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September 2010

UNLOCKING
AFRICA’S
OIL & GAS
POTENTIAL
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Disclaimer and Forward Looking Statements

These Presentation Materials do not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any
securities in the Company nor shall they or any part of them form the basis of or be relied upon in any manner or for any purpose whatsoever.

These Presentation Materials must not be used or relied upon for the purpose of making any investment decision or engaging in an investment activity and any
decision in connection with a purchase of shares in the Company must be made solely on the basis of the publicly available information. Accordingly, neither the
Company nor its directors makes any representation or warranty in respect of the contents of the Presentation Materials.

The information contained in the Presentation Materials is subject to amendment, revision and updating in any way without notice or liability to any party. The
presentation materials contain forward-looking statements which involve risk and uncertainties and actual results and developments may differ materially from those
expressed or implied by these statements depending on a variety of factors. No representation or warranty, express or implied, is made as to the fairness, accuracy
or completeness of the information or opinions contained herein, which have not been independently verified.

The delivery of these Presentation Materials shall not at any time or in any circumstance create any implication that there has been no adverse change, or any
event reasonably likely to involve any adverse change, in the condition (financial or otherwise) of the Company since the date of these Presentation Materials.

The Presentation Materials are confidential and being supplied to you for your own information and may not be reproduced, further distributed, passed on, or the
contents otherwise divulged, directly or indirectly, to any other person (except the recipient‟s professional advisers) or published, in whole or in part, for any purpose
whatsoever. The Presentation Materials may not be used for the purpose of an offer or solicitation to subscribe for securities by anyone in any jurisdiction.

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Presenters

• Appointed CEO in October 2009


• 22 years of Global E&P Experience – 12 years with Shell, 10 years
with Independents (Hunt, Pioneer)
• Spent last 5 years in North Africa primarily focused on S.Tunisia
• Regional Manager of Pioneer, responsible for concessions of Jenin
Nord, Cherouq, Adam (Non-Op), BEK, & Anaguid
• Instrumental in growing production from 1,500 to 30,000 BOPD
(gross) during tenure
Paul Welch, CEO • Strong technical background BS & MS degrees in Petroleum
engineering (Colorado School of Mines) & financial skills with an
MBA (SMU)

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Company Listing & Trading Information

Chariot Oil & Gas


6 Month - Share Price Performance
160

140

Listing: AIM, London


Daily Share Price - p/share

120

Ticker Symbol: CHAR


100

Admission to AIM: 19th May 2008


80

Offering Size: £45m


60

No. of Shares in issue: 144m


40

Current Market Cap: £161m


20

0
23 Feb 2010 15 Mar 2010 04 Apr 2010 24 Apr 2010 14 May 2010 03 Jun 2010 23 Jun 2010 13 Jul 2010 02 Aug 2010 22 Aug 2010

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Chariot - At a Glance
Enviable position • One of last frontiers for oil and gas exploration
in Namibia  •

2nd largest acreage position in country – 30,504km2
Licences in 3 geologically distinct basins

Significant • Exceeded work programme commitments


investment to
date
 •

Largest exploration programme undertaken offshore to date
Exploration spend – US$79MM

Comprehensive • Undertaken across all blocks of interest totalling:


Work Programme  – 4500 km2 of 3D seismic
– 3000 km of 2D seismic acquisition

Notable success • Increased gross mean prospective resources from 3.9 billion barrels to
to date  •

10.1 billion barrels
Attracted major partner in Petrobras
Significant share price appreciation

Highly • Strong Technical and Corporate Team


Experienced
Management
 •


Wealth of knowledge of both Namibian geology and operating in
country
Complete skill set in-house, G&G, Engineering & Commercial

Clear Strategy • Continue to develop Namibian assets – unlock huge potential


• Secure further farm-in partners
and Goals • Take steps to add nearer term production assets into the portfolio to
balance risk profile – bring first oil date forward
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Namibia – Large Acreage Position
• 9 exploration wells have been drilled
across the entire Namibian margin to date
• The Namibian margin is comparable in
area to the North Sea

