Chariot : Financial Results 2023 11th Jun 2024

11 June 2024

Chariot Limited

("Chariot" or the "Company")

2023 Final Results

Chariot (AIM: CHAR), the Africa focused transitional energy company, today announces its audited final results for the year ended 31 December 2023.

Adonis Pouroulis, CEO commented:

"Since our last set of results we have progressed all of the assets that sit within our natural gas, renewables and green hydrogen pillars and, importantly, we have further de-risked each division of the business. In Morocco, we secured a highly experienced partner for our offshore Anchois gas project, secured new acreage and successfully drilled in the contiguous Loukos Onshore licence. We have materially increased our exposure to renewable energy generation and electricity trading in South Africa, furthered our financing and development plans for our power business and advanced our green hydrogen projects in both Mauritania and Morocco.

We are excited about the ongoing activities and catalysts ahead of us with our forward plans for Loukos, drilling at Anchois in August and moving into the next phases of evolution for Power and Hydrogen. Going forward, we are focused on generating near-term cashflows from our gas business with our overriding ambition to return capital to shareholders from these revenues. While we will continue to pursue new opportunities, we see great scale and value across our current asset base and are fully focused on delivery throughout 2024 and beyond."

Key Highlights throughout 2023 and post period:

Transitional Gas

Offshore Morocco:

• Completion of Front End Engineering and Design ("FEED") for the Anchois gas development project ("Anchois") in the Lixus licence offshore Morocco
• Partnership agreed with Vivo Energy to develop a gas to industry market in Morocco
• Environmental Impact Assessment approval received for Anchois development
• Partnership agreements signed and completed with Energean plc ("Energean") on the Lixus and Rissana licences offshore Morocco
  o Focused on expansion and delivery of Anchois
  o Formal approvals duly received from the Moroccan authorities o Rig contract signed with Stena Drilling for Stena Forth drill ship
  o Appraisal and development well to be drilled in Q3 2024 with option for an additional well

Onshore Morocco

• Award of new licence Loukos Onshore ("Loukos") in July 2023
• Environmental Impact Assessment approval received for drilling on Loukos and construction activities and permitting conducted within 10 months of licence award
• Initial drilling campaign commenced and successfully completed in May 2024 safely, efficiently, on time and on budget
  o The RZK-1 well drilled on the Gaufrette prospect confirmed good quality reservoir and multiple gas shows, though was sub economic

1. Gas discovery confirmed from drilling the OBA-1 well at the Dartois prospect - gross interval

approximately 70m of primary interest identified

1. OBA-1well has been cased and cemented with a Christmas tree installed for rigless flow testing and potential use as a future producer

Transitional Power

• Strategic Review underway to secure financing and enable ongoing growth and development of the portfolio

Power to Mining projects:

• Operational Essakane 15MW solar project at IAMGOLD's gold mine in which Chariot has a 10% share in Burkina Faso, continues to perform well
• Progressing development of three key renewable projects in Africa:

1. Tharisa - 40MW solar project in South Africa o Karo - 30MW solar project in Zimbabwe
   o First Quantum Minerals - 430MW solar and wind projects in Zambia

Electricity Trading:

• Increased stake in South African Electricity Trading joint venture Etana Energy (Pty) Limited to 49%

1. Enables Chariot's participation in large renewable generation projects - 400MW of gross wind

generation capacity identified

1. Focused on securing multiple electricity offtake agreements with a range of consumers - supply

deals signed up with Growthpoint Properties and Autocast with others under negotiation

1. Renewable energy wheeled for the first time through Cape Town's grid

Water:

• Successfully commissioned the proof of concept water project in Djibouti in June 2023
• Evaluating other opportunities within Africa

Green Hydrogen

• Feasibility study completed on Project Nour in Mauritania alongside partner TEH2 (80% owned by TotalEnergies and 20% owned by the EREN Group)
  o Confirms world class scale, outlines first phase pathway for domestic and export development
• Partnership agreements extended with UM6P and Oort Energy on proof of concept projects in Morocco
• Other green hydrogen projects under evaluation and development

Corporate

• Placing and oversubscribed open offer successfully raised US$19.1 million in June 2023
• Cash position as at 31 December 2023 $6.0 million
• US$10 million received on completion of Energean deal in April 2024
• No debt and minimal work commitments

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014, as retained in the UK pursuant to S3 of the European Union (Withdrawal) Act 2018.

