Directors’ fees and benefits in kind that were payable to Directors during the year:
Fees/basic salary
US$’000
Performance 
cash bonus
US$’000
Benefits in kind
1
US$’000
Pension contribution 
US$’000
Payments 
in lieu of  
notice/compromise 
payment
US$’000
Year ended 
31 December 2012 
Total 
US$’000
Ten months ended 
31 December 2011
Total
US$’000
P Loader 73 – – – – 73 61
L Bottomley 173 – – – – 173 26
M Reid
2
14 – – 1 – 15 –
A Pouroulis 122 – – – – 122 77
G Canjar 81 – – – – 81 67
R Sinclair 73 – – – – 73 61
H Ndume 156 – – – – 156 130
P Welch
3
585 293 27 – 589 1,494 791
J Burgess
3
243 – 3 13 257 516 213
total 1,520 293 30 14 846 2,703 1,426
(1) Comprises private health insurance. 
(2) M Reid was appointed as a Director on 19 December 2012. Amounts included above are in respect of services for the period 19-31 December 2012.
(3) P Welch and J Burgess resigned on 19 December 2012.
26
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 Directors’ interests in shares
The Directors who held office at the end of the year had the following interests in the issued share capital of the Group:
31 December 2012 31 December 2011
P Loader – –
L Bottomley
1
40,393 –
M Reid
2
– –
A Pouroulis
3
21,665,971 21,565,971
G Canjar – –
R Sinclair 200,000 200,000
H Ndume
4
20,107,426 20,107,426
total 42,013,790 41,873,397
(1) Includes 20,104 held by P Bottomley the spouse of L Bottomley.
(2)  Prior to being appointed as a Director, M Reid was granted 1,023,008 deferred share awards under the employee long term incentive plan (see note 20). These shares will vest in 
equal instalments over a three year period.
(3) 21,565,971 shares are held by Westward Investments Limited a company which is owned by a discretionary trust of which A Pouroulis is one of a number of beneficiaries.
(4) Shares are held by Protech Namibia (Pty) Limited of which H Ndume is the sole registered shareholder.
share options
The Group operates a share option scheme pursuant to which Directors and senior executives may be granted options to acquire 
ordinary shares in the Company at a fixed option exercise price. 
Further details of the share option scheme can be found in note 20.
Directors’ share options
The Directors who held office at the reporting date and who had interests in the share option scheme are:
Options held at 
31 December 2011
Options held at 
31 December 2012 Exercise price (p) Exercisable from Expiry date
P Loader 250,000 250,000 119.00 18/08/2012 18/08/2020
L Bottomley 250,000 250,000 125.00 01/09/2013 01/09/2021
A Pouroulis 100,000 100,000 130.00 13/05/2010 13/05/2018
G Canjar 250,000 250,000 115.00 01/06/2012 01/06/2020
R Sinclair 100,000 100,000 130.00 13/05/2010 13/05/2018
H Ndume 250,000 250,000 130.00 13/05/2010 13/05/2018
total 1,200,000 1,200,000
By order of the Board
George Canjar
Chairman of the Remuneration Committee
19 March 2013
27
Overview Business Review Corporate Governance Financial Statements
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 Corporate  
Governan Ce
the uK Corporate Governance Code
Chariot Oil & Gas Limited’s shares are traded on AIM and as such, Chariot is not subject to the requirements of the UK Corporate 
Governance Code, nor is it required to disclose its specific policies in relation to corporate governance. The Directors, however, support 
high standards of corporate governance and, so far as is practicable, will progressively adopt best practices in line with the UK Corporate 
Governance Code. 
To this end, in January 2013 the Board of Directors revised the composition of the Committees below and established a Corporate 
Governance Committee comprised of George Canjar (Chairman) and Philip Loader and appointed George Canjar to the position of 
Senior Independent Non-Executive Director. The Corporate Governance Committee will provide oversight on all material corporate 
governance issues affecting the Group and will make recommendations to the Board. 
Workings of the Board and its Committees
the Board of Directors
The Board meets frequently to consider all aspects of the Group’s activities. A formal schedule of matters reserved for the Board has 
been issued and approved and includes overall strategy and approval of major capital expenditure. 
The Board consists of the Chairman, the Chief Executive Officer, Chief Financial Officer and Non-Executive Directors. All Directors 
have access to the advice and services of the Company Secretary and the Group’s professional advisers. Philip Loader and George 
Canjar are independent Non-Executive Directors.
remuneration Committee
The Remuneration Committee comprises George Canjar (Chairman), Adonis Pouroulis, Robert Sinclair and Philip Loader. Its terms 
of reference are discussed in the Directors’ Remuneration Report. The Remuneration Committee met twice during the year ended 
31 December 2012.
audit Committee
The Audit Committee comprises Robert Sinclair (Chairman), George Canjar and Philip Loader. It meets at least twice each year and at 
any other time when it is appropriate to consider and discuss audit and accounting related issues. The Audit Committee is responsible 
for monitoring the quality of any internal controls and for ensuring that the financial performance of the Group is properly monitored, 
controlled and reported on. It also meets the Group’s external auditors and reviews reports from the external auditors relating to 
accounts and any internal control systems. The Audit Committee met three times during the year ended 31 December 2012. 
nomination Committee
The Nomination Committee comprises Philip Loader (Chairman), George Canjar and Robert Sinclair. The Committee is responsible for 
reviewing the structure, size and composition of the Board, preparing a description of the role and capabilities required for a particular 
appointment and identifying and nominating candidates to fill Board positions, as and when they arise. The Nomination Committee met 
twice during the year ended 31 December 2012.
relations with shareholders
Communication with shareholders is given a high priority by the Board of Directors which takes responsibility for ensuring that 
a satisfactory dialogue takes place. Directors plan to meet with the Company’s institutional shareholders following the announcement 
of interim and final results and at other appropriate times. The Directors are also in regular contact with stockbrokers’ analysts. 
The Company has developed a website containing investor information to improve communication with individual investors and other 
interested parties.
internal control
The Directors acknowledge their responsibility for the Group’s system of internal controls and for reviewing its effectiveness. The system 
of internal control is designed to safeguard the Group’s assets and interests and to help ensure accurate reporting and compliance with 
applicable laws and regulation. Despite the inherent limitations in any system of internal control the Board considers that the Group’s 
existing systems operated effectively throughout the year. 
Corpora te Governan Ce st a tement
28
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 r eport of the Dire Ctors
The Directors present their report together with the audited financial statements for the year ended 31 December 2012.
results and dividends
The results for the year are set out on page 33.