Namibia vs. North Sea

Large block allocations in Namibia


relative to other oil and gas regions

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Chariot/Enigma
– 5th Largest Acreage Holder in West Africa

Top 20 acreage holders offshore West Africa


Net Block Acreage (km²)
0 20,000 40,000 60,000 80,000 100,000 120,000

5
PetroSA
th largest
Ophir Energy acreage
Namcor
holder in
Premier

Chariot Oil & Gas


West Africa
Oranto
Tullow Oil

BHP Billiton
Shell
Sonangol P&P

Canadian Natural Resources


Hyperdynamics
Sungu Sungu Petroleum

Encore Oil & Gas


Arcadia Petroleum
Anadarko

Petrobras
First Australia Resources
Young Energy Prize

Dana Petroleum

Total of 248 companies reviewed. Source: Wood Mackenzie pathfinder database, July 2010

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NAMIBIAN GEOLOGY

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Putting Namibia in Geologic Context
• Exploration in the South Atlantic has traditionally has focused on the “Salt Basins”.
• Recent discoveries confirm that prolific source rocks extend both north and south of these salt basins into underexplored
areas such as Namibia
• Geochemical analyses of Kudu gas indicate an over-mature oil prone, lacustrine source rock is the origin of the gas – oil
may be expected from the same source rocks in areas where maturity is lower

Reconstruction of the South


10.1 Atlantic in the Early Cretaceous –
a narrow lake formed between
Africa and South America
accumulating rich source rocks

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Charge Maturity of Basins

Generalized Stratigraphic Column modified from Bray et al 1998.

Charge data indicates that Chariot‟s licences are situated in the oil window

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Chariot’s Position in Namibia

Chariot’s Position:
• 8 offshore blocks, all 100% owned except 2714A (50%
with Petrobras), in 3 geologically distinct basins

Completed seismic acquisition programmes:


• Northern Blocks – 1,500km2 of 3D
• Central Blocks – 3,000 line km of 2D
• Southern Blocks – 3,000 km2 of 3D

Resource Potential Identified:


• 11 prospects and 6 leads identified to date
• Un-risked gross prospective resource potential of
10.1 billion barrels

8
offshore
blocks

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Northern Area (Blocks 1811 A & B)

Current Activity
• Source rock extent & kitchen mapping;
Proven rich oil prone
Cenomanian/Turonian
Source in well with
• Prospect Inventory Build (reserves and risking)
associated oil shows
• Existing Inventory
 5 Prospects
 2 Leads
 Total: 2,257 MMbbls

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Northern Area (Blocks 1811 A & B)

Preliminary
Amplitude
Extractions Show
Brights on Highs N
(DHI‟s)

Draped anticlines
with seismic
Amplitudes

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Central Area (2312 A & B, 2412 A & B North)
Cenozoic gas
hydrates?
Large fans Cretaceous Basin
Cretaceous Basin
mapped in floorfan
floor fan // channel
channel
Cretaceous complexes
complexes

Thick sands
Thick sandsin
Cretaceous
in Cretaceousof
shelf
of wells
shelf wells

Cenomanian- Top synrift


Turonian
Aptian source
source interval Barremian synrift
interval
source interval? Basement

Current Activity
• Source rock extent & kitchen mapping;
• Prospect Inventory validation - Completed
• Existing Inventory
 3 Leads 4,061 MMbbls

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Central Area (2312 A & B, 2412 A & B North)

Lead Mapping produced by Integrating Depth Map (Black Contours)


and Sand Isopach to define Combination Traps

Planned work to mature Leads to Prospects


Potential acquisition of 3D seismic survey, area 2500km2 approx.

