Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 1
Chariot Oil & Gas Limited
Registered Office:
PO Box 282
Regency Court
Glategny Esplanade
St Peter Port
Guernsey
GY1 3RH
Channel Islands
www.chariotoilandgas.com Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 3
GROWTH 
THROUGH
EXPLORATION 
CHARIOT OIL & GAS LIMITED
ANNUAL REPORT AND ACCOUNTS 2013 OPERATIONAL HIGHLIGHTS 
DURING AND POST PERIOD
MOROCCO MAURITANIA
11,000KM OF DATA INTERPRETED
11,000km of legacy 2D data across all 
licences reprocessed and interpreted
PORTFOLIO MANAGEMENT
Licence extensions secured for Loukos 
and Casablanca / Safi
CAPITAL DISCIPLINE APPLIED
 Casablanca / Safi relinquished following 
extended technical evaluation; election to 
enter into First Renewal Phase, Loukos
LICENCE SIGNED
Mohammedia Reconnaissance licence 
signed, encompassing further potential 
identified in Rabat Deep and Loukos
PARTNERING INITIATED
Seismic partnering process initiated
US$56.7m
YEAR END  
CASH BALANCE 
Fully funded for all current commitments 
through to the end of 2015 with a cash 
position of US$56.7m at 31 December 2013
US$26m 
RECEIVED 
US$26m received following Mauritanian 
Government approvals on Cairn’s farm-in
SEISMIC ACQUISITION AND  
PROCESSING 
Completion of 3,500km
2
 3D seismic 
acquisition and processing in Block C-19
LEVERED PARTNERING
Seismic farm-out completed with  
Cairn Energy Plc (“Cairn”) with Chariot 
retaining 55% equity and operatorship of 
Block C-19, recovering most back costs
Under a new Executive Management 
Team, this year has seen significant 
technical and strategic developments 
and we have made substantial 
progress in the evaluation of the 
prospectivity of our assets. There 
has been a shift in focus towards 
mitigated risk and capital discipline, 
the framework of which has seen 
Chariot successfully diversify 
its portfolio into a new, highly 
prospective frontier province offshore 
Brazil and secure a partner in the 
seismic phase of exploration offshore 
Mauritania. We have managed our 
portfolio in a way which will enable 
us to capitalise on a lower risk, fast 
follower positioning, aspiring to  
zero cost exploration and allowing  
for optimum target maturation prior 
to drilling. 
Chariot has a strong balance 
sheet and is able to fund all of its 
commitments and work programmes 
beyond 2014. We look forward to  
the year ahead, where partnering  
for drilling will be key for the testing  
of our assets through the drill bit.
LARRY BOTTOMLEY 
Chief Executive Officer
CORPORATE HIGHLIGHTS 
DURING AND POST PERIOD
INTRODUCTION
EMERGING 
REGION
ESTABLISHED 
REGION
FROM THE CEO Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 01
FINANCIAL STATEMENTS
Independent Auditor’s Report to the  40 
Members of Chariot Oil & Gas Limited
Consolidated Statement  41 
of Comprehensive Income  
Consolidated Statement  42 
of Changes in Equity  
Consolidated Statement  43 
of Financial Position  
Consolidated Cash Flow Statement  44
Notes Forming Part of the  45 
Financial Statements  
Advisors 58
GOVERNANCE
Board of Directors 30
Senior Management Team 32
Directors’ Remuneration Report 34
Corporate Governance Statement 37
Report of the Directors 38
OPERATIONS
Morocco 18
Mauritania  20
Namibia 22
Brazil  24
Risk Management 26
Corporate Social Responsibility  28
 
CONTENTS
STRATEGIC REPORT
At a Glance  02
Our Strategy  03
Investment Case: Why Chariot?  04
The Portfolio Theme  06
Chairman’s Statement  08
Chief Executive Officer’s Review  10
Chief Financial Officer’s Review  14
Operations Overview  16
NAMIBIA BRAZIL
FAST FOLLOWER POSITIONING
Licence extensions obtained for Southern 
Block 2714A and Central Blocks
NEW LICENCE GRANTED
New licence granted for Southern Block 
2714B, recouping all of the original licence 
area in a new First Exploration Phase, 
until 31 May 2017
APPLICATION OF TECHNOLOGY
Principal Prospect B prioritised in 
Central Blocks: 469mmbbls gross mean 
prospective oil resource with 22% chance 
of geologic success – significant follow 
on potential in multiple fairways in the 
success case
PARTNERING INITIATED
Partnering process initiated in  
Central Blocks
2D SEISMIC COMPLETED
Completion of 2,128km 2D seismic 
2714B, fulfilling all commitments
RISK DIVERSIFICATION
Broadened Atlantic margins portfolio 
through successful bids on four offshore 
exploration blocks in the frontier 
Barreirinhas Basin
EIA COMMENCED
Commenced Environmental Impact 
Assessment (“EIA”) work to prepare for 
2015 3D seismic acquisition
STRATEGIC REPORT OPERATIONS GOVERNANCE FINANCIAL STATEMENTS
BOARD  
STRENGTHENED 
with the appointment of George Canjar as 
Non-Executive Chairman; Matthew Taylor 
as Technical Director; Bill Trojan and Dave 
Bodecott as Non-Executive Directors
FRONTIER 
REGION
FRONTIER 
REGION Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 02
STRATEGIC REPORT
WHERE WE OPERATE
Chariot is an independent AIM-listed Atlantic margins oil and gas exploration company with the 
goal of discovering material accumulations of hydrocarbons in order to deliver transformational 
value. Over the last 18 months it has diversified its portfolio to encompass the giant potential, 
underexplored deepwater offshore Morocco, Mauritania, Namibia and Brazil which opens the 
Company up to a range of risk and maturity across each of its assets. 
31
countries with operator 
exploration experience within  
the Chariot team
 11
countries with operator 
development and production 
experience within the  
Chariot team
200+
Over 200 years of combined 
experience in exploration, 
development and production
40+
The team has participated  
in over 40 discoveries, with 
14 major discoveries
AT A GLANCE
GIANT POTENTIAL WITH A BALANCE OF RISK  
AND EXPLORATION MATURITY
MAURITANIA
Prospective resources 
500mmbbls+
*
 Established region
p20
NAMIBIA
Prospective resources 
 1.5bnbbls+
*
 Frontier region
p22
* gross mean prospective resources, based on 2D (leads) 
and 3D (prospects) data respectively
p16
See the Operations Overview  
for more detail
MOROCCO
Prospective resources 
568mmbbls+ 
51 7bcf +
*
 Emerging region
p18
BRAZIL
Giant lead 
potential
 Frontier region
p24 STRATEGIC REPORT
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 03
2013 
Q1
 
Q2
 
Q3
 
Q4
2014 
Q1
New management team
3,500km
2
 3D seismic 
acquisition completed, 
Mauritania
Successful bids on licences  
in Barreirinhas Basin, offshore 
Brazil
Licence extensions offshore 
Namibia and Morocco to 
incorporate third party drilling 
activity into evaluation of 
portfolio
New licence granted offshore 
Namibia (2714B) following  
third party drilling campaign  
– allowing the Company  
to investigate the shallower 
petroleum system potential
Matthew Taylor joined the 
Board as Technical Director
Seismic farm-out with  
Cairn (35%) on Block C-19, 
Mauritania – all back costs 
received
Prospect B identified as  
priority drilling prospect, 
Central Blocks, Namibia – 
469mmbbls of gross mean 
prospective resource of  
oil potential, 22% CoS
Data room opened  
for partnering process,  
Central Blocks
11,000km 2D seismic 
interpretation completed 
Morocco: Casablanca / Safi 
relinquished, entry into First 
Renewal Phase on Loukos
Commencement of 2D  
seismic in Block 2714B,  
Namibia
Completion of 2D seismic 
Block 2714B, Namibia
Mohammedia Reconnaissance 
licence acquired offshore 
Morocco, encompassing 
extended Jurassic and  
Pliocence potential identified  
in Loukos and Rabat Deep
Bill Trojan and Dave  
Bodecott joined the Board  
as Non-Executive Directors
GROWTH THROUGH EXPLORATION
Access new exploration 
opportunities to grow 
using capital discipline
Execute the programme 
on our current acreage 
on an accelerated basis
Maintain portfolio 
diversity and management
Chariot’s goal is to create transformational stakeholder value  
through the discovery of material accumulations of hydrocarbons. 
GOAL
STRATEGY
STRATEGY 
PILLARS
•  Carry out exploration and 
drilling programme on existing 
portfolio
•  Mature additional leads and 
prospects to ready-to-drill 
status
•  Create transformational 
shareholder value by the early 
monetisation of discoveries
•  Identify and acquire exploration 
opportunities in new and 
emerging basins
•  Take operated positions in the 
early phases to maintain control 
over destiny
•  Leverage exploration expertise 
and industry reputation
•  Undertake levered partnering 
at investment phases of the 
exploration programme
•  Positioning the portfolio  
as a fast follower
•  Implement risk management  
systems throughout the 
development of the portfolio 
OUR STRATEGY
New team A new Executive Management Team and additional technical Board members 
focused on delivering the Company goal
Underpinned by a drive  
for risk management whilst 
implementing the work 
programme
•  Risk diversification and balancing of the portfolio 
•  Two tier partnering process with farm-out at all phases of significant investment 
•  Application of technology and portfolio management 
•  Fast follower, operated positioning in frontier basins
Funded through to 2015 A cash position of US$56.7m at 31 December 2013
DELIVERING ON OUR STRATEGY: ACHIEVEMENTS 2013 TO DATE Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 04
STRATEGIC REPORT
INVESTMENT CASE: WHY CHARIOT?
FUTURE FOCUS 2014
• Debt free with all contractual commitments fully funded through to the end of 2015
• 1,700km
2
 3D seismic campaign to kick off in Morocco (Q2 2014)
• Seismic partnering process to continue on Morocco and commence on Brazil (Q4 2014)
• Analysis of 2D data offshore 2714B, Namibia, to determine design of 3D seismic programme (Q4 2014)
• Forward programme for 2714A, Namibia, to be confirmed with partners Petrobras and BP
•  Drilling partnering process to continue on Central Blocks, Namibia, and commence on C-19, Mauritania  
(Q2 2014) and Northern Blocks, Namibia (post third party drilling)
•  A steady pipeline of drill ready prospects: Namibia – now; Mauritania in Q2 2014; Morocco in 2015;  
and Brazil in 2016. This provides the Company with the option, subject to partnering, to drill one well  
per year for the foreseeable future
A PIPELINE OF DRILLING OPPORTUNITIES FOR LONG TERM SUSTAINABLE GROWTH
Chariot represents an opportunity to invest in the underexplored but highly prospective regions  
of the Atlantic margins that sit outside of the traditional, more densely explored parts of the fairway. 
With its assets in frontier, emerging and established hydrocarbon provinces, Chariot has balanced  
its risk profile and secured acreage in areas that have established petroleum systems with the  
potential to hold giant discoveries. Through careful management, expert technical evaluation  
and a maintained capital discipline, the Company has the ability to sustain regular drilling activity  
in the coming years with the opportunity for ongoing growth and long term value creation.
PORTFOLIO
High quality, high  
potential, large scale  
opportunities
–  Eight licence regions, of which 
Chariot is operator in all  
but one
–  Total resource exposure  
of 2bnbbls+ in prospects and 
leads slated for drilling
–  Exposure to Morocco, 
Mauritania, Namibia and 
Brazil, chasing 500mmbbls+ 
prospects and leads with 
transformational potential
VALUE CREATION
Near term value  
add opportunities
–  Commitments and  
planned work programme 
fully funded 
–  Key catalysts: 
2014: Partnering in all regions 
2015: Drilling
–  Multiple opportunities for 
‘closeology’ impact with 
numerous third party drilling 
campaigns
TEAM
Underpinned by  
an exceptional team  
focused on risk  
management
–  New Executive Management 
Team with a refocusing of the 
strategy on risk management
–  Top quality geotechnical 
team, exemplified in Cairn 
farm-out
–  “Zero cost exploration” 
aspiration and capital discipline 
underpins all activity
Diversified risk
8
licence regions
Giant potential
2bnbbls+ 
gross mean prospective resources
Highly experienced
Board, management and 
operational team
 p32
  
OUR TEAM p16
  
OUR OPERATIONS STRATEGIC REPORT
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 05
1
3
9
4
5
2
7
8
8
6
FAST FOLLOWER POSITIONING: LOW COST ACCESS, GIANT UPSIDE POTENTIAL  
IN DE-RISKED FRONTIER REGIONS
Lifecycle of the value drivers and risks in a typical basin
STRATEGIC ADVANTAGE IN GIANT POTENTIAL REGIONS
Using its portfolio management and long licence 
terms, Chariot has been able to take advantage  
of growing industry interest in the highly prospective  
regions in which it holds acreage and to strategically 
position itself as a fast follower rather than a  
play opener.
At the same time as using its own technical evaluation, the  
team has been able to benefit from information provided by 
increased third party drilling activity in region. This allows it to 
identify and further mature prospects within proven petroleum 
systems and to better understand new and unproven plays.
 
With up to 15 wells being drilled in the next two years,  
Chariot will be able to de-risk its assets and guard its capital  
for drilling these giant potential frontier regions with an  
improved chance of success.
Play Openers Fast Followers
2003  
September
2011  
February
2011  
December
2012  
May
2012  
August
2012  
October
2012  
December
2013  
January
2013  
July
2013  
October
1. 
Repsol 
2. 
Teredo
3.  
Kosmos  
Energy
4.  
Genel  
Energy
5.  
Cairn  
Energy
6.  
Chariot  
Oil & Gas
7.  
Galp  
Energia
8. 
Chevron
9.  
Freeport – 
McMoRan
3. 
BP (Farm-in 
to Kosmos 
acreage)
Morocco
Third party drilling planned for the year ahead
Play Openers Fast Followers Gatherers Niche
Risk
Access cost
Value potential
Chariot Positioning
Cumulative reserve Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 06
THE PORTFOLIO THEME
STRATEGIC REPORT
BRAZIL
NAMIBIA
MOROCCO / MAURITANIA
Chariot’s focus on the Atlantic margins allows it to benefit from comparative studies of the  
conjugate margins of our portfolio. The development of the North, South and Central Atlantic  
margins share similar geological histories, with the exact timing and nature of sedimentation  
impacting upon the key components of the petroleum systems in each.
The opening of the Central Atlantic and the development of the 
Mauritanian and Moroccan margins commenced in the Triassic 
with the separation of Africa from the Iberian and North American 
plates. Triassic salt was deposited in this area, followed by the 
deposition of a carbonate shelf during the Jurassic and a switch to 
The South Atlantic was born in the Early Cretaceous with the 
asymmetric breakup of Africa and South America. This led to 
passive margin clastic deposition throughout the Cretaceous and 
Tertiary offshore Namibia and Uruguay. These margins are to  
Subsequent rifting through the Middle Cretaceous allowed for 
the complete opening of the Atlantic Ocean in the present day 
Equatorial regions and creation of sedimentary basins in Equatorial 
Brazil and Ghana. Recent success in the Upper Cretaceous marine 
Nova Scotia
p20 For more information p18
p22 For more information
p24 For more information
Reserve 4TCF and associated liquids
Panuke Deep (Encana) Sable (ExxonMobil, Shell)
BP and Shell have committed US$2bn to deepwater exploration
BP, BG, Total, Tullow, Petrobras, YPF
Round II deepwater exploration commitment US$1.56bn
Uruguay
Brazil Barreirinhas
Late Jurassic
Early Cretaceous
Mid Cretaceous STRATEGIC REPORT
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 07
BRAZIL
NAMIBIA
MOROCCO / MAURITANIA
siliciclastic deposition in the Cretaceous. Together these set up  
the key petroleum systems elements (source, reservoir and seal) 
along with a means to develop structural traps via rift block faulting 
and the movement of salt. Exploration of these plays is progressing 
in Nova Scotia, Morocco and Mauritania (note the US Atlantic 
margin is subject to a drilling moratorium).
the south of the salt basins and significant investment in exploration 
is now being focused on both the syn-rift Early Cretaceous play  
(e.g. Kudu field) and drift phase plays of the Late Cretaceous.
play systems in Ghana (e.g. Jubilee field) have attracted significant  
interest in the equivalent section of the Barreirinhas Basin and  
other equatorial basins in Brazil.
Morocco / Mauritania
Ghana
Namibia
FRONTIER BASINS  
NAMIBIA AND BRAZIL
EMERGING AND  
ESTABLISHED BASINS  
MOROCCO AND  
MAURITANIA
Namibia and the Barreirinhas region of Brazil are 
both considered frontier basins in the context of 
their highly underexplored status. 
Both areas lie within the South Atlantic but not within the 
“Aptian Salt Basin” which has been relatively intensely explored. 
In the absence of salt, structural trap development is limited and 
so these parts of the South Atlantic have seen comparatively 
little exploration. Nevertheless enough wells have been drilled 
to demonstrate that world class source rocks and excellent 
Cretaceous-aged deepwater turbidite reservoir rocks are 
present. With the availability of high quality 3D seismic, 
operators prepared to invest in large 3D surveys can identify 
the stratigraphic traps which were effectively invisible to the 
industry in the past.  
 