Enquiries

Chariot Limited	+44	(0)20 7318 0450
Adonis Pouroulis, CEO
Julian Maurice-Williams, CFO
Cavendish Capital Markets Limited (Nomad and Joint Broker)	+44	(0)131 220 9778
Derrick Lee, Adam Rae
Stifel Nicolaus Europe Limited (Joint Broker)	+44	(0) 20 7710 7760
Callum Stewart, Ashton Clanfield

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Celicourt Communications (Financial PR)	[phone]
Mark Antelme, Jimmy Lea

NOTES FOR EDITORS:

About Chariot

Chariot is an Africa focused transitional energy group with three business streams, Transitional Gas, Transitional Power and Green Hydrogen.

Chariot Transitional Gas is focused on high value, low risk gas development projects in Morocco, a fast-growing emerging economy, with a clear route to early monetisation, delivery of free cash flow and material exploration upside.

Chariot Transitional Power is focused on providing competitive, sustainable and reliable energy and water solutions across the continent through building, generating and trading renewable power.

Chariot Green Hydrogen is partnering with TEH2 (80% owned by TotalEnergies, 20% by the EREN Group) and the Government of Mauritania on the potential development of a 10GW green hydrogen project, Project Nour in Mauritania, and are progressing pilot projects in Morocco.

The ordinary shares of Chariot Limited are admitted to trading on the AIM under the symbol 'CHAR'.

CHAIRMAN'S STATEMENT

Ongoing volatility over the past year has continued to highlight the interconnected global focus on energy security, as well as the necessity to strike a balance between the need for steady supply, economic advancement and progress across the energy transition.

Nowhere is this better illustrated than in Africa. The current contrast between resource abundance and energy poverty on the continent is striking and, when combined with significant levels of population growth, projected to reach over 2.5 billion by 2050, it becomes truly profound. This situation drives our focus to unlock all types of lower carbon energy resource to serve and uplift the African population and support economic growth across industrial and urban communities.

Our Purpose:

At Chariot, we look to deliver a rational and efficient contribution to the energy transition from all our businesses. Hydrocarbons will remain a significant proportion of the global energy mix for decades to come but renewables will supplement and support the energy demand and it is critical to advance every opportunity to reduce emissions. Natural gas will play an essential part in improving access to electricity whilst facilitating growth and development, but displacement of coal power generation, as we are looking to do in Morocco over the longer term, will also be a crucial factor. Wind and solar replacing heavy fuel in decentralised locations also decreases carbon emissions while grid scale renewable power augmenting existing electricity networks demonstrates scale and immediate impact. Concurrently, green hydrogen developments and integration within hard-to-abate industries arguably foreshadows future solutions with near zero emission. Our assets play directly into the themes of energy security, sustainability and supply but our projects also have the potential to have wide ranging positive impacts across skills training, job creation and expansion of local infrastructure within the countries in which we work.

Our Portfolio

While the businesses in our portfolio are diverse, they have consistent characteristics. They all address important energy requirements, each is foundational, and we have adopted a first mover approach in all three. Each also possesses significant growth opportunities both in-country and across Africa and we are partnering with world class companies to deliver these scalable assets.

Moroccan Gas province: It is rare to discover a new gas province of significant scale. With the combined Loukos, Lixus and Rissana licences, Chariot has an enviable footprint in a Moroccan onshore, shallow water and deep

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water gas province where we see material upside potential. Although we are currently focused on specific prospects and areas within each licence, we also see numerous additional tieback targets, very large, contiguous basin floor fan prospects as well as an entire shallow water trend within this acreage.