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Southern Area (2714 A & B)
Aptian Upper
Source Cretaceous basin
Interval floor fans

Lower
Cretaceous
sands with high
amplitudes

Lower Cretaceous Basement


Barremian? Sub-Aptian
stratigraphic pinch-
Source Interval stratigraphic pinchout
out traps
traps - Kudu

Current Activity
Current Activity
• Petrobras as Partner with 50% interest;
• Petrobras as Partner with 50% interest;
• Sedimentological and Geochemical Analyses;
• Processing PSTM/PSDM over entire cube;
• Petroleum Basin Modeling;
• Sedimentological and Geochemical Analyses;
•Existing Inventory
• Petroleum Basin
 Modeling;
6 Prospects

• Regional Geological
1 Lead
and Geophysical Integration.
Total 3,742 MMbbls
• Existing Inventory Reminder
 16 Leads 2,705 MMbbls

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Southern Area (2714 A & B)

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Probabilistic Prospective Resource Volumes

Gross attributable to Licence in MMbbls Net attributable to Group MMbbls


Probabilistic Volume Method Low Best High Low Best High Working
Region Status (Monte Carlo Simulation) Estimate Estimate Estimate Estimate Estimate Estimate Risk Interest Operator
P90 P50 P10 Mean P90 P50 P10 Mean Factor (%)*** (%)
North Prospect Tapir N 321 409 514 414 321 409 514 414 11% 100% Enigma
North Prospect Tapir 167 208 255 210 167 208 255 210 11% 100% Enigma
North Prospect Tapir S 126 165 215 168 126 165 215 168 11% 100% Enigma
North Lead Tapir NE 367 500 671 511 367 500 671 511 10% 100% Enigma
North Prospect Tapir S Fan 171 260 383 270 171 260 383 270 13% 100% Enigma
North Prospect Zamba N 39 90 192 105 39 90 192 105 14% 100% Enigma
North Lead Zamba 247 518 999 581 247 518 999 581 15% 100% Enigma
Total Northern Block Oil* 1,845 2,223 2,714 2,257 1,845 2,223 2,714 2,257 100% Enigma
South Prospect A Structural 77 108 150 112 39 54 75 56 18% 50% Enigma
South Prospect B Structural 281 373 484 379 141 187 242 190 18% 50% Enigma
South Prospect C Structural 260 351 460 356 130 176 230 178 18% 50% Enigma
South Lead C Stratigraphic 752 1,107 1,550 1,133 376 554 775 567 10% 50% Enigma
South Prospect G Structural 693 917 1,189 932 347 459 595 466 20% 50% Enigma
South Prospect H Structural 136 188 254 191 68 94 127 96 18% 50% Enigma
South Prospect K Structural 408 602 845 617 204 301 423 309 18% 50% Enigma
Total Southern Block Oil* 3,220 3,718 4,298 3,742 1,610 1,859 2,149 1,871 50% Enigma
Central Lead Klipspringer 902 1,909 3,732 2,153 902 1,909 3,732 2,153 5% 100% Enigma
Central Lead Hartebeest 467 1,220 2,643 1,425 467 1,220 2,643 1,425 5% 100% Enigma
Central Lead Oryx 197 422 836 480 197 422 836 480 5% 100% Enigma
Total Central Block Oil* 2,291 3,855 6,168 4,061 2,291 3,855 6,168 4,061 100% Enigma
Namibia Total Northern, Central and Southern** 7,356 9,796 13,180 10,060 5,746 7,937 11,031 8,189 Enigma
* Total resource numbers are probabilistically summed and therefore the figures do not add arithmetically
** Arithmetic sum of statistical block totals
*** Many of the prospects and leads in the Northern and Southern blocks have multiple horizons with independent chances of success. For example, Tapir North has a
consolidated risk factor of 26% for finding hydrocarbons. The stated risk factors; however, are consistent with the given volumes.