Offshore Namibia, recent exploration well information  
has heightened industry interest and de-risked prospectivity  
in the region.  
 
In Brazil, the Barreirinhas Basin saw significant industry 
competition in Round 11 (2013) because this region is conjugate 
to Ghana, where the giant Jubilee and TEN discoveries have 
been made in the same play systems that Chariot and other 
industry players are targeting.
Morocco and Mauritania lie in the Central Atlantic 
which rifted in the Triassic and became established as a 
passive margin in the Jurassic. As a consequence of this 
common geological development, these countries have 
similar petroleum systems with potential in the Jurassic 
carbonate platform and in the subsequent Cretaceous 
and Tertiary-aged deepwater turbidite systems. 
The region has become an area of increasing industry interest 
over the last few years, in part due to the successes on the 
conjugate margin in Nova Scotia.  
 
The Company’s success in securing acreage in Morocco and 
Mauritania highlights Chariot’s capability to recognise potential 
ahead of the industry as an early entrant.  
 
Chariot has also been able to shift its positioning to that of a fast 
follower due to this heightened industry activity which offers 
additional risk management and mitigation.
CHARIOT’S PORTFOLIO
Jubilee 370mmbbls
TEN 300–500mmbbls
Discoveries Exploration targets Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 08
STRATEGIC REPORT
“ Over the course of the last year, Chariot has made 
fundamental changes to the core of its business 
strategy and Executive Management Team.  
 
The Company’s primary goal remains the same and 
it continues to develop its portfolio towards the 
discovery of material accumulations of hydrocarbons. 
The path to delivery of that goal has been further 
protected by an increased focus on capital discipline 
and risk management. This is underpinned by a focus 
on portfolio balance, optimisation of early positioning, 
efficient investment recovery and targeted partnering 
leverage that will enable Chariot to execute its ongoing 
exploration programme.  
 
As a result, the Company is now driven by a long term, 
sustainable business model that will retain considerable 
upside for shareholders, at the same time as balancing 
risk through committed portfolio diversification.”
Strategic positioning within  
the Atlantic margins
Portfolio diversification
Over the course of the last 18 months, 
Chariot has diversified its Namibian focus 
towards a broader Atlantic margins theme, 
with the portfolio now spread across the 
established, emerging and frontier provinces 
of Namibia, Mauritania, Morocco and, more 
recently, the Barreirinhas Basin offshore Brazil. 
These regions are underexplored, with  
high volume prospectivity already identified.  
The potential exists not only in locally proven 
play types but also in significant analogue 
discoveries on the corresponding conjugate 
margins. Examples include recent Nova 
Scotia discoveries comparative with offshore 
Morocco and the producing Jubilee project 
offshore Ghana relative to the Company’s 
Brazilian acreage. As a result, Chariot now has 
a wider collection of opportunities covering 
a range of geographies and exploration 
maturity within its portfolio. This balance 
provides a solid platform for a sustained 
growth rate combined with a high level of 
optionality as the programme progresses.
Fast follower
In line with the Company’s strategy, Chariot’s 
in-house team acquired and operated large 
equity positions in these underexplored, 
highly prospective regions at low cost with 
minimal commitment. During the course of 
2013, the Company used this early entrant 
vantage point to reposition itself from being 
a “play opener” to that of a “fast follower”. 
This meant that, using its re-awarded and 
extended licence periods in Namibia and its 
long exploration permits offshore Morocco, 
Mauritania and Brazil, it could combine its 
proprietary data with that of the information 
from growing third party activity in close 
proximity to work up optimum prospects 
for drilling. This ensures that, in these 
underexplored regions, stakeholders are 
exposed to the highest chance of success 
with a lower capital expenditure and better 
risk mitigation. There has been a notable 
growth of industry interest within the regions 
in which Chariot holds acreage over the last 
year and, with numerous drilling campaigns 
planned for the year ahead, the Company will 
seek to continue to profit from this strategic 
positioning going forward.
CHAIRMAN’S STATEMENT STRATEGIC REPORT
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 09
Leveraged partnering, capital discipline  
and portfolio management
In addition to positioning itself as a fast 
follower, the Company has also focused its 
strategy on delivering leveraged partnerships 
to reduce risk and cost exposure and to 
accelerate its work programmes. The key 
benefits of partnering are not only to share 
in the costs and risk of exploration, and to 
benefit from the experiences and alternate 
viewpoint that partners bring, but also to 
provide critical third party validation to 
the asset. Through the farm-out of Block 
C-19, Mauritania, to Cairn, as announced in 
August 2013, the Company recovered the 
costs of its 3,500km
2
 3D seismic campaign 
as well as a share of other back costs. 
This means that Chariot now holds a 55% 
interest in a transformational opportunity 
that it continues to operate. This “zero 
cost exploration” aspiration exemplifies the 
Company’s shift of focus to capital discipline. 
Using the abilities of its technical team, it will 
continue to develop its opportunities to the 
standard sought by the key industry players 
in order to partner across the portfolio. In 
addition, the Company continually evaluates 
an opportunity’s risk versus value at each 
stage of its development, ensuring that the 
portfolio is managed in line with its potential 
to deliver transformational growth. 
Governance
Behind the adjustment of the Company’s 
strategic outlook has been a new Executive 
Management Team and a significantly 
strengthened Board. We were disappointed 
to lose Philip Loader in June 2013 owing 
to the requirements of his new position 
at Woodside Petroleum Ltd. We thank 
him for his contribution to the Company’s 
development and we wish him the best in 
his future ventures. It was at this time that 
I moved from being Senior Independent 
Non-Executive Director to become 
Non-Executive Chairman. I welcomed 
the opportunity to be more directly 
involved in working with the exemplary 
management and exceptional technical 
staff. I look forward to working with all 
stakeholders to deliver the clear potential 
of Chariot’s portfolio and reach its goal 
of transformational growth. In June 2013 
we also welcomed Matthew Taylor, who 
had been Director of Exploration of the 
Company for four years, to the Board  
as Technical Director, joining Mark Reid  
(CFO) and Larry Bottomley (CEO) to  
make up the Executive Management Team.  
Matthew has over 30 years of experience 
in the exploration and production sector 
and has and continues to provide invaluable 
understanding and knowledge of the 
portfolio and the geological make-up  
of the regions in which we work. 
Post period, in February 2014, we  
welcomed geologists Bill Trojan and Dave 
Bodecott to the Board, both of whom 
have significant industry experience and 
whose independent insight will further 
enhance the Board’s decision-making and 
strategic planning. In addition, their in-depth 
knowledge specific to the regions where 
we hold acreage, combined with their 
considerable experience in exploration 
projects, will prove invaluable to the  
ongoing development and maturation  
of the Company’s portfolio. As a result 
of this evolution, we believe that a good 
balance of corporate focused and technically 
minded contributors to the Board has  
been achieved and will continue to drive  
the Company towards delivering 
shareholder value.
Regional relationships
Building and maintaining strong  
relationships within the countries where 
we work is of the utmost importance to 
Chariot. Throughout the year we have held 
regular technical and operating meetings 
with the state oil companies, relevant 
ministries and service companies within  
each of the regions in which we hold 
acreage. This ensures that all parties involved 
in our operations are kept aware of our 
plans and progress. The value implication 
of this can be seen through the licence 
extensions that the Company obtained 
offshore Namibia and Morocco in H1 of 
2013. In sharing the Company’s development 
and technical progress within each of its 
licences, it was able to secure and extend 
potentially valuable contract areas with  
the support of the appropriate governing 
bodies. This ensured that in collaboration 
with our partners, Chariot can optimally 
mature the assets prior to entering the  
next phase of exploration.
We would like to thank the Governments 
and Energy Ministries of Morocco, 
Mauritania, Namibia and Brazil for their 
continued support and cooperation as well 
as the state oil companies with which we are 
partnered – ONHYM, SMH and NAMCOR 
– for their ongoing technical insight and 
collaboration. 
Conclusion
The last year has seen some important 
changes to Chariot’s Executive Management 
and structure with a shift in the strategy 
towards more active portfolio risk 
management and capital discipline. Chariot 
has rebuilt its foundations to sustain regular 
drilling activity in the coming years, giving  
its stakeholders the opportunity for  
ongoing growth and long term value 
creation. Using this strength, the heightened 
industry interest in our assets and our 
continued technical excellence, we look 
forward to securing partnerships that 
will enable the Company to test its 
prospects with the drill bit. All of Chariot’s 
commitments are fully funded beyond  
2014 and we will continue to pursue our 
“zero cost exploration” ambition to drive 
the Company forward.
GEORGE CANJAR
Chairman
18 March 2014 Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 10
“ Chariot is an exploration company that seeks 
transformational growth through the discovery of 
material hydrocarbon accumulations for the benefit  
of all stakeholders.  
 
Since joining the Company in 201 1, I have worked 
with the team to develop a diversified and balanced 
portfolio of highly prospective opportunities and the 
Company now holds acreage that has a range of risk 
and maturity. In order for this to be realised, we have 
developed an in-house skillset that has demonstrated 
the ability to identify and mature assets. We have the 
capacity to describe our assets for the purpose of 
securing partners who will provide funding, additional 
technical insight and validation in carrying the prospects 
through to drilling.  
 
Chariot has a track record for securing leveraged 
partnerships and we are focused on delivering partners 
to see our prospectivity tested across the portfolio.” 
STRATEGIC REPORT
CHIEF EXECUTIVE  
OFFICER’S REVIEW
Technical developments
As well as the strategic developments that 
the Company has built on over the last 
year, it has also made significant advances  
in its technical analysis in all of its regions  
of interest. 
Further to adding another new venture to 
the portfolio offshore Brazil, a substantial 
amount of data has been acquired, 
processed and interpreted during the 
course of this year which has enhanced the 
Company’s understanding of its assets and 
developed the case for further exploration 
development. 
Concurrent to this, the Company has 
leveraged its strong relationships for data 
sharing and has been able to integrate the 
information from third party activity into the 
understanding of its portfolio. In combining 
this additional insight into our own database 
we have been able to maximise the value 
associated with our assets in order to 
provide the best description of our acreage 
for obtaining partnerships to carry the 
programme forward.  15
Up to 15 third party wells will be 
drilled during the course of the next 
two years
55%
The Company now holds a 55%, 
near zero cost operated position  
in Mauritania, with 3,500km
2
 of  
3D proprietary data
“ CHARIOT’S ABILITY TO IDENTIFY AND 
ACCESS HIGH QUALITY, HIGH POTENTIAL 
ACREAGE HAS BEEN EXEMPLIFIED IN  
THE LAST 18 MONTHS, WITH MAJORS  
AND LARGE INDEPENDENTS ESTABLISHING 
ACREAGE POSITIONS IN THE REGIONS  
IN WHICH CHARIOT OPERATES.”
STRATEGIC REPORT
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 11
Growing industry interest –  
“hot acreage”
Chariot’s ability to identify and access high 
quality, high potential acreage has been 
exemplified in the last 18 months, with 
majors and large independents establishing 
acreage positions in the regions in which 
Chariot operates. 
This not only validates the team’s capabilities 
and the prospectivity associated with the 
regions but also provides multiple value 
triggers with up to 15 third party wells  
being drilled during the course of the  
next two years.
Within the portfolio, Chariot has identified  
a variety of play fairways, both proven  
and new. This increased third party drilling 
activity will test some of these plays, 
allowing Chariot to identify and further 
its understanding on the working of the 
petroleum systems without having to test 
through the drill bit. This will support 
Chariot in targeting those prospects that  
it has de-risked as far as possible within  
the proven play systems and allow for  
a further understanding of the new and 
unproven plays. The potential read-through 
that this may provide ensures that Chariot 
guards its capital for drilling these higher  
risk opportunities as a fast follower with  
an improved chance of success. 
Partnering – the key to drilling
It is the quality of the assets and the 
technical analysis that will be the key driver 
towards gaining a partner for drilling in  
the coming year. 
It is through this partnering that Chariot 
aims to validate the potential of its assets, 
improve the quality of the technical 
description through the contributions of 
these partners and fund its drilling activities, 
and we will not look to drill without this 
endorsement from within the industry. 
With leveraged partnering being 
fundamental to the Company’s business, 
it has spent a significant amount of time 
analysing this process and over the course 
of the last year has developed its partnering 
strategy to that of a two-tier process. Going 
forward, the Company will look to partner 
firstly during the 3D seismic phase and 
secondly for drilling. This should reduce the 
Company’s risk and cost exposure but not 
limit the opportunity for transformational 
growth as Chariot has entered each of 
its licences with significant equity interest 
and operatorship. As a consequence, the 
Company will retain significant equity in  
the licences at the exploration drilling phase. 
This has been implemented offshore 
Mauritania where the team successfully 
partnered with Cairn at the seismic level,  
as announced in August 2013. The Company 
now holds a 55%, near zero cost operated 
position in country, with 3,500km
2
 of 3D 
proprietary data. A second tier partnering 
process to secure an additional partner and 
help fund drilling is anticipated to commence 
in Q2 2014, following the interpretation 
of the 3D data, at which point an audited 
resource update is expected to be released. 
Highlights
•  Significant amount of data 
evaluated and integrated into 
portfolio, maturing drillable 
prospects
•  ‘Good neighbours’ in region 
indicate high quality potential
•  Increased third party activity 
will allow for de-risking of 
Chariot assets prior to  
testing with the drill bit
•  Leveraged partnering 
to reduce Company’s 
risk exposure without 
diminishing opportunity for 
transformational growth
•  Highly capable team with 
ability to identify prospective 
acreage ahead of the industry  2-tier  
partnering
Leveraged partnering to be initiated 
across the entire portfolio in 2014  
at all major phases of investment: 
3D and drilling
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 12
STRATEGIC REPORT
CHIEF EXECUTIVE  
OFFICER’S REVIEW
(continued)
During the course of 2014 the Company  
has initiated first tier partnering based on 
legacy 2D data on its Moroccan acreage  
and will look to commence this process 
for its Brazilian acreage in Q4 2014. A 3D 
seismic programme will be initiated during  
or shortly after these processes, which,  
once interpreted and drilling prospects  
are identified, will be used for the purpose 
of securing partners for drilling in a second 
tier partnering process, anticipated to 
commence in 2015.
In terms of partnering offshore Namibia, in 
the Central Blocks the Company is currently 
undergoing a process based on its 3D data 
interpretation and information from third 
party drilling and the market will be updated 
with its progress as appropriate. In its 
Northern Blocks, the Zamba prospect has 
been identified as a priority drilling target. In 
line with its strategy of leveraging third party 
information at no cost, the Company will 
await the implications of third party drilling 
due in Q2 2014, which should indicate 
the possibility for long range hydrocarbon 
migration, prior to deciding on its ongoing 
activity on the licence.
Other upcoming activity
As well as these partnering processes, the 
Company will continue its own in-house 
technical evaluation of its assets at the 
same time as integrating crucial information 
that will be provided in the numerous 
third party drilling programmes in close 
proximity to its acreage. This will include:
•  The acquiring and processing of 1,700km
2
 