The Directors do not recommend payment of a final dividend (31 December 2011: US$Nil).
principal activity
The principal activity of the Group is oil and gas exploration.
Going concern
The Directors consider that the Group has adequate financial resources to enable it to continue in operation for the foreseeable future. 
For this reason they continue to adopt the going concern basis in preparing the financial statements.
Business review and principal risks and uncertainties
A full review of the Group’s activities during the year, recent events, and expected future developments is contained within the 
Chairman’s Statement. These pages also form part of this Directors’ Report.
The Group is subject to various risks including those which derive from the nature of its oil and gas exploration activities. The following 
list sets out the Group’s principal risks and uncertainties and also provides details as to how these are managed.
Funding and financing risk
The nature of the Group’s business of exploring in deep offshore regions means that there are significant costs associated with seismic 
and drilling campaigns. The Group manages this risk in a number of ways. Firstly the Group closely monitors its cash position and each 
month produces updated cash flow forecasts to help it determine whether it has sufficient financial resources to fund its short and 
medium term operations. The Group also ensures that it always has adequate levels of cash on deposit with varying terms of maturity 
to match with when significant items of expenditure become due. In addition the Group is continually seeking to reduce its exposure to 
large expensive projects by engaging with farm-in partners with a view to reducing its equity stakes in the licences in which it operates. 
To date, the Group has been successful in both managing its cash position and bringing large well-funded partners into its licences.
Exploration risk
There is no assurance that the Group’s exploration activities will be successful. Recognising this, the Group continually seeks to manage this risk 
by managing its funding and financing risk as described above and in particular by bringing farm-in partners who have demonstrable technical 
skills and experience in similar projects worldwide. The Group has so far been successful with this strategy by introducing to its licences strong 
industry partners such as BP, Petrobras and PGS. Furthermore, the Group seeks to employ individuals with strong technical skills and 
experience in the areas in which it operates. This is evidenced by the fact that a number of the Group’s Board and Senior Technical team have 
previously worked both offshore and onshore in Namibia and throughout West and North Africa.
operating risk
The nature of oil and gas operations means that the Group is exposed to risks as a result of equipment failure, well blowouts, fire, 
pollution and bad weather. In order to mitigate these risks the Group ensures that it adopts best in class industry operating and safety 
standards, it has sufficient levels of relevant insurance cover and it only works with fellow operators and world-class contractors who can 
demonstrate similar high standards of safety, operating and financial capability. 
environmental risk
The Group is extremely conscious of the environmental risks that are inherent in the oil and gas industry and in particular those that 
exist as a result of operating offshore. Given this, the Group works closely with the relevant ministries to ensure that all relevant 
Environmental Impact Studies are undertaken in advance of any proposed seismic or other offshore operations that are undertaken and 
that best in class industry environmental standards and practices are adopted by the Group in all of its operations. Furthermore, during 
seismic acquisition programmes the Group routinely deploys marine mammal observers on vessels who are empowered to stop 
or modify the seismic programme if they deem necessary. Whilst the Group can never fully mitigate against the cost and implications 
of future changes in environmental legislation and regulation, its strong working relationship with the governments in the countries that 
it operates places it in a strong position to be able to work through any potential significant changes that could arise in the future.
29
Overview Business Review Corporate Governance Financial Statements
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 Corporate  
Governan Ce
Key performance indicators
The Group has certain Key Performance Indicators (“KPIs”) which seek to align its performance with the interests of its key 
stakeholders. These KPIs cover share price performance versus peers, management of cash resources and working capital, efficient 
growth of resource base, conversion of resources to reserves, capital expenditure versus budget and maintaining high HSE standards.
financial instruments 
Details of the use of financial instruments by the Group are contained in note 19 to the financial statements.
Directors
The Directors of the Company during the year were:
Philip Loader (Non-Executive Chairman)
Larry Bottomley (Chief Executive Officer)
Mark Reid (Chief Financial Officer) Appointed 19 December 2012
Adonis Pouroulis (Non-Executive Director)
George Canjar (Senior Non-Executive Director)
Robert Sinclair (Non-Executive Director)
Heindrich Ndume (Non-Executive Director)
Paul Welch (Chief Executive Officer) Resigned 19 December 2012
James Burgess (Executive Director) Resigned 19 December 2012 
Details of Directors’ interests in shares and share options are disclosed in the Directors’ Remuneration Report.
Directors’ responsibilities
The Directors are responsible for preparing the Directors’ Report and the financial statements for the Group in accordance with 
applicable Guernsey law and regulations.
Guernsey legislation requires the Directors to prepare financial statements for each financial year which give a true and fair view of the 
state of affairs of the Group and of the profit or loss of the Group for that year.
International Accounting Standard 1 requires that the financial statements present fairly for each financial year the Group’s financial 
position, financial performance and cash flows. This requires the faithful representation of the effects of transactions, other events 
and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the 
International Accounting Standards Board’s “Framework for the preparation and presentation of financial statements”. In virtually all 
circumstances, a fair presentation will be achieved by compliance with all applicable IFRSs. A fair presentation also requires the 
Directors to:
  consistently select and apply appropriate accounting policies;
  present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable 
information;
  provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable users to understand the 
impact of particular transactions, other events and conditions on the entity’s financial position and financial performance; and
  prepare the financial statements on a going concern basis unless, having assessed the ability of the Group to continue as a going 
concern, management either intends to liquidate the entity or to cease trading, or have no realistic alternative to do so.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial 
position of the Group and to enable them to ensure that the financial statements comply with The Companies (Guernsey) Law, 2008. 
They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and 
detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group’s 
website. Legislation in Guernsey governing the preparation and dissemination of financial statements may differ from legislation in other 
jurisdictions. 
r eport of the Dire Ctors
(Continue D)
30
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 auditors
All of the current Directors have taken all the steps they ought to have taken to make themselves aware of any information needed by 
the Company’s auditors for the purposes of their audit and to establish that the auditors are aware of that information. The Directors 
are not aware of any relevant audit information of which the auditors are unaware.
BDO LLP have expressed their willingness to continue in office and a resolution to re-appoint them as auditors will be proposed at the 
next general meeting.
By order of the Board
r obert sinclair
Director
19 March 2013
31
Overview Business Review Corporate Governance Financial Statements
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 FINANCIAL 
STATEMENTS
We have audited the financial statements of Chariot Oil & Gas Limited for the year ended 31 December 2012 which comprise the 
consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of 
financial position, the consolidated statement of cash flows and the related notes. The financial reporting framework that has been 
applied in their preparation is in accordance with applicable law and International Financial Reporting Standards (IFRS) as adopted by 
European Union.