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Overall Programme
Summary of Commitments
o Initial Exploration Period:
• Geological and Geophysical Studies – Complete
• Seismic Acquisition
2D Seismic
Commitment: 2500 km
Actual: 3000 km
 Difference: +500 km
3D Seismic
Commitment: 700 km2
Actual: 4,500 km2
 Difference: +3,800 km2
• Expenditures
Commitment: $29.40 MM
Actual: $79.00 MM
 Difference: +$49.60 MM
o Results:
 10.1
8,536Bbbls
MMbblsof Resource
of Resource
Potential
Potential
Identified
Identified
 Attracted a Blue Chip Major Operator
 Significantly raised the oil exploration potential
profile of Namibia

Current Activity

Securing Additional Blue Chip Partners


Data Room open in London

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PORTFOLIO MANAGEMENT

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Development of Portfolio - Strategy

New Business Development Activities Accelerating

• Key priority to introduce cash flows into the Group

Objective:

• Reduce the exploration risk in the portfolio

• Identify undervalued near-producing / producing assets

• Bring „first production‟ date forward

• Lower cost profile as most areas are on-shore

Numerous opportunities identified and under evaluation

• Screened over 80 opportunities to date

• Several in advanced stages of discussion

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New Venture Search – Africa 2010

APPROACH:

Maximise focus
• High grade countries
• Screen opportunities
Production &
Development opportunities Target range of opportunity types
• See map and legend
Low risk, exploration &
production opportunities

Higher risk, high value


exploration opportunities

Higher risk, low cost


exploration opportunities

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TRADING COMPARABLES

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Trading Comparables – AIM Listed Explorers

Unrisked
Net
Enterprise Prospective EV/Unrisked Net Risked EV/Risked
Market Cap Cash Debt Value Resources Resources Resources Resources
Company US$M US$M US$M US$M (MMbbls) US$/bbl CoS (%) MMbbls US$/bbl
Dominion Petroleum $57.4 $50.0 $28.0 $35.4 1715 $0.02 10% 172 $0.21
Falkland Oil & Gas $261.6 $80.4 $0.0 $181.2 3087 $0.06 10% 309 $0.59
Borders & Southern $479.1 $170.7 $0.0 $308.4 1000 $0.31 10% 100 $3.08
Desire Petroleum $487.4 $88.0 $0.0 $399.4 3000 $0.13 10% 300 $1.33
Africa Oil $80.1 $36.1 $1.3 $45.3 5723 $0.01 10% 572 $0.08
BPC Ltd $37.0 $1.3 $0.0 $35.7 5500 $0.01 10% 550 $0.06
Energulf Resources $19.4 $3.3 $0.0 $16.1 300 $0.05 10% 30 $0.54
Tower Resources $48.1 $1.9 $0.0 $46.2 1700 $0.03 10% 170 $0.27
Chariot Oil & Gas (120p) $262.0 $16.2 $0.0 $245.8 10060 $0.02 10% 1006 $0.24

AVERAGE $0.07 $0.71


Chariot Oil & Gas (335p) $739.8 $24.7 $0.0 $504.5 10060 $0.07 10% 1003 $0.71

Figures as of 06.09.2010

Chariot still significantly undervalued relative to its peers

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Trading Comparables - AIM Listed Explorers
$2,000
Average EV/Resource: US$ 0.07/bbl
Chariot-335p
Above the line = more expensive
Below the line = less expensive Desire
Enterprise Value ($m)

$200 Borders & Southern


Falklands Chariot-120p

Tower Africa Oil

$20 Energulf Dominion BPC

$2

200 2,000 20,000

Unrisked Prospective Resources (MMbls)


Figures as of 06.09.10
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Summary

Significant Progress Made


• Completed current work programme commitments
• Remain debt free with cash on hand
• Moving into an exciting period in development cycle
• Northern and Southern Blocks - Completion of interpretation of the 3D seismic
• Gross prospective resources increased to 10.1 Bbbls