of 3D seismic offshore Morocco. Part of 
this survey will further the understanding 
of the Mio-Pliocene and Jurassic play 
potential in Loukos and Mohammedia 
Reconnaissance and the remainder will 
focus on the Jurassic carbonate play in 
Rabat Deep – where a prospect is already 
defined and the 3D data is primarily 
intended to optimally locate a well
•  The final PSDM interpretation of the 
3,500km
2
 seismic data offshore Mauritania 
– in order to mature prospects for drilling 
in Block C-19
•  The processing and interpretation of 
2,128km of 2D seismic in Block 2714B, 
Namibia – to identify key areas of interest 
for a future 3D seismic programme
•  The completion of the EIA process 
offshore Brazil which will be followed by 
an 800km
2
 3D seismic programme
In terms of third party drilling and 
implications during the course of 
2014/2015:
•  The Pliocene, Jurassic and Early 
Cretaceous plays will be tested offshore 
Morocco in more than ten wells
•  Five wells will test the slope fan, 
stratigraphic trap and turbidite channel 
plays offshore Mauritania
•  The deeper petroleum system and long 
range migration will be tested offshore 
Namibia at Welwitschia in Q2 2014
•  In Brazil, over 8,000km
2
 of 3D seismic 
data will be acquired and nine wells drilled 
testing the Barreirinhas Basin within the 
next four years with one well immediately 
adjacent to Chariot acreage
With the combination of successful 
partnering, the continued application 
of technology and the evaluation and 
integration of third party activity, it is 
anticipated that the Company will drill at 
least three wells within the next three years Doubled
During the last 18 months, the 
Company’s portfolio has doubled in size
3 wells
Chariot has a pipeline of giant drilling 
opportunities and anticipates drilling, 
subject to the securing of partners,  
a minimum of three wells within the 
next three years
“ OUR SKILLS AND CAPABILITIES 
ARE RECOGNISED THROUGHOUT 
THE INDUSTRY, WITH A TRACK 
RECORD OF SUCCESSFUL 
PARTNERING TO DATE.”
STRATEGIC REPORT
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 13
The Chariot team
Behind the exceptional work that has been 
carried out across the Chariot portfolio 
is a highly knowledgeable, driven and 
competent team. 
Having a combined experience of more 
than 200 years, its members have been 
party to the identification, development 
and operations of several major discoveries 
worldwide for a variety of super majors, 
majors and large independents. Capitalising 
on this previous experience, the team 
is not only capable of seeking highly 
prospective acreage and maturing it through 
to drilling but it also understands the high 
standard of description that is necessary 
to present to potential partners. All of our 
technical evaluation and data rooms are 
managed in-house, ensuring the effective 
communications of first rate, fully informed 
descriptions. Our skills and capabilities  
are recognised throughout the industry,  
with a track record of successful partnering 
to date. 
During the last 18 months, the Company’s 
portfolio has doubled in size. In order to 
maintain the momentum of exploration 
activity and the high calibre of work, we have 
expanded the technical team accordingly. 
Importantly, this has been managed in such 
a way that the Company will maintain G&A 
capped at 2013 levels. 
Following Matthew Taylor’s appointment 
to the Board, Chariot welcomed Duncan 
Wallace as Exploration Manager to manage 
the exploration activity and its development 
across all of the portfolio. Duncan has  
a wide variety of technical and managerial 
experience and has overseen the full cycle 
of exploration in a new country, from 
office set-up and team recruitment, seismic 
acquisition and processing, to prospect 
maturation, well planning, drilling, appraisal 
and development. During the period, he was 
also joined by an additional two geologists 
and a further senior geophysicist.
Using this skillset the Company will not only 
continue its progression but also its portfolio 
management, ensuring that all forward 
programmes have an appropriate balance  
of risk and reward. It is a pleasure to be  
a part of this exciting team as we mature  
our assets for drilling. I would like to thank  
all of the Chariot staff for their hard work 
and efforts over the course of the last year.
New ventures
Chariot will continue to scope out early 
entrant, low cost, giant opportunities in the 
long term, however its near term focus is 
to progress and de-risk its existing assets 
through continued technical analysis and 
partnering.
Looking forward
With its highly experienced team,  
the focused strategy, risk management, 
capital discipline and careful planning,  
the Company has developed the portfolio 
while repositioning itself to capitalise  
on third party participation. 
 
The Company now holds a balanced 
portfolio, not only in terms of geological 
diversification but also in the exploration 
maturity of each of its assets. As a result, 
Chariot has a pipeline of giant drilling 
opportunities and anticipates drilling, subject 
to the securing of partners, a minimum  
of three wells within the next three years. 
The year ahead is an exciting one. The 
coming months will be focused on the 
progression of our portfolio towards the 
first and second tiers of farm-out, advancing 
our assets towards the drilling phase and  
I look forward to reporting on our progress.
LARRY BOTTOMLEY
Chief Executive Officer
18 March 2014 US$37.6m
During 2013 the Group invested 
US$37.6m into its exploration portfolio
US$26m
Amount recovered from the successful 
farm-out of 35% of Block C-19, 
Mauritania, to Cairn
US$56.7m
year end cash position
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 14
STRATEGIC REPORT
Funding and liquidity 
As at 31 December 2013
During 2013 the Group continued with the 
development of its portfolio and business 
by investing US$37.6m into its exploration 
portfolio and administration activities  
(31 December 2012: US$142.4m). Despite 
this significant investment, the Group’s 
cash balances only reduced by US$11.6m 
to US$56.7m as at 31 December 2013 
(31 December 2012: US$68.3m) due 
to the recovery of circa US$26m from 
the successful farm-out of 35% of Block 
C-19, Mauritania, to Cairn. This recovery 
of previously invested amounts into our 
portfolio is in line with one of the Group’s 
strategic objectives of aiming for “zero cost 
exploration” and this is something that 
it will continue to strive to achieve going 
forward. The Group remains debt free 
as at 31 December 2013 and, using strict 
capital discipline, it will continue to invest in 
its portfolio and business activities during 
2014 and beyond. As at 31 December 2013, 
US$16.0m (31 December 2012: US$11.0m) 
of the Group’s US$56.7m (31 December 
2012: US$68.3m) cash balances were held 
as security against licence work commitment 
bank guarantees. 
CHIEF FINANCIAL  
OFFICER’S REVIEW
“ The Group remains debt free as at 31 December 
2013 and, using strict capital discipline, it will continue 
to invest in its portfolio and business activities during 
2014 and beyond.”  STRATEGIC REPORT
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 15
Financial performance 
Year ended 31 December 2013 
The Group’s loss after tax for the year to 
31 December 2013 was US$10.5m, which 
is US$78.1m lower than the US$88.6m loss 
incurred for the year ended 31 December 
2012. This US$78.1m reduction in the year 
on year loss is mainly due to the one-off 
US$80.9m impairment charge recognised  
for the Tapir South well in the year to  
31 December 2012. 
Share based payments of US$2.2m for 
the year ended 31 December 2013 were 
US$0.4m higher than the US$1.8m for the 
year to 31 December 2012. This increase was 
mainly due to the year ended 31 December 
2013 reflecting the full year effect of an award 
of deferred shares made to staff in Q4 2012. 
Other administrative expenses of US$6.0m 
for the year ended 31 December 2013 were 
US$1.5m lower than the US$7.5m incurred 
for the year to 31 December 2012. This 
US$1.5m reduction was due to the non-
recurrence in 2013 of certain organisational 
restructuring costs that were incurred in 
2012, a higher proportion of salaries being 
time-written to the Group’s oil and gas 
exploration and appraisal assets in 2013 and 
the impact of various cost saving initiatives 
that were implemented throughout the 
Group during 2013. 
Finance income of US$0.8m for the year 
ended 31 December 2013 comprises 
interest on cash balances which, as a result 
of lower average cash balances during  
2013, is slightly lower than the US$0.9m 
achieved for the year ended 31 December 
2012. Finance income for the year ended  
31 December 2012 also included US$0.7m 
of exchange gains on foreign currency 
balances. For the year ended 31 December 
2013, the Group incurred exchange losses of 
US$1.2m and these are included separately 
within Finance expense.
As a result of the successful farm-out of 35% 
of Block C-19, offshore Mauritania, to Cairn, 
the Group incurred a US$1.7m Capital 
Gains Tax liability in Mauritania and this is 
the significant majority of the US$1.8m tax 
expense in the year to 31 December 2013 
(31 December 2012: US$Nil). 
Exploration and appraisal assets 
As at 31 December 2013
During the year to 31 December 2013, the 
Group’s exploration and appraisal assets 
reduced by US$8.3m to US$128.3m from 
US$136.6m as at 31 December 2012.  
The reason for this reduction was that the 
circa US$26m receipt for the farm-out of 
35% of Block C-19, offshore Mauritania to 
Cairn is netted off against the US$18.1m of 
portfolio expenditure incurred in the year. 
The make-up of this US$18.1m of 2013 
portfolio expenditure is broadly split as 
follows: in Mauritania, US$8.9m was incurred 
completing the acquisition and processing, 
significantly advancing the interpretation, 
of the 3,500km
2
 3D survey undertaken 
on the block; in Namibia, US$5.1m was 
incurred across all the Group’s licences, 
however the majority of this related to the 
commencement of a 2,128km 2D seismic 
survey in the 2714B Southern Block; in Brazil, 
US$2.7m was incurred to cover the signing 
bonuses for the four new licences awarded 
at the 11th Bidding Round, the acquisition 
of existing legacy seismic data relating to 
the Group’s licences and the establishment 
of the Group’s office and business in 
country; and in Morocco the Group 
incurred US$1.4m acquiring and interpreting 
11,000km of legacy 2D data to better 
understand the prospectivity in its blocks 
and to identify areas for its 3D programme 
planned for 2014.
Other assets and liabilities 
As at 31 December 2013
The Group’s inventory balance of US$7.2m 
as at 31 December 2013 is unchanged from 
31 December 2012. 
As at 31 December 2013, the Group’s 
net balance of Current trade and other 
receivables and Current trade and other 
payables shows a net current liability position 
of US$4.4m. As at 31 December 2012,  
this net current liability position was higher 
at US$16.3m. 
Outlook
As highlighted above, with US$56.7m  
of cash balances as at 31 December 2013,  
the Group is well funded to continue 
investing in its portfolio throughout 2014 
and beyond. In Morocco, the Group will 
carry out a 1,700km
2
 3D survey on its 
Rabat Deep, Loukos and Mohammedia 
Reconnaissance licences. This survey aims  
to identify locations for potential drilling with 
a partner in 2015/2016. The Group will also 
complete the interpretation of its 3,500km
2
 
3D survey in Mauritania and will look to 
introduce a drilling partner to fund its share 
of a well in 2015. In Namibia, the Group will 
continue with its well partnering process for 
the Central Blocks and will also complete 
the acquisition, processing and interpretation 
of a 2,128km 2D seismic survey in its 2714B 
Southern Block with a view to highlighting 
potential areas of prospectivity for a follow 
on 3D survey with a partner in 2015. Finally, 
in Brazil, the Group will undertake the 
necessary environmental approval processes 
to enable it to complete, with a partner,  
its 768km
2
 3D survey licence commitment 
during 2015. 
MARK REID
Chief Financial Officer
18 March 2014 Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 16
STRATEGIC REPORT
 MOROCCO  
  FAST FOLLOWER IN A HOT BASIN
• Drill ready 2015
•  Acreage proximal to oil and gas / condensate 
fields
• Operator, 75% equity position
• Tier 1 Partnering 2014
•  Remaining commitments: 1,700km
2
 3D,  
to commence April 2014
•  568mmbbls+ & 517bcf+
*
 multiple prospect 
and lead potential 
•  Industry activity: >ten NFW over the  
next two years
OPERATIONS OVERVIEW
EMERGING 
REGION
• Drill ready Q2 2014
• Oil shows in licence area; block adjacent
• Operator, 55% equity position
• Tier 2 Partnering 2014
• No remaining commitments
• 500mmbbls+
*
 multiple lead potential 
•  Industry activity: five NFW wells over the  
next two years
 MAURITANIA  
 ZERO COST OPTION IN  
 AN ESTABLISHED BASIN
C-19
ESTABLISHED 
REGION
• Drill ready 2014
•  Licences in three geologically distinct basins 
with proven petroleum system elements
•  Operator, large equity positions
• Tier 2 Partnering 2014
• No remaining commitments
•  1. 5 b n b b l s +
*
 multiple prospect potential 
•  Industry activity: securing acreage ahead 
of the play opening exploration wells; 
Welwitschia spud ~April 2014
 NAMIBIA   
 UNDEREXPLORED FRONTIER  
 PROVINCE WITH GIANT POTENTIAL 
North
Central
South
FRONTIER 
REGIONS
 BRAZIL   
 FAST FOLLOWER WITH  
 A LOW COST SEISMIC OPTION 
• Drill ready 2016
•  Conjugate basin to Ghana / Côte d’Ivoire
• Operator, 100% equity position
• Tier 1 Partnering 2014
•  Remaining commitments: 768km
2
 3D
• Giant lead potential 
•  Industry activity: nine deepwater wells over 
the next four years, one play opener in the 
adjacent block
BAR-M-292
BAR-M-293 
BAR-M-313 
BAR-M-314
Rabat Deep 
Offshore
Loukos
Offshore
Mohammedia 
Reconnaissance
Offshore
“ This year has seen significant 
technical development with the 
reprocessing and analysis of over 
11,000km of 2D seismic data in 
Morocco, the acquisition and 
ongoing interpretation of 3,500km
2
 
of 3D data offshore Mauritania and 
the integration of information from 
our two wells and other drilling 
results in Namibia. As part of our 
acquisition of the Brazil licences, 
we have also accumulated a 
significant data set in that country. 
 
The technical team has focused 
its skillset on extracting maximum 
value from this extensive database 
to mature and de-risk the exciting 
prospects and leads it has identified 
across the Chariot acreage. 
 