This report is made solely to the Company’s members, as a body, in accordance with Section 262 of the Companies (Guernsey) Law, 
2008. Our audit work is undertaken so that we might state to the Company’s members those matters we are required to state to them 
in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to 
anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have 
formed.
respective responsibilities of the directors and auditor 
As explained more fully in the Directors’ Responsibilities Statement within the Directors’ Report, the Directors are responsible for the 
preparation of the financial statements and for being satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International 
Standards on Auditing. Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements 
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable 
assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an 
assessment of: whether the accounting policies are appropriate to the Company’s circumstances and have been consistently applied and 
adequately disclosed; the reasonableness of significant accounting estimates made by the Directors; and the overall presentation of the 
financial statements. In addition, we read all the financial and non financial information in the Chairman’s Statement, Chief Executive’s 
Review, Review of Operations and the Report of Directors to identify material inconsistencies with the audited financial statements. If 
we become aware of any apparent misstatements or inconsistencies we consider the implications for our report.
Opinion on the financial statements 
In our opinion the financial statements:
  give a true and fair view of the state of the Group’s affairs as at 31 December 2012 and of its loss for the year then ended;
  have been properly prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European 
Union; and
  have been properly prepared in accordance with the requirements of the Companies (Guernsey) Law, 2008.
Matters on which we are required to report by exception 
We have nothing to report in respect of the following matters where the Companies (Guernsey) Law, 2008 requires us to report to you 
if, in our opinion:
  proper accounting records have not been kept by the Company; or
  the financial statements are not in agreement with the accounting records; or
  we have failed to obtain all the information and explanations, which, to the best of our knowledge and belief, are necessary for the 
purposes of our audit.
BDO LLP 
55 Baker Street
London
W1U 7EU
19 March 2013
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127)
in Depen Dent a u Ditors’ r eport
to the m emBers of Chariot o il & Gas limite D
32
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 Consoli Date D st atement  
of Comprehensive i n Come
for the Year e n DeD 31 DeCemBer 2012
Notes
Year ended 
31 December 2012
US$000
Ten months ended 
31 December 2011
US$000
Share based payments 20 (1,793) (2,382)
Impairment of exploration asset 11 (80,853) –
Other administrative expenses (7,476) (5,554)
Total operating expenses (90,122) (7,936)
loss from operations 4 (90,122) (7,936)
Finance income 7 1,561 886
Finance expense 7 – (2,109)
Loss for the period before taxation (88,561) (9,159)
Tax expense 9 – –
l oss for the period and total comprehensive loss for the period 
attributable to equity owners of the parent
(88,561) (9,159)
l oss per ordinary share attributable to the equity holders of the 
parent – basic and diluted
10 us $(0.45) us $(0.05)
All amounts relate to continuing activities.
The notes on pages 37 to 47 form part of these financial statements.
Overview Business Review Corporate Governance Financial Statements
33
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 FINANCIAL 
STATEMENTS
Consoli Date D sta tement  
of C han Ges in equit Y
for the Year e n DeD 31 DeCemBer 2012
Share capital
US$000
Share premium
US$000
Contributed 
equity
US$000
Share based 
payment 
reserve
US$000
Foreign 
exchange 
reserve
US$000
Retained 
deficit
US$000
Total 
attributable to 
equity holders 
of the parent
US$000
a s at 1 march 2011 2,857 135,360 796 3,278 (1,241) (38,345) 102,705
Total comprehensive loss for the period – – – – – (9,159) (9,159)
Issue of capital 595 146,410 – – – – 147,005
Issue costs – (6,262) – – – – (6,262)
Share based payments – – – 2,382 – – 2,382
Transfer of reserves due to issue of LTIPS 5 377 – (382) – – –
Transfer of reserves due to exercised options – – – (889) – 889 –
a s at 31 December 2011 3,457 275,885 796 4,389 (1,241) (46,615) 236,671
Total comprehensive loss for the year – – – – – (88,561) (88,561)
Issue of capital 287 48,450 – – – – 48,737
Issue costs – (1,994) – – – – (1,994)
Share based payments – – – 1,793 – – 1,793
Transfer of reserves due to issue of LTIPS 14 1,327 – (1,341) – – –
a s at 31 December 2012 3,758 323,668 796 4,841 (1,241) (135,176) 196,646
The following describes the nature and purpose of each reserve within owners’ equity.
Share capital  Amount subscribed for share capital at nominal value.
Share premium  Amount subscribed for share capital in excess of nominal value.
Contribution equity  Amount representing equity contributed by the shareholders.
Share based payments reserve  Amount representing the cumulative charge recognised under IFRS2 in respect of share options and 
LTIP schemes.
Retained deficit  Cumulative net gains and losses recognised in the financial statements.
Foreign exchange Reserve   Foreign exchange differences arising on translating into the reporting currency.
The notes on pages 37 to 47 form part of these financial statements.
34
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 Notes
31 December 2012
US$000
31 December 2011
US$000
n on-current assets
Exploration and appraisal costs 11 136,639 88,889
Property, plant and equipment 12 882 221
t otal non-current assets 137,521 89,110
Current assets
Trade and other receivables 13 2,922 20,465
Inventory 14 7,153 4,678
Cash and cash equivalents 15 68,257 128,990
t otal current assets 78,332 154,133
total assets 215,853 243,243
Current liabilities
Trade and other payables 16 19,207 6,572
t otal current liabilities 19,207 6,572
t otal liabilities 19,207 6,572
net assets 196,646 236,671
Capital and reserves attributable to equity holders of the parent
Share capital 17 3,758 3,457
Share premium 323,668 275,885
Contributed equity 796 796
Share based payment reserve 4,841 4,389
Foreign exchange reserve (1,241) (1,241)
Retained deficit (135,176) (46,615)
t otal equity 196,646 236,671
The notes on pages 37 to 47 form part of these financial statements.