Namibia – Going Forward


• Full CPR completed 4th Qtr
• Dataroom open - Multiple expressions of interest received to review processed 3D seismic data
• Expect to secure 1 additional farm-in partner in 2010 (likely 4th Qtr)

Strategy – Going Forward


• Maximise value from position in Namibia and mature prospects for drilling
• Reduce exploration risk and bring first oil production date forward

Share Price – Still Undervalued Relative to Peer Group

High impact offshore potential in Namibia to be underpinned by development and


producing asset acquisitions

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APPENDICES

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Company History and Corporate Structure
2007:
– Guernsey based Company formed to acquire 2 exploration businesses
with Namibian licences Chariot Oil & Gas Limited
– Initial exploration work commences
(incorporated in Guernsey) +
2008:


– Listed on AIM in May, raised £45million
– Reprocessing produces 1 prospect, 22 leads
– 2D and 3D seismic acquisition programmes commenced across all
offshore blocks Chariot Oil & Gas Invests
(Namibia) Limited
2009:
(incorporated in Guernsey)
– Petrobras farms into Block 2714A
– Completion of seismic acquisition programmes


– Appointment of CEO, Paul Welch, from Royal Dutch Shell, Hunt Oil &
Pioneer Natural Resources
– Progressed additional opportunities
Enigma Oil & Gas
2010 to date: Exploration (Pty) Limited
- Completed acquisition of 3,000 Km of 2D seismic and 4,500 Km sq of 3D (incorporated in Namibia)
- Dataroom opened in London
- Increase in gross prospective resources, up 62% to 8.5 Bbbls Enigma is ultimately wholly owned and controlled
by Chariot. Enigma is the operator and holds the
- First Renewal Phase approved petroleum agreements and licences.
- 11 Prospects and 6 Leads identified from 3D datasets
+ Quoted Investment Company
- Further increase of gross prospective resources up 18% to 10.1 Bbbls

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Other Board Members
Adonis Pouroulis, Non-Executive Chairman
• Extensive experience in the exploration and mining sector, primarily on the African continent
• Expertise lies in the discovery and exploration of natural resources and bringing them into production
• Founded and listed Petra Diamonds (AIM: PDL) in 1997 – now the largest diamond company on AIM

James Burgess, Commercial Director


• 20 years working in broking sector in London working with Hoare Govett which is now part of RBS.
• Set up Everett Financial Management in 1992 which he sold in 2003
• Involved in the fund raising for and listing of a number of companies in the energy and resource sectors on AIM

Heindrich Ndume, Country Director, Namibia


• Namibian national with wide-ranging mining exploration experience throughout sub-Saharan Africa
• Developed Namibia‟s mining & energy strategies including National Energy Council Secretary and World Energy Council
• Representative for the Namibian Ministry of Mines & Energy

George Canjar, Non-Executive Director


• 30 years with Shell and then Carrizo supervising exploration & seismic operations; deep offshore W. Africa and the Gulf of Mexico
• Expertise in the exploration and development of E&P projects and bringing them into production
• Specific expertise in deal structuring, portfolio development, risk analysis and strategic modelling.
• Broad experience in the E&P sector as well as a variety of corporate activity

Philip Loader, Non-Executive Director


• Over 27 years experience in the upstream oil and gas industry, core strengths in international exploration and business development.
• Currently Senior Vice President of Exploration for Mubadala Oil & Gas, accountable for their exploration inventory across the Eastern
Hemisphere
• Spent over 10 years with Anadarko Petroleum Corporation in a variety of positions, latterly as Vice President of International Exploration
• Worldwide exploration experience; responsible for discoveries in Tunisia, Algeria and Equatorial Guinea

Robert Sinclair, Non-Executive Director


• Partner and Managing Director of Artemis Trustees Limited, a Guernsey-based fiduciary services group
• Over 37 years experience in finance and accountancy, of which 27 have been spent in the Guernsey financial services industry
• Extensive experience of offshore trusts and corporate entities and financial planning for both individuals and corporations

