Professional Documents
Culture Documents
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
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Company Listing & Trading Information
140
120
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
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
•
Wealth of knowledge of both Namibian geology and operating in
country
Complete skill set in-house, G&G, Engineering & Commercial
• 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
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Chariot/Enigma
– 5th Largest Acreage Holder in West Africa
5
PetroSA
th largest
Ophir Energy acreage
Namcor
holder in
Premier
BHP Billiton
Shell
Sonangol P&P
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
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Charge Maturity of Basins
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
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
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)
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Southern Area (2714 A & B)
Aptian Upper
Source Cretaceous basin
Interval floor fans
Lower
Cretaceous
sands with high
amplitudes
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
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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: +$49.60 MM
o Results:
10.1
8,536Bbbls
MMbblsof Resource
of Resource
Potential
Potential
Identified
Identified
Attracted a Blue Chip Major Operator
Significantly raised the oil exploration potential
profile of Namibia
Current Activity
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PORTFOLIO MANAGEMENT
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Development of Portfolio - Strategy
Objective:
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New Venture Search – Africa 2010
APPROACH:
Maximise focus
• High grade countries
• Screen opportunities
Production &
Development opportunities Target range of opportunity types
• See map and legend
Low risk, exploration &
production opportunities
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TRADING COMPARABLES
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Trading Comparables – AIM Listed Explorers
Unrisked
Net
Enterprise Prospective EV/Unrisked Net Risked EV/Risked
Market Cap Cash Debt Value Resources Resources Resources Resources
Company US$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
Figures as of 06.09.2010
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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)
$2
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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
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Senior Management
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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
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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
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Namibia – Investment Climate
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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
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