Pan African renewable power: In addition to our decentralised renewable power projects focused primarily on the mining sector, our business model has evolved to scale. This next chapter takes advantage of multi megawatt wind and solar developments that can directly access the established grid network and the trade of low carbon power supply to a variety of clients across South Africa. Our renewable expertise and industry partnerships combined with our Etana trading company makes this possible and will result in cleaner energy solutions and improved access to much needed electricity.

Green Hydrogen in Mauritania and beyond: Chariot has rapidly established itself as an important part of Mauritania's aim to be a leader in the global green hydrogen market with the development of the giga-scale Project Nour, and we have initiated other smaller scale but important proof of concept projects in Morocco and Mauritania. These projects are taking advantage of the world class wind and solar power that are found in key parts of the continent and our teams are looking to develop domestic production capabilities and export optionality. With advancements in associated technology, these developments are leading the way towards delivering green hydrogen projects at competitive international pricing within the next decade.

Our Path Forward

With the challenges to energy security as a backdrop, Chariot is committed to support responsible growth and energy independence in our host countries' economies, as well as looking to develop access into wider international markets.

We recognise that our company has projects across multiple areas, and we will look for ways to advance the progress and finance of each one in the most efficient way. In 2024, we continue to progress our Moroccan gas portfolio, South African renewable generation and power trading business and green hydrogen assets as well as considering new venture opportunities. We feel there is a lot to play for. I offer sincere thanks to our shareholders, host governments, local communities, staff, contractors, and consultants. I greatly appreciate the work that has been undertaken to get us to this point and look forward to a successful year ahead.

George Canjar

Chairman

10 June 2024

Q & A WITH THE CEO

What are the key attributes that underpin Chariot as an investment opportunity?

The quality of our asset base across the three pillar portfolio, the global need to meet energy requirements, our team and our focus on Africa are the foundations of our business model and strategy. We are very much focused on our Transitional Gas division of the business where we are looking to get to first gas and generate cashflows as quickly as possible with the overriding objective to return cash to our shareholders.

The global need for energy is increasing dramatically, and in Africa alone electricity demand is expected to rise six fold by 2050. It is well documented that there is a critical need to rebalance the energy mix whilst generating reliable, affordable and accessible supply with a focus on closing the energy gap. Viable solutions need to be implemented to ensure stable growth and address the power poverty situation that is hindering the continents development. Chariot is playing a meaningful role in this goal.

Our portfolio of projects will play an important part in diversifying energy sources, supporting industrial and downstream development and reducing reliance on imports. This also has the very important knock-on effect of stimulating the creation of further industry for the communities and countries we operate in. Our focus is on Africa due to its vast resource wealth but we also have a depth of knowledge across the continent and can leverage our expertise to play a tangible role in developing its energy networks. Importantly, we are looking to deliver into undersupplied markets that have immediate demand. Across our assets we are focused on developing

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competitive supply that can help meet domestic and export needs utilising our in-house expertise and working closely with our partners and host Governments. These are the underlying tenets of the unique investment opportunity that Chariot offers and how we will create future value.

Can you give us your view on the importance of developing gas assets within the Transitional Energy space?

Today, hydrocarbons still make up between 80-85% of the world's energy consumption so the transition to a new energy mix will take time but we need to have practical, workable solutions. It is impossible to implement an immediate shift away from fossil fuels and it is important to note that this would also exacerbate energy poverty in developing countries.

Whilst gas is a hydrocarbon, it has a lower carbon footprint than most and is widely viewed as a transitional fuel. African countries are increasingly embracing energy solutions that integrate hydrocarbons and renewable sources but having access to dependable baseload power underpins all developments. With hydrocarbons as a baseload

• and gas in our case in Morocco - you can be more relentless in advancing new projects and technologies so it can play a key role in accelerating the adoption of a range of new energy sources whilst supporting longer term substitution.