The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2013.
philip l oader
Chairman
Consoli Date D st atement  
of f inan Cial p osition
as a t 31 De CemBer 2012
Overview Business Review Corporate Governance Financial Statements
35
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 FINANCIAL 
STATEMENTS
Year ended 
31 December 2012
US$000
Ten months ended 
31 December 2011
US$000
o perating activities
Loss for the period before taxation (88,561) (9,159)
Adjustments for:
Finance income (1,561) (886)
Finance expense – 2,109
Depreciation 187 171
Gain on sale of property, plant and equipment – (5)
Share based payments 1,793 2,382
Impairment of exploration asset 80,853 –
Net cash outflow from operating activities before changes in working capital (7,289) (5,388)
Increase in trade and other receivables (1,614) (720)
Increase in trade and other payables 1,625 347
Increase in inventories (2,475) (4,678)
Net cash outflow from operating activities (9,753) (10,439)
investing activities
Finance income 885 886
Payments in respect of property, plant and equipment (848) (19)
Farm-in proceeds 33,379 –
Payments in respect of intangible assets (131,815) (9,324)
Proceeds from disposal of property, plant and equipment – 30
Net cash outflow used in investing activities (98,399) (8,427)
f inancing activities
Issue of ordinary share capital 48,737 147,005
Issue costs (1,994) (6,262)
Net cash inflow from financing activities 46,743 140,743
n et (decrease) / increase in cash and cash equivalents in the period (61,409) 121,877
Cash and cash equivalents at start of the period 128,990 9,222
Effect of foreign exchange rate changes on cash and cash equivalent 676 (2,109)
Cash and cash equivalents at end of the period 68,257 128,990
The notes on pages 37 to 47 form part of these financial statements.
Consoli Da te D Cash f lo W st a tement
for the Year e n DeD 31 DeCemBer 2012
36
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 1 General information
Chariot Oil & Gas Limited is a company incorporated and domiciled in Guernsey with registration number 47532. The address of the 
registered office is PO Box 282, Regency Court, Glategny Esplanade, St Peter Port, Guernsey, GY1 3RH. The Group’s administrative and 
head office is in Guernsey. The nature of the Company’s operations and its principal activities are set out in the Director’s Report and in 
the Review of Operations.
2 accounting policies
Basis of preparation
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC 
interpretations, as issued by the International Accounting Standards Board (IASB), as adopted by the European Union. 
In accordance with the provisions of section 244 of the Companies (Guernsey) Law, 2008, the Group has chosen to only report the 
Group’s consolidated position hence separate Company only financial statements are not presented.
The financial statements are prepared under the historical cost accounting convention on a going concern basis.
In the comparative period the Group changed its financial year end for administration purposes from 28 February to 31 December giving 
rise to a 10 month period. As a result financial information for the income statement and cash flow movements are not directly 
comparable.
Going concern 
The Directors are of the opinion that the Group has adequate financial resources to enable it to undertake its planned programme 
of exploration and appraisal activities over the forthcoming twelve months. 
new accounting standards
The Group has adopted the following amendment which is effective for the first time this year. The adoption of this amendment has had 
no material effect on the Group’s accounting policies.
international a ccounting standards (ias /ifrs ) effective period commencing on or after
IAS 12 Amendment – Recovery of Underlying Assets 1 January 2012
Certain new standards, amendments to standards and interpretations to existing standards have been published that are mandatory for 
the Group’s accounting periods beginning after 1 January 2013 or later periods to which the Group has decided not to adopt early when 
early adoption is available. The implementation of these standards and amendments is expected to have no material effect on the 
Group’s accounting policies. These are:
international a ccounting standards (ias /ifrs ) effective period commencing on or after
IFRS 7 Amendment – Transfer of Financial Asset 1 July 2012
IFRS 1 Amendment – Severe hyperinflation and removal of fixed dates 1 July 2012
IAS 1 Amendment – Presentation of Items of Other Comprehensive Income 1 July 2012
IFRS 10 – Consolidated Financial Statements 1 January 2013
IFRS 11 – Joint Arrangements 1 January 2013
IFRS 12 – Disclosure of Interests in Other Entities 1 January 2013
IFRS 13 – Fair Value Measurement 1 January 2013
IAS 27 – Separate Financial Statements 1 January 2013
IAS 28 – Investments in Associates and Joint Ventures 1 January 2013
IAS 19 – Employee Benefits 1 January 2013
IFRS 7 Amendment – Disclosures – Offsetting Financial Assets and Financial Liabilities 1 January 2013
IFRS 1
*
 Amendment – Government Loans 1 January 2013
Improvements to IFRS (2009-2011 Cycle) 1 January 2013
IFRS 10, 11 and 12
*
 Amendments – Transition Guidance 1 January 2013
IFRIC 20 – Interpretation – Stripping Costs in the Production Phase of a Surface Mine 1 January 2013
IAS 32 Amendment – Offsetting Financial Assets and Financial Liabilities 1 January 2014
IFRS 10,12 and IAS 27
*
 Amendments – Investment Entities 1 January 2014
IFRS 9
*
 – Financial Instruments 1 January 2015
* Not yet endorsed by the European Union
n otes formin G part of  
the finan Cial st a tements
for the Y ear en DeD 31 DeCemBer 2012
Overview Business Review Corporate Governance Financial Statements
37
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 FINANCIAL 
STATEMENTS
Exploration and appraisal costs
All expenditure relating to the acquisition, exploration, appraisal and development of oil and gas interests, including an appropriate share 
of directly attributable overheads, is capitalised within cost pools. 
The Board regularly reviews the carrying values of each cost pool and writes down capitalised expenditure to levels it considers to be 
recoverable. Costs pools are determined on the basis of geological principles. The Group currently has five cost pools being Northern, 
Central and Southern Blocks in Namibia, Mauritania and Morocco. In addition where exploration wells have been drilled, consideration 
of the drilling results is made for the purposes of impairment of the specific well costs. If the results sufficiently enhance the 
understanding of the reservoir and its characteristics it may be carried forward when there is an intention to continue exploration and 
drill further wells on that target.
Where farm-in transactions occur which include elements of cash consideration, for amongst other things the re-imbursement of past 
costs, this cash consideration should be credited to the relevant accounts within the cost pools where the farm in assets were located. 
Any amounts of farm in cash consideration in excess of the value of the historic costs in the cost pools should be treated as a credit to 
the Statement of Comprehensive Income.
inventories
The Group’s share of any material and equipment inventories is accounted for at the lower of cost and net realisable value. The cost of 
inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present 
location and condition.
T axation
Income tax expense represents the sum of the current tax and deferred tax charge for the period.