We have worked hard to develop  
a balanced, high quality portfolio 
such that the Company can select 
optimal prospects from a range  
of candidates, dropping those which 
do not attain our quality criteria.  
This ongoing process has already 
assembled a range of high graded 
prospects which we look forward  
to testing with the drill bit.” 
 MATTHEW TAYLOR
  Technical Director
*gross mean prospective resources, based on 2D (leads) and 3D (prospects) data respectively STRATEGIC REPORT
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 17
 MOROCCO  
  FAST FOLLOWER IN A HOT BASIN
LICENCE 2014 1Q 2Q 3Q 4Q 2015 1H 2H
Rabat Deep  
Loukos
Mohammedia
Reconnaissance
Third Party  
Activity
Acquire 3D seismic
Genel drilling; Kosmos / BP drilling; 
Cairn drilling
Galp drilling Kosmos drilling
Plains drilling
Kosmos drilling
Freeport McMoRan drilling
Seismic farm-out process
Process and interpret 3D seismic Well partnering  
and potential drilling
p18
  
For more information
 MAURITANIA  
 ZERO COST OPTION IN  
 AN ESTABLISHED BASIN
LICENCE 2014 1Q 2Q 3Q 4Q 2015 1H 2H
C-19
Third Party  
Activity
Interpretation of  
3,500km
2
 3D seismic
Tullow-Dana four well drilling 
campaign
Potential Kosmos drilling Potential  
Total drilling
Well partnering process Potential drilling with a partner
p20
  
For more information
 NAMIBIA   
 UNDEREXPLORED FRONTIER  
 PROVINCE WITH GIANT POTENTIAL 
LICENCE 2014 1Q 2Q 3Q 4Q 2015 1H 2H
Northern Area
Central Area
Southern Area
Third Party  
Activity
2714B 2D seismic 
acquisition
Well partnering  
and potential drilling
Repsol drilling campaign
2714B Potential acquisition  
of 3D seismic programme
2714B 2D seismic processing  
and interpretation
Potential Pan-Continental-Tullow 
drilling; Eco Atlantic drilling
Partnering process Central Blocks Potential drilling with a partner
p22
  
For more information
 BRAZIL   
 FAST FOLLOWER WITH  
 A LOW COST SEISMIC OPTION 
LICENCE 2014 1Q 2Q 3Q 4Q 2015 1H 2H
BAR-M-292,  
293, 313 314
Third Party  
Activity
EIA to be carried out
BG EIA to be carried out BG 3D seismic acquisition BG drilling
3D seismic 
acquisition
Seismic farm-out 
process
Well partnering
p24
  
For more information
*gross mean prospective resources, based on 2D (leads) and 3D (prospects) data respectively Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 18
568mmbbls+
of gross mean prospective resources
OPERATIONS
MOROCCO
EMERGING 
REGION
Commercially, Morocco has some of the 
most competitive fiscal terms in the world 
that are supported by a robust regulatory 
framework and highly regarded state oil 
company, ONHYM, with whom Chariot is 
partnered (25% carried interest during the 
Exploration Phase). Since Chariot’s entry 
into the region, multiple industry players 
have also recognised the potential offshore 
and the Company expects more than ten 
wells to be drilled along the margin over the 
course of the next two years. 
During 2013, the team reprocessed and 
interpreted 11,000km of 2D seismic data 
across its acreage which markedly improved 
its understanding of the assets and resulted 
in a shift in its positioning in country: Chariot 
retained its acreage in the Rabat Deep 
licence area; elected to enter the next 
phase of exploration in the Loukos licence 
area; and relinquished the Casablanca / Safi 
licence as this acreage was deemed to be 
too high risk to justify further investment by 
the Company. In 2014, it applied for and was 
awarded the Mohammedia Reconnaissance 
licence area (subject to final approval from 
the relevant authorities).
Contract Area Acquired
Ongoing 
Commitments 2D 3D
Drill Ready 
(Subject to 
Partnering)
Rabat Deep 2012 1,000km 2D 3 3D 
acquisition 
Q2 2014
Anticipated 2015
Loukos 2012 250km
2
 3D 3 3D 
acquisition 
Q2 2014
Anticipated 2015
Mohammedia 
Reconnaissance 
2014 250km
2
 3D 3 3D 
acquisition 
Q2 2014
Anticipated 2015
Chariot holds a 75% equity interest  
and operatorship across the Loukos, 
Rabat Deep and Mohammedia 
Reconnaissance areas in the north 
near shore of Morocco with a total 
area of circa 16,500km
2
. Geologically, 
Morocco is a region of great interest 
as it allows the Company to expose 
itself to the testing of multiple 
high potential proven and new play 
fairways, notably those that are 
geologically analogous to the giant 
discoveries of Nova Scotia on the 
conjugate margin. 
Rabat Deep 
Offshore
Loukos Offshore
Mohammedia 
Reconnaissance 
Offshore
Morocco
Spain
Algeria
LICENCE LOCATIONS Chariot 75%
ONHYM 25%
OPERATIONS
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 19
In the Loukos licence, the team has identified 
a significant Mio-Pliocene lead that extends 
into the Mohammedia Reconnaissance licence 
area. This is a large, attribute-supported 
shallow water gas lead that could provide, in 
the success case, near term production. 
In the Rabat Deep acreage, the Company 
has identified a further two plays. Firstly, the 
source rock is modelled to be oil generating 
adjacent to a large 149km
2
 four-way dip 
faulted carbonate structure with a gross 
mean prospective resource potential (based 
on 2D seismic) of 568mmbbls. This prospect 
is supported by extensive on-block oil slicks, 
seeps and seismic Direct Hydrocarbon 
Indicators (“DHIs”). An additional six leads 
within the Jurassic have also been identified 
meaning that the Company is exposed to 
significant follow-on potential. The Jurassic 
has seen light oil production onshore, 
adjacent to Chariot’s acreage position, whilst 
Jurassic carbonates host one of the largest 
fields in the conjugate Nova Scotia Basin. 
Secondly, the team has identified a 
Cretaceous play in the salt basin, with  
salt structures and turbidite seismic facies. 
Cretaceous age sands contain much of the 
hydrocarbons found to date in the Nova 
Scotia Basin and deepwater sands of this  
age now form a primary focus for major 
industry players not only in the Nova Scotia 
Basin but also in Morocco. The Company 
will analyse and integrate the outcomes of 
near term drilling resulting from this focused 
effort to develop its understanding of the 
risk and reward characteristics of the play  
in Rabat Deep.
Post period, the Mohammedia 
Reconnaissance licence was obtained to 
secure potential in both the Jurassic play 
(seen by the interpretation team to extend 
from Rabat Deep) and the Mio-Pliocene  
play (extending from Loukos). 
Forward plan
Chariot will acquire 1,700km
2
 of 3D  
seismic over its Moroccan acreage in  
Q2 2014. In Rabat Deep, this seismic will  
be used to identify the best well location  
for the drilling of the Jurassic carbonate 
prospect. In terms of Loukos and 
Mohammedia Reconnaissance, this data  
will be used to further mature and develop 
the prospectivity of the Mio-Pliocene play  
as well as the Jurassic play that extends  
into Mohammedia from Rabat Deep. 
Concurrent to this seismic acquisition, 
Chariot has initiated its first tier farm-out  
in order to gain a partner to share in the 
costs for the 3D programmes. Following  
its interpretation, the team will be looking  
to secure a drilling partner, the intent being 
to drill offshore Morocco in 2015. 
Remaining commitments: following the 
completion of the 1,700km
2
 3D seismic 
acquisition all licence commitments will  
be satisfied.
LICENCE INTEREST
• Loukos
• Rabat Deep
•  M oh a m me d i a 
Reconnaissance
Operator  
Chariot
Licence area  
16,591km
2
 (gross)
SINCE CHARIOT’S ENTRY INTO 
THE REGION, MULTIPLE INDUSTRY 
PLAYERS HAVE ALSO RECOGNISED 
THE POTENTIAL OFFSHORE AND THE 
COMPANY EXPECTS MORE THAN TEN 
WELLS TO BE DRILLED ALONG THE 
MARGIN IN THE NEXT TWO YEARS.
 New licence
area Mohammedia Reconnaissance awarded 
in 2014
 1 1,000km
During 2013, the team reprocessed and 
interpreted 1 1,000km of 2D seismic data
Key licence features
The Central Atlantic rifted in Triassic 
times and accumulated a salt basin 
through to early Jurassic times, 
succeeded by a Jurassic carbonate 
platform and then clastic dominated 
sedimentation during the Cretaceous 
and continuing to the present day
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
Offshore Morocco is underexplored 
in terms of drilling with only 34 wells 
having been drilled since 1968, 29 
of which were drilled prior to 2003. 
These were primarily aimed at testing 
Jurassic carbonate objectives on  
the shelf
Results of pre-2003 drilling included 
the discovery of the Cap Juby 
field and oil and gas shows were 
encountered in several other wells. 
Analysis of the success and failures of 
these wells has indicated that several 
viable petroleum systems exist with 
good hydrocarbon potential in the 
sedimentary basins
Post 2003 discoveries include that 
of a significant gas discovery by 
Repsol, in the Anchois-1 well, in close 
proximity to Chariot’s acreage
Chariot’s acreage offers the potential 
for prospectivity in several of the 
proven plays in Morocco, including 
large Jurassic carbonate features that 
may be reefal, Cretaceous sandstone 
plays and Tertiary shallow gas targets Mauritania is an established oil producing 
region with multiple discoveries to date 
and most recently a new oil play in the Late 
Cretaceous has been proven in the Frégate 
prospect. Further field developments  
as well as several wells are scheduled for 
drilling this year by third parties, which the 
Company will use to further its knowledge 
and understanding of its own licence 
prospectivity. 
LICENCE INTEREST
C-19
Operator  
Chariot
Licence area  
12,175km
2
 (gross)
Following the recent partnering  
with Cairn, the Company holds 55% 
equity and operatorship of Block 
C-19, with Cairn holding 35% and  
the state oil company, SMH, retaining 
the remaining 10% carried portion. 
The block is located in the offshore 
and spans 12,175km
2
 (gross) with 
water depths of circa 5m to 2,100m. 
4
discoveries in the vicinity of Block C-19; two 
wells in the block with significant oil shows
3,500km
2
Since acquiring its acreage in June 2012, 
Chariot has completed a 3,500km
2
 3D 
seismic survey
Chariot 55%
Cairn 35%
SMH  10%
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 20
OPERATIONS
MAURITANIA
ESTABLISHED 
REGION
C-19
Mauritania
Mali
LICENCE LOCATION
Contract Area Acquired
Ongoing 
Commitments 2D 3D
Drill Ready 
(Subject to 
Partnering)
C-19 2012 None 3 3 Q2 2014 As well as the producing Chinguetti field 
that lies to the south of Chariot’s acreage, 
there are seven wells in the vicinity of Block 
C-19, with four discoveries (Aigrette, Pelican, 
Cormoran and Frégate) and two wells in 
the block with significant oil shows. Within 
the block itself there is proof of working 
petroleum systems in the Cretaceous, 
Neogene and Palaeogene, with source rocks 
modelled to be oil generating. There are also 
extensive natural slicks indicating oil seepage. 
From the fast track data of its 3,500km
2
  
3D seismic campaign, Chariot has identified 
giant deepwater canyon head, channel and 
fan plays. In December 2013, the team 
received the final PSDM and it is anticipated 
that the team will be able to mature the 
current leads into prospects. This analysis 
will be completed by Q2 2014, at which 
point Mauritania will be drill ready, subject  
to partnering and securing a rig.
Forward plan
Chariot aims to complete the interpretation 
of the final PSDM data from the 3,500km
2
 
seismic programme during the course of Q1 
2014. Once this is complete, the Company 
will release a resource update and open up  
a second tier data room in order to secure 
an additional partner for drilling in 2015.
Remaining commitments: there are no 
remaining commitments within this phase  
of exploration.
 MAURITANIA IS AN ESTABLISHED OIL 
PRODUCING REGION WITH MULTIPLE 
DISCOVERIES TO DATE AND MOST 
RECENTLY A NEW OIL PLAY IN THE 
LATE CRETACEOUS HAS BEEN PROVEN 
IN THE FRÉGATE PROSPECT.
Geoceltic seismic vessel shooting  
3D across Block C-19
Key licence features
Mauritania lies on the margin of the 
Central Atlantic, the oldest segment 
of the Atlantic which began opening 
in Triassic times
Plate reconstructions show this 
part of the Atlantic opening at the 
same time as the Tethyan Ocean (an 
ancient ocean now largely closed with 
relics along the Alpine foldbelt) and 
the Gulf of Mexico
Exploration has been sporadic 
in this basin but has resulted in 
several oil and gas discoveries that 
are reportedly 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 and Cretaceous 
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
The quality of the source rock and 
of identified reservoirs as well as the 
size of analogue trap types means the 
potential prospectivity in C-19 is giant 
500mmbbls+
of gross mean prospective resources
OPERATIONS
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 21 Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 22
OPERATIONS
FRONTIER 
REGION
NAMIBIA
As a frontier province, Chariot entered 
Namibia as a play opener and, having 
acquired, processed and interpreted 
8,000km
2
 of 3D seismic and drilled two 
deepwater exploration wells, it has secured 
one of the largest databases of seismic and 
well data across the region. In the last two 
years, five wells have been drilled in the 
deepwater and, whilst there has been no 
commercial discovery, these have proved 
that all the components needed for a 
working petroleum system are present.  
This has not only been very positive for  
the prospectivity of Chariot’s licences but  
it has also heightened third party interest  
in the region with key industry players 
farming into assets in the offshore during  
and post period. 
LICENCE INTEREST
Northern Blocks
Operator  
Chariot
Licence area  
5,867km
2
 
Central Blocks
Operator  
Chariot
Licence area  
16,801km
2
 (gross)
Southern Block 2714A
Operator  
Petrobras
Licence area  
5,482km
2
 (gross)
Southern Block 2714B
Operator  
Chariot
Licence area  
5,463km
2
 (gross)
Chariot’s acreage offshore Namibia 
is divided into three geologically 
distinct basins in the North, 
Centre and South, spanning a total 
of four licences across an area of 
approximately 33,000km
2
 (gross).
LICENCE LOCATIONS
Contract Area Acquired
Ongoing 
Commitments 2D 3D
Drill Ready 
(Subject to 
Partnering)
Northern Blocks
1811A&B
2008 None 3 3 3
Partnering process 
to recommence 
post third party 
drilling
Central Blocks
2312A&B,  
N/2 2412A&B
2008 None 3 3 3
Partnering process 
underway
Southern Block
2714A
2008 None 3 3 Kabeljou-1 well 
informed further 
exploration 
potential in Block 
2714B
Southern Block
2714B
2013 None 3 2D 
processing 
underway
Anticipated 2016
Chariot 100%
Chariot 90%
AziNam 10%
Chariot 25%
BP 45%
Petrobras 30%
Chariot 85%
Namcor 10%
Quiver  5% 
  (BEE)
Block 1811A&B
Northern Blocks
Block 2312A&B,  
N/2 of Block 2412A&B
Central Blocks
Block 2714A
Block 2714B
Southern Blocks
Namibia
Botswana
South Africa OPERATIONS
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 23
Central Blocks
Chariot holds a 90% interest and 
operatorship in the Block 2312A&B and 
the northern halves of Block 2412A&B in 
partnership with AziNam (10%) following 
the transfer of this interest from PGS to its 
associate company.
Following the interpretation of its 3,500km
2
 