What were your headline achievements in the Transitional Gas business this year?

Our main highlights have been securing Energean as a partner on our offshore Moroccan acreage; being awarded the Loukos Onshore licence which widened our footprint in Morocco; and successfully delivering our first drilling campaign, with a gas discovery in the OBA-1 well and completing all operations safely and efficiently. Our primary focus for this business year is to now execute our drilling plans offshore where we are looking to increase the resource base to over 1Tcf, move towards a Final Investment Decision at Anchois and progress with our forward plans at Loukos.

Can you tell us more about securing Energean as a partner?

During the first half of 2023, we completed the FEED phase at our Anchois gas project which defined our initial development plan and confirmed the commercial viability of this significant discovery. As we progressed our FEED project, we also undertook a partnering process in order to be able to look to upscale and deliver the potential that we saw this project offers. This process generated significant industry interest where we had multiple offers and we were delighted to sign agreements with Energean, the FTSE-250 company, as a partner across our Lixus and Rissana licences. Energean acquired operatorship and 45% in Lixus and 37.5% in Rissana, with Chariot retaining 30% and 37.5% respectively and ONHYM maintaining its 25% stake in each licence. We received US$10 million on completion of this deal, we have a US$85 million gross carry on Lixus pre-FID costs which includes the Anchois-East well and flow test and a further US$15 million is payable on FID. They then have an option to acquire a further 10% for a gross development carry of US$850 million to first gas, a US$50m convertible loan note or 3 million Energean shares, and 7% royalty payments on their production revenues.

Energean is a highly experienced operator in delivering projects of this nature and they share our vision on future development plans. We are looking forward to drilling the Anchois-East well in August this year which will appraise, develop and potentially be a future producer, but is fundamentally being undertaken to look to upscale the development from day one. Anchois is currently the primary focus but the partnership will undertake further exploration across Lixus and Rissana in due course as we see material running room in this acreage.

Anchois is larger and longer term, so is Loukos an earlier production opportunity?

Yes, it is, and we applied for the Loukos Onshore licence as we saw significant, overlooked potential, it was a natural fit for our portfolio and we could expedite drilling plans. We have in-depth knowledge of this area through proprietary data from our Lixus licence which is immediately adjacent and possesses clear geological similarities.

We were delighted to report a gas discovery from the OBA-1 well at the Dartois prospect recently. The planned next steps will be to design and conduct a flow test and our team are working across and integrating all the data we have acquired in the drilling campaign to understand the impacts on the exploration potential of the entire licence area and optimise the future work programme. We are focused on early commercialisation opportunities,

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as gas produced here can be delivered directly to local industry and we can look to build this out over time. Morocco is an excellent country to work in, with existing infrastructure that we can also utilise and it is an ongoing pleasure to work with our partner ONHYM on these assets.

Can you give us an overview of the ongoing evolution of the Transitional Power business?

When we acquired AEMP in 2021, our focus was on building a portfolio of renewable projects for mining and industrial clients to provide onsite, lower carbon energy solutions and we have four projects with a total of 515MW under development with our partners. This is a business approach that will continue to grow as heavy industry looks to reach emission targets and also because the set up and generation of renewable energy now makes long term economic sense.

The electricity trading platform, Etana Energy (Pty) Limited has become a prominent element of this business as we increased our holding to 49% in January 2024, alongside partner H1 Holdings. Through this platform we are tapping into a wide and essential network and we believe that this could be one of the most influential businesses in facilitating, installing, and delivering greener, competitive and sustainable energy across South Africa's national grid over the next decade. This business connects efficient supply to end users through the trading platform but it also enables the development of new, renewable energy generation, in which this Power business can participate. We are very pleased to have signed up some large offtake customers already with more under negotiation. Our water business is also an important part of this portfolio, addressing another essential need, and there are many ongoing growth opportunities here too. It is important to note that in producing treated water, we will use renewable energy which Chariot intends to supply.