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the 
corresponding tax bases, and is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all 
taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be 
available against which deductible temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable 
that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that have been enacted or substantially enacted and are expected to apply in the year when 
the liability is settled or the asset realised. Deferred tax is charged or credited to the income statement, except when it relates to items 
charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax 
liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax 
assets and liabilities on a net basis.
f oreign currencies
Transactions in foreign currencies are translated into US Dollars at the exchange rate ruling at the date of the transaction. Monetary 
assets and liabilities denominated in foreign currencies are translated into US Dollars at the closing rates at the reporting date and the 
exchange differences are included in the statement of comprehensive income. The functional and presentational currency of the parent 
and all group companies is the US Dollar.
property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or fair value on acquisition less depreciation and impairment. Depreciation is provided 
on a straight line basis at rates calculated to write off the cost less the estimated residual value of each asset over its expected useful 
economic life. The residual value is the estimated amount that would currently be obtained from disposal of the asset if the asset were 
already of the age and in the condition expected at the end of its useful life. 
Property, plant and equipment are depreciated using the straight line method over their estimated useful lives over a  
range of two and a half to five years.
The carrying value of property, plant and equipment is assessed annually and any impairment charge is charged to the statement of 
comprehensive income.
operating leases
Rent paid on operating leases is charged to the statement of comprehensive income statement on a straight line basis over the term of 
the lease.
38
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 share based payments
Where equity settled share options are awarded to employees or Directors, the fair value of the options at the date of grant is charged 
to the income statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of 
equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting 
period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options 
granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are 
satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured 
immediately before and after the modification, is also charged to the consolidated income statement over the remaining vesting period.
Where shares already in existence have been given to employees by shareholders, the fair value of the shares transferred is charged to 
the consolidated statement of comprehensive income and recognised in reserves as Contribution Equity.
Basis of consolidation
Where the Company has the power, either directly or indirectly, to govern the financial and operating policies of another entity or 
business so as to obtain benefits from its activities, it is classified as a subsidiary. The consolidated financial statements present the results 
of the Company and its subsidiaries (“the Group”) as if they formed a single entity. Intercompany transactions and balances between the 
group companies are therefore eliminated in full.
financial instruments
The Group’s financial assets consist of a bank current account or short term deposits at variable interest rates and other receivables. Any 
interest earned is accrued and classified as finance income. Trade and other receivables are stated initially at fair value and subsequently 
at amortised cost.
The Group’s financial liabilities consist of trade and other payables. The trade and other payables are stated initially at fair value and 
subsequently at amortised cost. 
Jointly controlled operations
Jointly controlled operations are those in which the Group has certain contractual agreements with other participants to engage in joint 
activities that do not create an entity carrying on a trade or business on its own. The Group includes its share of assets, liabilities, and 
cash flows in joint arrangements, measured in accordance with the terms of each arrangement, which is usually pro rata to the Group’s 
interest in the jointly controlled operations. The Group conducts its exploration, development and production activities jointly with 
other companies in this way.
Critical accounting estimates and judgements 
The Group makes estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on 
historical experiences and other factors, including expectations of future events that are believed to be reasonable under the 
circumstances. In the future, actual experience may deviate from these estimates and assumptions. If these estimates and assumptions 
are significantly over or under stated, this could cause a material adjustment to the carrying amounts of assets and liabilities within the 
next financial year. The areas where this could impact the Group are:
i. recoverability of intangible assets
   Expenditure is capitalised as intangible assets by reference to appropriate cost pools, and is assessed for impairment when 
circumstances suggest that the carrying amount may exceed its recoverable value. This assessment involves judgement as to: (i) the 
likely future commerciality of the asset and when such commerciality should be determined; (ii) future revenues and costs pertaining 
to any asset based on proved plus probable, prospective and contingent resources; and (iii) the discount rate to be applied to such 
revenues and costs for the purpose of deriving a recoverable value.
ii. treatment of farm-in transactions
   All farm-in transactions are reflected in these financial statements in line with the accounting policy on Exploration and Appraisal 
Costs. Farm-in transactions are recognised in the financial statements if they are legally complete during the period under review or, 
if all key commercial terms are agreed and legal completion is only subject to administrative approvals which are obtained within the 
post balance sheet period or are expected to be obtained within a reasonable timeframe thereafter.
iii. share based payments
   In order to calculate the charge for share-based compensation as required by IFRS 2, the Group makes estimates principally relating 
to the assumptions used in its option-pricing model as set out in note 20.
Overview Business Review Corporate Governance Financial Statements
39
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 FINANCIAL 
STATEMENTS
3 segmental analysis 
The Group has two reportable segments being exploration of oil and gas and head office costs. The operating results of each of these 
segments are regularly reviewed by the Board of Directors in order to make decisions about the allocation of resources and assess 
their performance.
31 December 2012
Exploration of
Oil and Gas
US$000
Head Office
US$000
Total
US$000
Share based payment – (1,793) (1,793)
Administrative expenses (539) (6,937) (7,476)
Impairment of exploration asset (80,853) – (80,853)
Finance income – 1,561 1,561
Loss after taxation (81,392) (7,169) (88,561)
Additions to non-current assets 128,603 848 129,451
Total assets 146,224 69,629 215,853
Total liabilities (16,701) (2,506) (19,207)
Net assets 129,523 67,123 196,646
31 December 2011 
Exploration of
Oil and Gas
US$000
Head Office
US$000
Total
US$000
Share based payment – (2,382) (2,382)
Administrative expenses (777) (4,777) (5,554)
Net finance expense – (1,223) (1,223)
Loss after taxation (777) (8,382) (9,159)
Additions to non-current assets 15,376 19 15,395
Total assets 113,449 129,794 243,243
Total liabilities (5,105) (1,467) (6,572)
Net assets 108,344 128,327 236,671
4 loss from operations
31 December 2012
US$’000
31 December 2011
US$’000
Loss from operations is stated after charging:
Impairment of exploration asset 80,853 –
Operating lease – office rental 307 211
Depreciation 187 171
Share based payments – share option scheme 337 755
Share based payments – long term incentive scheme 1,456 1,627
Auditors’ remuneration:
Fees payable to the Company’s auditors for the audit of the Company’s annual accounts 69 69
Audit of the Company’s subsidiaries pursuant to legislation 17 17
Fees payable to the Company’s auditors for the review of the Company’s interim accounts 11 –
t otal payable 97 86
5 leases commitments
31 December 2012
US$’000
31 December 2011
US$’000
Not later than one year 298 236
Later than one year and not later than five years 1,754 –
total 2,052 236
The leases are operating leases in relation to the offices in the UK, Namibia and Mauritania.