3D seismic campaign, the Company 
identified significant potential in both the 
shallower and deeper petroleum systems 
that exist offshore Namibia. The Company 
requested and was awarded a licence 
extension to allow sufficient time to 
integrate the additional information from 
third party drilling which occurred in close 
proximity to its acreage during 2013. Using 
proprietary well data and the information 
provided from these additional wells the 
team was able to substantially de-risk the 
shallower petroleum system, which is now 
a priority focus. In September 2013, at the 
same time as initiating a partnering process, 
we released a resource update, highlighting 
the potential of this shallower petroleum 
system where the Upper Cretaceous 
turbidite clastic reservoirs have been 
identified in a variety of stratigraphic  
and structural traps, with the potential  
for oil charge from locally mature marine  
source rocks.
The importance of Chariot’s acreage 
position in the Central Blocks is that if  
its principal drilling candidate, Prospect B, 
which has been audited with an unrisked 
gross mean prospective oil resource of 
469mmbbls and geologic success of 22% 
proves the play to be effective, it will unlock 
a further five prospects of similar size and 
de-risk an additional six leads, ranging from 
213mmbbls-1,487mmbbls.
Forward plan
A partnering process is underway and the 
market will be updated with its progress  
as appropriate.
Remaining commitments: there are no 
remaining commitments within this phase  
of exploration.
Southern Blocks
Chariot holds a 25% equity interest in 
Block 2714A with Petrobras (operator) 
holding 30% and BP, 45%. In 2013, having 
seen significant potential highlighted 
through proprietary well information on 
Block 2714A, the Company applied for and 
was re-awarded Block 2714B with an 85% 
operating interest, carrying the state oil 
company, NAMCOR, and Quiver (a BEE) 
10% and 5% respectively.
Using the information provided from  
the dry Kabeljou-1 well, which Chariot 
participated in with Petrobras and BP 
in 2012, the partnership was able to 
demonstrate that an excellent source rock 
exists in the shallower petroleum system 
offshore Namibia. Whilst this was marginally 
mature in the well, the increased depth 
of burial in Block 2714B suggests that this 
will be mature for oil generation with the 
potential to charge deepwater canyon head, 
channel and fan plays identified on legacy, 
sparse 2D data. In order to gain a more 
accurate understanding of the prospectivity 
within this acreage, Chariot has accelerated 
its work programme in this region and 
completed its work commitments for 
the entire four year period by acquiring a 
2,128km 2D seismic programme. Using this 
data, Chariot aims to identify specific areas 
of interest for designing a 3D programme 
which will be used to define candidates  
for drilling.
Forward plan
In Block 2714B, key areas of high potential 
deepwater canyon head, channel and fan 
plays, similar to that of the Central Blocks, 
will be interpreted from the recent 2D data 
acquisition, due to be completed in Q4 2014. 
A forward plan will then be decided for the 
acquisition of a 3D seismic survey. 
Chariot sees high potential in its southern 
acreage, and whilst it cannot comment on 
its partners’ participation plans, it will look 
to pursue the high potential identified in the 
shallower petroleum system, as well as to 
further analyse the opportunities presented 
in the deeper petroleum system on the 
blocks. 
Remaining commitments: there are no 
remaining commitments in Blocks 2714A  
and 2714B within their respective phases  
of exploration.
Northern Blocks
In the north, Chariot holds 100% interest 
in Blocks 1811A&B. 
In 2012 the Company drilled and successfully 
operated the Tapir South well. Whilst the 
well was dry and subsequently plugged and 
abandoned, the Company believes that 
there remains turbidite clastic and sub-salt 
carbonate potential in the block.
The well encountered excellent reservoir 
and fluid inclusions which indicate an oil 
charge that pre-dates structural formation. 
Following the completion of the Tapir South 
well, Chariot undertook a petro-physical 
and seismic processing analysis to identify 
where oil charged sands might exist. Using 
this analysis, the Company identified that 
there is a case for hydrocarbon charge in 
the Company’s Tapir North prospect, which 
is an attribute supported turbidite clastic 
prospect adjacent to the mapped source 
kitchen. This, however, is a stratigraphic 
trap and there is a risk that seal may not be 
present updip to the east. Importantly, this 
does mean that there is a possibility for long 
range migration into the Zamba prospect, 
which is now a drill ready, priority target.
The Zamba Main prospect is deemed to 
contain a gross mean unrisked prospective 
resource of 375mmbbls, with an upside 
of 540mmbbls should the wider Zamba 
complex, which would combine a variety 
of reservoirs within the area, be successful. 
Whilst this prospect is drill ready, Chariot 
is aware that third party drilling, due in Q2 
2014, may have implications for de-risking 
this prospect and as such will await these 
results prior to determining the forward 
programme. 
Forward plan
The Zamba prospect is drill ready and 
Chariot will await third party drilling 
results, which will provide an indication of 
the possibility for long range hydrocarbon 
migration, prior to determining its  
forward plans.
Remaining commitments: there are no 
remaining commitments in this licence 
period.
469mmbbls
unrisked gross mean prospective  
oil resource of Prospect B Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 24
OPERATIONS
FRONTIER 
REGION
BRAZIL
The Barreirinhas Basin lies on the north 
eastern coast of Brazil along the transform 
margin that is conjugate to the Atlantic 
offshore basins in Côte d’Ivoire and Ghana 
which have seen recent significant oil and gas 
discoveries. The acquisition of these licences 
exemplified Chariot’s ability to identify high 
potential, low cost options in underexplored 
regions. Qualifying as a shallow water 
operator, Chariot sought out the regions  
in which the deepwater petroleum systems 
extended into those blocks that were 
deemed by the ANP to be in the shallow 
water. This meant that whilst super majors 
and majors made extremely competitive 
bids and well commitments on “deepwater” 
acreage adjacent, Chariot was able to win 
its “shallow water” acreage for a minimum 
signature bonus and a seismic option.
LICENCE INTEREST
BAR-M-292
BAR-M-293 
BAR-M-313 
BAR-M-314
Brazil
LICENCE LOCATIONS
• BAR-M-292
• BAR-M-293 
• BAR-M-313
• BAR-M-314
Operator  
Chariot
Licence area  
768km
2
In May 2013 Chariot was successful 
in bidding for exploration blocks in 
the Barreirinhas Basin offshore Brazil. 
Chariot now holds 100% interest and 
operatorship in four “shallow water” 
exploration licences, BAR-M-292; 
BAR-M-293; BAR-M-313; and 
BAR-M-314. Combined, these span 
a region of 768km
2
 and the blocks 
are located approximately 70km 
offshore in water depths ranging 
from 85m to 1,700m.
Contract Area Acquired
Ongoing 
Commitments 2D 3D
Drill Ready 
(Subject to 
Partnering)
BAR-M-292, 293, 
313, 314
2013 768km
2
 3D 3 EIA 
process 
initiated
Anticipated 2016
Chariot 100% OPERATIONS
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 25
Since the acquisition, Chariot has initiated  
an EIA process in order to progress  
towards its 3D seismic commitment, which 
it anticipates commencing in 2015. On the 
legacy 2D datasets Chariot has identified 
on-block evidence for sufficient burial  
of the Cenomanian-Turonian source rock  
for hydrocarbon generation, supported  
by potential seismic DHIs. Further to  
this, a large roll-over structure has been 
identified with deepwater turbidite seismic 
facies and fan entry points. Whilst this 
is a frontier province with only three 
deepwater wells to date, the same plays 
have been proven in the giant discoveries 
on the conjugate margin in Ghana and 
the deepwater play components (source, 
reservoir and seal) have been demonstrated 
in wells drilled adjacent to Chariot’s acreage. 
Forward plan
The Company will continue to progress the 
EIA process in order to prepare its acreage 
for the 800km
2
 3D seismic campaign. A first 
tier partnering process will commence in Q4 
2014, with 3D expected in 2015. Following 
the acquisition, processing and interpretation 
of this data, the Company will look to 
commence its second tier farm out process 
in order to gain a partner for drilling in 2016.
Remaining commitments: 768km
2
 of 3D 
seismic data acquisition
MATTHEW TAYLOR
Technical Director
18 March 2014
THE ACQUISITION OF THESE  
LICENCES EXEMPLIFIED CHARIOT’S 
ABILITY TO IDENTIFY HIGH 
POTENTIAL, LOW COST OPTIONS  
IN UNDEREXPLORED REGIONS.
 
CONJUGATE
to the proven basins in Côte d’Ivoire and 
Ghana
768km
2
Total area of Chariot’s four “shallow water” 
exploration licences
Key licence features
Chariot’s blocks of interest are 
located in the north-eastern sector  
of the offshore Brazil continental 
margin in the Barreirinhas Basin
The Barreirinhas Basin lies along the 
transform margin that is conjugate 
to equivalent basins in Côte d’Ivoire 
and Ghana, where the Jubilee, 
Mahogany and Tweneboa oil and gas 
fields have been discovered in recent 
years. Evidence suggests that these 
same petroleum systems are present 
offshore Brazil, making this a giant 
potential frontier and emerging basin
Source, reservoir and seal play 
components have been demonstrated 
in wells within close proximity 
to the Chariot licences. There is 
evidence of burial of the Cenomanian-
Turonian source rock sufficient for 
oil generation on the block, with 
oil shows in wells and seismic DHIs 
supporting this. Turbidite seismic 
facies have been identified on legacy 
2D seismic as well as a large roll-over 
structure
In order to investigate this potential 
further, the Company is planning 
a 3D seismic programme which is 
anticipated to take place early 2015 
Scarlet Ibis, Parnaíba 
River Delta, Brazil 
Lençóis Maranhenses, 
Maranhão State, Brazil Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 26
OPERATIONS
BOARD
NON-EXECUTIVE 
TECHNICAL 
DIRECTORS
EXECUTIVE 
MANAGEMENT 
SENIOR 
MANAGEMENT  
OF GROUP 
FUNCTIONS
SENIOR 
MANAGEMENT 
OF OPERATING 
COMPANIES
REVIEW AND 
CONFIRMATION
Review and confirmation  
by the Board
PROCESS
Risks and mitigation 
validated with the Executive 
Committee and presented to 
the Non-Executive Technical 
Directors for review
IDENTIFY
Senior management 
identify the key 
risks and develop 
mitigation actions
IDENTIFY
Local management 
access risks and 
suggest mitigation 
actions
ONGOING REVIEW 
AND CONTROL
There is ongoing review of 
the risks and implementation 
of mitigation actions by the 
Executive Management
RISK MANAGEMENT  
FRAMEWORK
Underpinning all of Chariot’s activity is a focus on managing 
risk with a number of steps that are focused on balancing the 
Company’s risk exposure and guarding its capital. This is intended 
to ensure that the Company is able to sustain its development in 
order to carry out its drilling campaigns and deliver on its goal of 
discovering material hydrocarbon accumulations.
Capital discipline 
Chariot is dedicated to applying capital 
discipline in all that it does. All projects are 
carefully analysed and an opportunity’s risk 
versus value is measured at each stage of  
its development, ensuring that the portfolio 
is managed in line with its potential to deliver 
transformational growth.
Portfolio diversity 
In order to balance its risk, Chariot has 
developed its portfolio from a Namibian focus 
to that of the broader Atlantic margins, which 
now encompasses Morocco, Mauritania and 
Brazil. This provides a diversity in the asset 
base with a range of risk as well as a range  
of exploration maturity. This balance creates 
a solid platform for a sustained growth rate 
combined with a high level of optionality as 
the programme progresses.
Levered partnering 
As part of its “zero cost exploration” focus, 
Chariot looks to secure partners at each 
significant phase of investment. Through 
this partnering Chariot aims to validate the 
potential of its assets, improve the quality 
of the technical description through the 
contributions of these partners and fund  
its drilling activities. The Company will not 
look to drill without this endorsement from 
within the industry.
Strategic positioning 
Chariot aims to identify high potential 
underexplored regions ahead of the industry, 
acquiring large equity positions at low cost 
with minimal commitment. As industry 
interest increases within these areas, Chariot 
uses its vantage point to position itself as  
a “fast follower” rather than a “play opener”, 
allowing it to use its own technical evaluation, 
as well as the integration of information 
from the outcome from third party activity. 
This enables the Company to de-risk its 
assets as far as possible prior to drilling, 
ensuring stakeholders are exposed to the 
highest chance of success with a lower capital 
expenditure.
Experienced team 
Chariot has an exceptional team with over 
200 years of combined experience – having 
worked for a variety of super majors, majors 
and large independents. The team is able to 
draw on this experience enabling it to carry 
out the Company’s strategy: to successfully 
identify highly prospective, underexplored 
acreage and describe it to the high standard 
necessary to present to potential partners.  
All of our technical evaluation and data rooms 
are managed in-house, ensuring the effective 
communications of first rate, fully informed 
descriptions. Our skills and capabilities are 
recognised throughout the industry, with a 
track record of successful partnering to date.
Application of technology 
Chariot uses proven and leading-edge 
technologies and its technical capabilities 
to mature its portfolio. It also uses its fast 
follower position to learn from third party 
drilling activity and integrates this learning  
into its understanding of its acreage.  
The combination of this ensures that the 
Company is able to de-risk its portfolio  
as far as possible and mature targets for 
drilling in order to gain partners to test  
its prospects through the drill bit.
CHARIOT MANAGES ITS RISK THROUGH:
RISK MANAGEMENT OPERATIONS
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 27
RISK DESCRIPTION MITIGATION
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. 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 
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 in 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, PGS and Cairn Energy. 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, throughout West and North Africa and in Brazil.
OPERATING  
RISK
The nature of oil and gas 
operations means that the 
Group is exposed to risks such as 
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 in which it operates places it in a good position to be 
able to work through any potential significant changes that could 
arise in the future.
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. Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 28
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 28
OPERATIONS
CORPORATE SOCIAL RESPONSIBILITY
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.
Environmental Impact 
Assessments
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 
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 all seismic acquisition 
programmes, Chariot employs marine 
mammal observers to travel on board 
the seismic vessels. These observers 
compile marine mammal and bird 
count statistics which will assist in 
the preparation of future EIAs. Pelican in Walvis Bay, Namibia
OPERATIONS
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 29
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.
Environmental and  
Socioeconomic 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 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 all seismic acquisition 
programmes, Chariot employs marine 
mammal observers to travel on board the 
seismic vessels. These observers 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. At the point of 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.
Environmental  
Management Plan
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. 
At the point of 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. Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 30
GEORGE CANJAR 
Non-Executive 
Chairman
LARRY BOTTOMLEY 
Chief Executive Officer
MARK REID 
Chief Financial Officer
MATTHEW TAYLOR 
Technical Director
ADONIS POUROULIS 
Non-Executive Director
ROBERT SINCLAIR 
Non-Executive Director
HEINDRICH NDUME 
Non-Executive Director
WILLIAM TROJAN 
Non-Executive Director
DAVID BODECOTT 
Non-Executive Director
Biography
George has 30 years of 
experience in the oil industry 
and began his career at Shell, 
having graduated with a  
BSc in Geologic Engineering 
from the Colorado School  
of Mines.
He is currently Director 
of Global Unconventional 
Business Development for 
Hess Corporation.
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. 
Matthew is a petroleum 
geologist who has worked in 
the industry for over 30 years. 
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.
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. 
Heindrich is a Namibian 
national with mining 
exploration experience 
throughout sub-Saharan Africa.
William has 36 years of 
experience in the oil and gas 
industry and has extensive 
experience in deepwater 
exploration within the Atlantic 
margins. 
David has worked in the oil  
and gas industry for 40 years. 
Year appointed
Non-Executive Director 2010
Non-Executive Chairman 2013
Appointed NED 2011,
CEO 2012
2012 2013 2008 2008 2008 2014 2014
Experience
George 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.
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.
Before joining Chariot, Mark 
was CFO at Aurelian Oil & Gas 
Plc and prior to that Head of 
Oil & Gas at the London office 
of BNP Paribas Fortis. 
He has also held senior 
positions for National Australia 
Bank’s Oil & Gas team as 
well as within Ernst & Young’s 
Corporate Finance sector 
where he provided M&A and 
corporate finance services to 
clients worldwide for a period 
of eight years.
Matthew began his career  
with BNOC in 1980, moving  
to BP in 1984 and subsequently 
held senior geologist posts  
with BHP Petroleum and 
Triton Energy. 
He has also 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 
working for Hunt Oil.
Adonis is also Chairman of 
Petra Diamonds Limited, 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 
producer. 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.
Robert is Chairman of 
Schroder Oriental Income 
Fund Limited, Chairman of 
Sirius Real Estate Limited,  
a Director of Picton Property 
Income Limited and Chairman 
of its Audit Committee 
and a Director of Secure 
Property Development & 
Investment PLC. He is a fellow 
of the Institute of Chartered 
Accountants in England & 
Wales and a Member of 
the Institute of Chartered 
Accountants of Scotland,  
and is resident in Guernsey. 
Robert represents the interests 
of Westward Investments 
Limited, a major shareholder 
of Chariot.
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, which is now a 
100% subsidiary of Chariot.
William began his career  
at Shell and, during his  
19 years there, held a variety  
of senior positions, specialising 
in the strategic direction of 
exploration programmes,  
new business concepts, 
strategies and work processes. 
Subsequent to his time at  
Shell, William became Vice 
President of Worldwide 
Deepwater Exploration for 
Phillips Petroleum Company  
in 2000 where he managed  
a new exploration programme 
focused primarily on West 
Africa, Brazil and the Gulf 
of Mexico. Following the 
merger with Conoco, William 
continued to specialise in 
West Africa, responsible for 
bid rounds in new venture 
evaluations, seismic and drilling 
operations.
A highly experienced geologist, 
he co-founded AIM-listed 
Rockhopper Exploration Plc 
in 2004 and, in 2007, became 
the company’s Exploration 
Director. During this time, he 
built a highly skilled technical 
team in preparation for the 
2010/2012 drilling campaign 
that delivered the Sea Lion 
discovery and appraisal success.
David left Rockhopper in 2013  
to continue with the consultancy 
work that he conducted 
between 1981 and 2007 and  
to work on new opportunities.  
His most recent consulting 
work has been in Denmark, 
Greenland, the Falkland Shelf, 
Southeast Asia, the North  
Sea and the West Shetlands; 
with many previous projects  
in West Africa including 
Mauritania, Senegal, Guinea-
Bissau, Ghana, Nigeria, Gabon, 
Angola, Kenya and Tanzania.
Committee membership
Audit Commitee
Nomination Committee
Remuneration Committee
Audit Committee 
Remuneration Committee 
Audit Committee
Remuneration Committee
Nomination Committee
Independent
Yes Not applicable Not applicable Not applicable No No No Yes Yes
Sector experience
 