Can you provide an update on the Strategic Review of Transitional Power?

As we have noted before, we have been looking at financing options at the subsidiary level for Transitional Power. With the majority of these assets based in South Africa, and the positive implications that these developments could have for the country, we have found that South Africa focused banks and investors have a strong interest to fund this. As announced in March, and in order to enable the onward growth and progression of this business we are undertaking a Strategic Review which could result in a full or partial sale or demerger with the aim of maximising value for shareholders. We will likely phase this review as we focus on securing financing for the projects and will provide further updates as this process moves forward.

What is the latest with your Green Hydrogen pillar?

The green hydrogen story continues to evolve. Over the past year, we completed our Feasibility Study at the 10GW Project Nour in Mauritania alongside our partners TEH2, with whom we have an excellent working relationship. This further confirmed its world class potential and we have also been working on proof of concept, nearer term projects through our partnerships with UM6P and Oort Energy in Morocco. We continue to evaluate and progress other opportunities and pilot projects across the African continent as we look at value accretive assets that fit within our investment criteria. Offtake is a key focus for us and we also continue to progress our financing options at the subsidiary level. This is an early stage but vast industry so there are challenges to overcome as it develops, but green hydrogen will be a critical part of the net zero solution.

How are your host countries facilitating its ongoing evolution?

We have had only good experiences working in Mauritania and the investment climate continues to improve. This has been recognised in a speech by Ursula von der Leyen, head of the European Commission in February who stated "we want to build a green hydrogen ecosystem…. here in Mauritania." Green hydrogen will play an

important part in their European Green Deal strategy, which is to be climate neutral by 2050, and they are looking to Mauritania as a key export market for this. They also strongly underlined the importance of developing domestic industry and building out the green steel market in country and we are in step with this through our work there too. Morocco is also very keen to further develop and expand this industry to support their energy transition strategy.

Looking forward - what are the upcoming catalysts for the Company?

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Our primary focus is reaching first gas and generating revenues from our Transitional Gas assets. We look forward to our ongoing work and progress with our activities onshore and to drilling offshore in the near future with Energean and ONHYM. We will finalise our financing of the Transitional Power division which will in tandem progress our Strategic Review and our Hydrogen projects will continue on their trajectories.

We believe that the key to success is to continue to adapt, collaborate, innovate and partner, as we have done consistently to date. We are proud of our entrepreneurial approach, which has enabled us to pursue new or previously overlooked assets and we will continue to look to pioneer and grow. We will always look for new opportunities that enhance the Chariot investment case. We believe we have a compelling and relevant story, we believe in our projects and will remain fully focused on realising their potential as we move forward.

Thank you

I would like to thank our shareholders for their ongoing support as we successfully raised circa US$19m in June 2023. Both existing and new institutions participated, as did our retail investors via an oversubscribed open offer. As a Board and Management team, we have continued to buy shares in the market, so remain very much aligned with our investor base and the long term success of our Company.

I'd also like to thank all our partners, Ministries and teams that we work with in Morocco, Mauritania, South Africa, Zambia, Zimbabwe, Burkina Faso and Djibouti. Collectively we are making a real difference both now and for the future and I look forward to more to come. We need to also appreciate and give thanks to all the communities in which we operate for without their support we could not achieve anything. Thank you as always to the Chariot Board and our colleagues across each part of the business with whom it is an ongoing pleasure to work with.

Adonis Pouroulis

Chief Executive Officer

10 June 2024

Chief Financial Officer's Review

Funding and Liquidity as at 31 December 2023

The Group remains debt free and had a cash balance of US$6.0 million as at 31 December 2023 (31 December 2022: US$12.1 million).

During 2023, the Group invested c.US$23 million (31 December 2022: c.US$39 million) into the business through its exploration campaigns Offshore and Onshore Morocco, business development within the Transitional Power and Green Hydrogen businesses, and administration activities.