40
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 6 employment costs
employees
31 December 2012
US$’000
31 December 2011
US$’000
Wages and salaries 2,924 2,559
Pension costs 167 107
Share based payments 1,463 1,756
sub-total 4,554 4,422
Capitalised to exploration costs (1,216) (1,093)
total 3,338 3,329
Key management personnel
31 December 2012
US$’000
31 December 2011
US$’000
Wages and salaries 1,843 1,416
Pension costs 14 10
Payments in lieu of notice / Compromise payment 846 –
Share based payments 330 626
sub-total 3,033 2,052
Capitalised to exploration costs (517) (626)
total 2,516 1,426
The Directors are the key management personnel of the Group. Details of the Directors’ emoluments and interest in shares are shown 
in the Directors’ Remuneration Report.
7 Finance income and expense
finance income
31 December 2012
US$’000
31 December 2011
US$’000
Bank interest receivable 885 886
Foreign exchange gain 676 –
total 1,561 886
Finance expense
31 December 2012
US$’000
31 December 2011
US$’000
Foreign exchange loss – 2,109
total – 2,109
8 investments 
The Company’s wholly owned subsidiary undertakings at 31 December 2012 and 31 December 2011, excluding dormant entities, were:
Subsidiary undertaking Principal activity Country of incorporation
Chariot Oil & Gas Investments (Namibia) Limited Holding company Guernsey
Chariot Oil & Gas Investments (Mauritania) Limited
1
Oil and gas exploration Guernsey
Chariot Oil & Gas Investments (Morocco) Limited
1
Oil and gas exploration Guernsey
Chariot Oil & Gas Statistics Limited Service company UK
Enigma Oil & Gas Exploration (Proprietary) Limited
2
Oil and gas exploration Namibia
1
Incorporated in the year ended 31 December 2012.
2
Indirect shareholding of the Company.
Overview Business Review Corporate Governance Financial Statements
41
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 FINANCIAL 
STATEMENTS
9 T axation
The Company is tax resident in Guernsey, where corporate profits are taxed at zero per cent.
No taxation charge arises in Namibia or Mauritania as the relevant subsidiaries have recorded taxable losses for the year.
Factors affecting the tax charge for the current year
The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in Guernsey applied 
to losses for the year are as follows:
31 December 2012
US$’000
31 December 2011
US$’000
Tax reconciliation
Loss on ordinary activities for the year before tax (88,561) (9,159)
Loss on ordinary activities at the standard rate of corporation tax in  
Guernsey of 0% (31 December 2011: 0%)
– –
Difference in tax rates in local jurisdictions at the applicable tax rate  
of 35% (31 December 2011: 35%)
(162) (230)
Deferred tax effect not recognised 162 230
Total taxation charge – –
The Company had tax losses carried forward on which no deferred tax asset is recognised. Deferred tax not recognised in respect of 
losses carried forward in Namibia total US$1,957,003 (31 December 2011: US$1,563,387). Deferred tax assets were not recognised as 
there is uncertainty regarding the timing of future profits against which these assets could be utilised.
10 loss per share
The calculation of basic loss per ordinary share is based on a loss of US$88,561,000 (31 December 2011: loss of US$9,159,000) and on 
196,527,961 ordinary shares (31 December 2011: 177,122,359), being the weighted average number of ordinary shares in issue during the 
year. Potentially dilutive options are detailed in note 20, however these do not have any dilutive impact as the Group reported a loss for 
the year consequently a separate diluted loss per share has not been presented. 
11 Exploration and appraisal costs
31 December 2012
US$’000
31 December 2011
US$’000
Balance brought forward 88,889 92,661
Additions 128,603 15,376
Farm-in proceeds – (19,148)
Impairment (80,853) –
n et book value 136,639 88,889
As at 31 December 2012 the net book values of the five cost pools are Northern Block offshore Namibia US$33.3m 
(31 December 2011: US$29.4m), Central Block offshore Namibia US$40.8m (31 December 2011: US$27.8m), Southern Block offshore 
Namibia US$42.0m (31 December 2011: US$31.7m), Mauritania US$20.3m (31 December 2011: US$nil) and Morocco US$0.2m 
(31 December 2011: US$nil).
The impairment is in respect of drilling the Tapir South Well in the Northern Block offshore Namibia.
42
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 12 property, plant and equipment
Fixtures, fittings and 
equipment 
31 December 2012
US$’000
Fixtures, fittings
and equipment
31 December 2011
US$’000
Cost
Brought forward 737 805
Additions 848 19
Disposals – (87)
Carried forward 1,585 737
Depreciation
Brought forward 516 406
Charge 187 171
Disposals – (61)
Carried forward 703 516
n et book value 882 221
13 trade and other receivables
31 December 2012
US$’000
31 December 2011
US$’000
o ther receivables and prepayments 2,922 20,465
US$nil (31 December 2011: US$19,148,000) of the other receivables and prepayments balance relates to back costs to be recovered 
from a farm-in partner.
14 inventory
31 December 2012
US$’000
31 December 2011
US$’000
Wellheads and casing 7,153 4,678
15 Cash and cash equivalents
31 December 2012
US$’000
31 December 2011
US$’000
a nalysis by currency
US Dollar 61,854 101,872
Sterling 6,274 27,072
Namibian Dollar 94 46
Mauritanian Ouguiya 35 –
68,257 128,990
At 31 December 2012 the US Dollar cash balance contains US$10.0m and US$1.0m of cash deposits that are secured against bank 
guarantees given in respect of work to be carried out respectively on the Mauritanian and Moroccan licences. In March 2013 US$7.5m of 
the cash secured against the bank guarantee in respect of the Mauritanian licence was approved to be released by the Mauritanian 
Energy Ministry.
Overview Business Review Corporate Governance Financial Statements
43
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 FINANCIAL 
STATEMENTS
16 trade and other payables
31 December 2012
US$’000
31 December 2011
US$’000
Trade payables 6,790 2,142
Accruals 12,417 4,430
19,207 6,572
17 share capital
Authorised
31 December 2012
Number
31 December 2012
US$’000
31 December 2011
Number
31 December 2011
US$’000
Ordinary shares of 1p each
*
400,000,000 7,980 400,000,000 7,980
Allotted, called up and fully paid
31 December 2012
Number
31 December 2012
US$’000
31 December 2011
Number
31 December 2011
US$’000
Ordinary shares of 1p each 200,641,135 3,758 181,649,221 3,457
*
The authorised and initially allotted and issued share capital on admission (19 May 2008) has been translated at the historic rate of US$:GBP of 1.995. The shares issued since 
admission have been translated at the date of issue, or in the case of the LTIP, the date of grant.