 
 
 
 
Name and title
TRITON
GOVERNANCE
BOARD OF DIRECTORS GOVERNANCE
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 31
BOARD  
COMPOSITION
GEORGE CANJAR 
Non-Executive 
Chairman
LARRY BOTTOMLEY 
Chief Executive Officer
MARK REID 
Chief Financial Officer
MATTHEW TAYLOR 
Technical Director
ADONIS POUROULIS 
Non-Executive Director
ROBERT SINCLAIR 
Non-Executive Director
HEINDRICH NDUME 
Non-Executive Director
WILLIAM TROJAN 
Non-Executive Director
DAVID BODECOTT 
Non-Executive Director
Biography
George has 30 years of 
experience in the oil industry 
and began his career at Shell, 
having graduated with a  
BSc in Geologic Engineering 
from the Colorado School  
of Mines.
He is currently Director 
of Global Unconventional 
Business Development for 
Hess Corporation.
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. 
Matthew is a petroleum 
geologist who has worked in 
the industry for over 30 years. 
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.
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. 
Heindrich is a Namibian 
national with mining 
exploration experience 
throughout sub-Saharan Africa.
William has 36 years of 
experience in the oil and gas 
industry and has extensive 
experience in deepwater 
exploration within the Atlantic 
margins. 
David has worked in the oil  
and gas industry for 40 years. 
Year appointed
Non-Executive Director 2010
Non-Executive Chairman 2013
Appointed NED 2011,
CEO 2012
2012 2013 2008 2008 2008 2014 2014
Experience
George 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.
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.
Before joining Chariot, Mark 
was CFO at Aurelian Oil & Gas 
Plc and prior to that Head of 
Oil & Gas at the London office 
of BNP Paribas Fortis. 
He has also held senior 
positions for National Australia 
Bank’s Oil & Gas team as 
well as within Ernst & Young’s 
Corporate Finance sector 
where he provided M&A and 
corporate finance services to 
clients worldwide for a period 
of eight years.
Matthew began his career  
with BNOC in 1980, moving  
to BP in 1984 and subsequently 
held senior geologist posts  
with BHP Petroleum and 
Triton Energy. 
He has also 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 
working for Hunt Oil.
Adonis is also Chairman of 
Petra Diamonds Limited, 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 
producer. 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.
Robert is Chairman of 
Schroder Oriental Income 
Fund Limited, Chairman of 
Sirius Real Estate Limited,  
a Director of Picton Property 
Income Limited and Chairman 
of its Audit Committee 
and a Director of Secure 
Property Development & 
Investment PLC. He is a fellow 
of the Institute of Chartered 
Accountants in England & 
Wales and a Member of 
the Institute of Chartered 
Accountants of Scotland,  
and is resident in Guernsey. 
Robert represents the interests 
of Westward Investments 
Limited, a major shareholder 
of Chariot.
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, which is now a 
100% subsidiary of Chariot.
William began his career  
at Shell and, during his  
19 years there, held a variety  
of senior positions, specialising 
in the strategic direction of 
exploration programmes,  
new business concepts, 
strategies and work processes. 
Subsequent to his time at  
Shell, William became Vice 
President of Worldwide 
Deepwater Exploration for 
Phillips Petroleum Company  
in 2000 where he managed  
a new exploration programme 
focused primarily on West 
Africa, Brazil and the Gulf 
of Mexico. Following the 
merger with Conoco, William 
continued to specialise in 
West Africa, responsible for 
bid rounds in new venture 
evaluations, seismic and drilling 
operations.
A highly experienced geologist, 
he co-founded AIM-listed 
Rockhopper Exploration Plc 
in 2004 and, in 2007, became 
the company’s Exploration 
Director. During this time, he 
built a highly skilled technical 
team in preparation for the 
2010/2012 drilling campaign 
that delivered the Sea Lion 
discovery and appraisal success.
David left Rockhopper in 2013  
to continue with the consultancy 
work that he conducted 
between 1981 and 2007 and  
to work on new opportunities.  
His most recent consulting 
work has been in Denmark, 
Greenland, the Falkland Shelf, 
Southeast Asia, the North  
Sea and the West Shetlands; 
with many previous projects  
in West Africa including 
Mauritania, Senegal, Guinea-
Bissau, Ghana, Nigeria, Gabon, 
Angola, Kenya and Tanzania.
Committee membership
Audit Commitee
Nomination Committee
Remuneration Committee
Audit Committee 
Remuneration Committee 
Audit Committee
Remuneration Committee
Nomination Committee
Independent
Yes Not applicable Not applicable Not applicable No No No Yes Yes
Sector experience
 
 
 
 
 