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Senior Management

Matthew Taylor, Director of Exploration


• A petroleum geologist with 30 years of industry experience
• Began his career with BP Exploration and has held senior geologist posts with BHP Petroleum and Triton Energy
• 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.
Played a major role in the acquisition of exploration acreage in Namibia, Oman, Senegal, Togo and Western Europe for Hunt Oil

Julia Kemper, Senior Staff Geophysicist


• Specialises in the development, interpretation and evaluation of 2D and 3D seismic programmes as well as the assessment of
new opportunities
• 25 years of experience in the oil and gas industry, worked as a geophysicist for both BP and Shell and more recently as senior
geophysicist with Hunt Oil and MND Exploration & Production
• 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

Martin Richards, Chief Reservoir Engineer


• Over 30 years in the oil and gas industry with an in-depth experience of all aspects of subsurface management, reservoir
engineering and petroleum economics
• Worked as both a Chief and Senior Reservoir Engineer for a variety of companies, including Petro-Canada, Suez Oil Company,
Deminex and Mobil
• Particular expertise in operational and functional reservoir management, leading multi-disciplinary reservoir studies, asset
management and reserves reporting - numerous exploration and drilling successes

Alex Green, Commercial Manager


• Over 20 years experience in business development and commercial and financial analysis in the upstream oil and gas sector
• Previously worked for Clyde Petroleum, BG Plc, Paladin Resources and Stratic Energy
• Wide range of experience in developing corporate business models, evaluating acquisition opportunities and negotiating
successful joint ventures

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Company Information

Significant Shareholders: %

Westward 15.8
Number of shares in issue: 144,330,245
Protech Namibia 14.8
Fully diluted: 149,820,245
Citigroup 13.7
NOMAD: Ambrian Partners Limited
Generali 5.5
Joint Brokers: Ambrian Partners Limited
: RBC Capital Markets Baillie Gifford 5.0

Libra Advisors 3.4


Broker Target Price: 262p (Ambrian June „10)
Board 1.9

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Namibia - Licence Details of Chariot Blocks

Asset Licence Operator Interest % Status Phase Licence Renewal Date Licence Area Km²
Offshore Basins
Block 1811A&B 14 Enigma 100 Exploration 27 October 2012 5,481
Block 2312A&B 19 Enigma 100 Exploration 31 August 2011
16,801
N/2 of Block 241A&B 19 Enigma 100 Exploration 31 August 2011
Block 2714 A 20 Enigma 50 Exploration 31 August 2011 5,481
Block 2714 B 15 Enigma 100 Exploration 27 October 2012 2,741

Summary of licence period terms:


Exploratory 4 year period – evaluation geology & geophysics
Two, 2 year renewal periods – drilling & drilling evaluation

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Namibia – Investment Climate

GDP: US$9.145 billion (2009 estimate)


Annual Growth: 0.7% (2009 estimate)
Population: 2.1 million
Inflation: 8.8% (2009 estimate)
Major Industries: Mineral production, game and cattle
ranching, fishing, tourism.
- Mining is 2nd largest industry (20% of GNP): copper,
diamonds, uranium, zinc
Major trading partners: South Africa, UK, Spain, Japan,
China and USA.
Taxation of oil production:- 5% State Royalty / 35%
corporation tax / no capital gains
Existing presence: BHP, Anglo, Areva, DeBeers, Rio Tinto
• Stable democracy
• Good relations with neighbours
• Encouraging international foreign investment
• Country risk profile of BBB = Brazil and South Africa
Source: CIA Factsheet / The Economist

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West African – Fiscal Terms Comparison

Government Share - %
80%
70%
60%
50%
40%
30%
20%
10%
0%

Mauritania
Brazzaville

Ghana
Namibia
Angola PSC

Guinea PSC
Nigeria PSC

Equatorial
Congo-

PSC

Source: Wood Mackenzie – July 2010

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