Details of the ordinary shares issued are in the table below:
Date Description Price US$ No of shares
28 f ebruary 2011 o pening Balance 144,833,578
7 March 2011 Issue of shares as part of LTIP 0.56 227,142
1 April 2011 Issue of capital at £2.50 4.08 35,958,376
3 June 2011 Issue of shares as part of LTIP 1.70 85,000
8 August 2011 Issue of shares as part of LTIP 1.95 10,000
1 September 2011 Exercise of options at £0.385 0.63 500,000
29 November 2011 Issue of shares as part of LTIP 2.92 35,125
31 December 2011 181,649,221
13 January 2012 Issue of shares as part of LTIP 0.42 187,333
6 February 2012 Issue of shares as part of LTIP 0.45 210,750
7 February 2012 Issue of shares as part of LTIP 4.38 126,450
9 March 2012 Issue of shares as part of LTIP 4.38 35,599
9 March 2012 Issue of shares as part of LTIP 0.57 209,406
20 March 2012 Issue of shares at £1.70 in Placing 2.69 18,110,400
15 June 2012 Issue of shares as part of LTIP 1.70 19,683
20 June 2012 Issue of shares as part of LTIP 1.70 52,488
19 July 2012 Issue of shares as part of LTIP 4.38 7,000
28 November 2012 Issue of shares as part of LTIP 2.92 32,805
31 December 2012 200,641,135
44
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 18 related party transactions 
  Key management personnel comprises the Directors and details of their remuneration are set out in note 6 and the Directors’ 
Remuneration Report.
  Westward Investments Limited is a company where Robert Sinclair is a Director and which is owned by a discretionary trust of which 
Adonis Pouroulis is one of a number of beneficiaries. During the year ended 31 December 2012 Westward received administrative 
services from an employee of Chariot for which Westward incurred fees payable to Chariot of US$15,083 (31 December 2011: 
US$10,088). The amount outstanding as at 31 December 2012 is US$2,559 (31 December 2011: US$983).
  Benzu Resources Limited, is a company where Adonis Pouroulis is a Director. During the year ended 31 December 2012 Benzu 
received administrative services from an employee of Chariot for which Benzu incurred fees payable to Chariot of US$15,352 
(31 December 2011: US$10,088). The amount outstanding as at 31 December 2012 is US$10,719 (31 December 2011: US$983).
  Pursuant to an agreement dated 1 October, 2007, Artemis Trustees Limited, a company where Robert Sinclair is a Director and 
ultimately a shareholder, was appointed by the Company to provide administration secretarial services. In the year ended 
31 December 2012 the Company incurred fees relating to these services totalling US$21,789 (31 December 2011: US$92,045). The 
amount outstanding as at 31 December 2012 is US$Nil (31 December 2011: US$15,816).
  Pella Ventures Limited, a company of which Robert Sinclair is a Director provided administrative services to Chariot. During the year 
ended 31 December 2012 the fees payable by the Company totalled US$Nil (31 December 2011 – US$159,965). The amount 
outstanding as at 31 December 2012 is US$Nil (31 December 2011: US$Nil).
  During the year ended 31 December 2012, Helios Oil and Gas Limited (“Helios”), a company where Adonis Pouroulis is a Director, 
paid Chariot US$4,759 (31 December 2011 – US$97,442) in relation to the reimbursement of costs incurred by Chariot on its behalf. 
In addition Chariot paid Helios US$143,525 (31 December 2011 – US$Nil) in relation to the reimbursement of costs incurred by 
Helios on its behalf. The amount outstanding from Helios as at 31 December 2012 is US$4,759 (31 December 2011: US$1,188).
19 financial instruments
The Board of Directors determine, as required, the degree to which it is appropriate to use financial instruments or other hedging 
contracts or techniques to mitigate risk. Throughout the year ending 31 December 2012 no trading in financial instruments was 
undertaken (31 December 2011 – Nil). There is no material difference between the book value and fair value of the Group cash 
balances, short term receivables and payables.
market risk
Market risk arises from the Group’s use of interest bearing and foreign currency financial instruments. It is the risk that future cash flows 
of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), and foreign exchange rates (currency risk). 
Throughout the year the Group has held surplus funds on deposit, principally with its main relationship bank Barclays, on fixed short to 
medium term deposits covering periods of one month to 12 months. The Group does not undertake any form of speculation on long 
term interest rates or currency movements, therefore it manages market risk by maintaining a short term investment horizon and placing 
funds on deposit to optimise short term yields where possible, but moreover to ensure that it always has sufficient cash resources to 
meet payables and other working capital requirements when necessary. As such market risk is not viewed as a significant risk to the 
Group. The Directors have not disclosed the impact of interest rate sensitivity analysis on the Group’s financial assets and liabilities at the year end 
as the risk is not deemed to be material.
Currency risk
The Group has very limited currency risk in respect of items denominated in foreign currencies. Currency risk comprises of transactional exposure 
in respect of operating costs and capital expenditure incurred in currencies other than the functional currency of operations. 
This transactional risk is managed by the Group holding the majority of its funds in US Dollars to recognise that US Dollars is the trading currency 
of the industry, with an appropriate balance maintained in Sterling, Namibian Dollars and Mauritanian Ouguiya to meet other non-US Dollar 
industry costs and ongoing corporate and overhead commitments. 
At the year end, the Group had cash balances of US$68.3m (31 December 2011: US$129.0m) as detailed in note 15. 
Other than the non-US Dollar cash balances described in note 15, no other financial instrument is denominated in a currency other than  
US Dollars. A 10% adverse movement in exchange rates would lead to a foreign exchange loss of US$641,000, and a 10% favourable  
movement in exchange rates would lead to a corresponding gain, the effect on net assets would be the same as the effect on profits 
(31 December 2011 – US$2,712,500).
Capital
In managing its capital, the Group’s primary objective is to maintain a sufficient funding base to enable it to meet its working capital and strategic 
investment needs. The Group currently holds sufficient capital to meet its ongoing needs for at least the next 12 months.
 
Overview Business Review Corporate Governance Financial Statements
45
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 FINANCIAL 
STATEMENTS
liquidity risk
The Group’s practice is to regularly review cash needs and to place excess funds on fixed term deposits for periods not exceeding 12 months  
with institutions that are rated no lower than A by Standard and Poor’s. This process enables the Group to optimise the yield on its cash resources 
whilst ensuring that it always has sufficient liquidity to meet payables and other working capital requirements when these become due.