Non-Independent: 6  
Independent: 3  E xe c u t i v e : 3 
Non- 
Executive: 6 Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 32
DUNCAN WALLACE 
Exploration Manager
ALEX GREEN 
Commercial Manager
JULIA KEMPER 
Principal Geophysicist
JULIA WEBB
Corporate 
Communications 
Manager
JULIAN MAURICE-
WILLIAMS 
Group Financial 
Controller
ROBERT 
MWANACHILENGA 
Country Manager and 
Senior Staff Drilling 
Engineer, Namibia
TATIANA MENEZES
Environmental 
Compliance and Office 
Manager, Brazil 
MOHAMED ETHMANE 
DIOUDIA
Country Manager, 
Mauritania
Duncan is a geologist with 
over ten years of experience 
working in exploration and 
production. After graduating 
with an MSc from Imperial 
College he joined Perenco 
as an exploration geologist 
and has held a wide variety 
of technical and management 
positions in his career, ranging 
from onshore and offshore 
exploration studies, field 
development, production, 
operations and new ventures.
He recently returned to the  
UK following a four year 
tenure as Country Manager for 
Perenco in Brazil, where he had 
the responsibility to oversee 
a full cycle of exploration in 
a new country, from office 
setup and team recruitment, 
to seismic acquisition and 
processing, exploration studies 
and well planning, to the drilling 
of two deepwater exploration 
wells. Subsequent to this, 
Duncan was the New Ventures 
Exploration Manager, with 
global responsibility for the 
identification and evaluation 
of new acreage and farm-in 
opportunities.
Alex has over 20 years of 
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.
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.
Julia has six years of experience 
in corporate communications 
and joined Chariot in 2010, 
having previously worked for  
a number of the African 
focused natural resource and 
energy companies within the 
Pella Resources Group.
During this time she has 
been involved in a variety of 
marketing activities throughout 
the UK, Europe, US and Africa, 
developing the Company’s 
corporate profile. She develops 
the team’s communication 
strategy, providing a channel  
of communication between the 
Company, investors, analysts 
and the press. She has headed 
up and organised a number 
of investor roadshows and 
conferences, manages special 
events, has participated in  
the organisation of fundraisings  
as well as playing a key role  
in internal communications.
Julian is a Chartered 
Accountant with nine years  
of experience in the oil and  
gas sector. 
Prior to joining Chariot in 
2012 he was a manager within 
BDO LLP’s natural resources 
department in London where 
his client portfolio included 
Main Market, AIM and 
ASX quoted oil and mining 
companies with exploration 
and production assets primarily 
in Africa, the Former Soviet 
Union, South America, 
Australia and Asia.
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 the Deutsche Schachtbau-
und Tiefbohrgesellschaft  
mbH (DSTmbH) 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  
of the Advancement of  
Cost Engineers International 
and the Engineering Council  
of Namibia.
Before joining Chariot in 
2013, Tatiana held a number 
of different positions in the 
energy sector and more 
specifically, as an environmental 
co-ordinator and liaison officer.
Her previous role as 
Environmental Coordinator 
at Perenco Petróleo e Gás do 
Brasil Limited saw her acquire 
the environmental licence 
and “anuencias” or “technical 
consents” for offshore drilling 
activities in the Espírito Santo 
Maritime Basin whilst also 
being the main contact with 
the Environmental Brazilian 
Organisation, IBAMA. During 
her time at Perenco, Tatiana 
was also responsible for 
contracting environmental 
companies as part of the 
tendering process and played 
an integral role in the start-up 
of the company in Brazil. 
Tatiana has also worked as  
an environmental assistant  
at Galp Energia, co-ordinating 
the environmental permits and 
monitoring the environmental 
project implementation in  
the countries within the 
influence area for various 
seismic activities.
Mohamed has worked for 
over ten years as Finance, 
Commercial and then General 
Manager for a local company, 
Groupe MiIP- SOFAPOP, 
representing various large 
multinational companies, such 
as Yamaha and Daewoo, from 
Japan, France, China and Spain. 
During this time, he acquired a 
strong knowledge of all logistics 
and Mauritanian administration 
aspects. Subsequent to this, 
he worked for six years as 
Country Manager for several 
mining and oil exploration 
companies in Mauritania, 
participating actively in 
negotiations for oil and mining 
permits. In 2012 he joined 
Chariot Oil & Gas where he is 
responsible for the Company’s 
local activities, including 
governmental and local partner 
relations and its exploration 
operations in country.
GOVERNANCE
SENIOR MANAGEMENT TEAM GOVERNANCE
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 33
DUNCAN WALLACE 
Exploration Manager
ALEX GREEN 
Commercial Manager
JULIA KEMPER 
Principal Geophysicist
JULIA WEBB
Corporate 
Communications 
Manager
JULIAN MAURICE-
WILLIAMS 
Group Financial 
Controller
ROBERT 
MWANACHILENGA 
Country Manager and 
Senior Staff Drilling 
Engineer, Namibia
TATIANA MENEZES
Environmental 
Compliance and Office 
Manager, Brazil 
MOHAMED ETHMANE 
DIOUDIA
Country Manager, 
Mauritania
Duncan is a geologist with 
over ten years of experience 
working in exploration and 
production. After graduating 
with an MSc from Imperial 
College he joined Perenco 
as an exploration geologist 
and has held a wide variety 
of technical and management 
positions in his career, ranging 
from onshore and offshore 
exploration studies, field 
development, production, 
operations and new ventures.
He recently returned to the  
UK following a four year 
tenure as Country Manager for 
Perenco in Brazil, where he had 
the responsibility to oversee 
a full cycle of exploration in 
a new country, from office 
setup and team recruitment, 
to seismic acquisition and 
processing, exploration studies 
and well planning, to the drilling 
of two deepwater exploration 
wells. Subsequent to this, 
Duncan was the New Ventures 
Exploration Manager, with 
global responsibility for the 
identification and evaluation 
of new acreage and farm-in 
opportunities.
Alex has over 20 years of 
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.
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.
Julia has six years of experience 
in corporate communications 
and joined Chariot in 2010, 
having previously worked for  
a number of the African 
focused natural resource and 
energy companies within the 
Pella Resources Group.
During this time she has 
been involved in a variety of 
marketing activities throughout 
the UK, Europe, US and Africa, 
developing the Company’s 
corporate profile. She develops 
the team’s communication 
strategy, providing a channel  
of communication between the 
Company, investors, analysts 
and the press. She has headed 
up and organised a number 
of investor roadshows and 
conferences, manages special 
events, has participated in  
the organisation of fundraisings  
as well as playing a key role  
in internal communications.
Julian is a Chartered 
Accountant with nine years  
of experience in the oil and  
gas sector. 
Prior to joining Chariot in 
2012 he was a manager within 
BDO LLP’s natural resources 
department in London where 
his client portfolio included 
Main Market, AIM and 
ASX quoted oil and mining 
companies with exploration 
and production assets primarily 
in Africa, the Former Soviet 
Union, South America, 
Australia and Asia.
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 the Deutsche Schachtbau-
und Tiefbohrgesellschaft  
mbH (DSTmbH) 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  
of the Advancement of  
Cost Engineers International 
and the Engineering Council  
of Namibia.
Before joining Chariot in 
2013, Tatiana held a number 
of different positions in the 
energy sector and more 
specifically, as an environmental 
co-ordinator and liaison officer.
Her previous role as 
Environmental Coordinator 
at Perenco Petróleo e Gás do 
Brasil Limited saw her acquire 
the environmental licence 
and “anuencias” or “technical 
consents” for offshore drilling 
activities in the Espírito Santo 
Maritime Basin whilst also 
being the main contact with 
the Environmental Brazilian 
Organisation, IBAMA. During 
her time at Perenco, Tatiana 
was also responsible for 
contracting environmental 
companies as part of the 
tendering process and played 
an integral role in the start-up 
of the company in Brazil. 
Tatiana has also worked as  
an environmental assistant  
at Galp Energia, co-ordinating 
the environmental permits and 
monitoring the environmental 
project implementation in  
the countries within the 
influence area for various 
seismic activities.
Mohamed has worked for 
over ten years as Finance, 
Commercial and then General 
Manager for a local company, 
Groupe MiIP- SOFAPOP, 
representing various large 
multinational companies, such 
as Yamaha and Daewoo, from 
Japan, France, China and Spain. 
During this time, he acquired a 
strong knowledge of all logistics 
and Mauritanian administration 
aspects. Subsequent to this, 
he worked for six years as 
Country Manager for several 
mining and oil exploration 
companies in Mauritania, 
participating actively in 
negotiations for oil and mining 
permits. In 2012 he joined 
Chariot Oil & Gas where he is 
responsible for the Company’s 
local activities, including 
governmental and local partner 
relations and its exploration 
operations in country.
AN EXCEPTIONAL 
TEAM FOCUSED ON 
RISK MANAGEMENT Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 34
GOVERNANCE
DIRECTORS’ REMUNERATION REPORT
Remuneration Committee
The Group’s Remuneration Committee comprises George Canjar (Chairman), Adonis Pouroulis and Robert Sinclair.
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 three and 12 months.
Directors’ remuneration
The following remuneration comprises Directors’ fees and benefits in kind that were paid 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
Year ended 
31 December 
2013
Total  
US$000
Year ended 
31 December 
2012
Total  
US$000
G Canjar 100 – – – 100 81
L Bottomley 570 – – – 570 173
M Reid 
(2)
423 – – 21 444 15
M Taylor 
(3)
151 – 2 8 161 –
A Pouroulis 117 – – – 117 122
R Sinclair 81 – – – 81 73
H Ndume 156 – – – 156 156
P Loader 
(4)
43 14 – – 57 73
P Welch 
(5)
– – – – – 1,494
J Burgess 
(5)
– – – – – 516
Total 1,641 14 2 29 1,686 2,703
(1) Comprises private health insurance. 
(2)  M Reid was appointed as a Director on 19 December 2012. Amounts included above for the year ended 31 December 2012 are in respect of services  
for the period 19–31 December 2012.
(3) M Taylor was appointed as a Director on 28 June 2013. Amounts included above are in respect of services for the period 28 June–31 December 2013.
(4) P Loader resigned on 28 June 2013.
(5) P Welch and J Burgess resigned on 19 December 2012. GOVERNANCE
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 35
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 2013 31 December 2012
G Canjar 159,000 –
L Bottomley 
(1)
431,113 40,393
M Reid 
(2)
159,000 –
M Taylor 
(3)
770,321 –
A Pouroulis 
(4)
21,665,971 21,665,971
R Sinclair 412,000 200,000
H Ndume 
(5)
20,107,426 20,107,426
Total 43,704,831 42,013,790
(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 vest in equal instalments over a three year period from the date of grant.
(3)  M Taylor was appointed as a Director on 28 June 2013. Prior to being appointed as a Director, he was granted 658,805 deferred share awards under the employee  
long term incentive plan (see note 20). These shares vest in equal instalments over a three year period from the date of grant. On 21 October 2013, he exercised  
326,602 deferred shares plus an additional 114,978 tax deferred shares totalling 441,580 shares.
(4)   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.
(5) 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.
The Directors who held office at the reporting date and who had interests in the share option scheme are:
Options held at 
31 December 
2012
Cancelled 
during the year
Granted  
during the year
Options held at 
31 December 
2013
Exercise price 
(p)
Exercisable 
from Expiry date
L Bottomley 250,000 – – 250,000 125.0 1/9/2013 1/9/2021
L Bottomley – – 2,750,000 2,750,000 27.3 19/12/2014 18/12/2023
M Taylor 
(1)
1,000,000 – – 1,000,000 25.0 15/1/2012 15/1/2020
A Pouroulis 100,000 (100,000) – – 130.0 13/5/2010 13/5/2018
G Canjar 250,000 (250,000) – – 115.0 1/6/2012 1/6/2020
R Sinclair 100,000 (100,000) – – 130.0 13/5/2010 13/5/2018
H Ndume 250,000 (250,000) – – 130.0 13/5/2010 13/5/2018
Total 1,950,000 (700,000) 2,750,000 4,000,000
(1) M Taylor was appointed as a Director on 28 June 2013. Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 36
GOVERNANCE
Non-Executive Directors’ Restricted Share Units (“RSU”)
The Group operates an RSU scheme pursuant to which Non-Executive Directors may be awarded shares for nil consideration. The awards 
vest in equal instalments over a three year period on the anniversary of the grant date.
Further details of the RSU scheme can be found in note 20.
The Directors who held office at the reporting date and who had interests in the RSU scheme are:
RSU held at 
31 December 
2012
Granted during 
the year
RSU held at 
31 December 
2013 Grant date Expiry date
A Pouroulis – 18,533 18,533 20/9/2013 20/9/2023
G Canjar – 51,265 51,265 20/9/2013 20/9/2023
G Canjar – 159,000 159,000 24/9/2013 24/9/2023
R Sinclair – 18,533 18,533 20/9/2013 20/9/2023
R Sinclair – 212,000 212,000 24/9/2013 24/9/2023
H Ndume – 46,332 46,332 20/9/2013 20/9/2023
Total – 505,663 505,663
By order of the Board
GEORGE CANJAR
Chairman of the Remuneration Committee
18 March 2014
DIRECTORS’ REMUNERATION REPORT
(continued) GOVERNANCE
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 37
CORPORATE GOVERNANCE STATEMENT
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. Given the departure of Philip Loader on 28 June  
2013, a new Senior Independent Non-Executive Director and Corporate Governance Committee member will be appointed during 2014. 
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, Chief Executive Officer, Chief Financial Officer, Technical Director and Non-Executive Directors.  
All Directors have access to the advice and services of the Company Secretary and the Group’s professional advisors. Subsequent to their 
appointment on 19 February 2014, William Trojan and David Bodecott joined George Canjar as independent Non-Executive Directors.
Remuneration Committee
The Remuneration Committee comprises George Canjar (Chairman), Adonis Pouroulis and Robert Sinclair. Its terms of reference are 
discussed in the Directors’ Remuneration Report. The Remuneration Committee met twice during the year ended 31 December 2013.
Audit Committee
The Audit Committee comprises Robert Sinclair (Chairman), Adonis Pouroulis and George Canjar. 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 2013. 
Nomination Committee
The Nomination Committee comprises George Canjar (Chairman) 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 once during  
the year ended 31 December 2013. 
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.  Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 38
GOVERNANCE
REPORT OF THE DIRECTORS
The Directors present their report together with the audited financial statements for the year ended 31 December 2013.
Results and dividends
The results for the year are set out on page 41.
The Directors do not recommend payment of a final dividend (31 December 2012: 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 Report of the Directors.
The Group is subject to various risks including those which derive from the nature of its oil and gas exploration activities. The Risk 
Management Statement sets out the Group’s principal risks and uncertainties and also provides details as to how these are managed.
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, securing additional finance when required 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:
George Canjar (Non-Executive Chairman) 
Larry Bottomley (Chief Executive Officer)
Mark Reid (Chief Financial Officer)
Matthew Taylor (Technical Director) Appointed 28 June 2013 
Adonis Pouroulis (Non-Executive Director)
Robert Sinclair (Non-Executive Director) 
Heindrich Ndume (Non-Executive Director)
Philip Loader (Non-Executive Chairman) Resigned 28 June 2013
On 19 February 2014, William Trojan and David Bodecott were appointed as Non-Executive Directors.
Details of Directors’ interests in shares, share options, LTIPs and RSUs 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. GOVERNANCE
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 39
The Directors have elected to prepare the financial statements in accordance with IFRS as adopted by the European Union. 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. 
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
MARK REID
Chief Financial Officer
18 March 2014 Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 40
FINANCIAL STATEMENTS
We have audited the financial statements of Chariot Oil & Gas Limited for the year ended 31 December 2013 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 the Guernsey (Companies) Law, 2008 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 has been 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. 
Directors’ responsibility for the financial statements
As explained more fully in the statement of directors’ responsibilities, the Directors are responsible for the preparation of the financial 
statements in accordance with Guernsey (Companies) Law, 2008 and International Financial Reporting Standards (IFRS) as adopted by 
European Union and for being satisfied that they give a true and fair view in accordance with IFRS as adopted by the European Union. 
Auditor’s responsibility 
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance  
with relevant legal and regulatory requirements and International Standards on Auditing (as issued by the International Federation  
of Accountants (IFAC)). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain 
reasonable assurance about whether the financial statements are free from material misstatement. 
An audit includes performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.  
The procedures selected depend on the Auditor’s judgement, including the risks of material misstatement of the financial statements, 
whether due to fraud or error. In making those risk assessments, the Auditor considers the internal control relevant to the entity’s 
preparation of financial statements that give a true and fair view in order to design appropriate audit procedures that are appropriate  
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also 
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, 
as well as evaluating the overall presentation of the financial statements. 
We read the other information contained in the Annual Report and Accounts and consider the implications for our report if we become aware 
of any apparent misstatements or material inconsistencies with the financial statements. The other information comprises the Chairman’s 
Statement, the Chief Executive Officer’s Review, the Review of Operations, the Chief Financial Officer’s Review and the Report of the Directors.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion on financial statements
In our opinion: 
• give a true and fair view of the state of the Group’s affairs as at 31 December 2013 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
Chartered Accountants
London, United Kingdom
18 March 2014
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
INDEPENDENT AUDITOR’S REPORT TO  
THE MEMBERS OF CHARIOT OIL & GAS LIMITED FINANCIAL STATEMENTS
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 41
Notes
Year ended 
31 December 2013
US$000
Year ended 
31 December 2012
US$000
Share based payments 20 (2,219) (1,793) 
Impairment of exploration asset 11 – (80,853)
Other administrative expenses (6,008) (7,476)
Total operating expenses (8,227) (90,122)
Loss from operations 4 (8,227) (90,122)
Finance income 7 758 1,561
Finance expense 7 (1,177) –
Loss for the year before taxation (8,646) (88,561)
Tax expense 9 (1,809) –
Loss for the year and total comprehensive loss for the year 
attributable to equity owners of the parent
(10,455) (88,561)
Loss per ordinary share attributable to the equity holders of the 
parent – basic and diluted
10 US$(0.05) US$(0.45)
All amounts relate to continuing activities.
The notes on pages 45 to 57 form part of these financial statements.
CONSOLIDATED STATEMENT  
OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2013 Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 42
FINANCIAL STATEMENTS
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
As at 1 January 2012 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) – – –
As at 31 December 2012 3,758 323,668 796 4,841 (1,241) (135,176) 196,646
Total comprehensive loss for the year – – – – – (10,455) (10,455)
Share based payments – – – 2,219 – – 2,219
Transfer of reserves due to issue of LTIPS 18 909 – (927) – – –
Transfer of reserves due to cancelled / lapsed 
share options
– – – (2,259) – 2,259 –
As at 31 December 2013 3,776 324,577 796 3,874 (1,241) (143,372) 188,410
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.
Contributed equity Amount representing equity contributed by the shareholders.
Share based payments reserve  Amount representing the cumulative charge recognised under IFRS2 in respect of share 
option, LTIP and RSU schemes. 
Foreign exchange reserve  Foreign exchange differences arising on translating into the reporting currency.
Retained deficit Cumulative net gains and losses recognised in the financial statements.
The notes on pages 45 to 57 form part of these financial statements.
CONSOLIDATED STATEMENT  
OF CHANGES IN EQUITY 
FOR THE YEAR ENDED 31 DECEMBER 2013 FINANCIAL STATEMENTS
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 43
Notes
31 December 2013 
US$000
31 December 2012 
US$000
Non-current assets
Exploration and appraisal costs 11 128,284 136,639
Property, plant and equipment 12 613 882
Total non-current assets 128,897 137,521
Current assets
Trade and other receivables 13 1,614 2,922
Inventory 14 7,234 7,153
Cash and cash equivalents 15 56,684 68,257
Total current assets 65,532 78,332
Total assets 194,429 215,853
Current liabilities
Trade and other payables 16 6,019 19,207
Total current liabilities 6,019 19,207
Total liabilities 6,019 19,207
Net assets 188,410 196,646
Capital and reserves attributable to equity holders of the parent
Share capital 17 3,776 3,758
Share premium 324,577 323,668
Contributed equity 796 796
Share based payment reserve 3,874 4,841
Foreign exchange reserve (1,241) (1,241)
Retained deficit (143,372) (135,176)
Total equity 188,410 196,646
The notes on pages 45 to 57 form part of these financial statements.
The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2014.
GEORGE CANJAR
Chairman
CONSOLIDATED STATEMENT  
OF FINANCIAL POSITION 
AS A T 31 DECEMBER 2013 Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 44
FINANCIAL STATEMENTS
CONSOLIDATED CASH FLOW STATEMENT 
FOR THE YEAR ENDED 31 DECEMBER 2013
Year ended  
31 December 2013
US$000
Year ended  
31 December 2012
US$000
Operating activities
Loss for the year before taxation (8,646) (88,561)
Adjustments for:
Finance income (758) (1,561)
Finance expense 1,177 –
Depreciation 349 187
Share based payments 2,219 1,793
Impairment of exploration asset – 80,853
Net cash outflow from operating activities before changes in working capital (5,659) (7,289)
Decrease / (increase) in trade and other receivables 1,360 (1,614)
(Decrease) / increase in trade and other payables (1,520) 1,625
Increase in inventories (81) (2,475)
Net cash outflow from operating activities (5,900) (9,753)
Investing activities
Finance income 758 885
Payments in respect of property, plant and equipment (80) (848)
Farm-in proceeds 26,400 33,379
Payments in respect of intangible assets (31,574) (131,815)
Net cash outflow used in investing activities (4,496) (98,399)
Financing activities
Issue of ordinary share capital – 48,737
Issue costs – (1,994)
Net cash inflow from financing activities – 46,743
Net decrease in cash and cash equivalents in the year (10,396) (61,409)
Cash and cash equivalents at start of the year 68,257 128,990
Effect of foreign exchange rate changes on cash and cash equivalent (1,177) 676
Cash and cash equivalents at end of the year 56,684 68,257
