MOROCCO: Chariot Commences Drilling Operations at the Loukos Onshore licence

Chariot Limited has announced that drilling operations have commenced at the Loukos Onshore licence onshore Morocco (Chariot, Operator 75%, ONHYM, 25%) with the spud of the RZK-1 well on the Gaufrette prospect.

• Gaufrette Main target has Best Estimate recoverable prospective resources of 10 Bcf
• Option to penetrate a deeper target identified on newly reprocessed 3D seismic data
• Strong read through for other geologically linked prospects in the Gaufrette area with success
  potentially unlocking combined Best Estimate recoverable prospective resources of 26 Bcf
• Results will be announced on completion of drilling
  Duncan Wallace, Technical Director of Chariot commented:
  “We are very pleased to commence this onshore campaign, kicking off the first of our exciting drilling operations for Chariot this year. We also continue to work up the prospectivity across this acreage as we see significant upside both in the vicinity of our high graded well locations and beyond. I would like to thank our operational team for their hard work and efforts in getting this drilling underway within ten months of licence award and ONHYM for their ongoing support and partnership. We look forward to providing an update on the results in due course.”