The Group has sufficient funds to continue operations for the forthcoming year and has no perceived liquidity risk. 
Credit risk
The Group’s policy is to perform appropriate due diligence on any party with whom it intends to enter into a contractual arrangement. Where this 
involves credit risk, the Company will put in place measures that it has assessed as prudent to mitigate the risk of default by the other party. This 
would consist of instruments such as bank guarantees and letters of credit or charges over assets. 
A Group company currently acts as Operator in a Joint Venture relationship on one of the Group’s licences and therefore from time to time  
is owed money from its Joint Venture partner. The Joint Venture partner, which has a 10% interest in the Licence, is an entity which is 48% owned 
by one of the world’s largest and most financially robust seismic and geoscience companies. As such the Group has not put in place any particular 
Credit Risk measures in this instance as the Directors view the risk of default on any payments due from the Joint Venture partner as being  
very low. 
20 share based payments
share option scheme
During the year, the Company operated the Chariot Oil & Gas Share Option Plan (“Share Option Scheme”). The Company recognised total 
expenses (all of which related to equity settled share-based payment transactions) under the plan of:
31 December 2012
US$’000
31 December 2011
US$’000
Share Option Scheme 337 755
The options expire if they remain unexercised after the exercise period has lapsed. For options valued using the Black-Scholes model there are no 
market performance conditions or other vesting conditions attributed to the options. 
The following table sets out details of all outstanding options granted under the Share Option Scheme.
31 December 2012
Number of Options
31 December 2011
Number of Options
Outstanding at beginning of period 5,400,000 5,650,000
Granted during the period – 250,000
Exercised during the period – (500,000)
Outstanding at the end of the period 5,400,000 5,400,000
Exercisable at the end of the period 5,150,000 3,650,000
The range of the exercise price of share options exercisable at the year-end falls between US$0.40 (25p) – US$2.09 (130p)  
(2011 – US$0.42 (26p) – US$2.09 (130p)).
The estimated fair values of options which fall under IFRS 2, and the inputs used in the Black-Scholes model to calculate those fair values 
are as follows:
Date of grant
Estimated fair 
value Share price Exercise price
Expected  
volatility Expected life Risk free rate
Expected 
dividend
27 March 2008 £0.62 £1.21 £1.30 32% 10 years 4.94% 0%
13 November 2009 £0.17 £0.26 £0.26 80% 5 years 4.3% 0%
15 January 2010 £0.19 £0.28 £0.25 80% 5 years 4.3% 0%
1 June 2010 £0.89 £1.29 £1.15 80% 5 years 4.3% 0%
17 August 2010 £0.71 £1.09 £1.19 80% 5 years 4.3% 0%
1 September 2011 £0.87 £1.29 £1.25 80% 5 years 4.3% 0%
Expected volatility was determined by calculating the annualised standard deviation of the daily changes in the share price. 
long term incentive scheme (“ltip”)
The Plan provides for the awarding of shares to employees for nil consideration. The award will lapse if an employee leaves employment. 
The shares will vest in equal instalments over a three year period.
The Group recognised a charge under the plan for the year to 31 December 2012 of US$1,456,000 (31 December 2011: US$1,627,000).
46
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 The following table sets out details of all outstanding share awards under the LTIP: 
31 December 2012
Number of awards
31 December 2011
Number of awards
o utstanding at beginning of period 1,867,327 1,674,094
Granted during the period 5,347,361 554,100
Shares issued for no consideration during the period (881,514) (357,267)
Lapsed during the period (68,000) (3,600)
o utstanding at the end of the period 6,265,174 1,867,327
Exercisable at the end of the period 130,142 433,333
21 Contingent liabilities 
From the 30 December 2011 the Namibian tax authorities introduced a withholding tax of 25% on all services provided by non-
Namibian entities which are received and paid for by Namibian residents. As at 31 December 2012, based upon independent legal and 
tax opinions, the Group has no withholding tax liability. Any subsequent exposure to Namibian withholding tax will be determined by 
how the relevant legislation evolves in the future and the contracting strategy of the Group, in licences where it operates, and the 
contracting strategy of its partners, in licences where it does not operate. 
Overview Business Review Corporate Governance Financial Statements
47
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 aD visers
Registered Office
PO Box 282
Regency Court
Glategny Esplanade
St Peter Port
Guernsey
GY1 3RH
Channel Islands
r egistration n umber
47532
n ominated a dviser and Joint Broker
RBC Europe Limited
Thames Court
One Queenhithe
London
EC4V 4DE
United Kingdom
Joint Broker
Jefferies International Ltd
Vintners Place
68 Upper Thames Street
London
EC4V 3BJ
United Kingdom
Bankers
Barclays Bank Plc.
PO Box 41
Le Marchant House
Le Truchot
St Peter Port
Guernsey
GY1 3BE
Channel Islands
auditors
BDO LLP
55 Baker Street
London
W1U 7EU
United Kingdom
f inancial public r elations a dviser
FTI Consulting
Holborn Gate
26 Southampton Buildings
London
WC2A 1PB
United Kingdom
l egal a dvisers
As to British Law
Memery Crystal LLP
44 Southampton Buildings
London
WC2A 1AP
United Kingdom
As to Namibian Law
Lorentz Angula Inc.
Windhoek 3rd floor
LA Chambers
Ausspann Plaza
Windhoek
Namibia
As to Guernsey Law
Babbé
PO Box 69
18-20 Smith Street
St Peter Port
Guernsey
GY1 4BL
Channel Islands
As to Moroccan and Mauritanian Law 
Allen & Overy
Twin Center
Tour A
7th floor
Corner of Boulevard Zerktouni  
and Massira Al Khadra
Casablanca
20000
Morocco
Company secretary
International Administration Group 
(Guernsey) Limited
PO Box 282
Regency Court
Glategny Esplanade
St Peter Port
Guernsey
GY1 3RH
Channel Islands
r egistrars and r eceiving a gents
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
United Kingdom
Chariot Oil & Gas Limited
Annual Report and Accounts 2012
Chariot Oil & Gas Limited
Annual Report and Accounts 2012 48 Designed and produced by SampsonMay
Telephone: 020 7403 4099  www.sampsonmay.com
Printed by 3g Evolution Ltd, London, UK. Chariot Oil & Gas Limited
Registered Offce:
PO Box 282
Regency Court
Glategny Esplanade
St Peter Port
Guernsey
GY1 3RH
Channel Islands
www.chariotoilandgas.com