The notes on pages 45 to 57 form part of these financial statements. FINANCIAL STATEMENTS
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 45
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. At 31 December 2013 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 Report of the Directors and the Operations Overview.
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.
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 12 months. 
New Accounting Standards
The following new standards and amendments to standards are mandatory for the first time for the Group for the financial year beginning 
1 January 2013. The implementation of these standards and amendments to standards has had no material effect on the Group’s 
accounting policies.
International Accounting Standards (IAS/IFRS) Effective year commencing on or after
IAS 1 (Amendment) – Presentation of items of other comprehensive income 1 July 2012
IFRS 13 – Fair value measurement 1 January 2013
IAS 19 (Amendment 2011) – Employee benefits 1 January 2013
IFRS 7 (Amendment 2011) – Disclosures – offsetting financial assets  
and financial liabilities
1 January 2013
IAS 16 (improvements) – Classification of servicing equipment 1 January 2013
Certain new standards and amendments to standards have been published that are mandatory for the Group’s accounting periods 
beginning after 1 January 2014 or later years 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 Accounting Standards (IAS/IFRS) Effective year commencing on or after
IAS 32 (Amendment 2011) – Offsetting financial assets and financial liabilities 1 January 2014
IFRS 11 – Joint arrangements 1 January 2014*
IFRS 10 – Consolidated financial statements 1 January 2014*
IFRS 12 – Disclosure of interest in other entities 1 January 2014*
IAS 27 (Amendment 2011) – Separate financial statements 1 January 2014*
IAS 28 (Amendment 2011) – Investments in associates and joint ventures 1 January 2014*
IFRIC 21 – Levies 1 January 2014
IFRS 9 – Financial instruments n/a
* Effective date 1 January 2014 for the EU.
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. 
NOTES FORMING PART OF  
THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2013 Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 46
FINANCIAL STATEMENTS
NOTES FORMING PART OF  
THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2013
2 Accounting policies continued
The Board regularly reviews the carrying values of each cost pool and writes down capitalised expenditure to levels it considers to be 
recoverable. Cost pools are determined on the basis of geographic principles. The Group currently has six cost pools being Northern, 
Central and Southern Blocks in Namibia, Mauritania, Morocco and Brazil. 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 reimbursement of past costs, 
this cash consideration is 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 is treated as a credit to the Consolidated Statement 
of Comprehensive Income. 
Any Capital Gains Tax payable in respect of a farm-in transaction is recognised in the Consolidated 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.
Taxation
Income tax expense represents the sum of the current tax and deferred tax charge for the year.
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 substantively 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 Consolidated Statement of Comprehensive Income, 
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.
Foreign 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 Consolidated 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 2.5–5 years.
The carrying value of property, plant and equipment is assessed annually and any impairment charge is charged to the Consolidated 
Statement of Comprehensive Income. FINANCIAL STATEMENTS
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 47
Operating leases
Rent paid on operating leases is charged to the Consolidated Statement of Comprehensive Income on a straight line basis over the term 
of the lease.
Share based payments
Where equity settled share awards are awarded to employees or Directors, the fair value of the awards at the date of grant is charged 
to the Consolidated Statement of Comprehensive Income 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 awards that eventually vest. Market vesting conditions are factored into the 
fair value of the awards 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 awards are modified before they vest, the increase in the fair value of the awards, measured 
immediately before and after the modification, is also charged to the Consolidated Statement of Comprehensive Income 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 Contributed 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 
understated, 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 an intangible asset 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. Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 48
FINANCIAL STATEMENTS
NOTES FORMING PART OF  
THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2013
2 Accounting policies continued
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 year 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 pricing model as set out in note 20.
3 Segmental analysis 
The Group has two reportable segments being exploration for 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 2013
Exploration for
Oil and Gas
US$000
Head Office
US$000
Total
US$000
Share based payment – (2,219) (2,219)
Administrative expenses (956) (5,052) (6,008)
Impairment of exploration asset – – –
Finance income – 758 758
Finance expense – (1,177) (1,177)
Tax expense (1,702) (107) (1,809)
Loss after taxation (2,658) (7,797) (10,455)
Additions to non-current assets 18,045 80 18,125
Total assets 136,103 58,326 194,429
Total liabilities (3,152) (2,867) (6,019)
Net assets 132,951 55,459 188,410
31 December 2012
Exploration for
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
Finance expense – – –
Tax expense – – –
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 FINANCIAL STATEMENTS
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 49
4 Loss from operations
31 December 2013
US$000
31 December 2012
US$000
Loss from operations is stated after charging:
Impairment of exploration asset – 80,853
Operating lease – office rental 329 307
Depreciation 349 187
Share based payments – share option scheme 303 337
Share based payments – long term incentive scheme 1,891 1,456
Share based payments – restricted share unit scheme 25 –
Auditors’ remuneration:
Fees payable to the Company’s Auditors for the audit of the Company’s annual accounts 72 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 12 11
Total payable 101 97
5 Leases commitments
31 December 2013
US$000
31 December 2012
US$000
Not later than one year 557 298
Later than one year and not later than five years 1,230 1,754
Total 1,787 2,052
The leases are operating leases in relation to the offices in the UK, Namibia, Mauritania and Brazil.
6 Employment costs
Employees
31 December 2013
US$000
31 December 2012
US$000
Wages and salaries 2,941 2,924
Pension costs 169 167
Share based payments 1,387 1,463
Sub-total 4,497 4,554
Capitalised to exploration costs (1,669) (1,216)
Total 2,828 3,338
Key management personnel
31 December 2013
US$000
31 December 2012
US$000
Wages and salaries 1,657 1,843
Pension costs 29 14
Payments in lieu of notice / Compromise payment – 846
Share based payments 832 330
Sub-total 2,518 3,033
Capitalised to exploration costs (452) (517)
Total 2,066 2,516
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. Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 50
FINANCIAL STATEMENTS
NOTES FORMING PART OF  
THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2013
7 Finance income and expense
Finance income
31 December 2013
US$000
31 December 2012
US$000
Bank interest receivable 758 885
Foreign exchange gain – 676
Total 758 1,561
Finance expense
31 December 2013
US$000
31 December 2012
US$000
Foreign exchange loss 1,177 –
Total 1,177 –
8 Investments 
The Company’s wholly owned subsidiary undertakings at 31 December 2013 and 31 December 2012, excluding dormant entities, were:
Finance income
Subsidiary undertaking Principal activity Country of incorporation
Chariot Oil & Gas Investments (Namibia) Limited Holding company Guernsey
Chariot Oil & Gas Investments (Mauritania) Limited Oil and gas exploration Guernsey
Chariot Oil & Gas Investments (Morocco) Limited Oil and gas exploration Guernsey
Chariot Oil & Gas Statistics Limited Service company UK
Enigma Oil & Gas Exploration (Proprietary) Limited
(1)
Oil and gas exploration Namibia
Chariot Oil & Gas Investments (Brazil) Limited
(2)
Holding company Guernsey
Chariot Brasil Petróleo e Gás Ltda
(3)
Oil and gas exploration Brazil
Chariot Oil & Gas Finance (Brazil) Limited
(1, 3)
Service company Guernsey
(1) Indirect shareholding of the Company.
(2) Company dormant prior to 1 January 2013.
(3) Incorporated in the year ended 31 December 2013.
9 Taxation
At 31 December 2013 and at 31 December 2012 the Company is tax resident in Guernsey, where corporate profits are taxed  
at zero per cent.
No taxation charge arises in Namibia, Morocco and the UK as the relevant subsidiaries have recorded taxable losses for the year.
In Mauritania there is a Capital Gains Tax payable of US$1,702,000 due to the farm-out of 35% of licence C-19 offshore Mauritania  
to Capricorn Mauritania Limited, a wholly owned subsidiary of Cairn Energy Plc, which completed on 11 October 2013.
In Brazil there were taxable profits due to interest received on cash balances resulting in a tax charge payable of US$107,000. FINANCIAL STATEMENTS
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 51
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 2013
US$000
31 December 2012
US$000
Tax reconciliation
Loss on ordinary activities for the year before tax (8,646) (88,561)
Loss on ordinary activities at the standard rate of corporation tax in  
Guernsey of 0% (31 December 2012:0%)
– –
Difference in tax rates in local jurisdictions at the applicable tax rate  
of 35% (31 December 2012:35%)
(192) (162)
Deferred tax effect not recognised 299 162
Mauritanian Capital Gains Tax of 10% (31 December 2012:10%) 1,702 –
Total taxation charge 1,809 –
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 total US$2.3m (31 December 2012: US$2.0m). 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$10,455,000 (31 December 2012: loss of US$88,561,000) and on 
200,913,999 ordinary shares (31 December 2012: 196,527,961) being the weighted average number of ordinary shares in issue during the 
year. Potentially dilutive share awards 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 2013
US$000
31 December 2012
US$000
Balance brought forward 136,639 88,889
Additions 18,045 128,603
Farm-in proceeds (26,400) –
Impairment – (80,853)
Net book value 128,284 136,639
As at 31 December 2013 the net book values of the six cost pools are Northern Blocks offshore Namibia US$33.6m (31 December 2012: 
US$33.3m), Central Blocks offshore Namibia US$42.4m (31 December 2012: US$40.8m), Southern Blocks offshore Namibia US$45.2m 
(31 December 2012: US$42.0m), Mauritania US$2.8m (31 December 2012: US$20.3m), Morocco US$1.6m (31 December 2012: US$0.2m) 
and Brazil US$2.7m (31 December 2012: US$Nil).
Farm-in proceeds are in relation to the farm-out of 35% of licence C-19 offshore Mauritania to Capricorn Mauritania Limited, a wholly 
owned subsidiary of Cairn Energy Plc, which completed on 11 October 2013.
The impairment in 2012 is in respect of drilling the Tapir South Well in the Northern Blocks offshore Namibia. Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 52
FINANCIAL STATEMENTS
NOTES FORMING PART OF  
THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2013
12 Property, plant and equipment
Fixtures, fittings and 
equipment
31 December 2013
US$000
Fixtures, fittings
and equipment
31 December 2012
US$000
Cost
Brought forward 1,585 737
Additions 80 848
Carried forward 1,665 1,585
Depreciation
Brought forward 703 516
Charge 349 187
Carried forward 1,052 703
Net book value 613 882
13 Trade and other receivables
31 December 2013
US$000
31 December 2012
US$000
Other receivables and prepayments 1,614 2,922
14 Inventory
31 December 2013
US$000
31 December 2012
US$000
Wellheads and casing 7,234 7,153
15 Cash and cash equivalents
31 December 2013
US$000
31 December 2012
US$000
Analysis by currency
US Dollar 43,389 61,854
Brazilian Real 12,606 –
Sterling 633 6,274
Namibian Dollar 51 94
Mauritanian Ouguiya 5 35
56,684 68,257
As at 31 December 2013 the cash balance of US$56.7m (31 December 2012: US$68.3m) contains the following cash deposits that are 
secured against bank guarantees given in respect of exploration work to be carried out:
31 December 2013
US$000
31 December 2012
US$000
Brazilian licences 12,160 –
Mauritanian licence 2,500 10,000
Moroccan licences 1,000 1,000
Namibian 2714B licence 300 –
15,960 11,000
The funds are freely transferrable but alternative collateral would need to be put in place to replace the cash security. FINANCIAL STATEMENTS
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 53
16 Trade and other payables
31 December 2013
US$000
31 December 2012
US$000
Trade payables 1,976 6,790
Accruals 4,043 12,417
6,019 19,207
17 Share capital
Authorised
31 December 2013 
Number
31 December 2013 
US$000
31 December 2012 
Number
31 December 2012
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 2013 
Number
31 December 2013 
US$000
31 December 2012 
Number
31 December 2012
US$000
Ordinary shares of 1p each* 201,789,805 3,776 200,641,135 3,758
* The authorised and initially allotted and issued share capital on admission (19 May 2008) has been translated at the historic rate of US$:GBP of 1.995. The shares issued 
since admission have been translated at the date of issue and not subsequently retranslated.
Details of the ordinary shares issued are in the table below:
Date Description Price US$ No of shares
1 January 2012 Opening Balance 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 Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 54
FINANCIAL STATEMENTS
NOTES FORMING PART OF  
THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2013
17 Share capital continued
Date Description Price US$ No of shares
1 January 2013 Opening Balance 200,641,135
10 April 2013 Issue of shares as part of LTIP 3.61  30,000 
10 April 2013 Issue of shares as part of LTIP 1.74  9,366 
23 April 2013 Issue of shares as part of LTIP 4.38  10,500 
23 April 2013 Issue of shares as part of LTIP 1.74  3,097 
23 April 2013 Issue of shares as part of LTIP 1.95  10,000 
2 October 2013 Issue of shares as part of LTIP 2.95  12,768 
2 October 2013 Issue of shares as part of LTIP 0.50  75,881 
2 October 2013 Issue of shares as part of LTIP 1.74  27,676 
8 October 2013 Issue of shares as part of LTIP 1.95  10,000 
8 October 2013 Issue of shares as part of LTIP 0.50  173,443 
8 October 2013 Issue of shares as part of LTIP 1.74  4,055 
8 October 2013 Issue of shares as part of LTIP 0.32  71,304 
8 October 2013 Issue of shares as part of LTIP 1.70  55,000 
8 October 2013 Issue of shares as part of LTIP 4.38  4,000 
21 October 2013 Issue of shares as part of LTIP 0.45  150,000 
21 October 2013 Issue of shares as part of LTIP 4.38  14,000 
21 October 2013 Issue of shares as part of LTIP 0.50  162,602 
21 October 2013 Issue of shares as part of LTIP 0.32  114,978 
22 October 2013 Issue of shares as part of LTIP 0.50  120,000 
22 October 2013 Issue of shares as part of LTIP 1.36  40,000 
22 October 2013 Issue of shares as part of LTIP 0.50  50,000 
31 December 2013 201,789,805
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 (“Westward”) 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 2013 Westward received 
administrative services from an employee of Chariot for which Westward incurred fees payable to Chariot of US$14,845 (31 December 
2012: US$15,083). The amount outstanding as at 31 December 2013 is US$2,611 (31 December 2012: US$2,559)
• Benzu Resources Limited (“Benzu”), is a company where Adonis Pouroulis is a Director. During the year ended 31 December 2013 
Benzu received administrative services from an employee of Chariot for which Benzu incurred fees payable to Chariot of US$14,845 
(31 December 2012: US$15,352). The amount outstanding as at 31 December 2013 is US$10,446 (31 December 2012: US$10,719)
• Pursuant to an agreement dated 1 October 2007, Artemis Trustees Limited, a company where Robert Sinclair is a Director and 
ultimately a shareholder, was appointed by the Company to provide administration secretarial services. In the year ended 31 December 
2013 the Company incurred fees relating to these services totalling US$Nil (31 December 2012: US$21,789). The amount outstanding  
as at 31 December 2013 is US$Nil (31 December 2012: US$Nil)
• Pella Resources Limited (“Pella”), is a company where Robert Sinclair and Adonis Pouroulis are Directors. During the year ended 
31 December 2013 Pella received administrative services from an employee of Chariot for which it incurred fees payable to Chariot of 
US$75,699 (31 December 2012: US$Nil). The amount outstanding as at 31 December 2013 is US$4,580 (31 December 2012: US$Nil)
• During the year ended 31 December 2013, Helios Oil and Gas Limited (“Helios”), a company where Adonis Pouroulis is a Director, paid 
Chariot US$Nil (31 December 2012: US$4,759) in relation to the reimbursement of costs incurred by Chariot on its behalf. In addition 
Chariot paid Helios US$Nil (31 December 2012: US$143,525) in relation to the reimbursement of costs incurred by Helios on its behalf. 
The amount outstanding from Helios as at 31 December 2013 is US$Nil (31 December 2012: US$4,759) FINANCIAL STATEMENTS
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 55
19 Financial instruments
The Board of Directors determine, as required, the degree to which it is appropriate to use financial instruments or other hedging 
contracts or techniques to mitigate risk. Throughout the year ending 31 December 2013 no trading in financial instruments was undertaken 
(31 December 2012: US$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 banks Barclays and BNP Paribas, 
on fixed short to medium term deposits. 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 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 Brazilian Real, Sterling, Namibian Dollars and Mauritanian Ouguiya to 
meet other non-US Dollar industry costs and on-going corporate and overhead commitments. 
At the year end, the Group had cash balances of US$56.7m (31 December 2012: US$68.3m) as detailed in note 15. 
Other than the non-US Dollar cash balances described in note 15, no other material 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$1,330,000 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 2012: US$641,000).
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 on-going needs for at least the next 12 months. 
Liquidity risk
The Group’s practice is to regularly review cash needs and to place excess funds on fixed term deposits for periods 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. 
The Group currently acts as Operator in two Joint Venture relationships on two of the Group’s licences and therefore from time to time 
is owed money from its Joint Venture partners. The Joint Venture partner, which has a 10% interest in the Central Blocks in Namibia, is an 
entity which is 48% owned by one of the world’s largest and most financially robust seismic and geoscience companies. The Joint Venture 
partner, which has a 35% interest in the Mauritanian licence, is an entity which is wholly owned by a FTSE 250 company. 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.  Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 56
FINANCIAL STATEMENTS
NOTES FORMING PART OF  
THE FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2013
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 2013
US$000
31 December 2012
US$000
Share Option Scheme 303 337
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 2013
Number of Options
31 December 2012
Number of Options
Outstanding at the beginning of the year 5,400,000 5,400,000
Granted during the year 2,750,000 –
Lapsed during the year (3,450,000) –
Cancelled during the year (700,000) –
Outstanding at the end of the year 4,000,000 5,400,000
Exercisable at the end of the year 1,250,000 5,150,000
The range of the exercise price of share options exercisable at the year end falls between US$0.41 (25p) – US$2.06 (125p) (31 December 
2012: US$0.40 (25p) – 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%
22 April 2013 £0.11 £0.186 £0.273 80% 5 years 1.5% 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 2013 of US$1,891,000 (31 December 2012: US$1,456,000). FINANCIAL STATEMENTS
Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 57
The following table sets out details of all outstanding share awards under the LTIP:
31 December 2013
Number of awards
31 December 2012
Number of awards
Outstanding at the beginning of the year 6,265,174 1,867,327
Granted during the year 2,251,638 5,347,361
Shares issued for no consideration during the year (1,148,670) (881,514)
Lapsed during the year (481,504) (68,000)
Outstanding at the end of the year 6,886,638 6,265,174
Exercisable at the end of the year 1,176,877 130,142
Non-Executive Directors’ Restricted Share Unit Scheme (“RSU”)
The plan provides for the awarding of shares to Non-Executive Directors for nil consideration. An award can be Standalone or Matching.
Standalone share awards are one-off awards to Non-Executive Directors which will vest in equal instalments over a three year period and  
will lapse if not exercised prior to stepping down from the Board.
Matching share awards will be granted equal to the number of existing Chariot shares purchased by the Non-Executive Director in each 
calendar year capped at the value of their gross annual fees for that year. The shares will vest in equal instalments over a three year period  
and will lapse if not exercised prior to stepping down from the Board or if the original purchased shares are sold prior to the vesting  
of the relevant Matching award. Any potential Matching awards not granted in a calendar year shall be forfeited and shall not roll over  
to subsequent years. 
The Group recognised a charge under the plan for the year to 31 December 2013 of US$25,000 (31 December 2012: US$Nil).
The following table sets out details of all outstanding share awards under the RSU:
31 December 2013
Number of awards
31 December 2012
Number of awards
Outstanding at the beginning of the year – –
Granted during the year 505,663 –
Outstanding at the end of the year 505,663 –
Exercisable at the end of the year – –
21 Contingent liabilities 
From 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 2013, based upon independent legal and tax opinions, 
the Group has no withholding tax liability (31 December 2012: US$Nil). 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. 
22 Events after the reporting period 
On 18 March 2014 the Company announced that its wholly-owned subsidiary, Chariot Oil & Gas Investments (Morocco) Limited, has 
entered into a petroleum agreement with the Government of the Kingdom of Morocco for a 75% interest and operatorship in the offshore 
Mohammedia Reconnaissance licence. 
This agreement remains subject to approval from the authorities and, once complete, Chariot will be partnered with the Office National 
des Hydrocarbures et des Mines (ONHYM), the national oil company of Morocco, which will participate with a 25% carried interest. Chariot Oil & Gas Limited 
Annual Report and Accounts 2013 58
Registered Office
PO Box 282
Regency Court
Glategny Esplanade
St Peter Port
Guernsey
GY1 3RH
Channel Islands
Registration Number
47532
Nominated Advisor and Joint Broker
RBC Europe Limited
Thames Court
One Queenhithe
London
EC4V 4DE
United Kingdom
Joint Broker
Jefferies International Limited
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
Financial Public Relations Advisor
FTI Consulting
200 Aldersgate  
Aldersgate Street  
London 
EC1A 4HD
United Kingdom
Legal Advisors
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
As to Brazilian Law
Veirano Advogados
Av. Presidente Wilson
231 - 23º andar 
20030-021 - Rio de Janeiro RJ 
Brazil
Company Secretary
International Administration Group 
(Guernsey) Limited
PO Box 282
Regency Court
Glategny Esplanade
St Peter Port
Guernsey
GY1 3RH
Channel Islands
Registrars and Receiving Agents
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
United Kingdom
ADVISORS Designed and produced by SampsonMay
Telephone: 020 7403 4099  www.sampsonmay.com
Printed by 3g Evolution Ltd, London, UK. Chariot Oil & Gas Limited Annual Report and Accounts 2013