The net proceeds of the US$19.1 million raised from the equity fundraising completed in August 2023 allowed the Group to plan its exploration campaign Onshore Morocco, continue to progress its Anchois development Offshore Morocco, as well as progress opportunities within the Transitional Power and Green Hydrogen businesses across the African continent.

As at 31 December 2023, US$1.05 million of the Group's cash balances were held as security against Moroccan licence work commitments. The increase from US$0.75 million as at 31 December 2022 was due to new bank guarantees relating to the new Onshore licence in Morocco.

Financial Performance - Year Ended 31 December 2023

The Group's loss after tax for the year to 31 December 2023 was US$15.6 million, an increase of US$0.7 million on the US$14.9 million loss incurred for the year ended 31 December 2022. This equates to a loss per share of US$(0.02) compared to a loss per share of US$(0.02) in 2022.

The share-based payments charge of US$5.7 million for the year ended 31 December 2023 was US$1.5 million

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higher than the US$4.2 million in the previous year mostly due to the granting of employee and Directors' deferred share awards in the current year, and the full year impact of awards granted to employees in 2022.

To provide further detail of total operating expenses, Green Hydrogen and other business development costs have been split out from other administrative expenses within the consolidated statement of comprehensive income.

Green hydrogen and other business development costs of $1.3 million (31 December 2022: $1.7 million) comprise non-administrative expenses incurred in the group's green hydrogen business development activities, the majority of which relate to Project Nour feasibility studies and related costs.

Other administrative expenses of US$8.7 million for the year ended 31 December 2023 are higher than the previous year's US$8.5 million due to employment costs from scaling up the team to progress the Anchois gas and Loukos developments, as well within the Transitional Power and Green Hydrogen teams.

Finance income of US$0.2 million (31 December 2022: US$0.1 million) relates to higher bank interest received on the cash balance over the period, as well as foreign exchange gains on non-Sterling currencies.

Total finance expenses of US$0.2 million (31 December 2022: US$0.6 million) include foreign exchange losses

of US$0.2 million (31 December 2022: US$0.4 million). Foreign exchange expenses are lower than the prior period reflecting the stabilising of foreign exchange rates on the holding of cash balances in Sterling. A US$0.1 million expense (31 December 2022: US$0.1 million expense) on the unwinding of the discount on the lease liability under IFRS 16 is also included in finance expenses.

Exploration and Evaluation Assets as at 31 December 2023

Following the signing of the Loukos Onshore licence in Morocco during the year, the carrying value of the Group's exploration and evaluation assets comprise US$61.8 million (31 December 2022: US$51.8 million) in relation to the existing Offshore Moroccan geographic area, and US$1.2 million in relation to the new Onshore licence.

Across the Offshore geographic area a further US$10.0 million (31 December 2022: US$20.3 million) was invested in the asset comprising completion of the FEED phase of the Anchois gas development project, progression of the Anchois development ESIA, and geophysical and geotechnical site surveys onshore and offshore, to further define pipeline routing and landfall approach to bring the Anchois development towards FID.

Onshore investment to 31 December 2023 reflects the permitting and planning activity for the first drilling campaign of two wells.

Other Assets and Liabilities as at 31 December 2023

The carrying value of goodwill of US$0.4 million at 31 December 2023 (31 December 2022: US$0.4 million) reflects the intellectual property, management team and customer relationships acquired through the business combination of AEMP in 2021. In 2022 three Memoranda of Understandings were announced for projects in the mining portfolio totalling over 500 MW of power. These projects are large scale, early stage and are being progressed in partnership with Total Eren and a black economic empowerment ('BEE') partner on the Tharisa project, with minimal commitments in the near-term. No impairment of the goodwill was identified in the period from acquisition to 31 December 2023.

The fair value of the Group's investment in power projects relates to the 10% project equity holding in the Essakane solar project in Burkina Faso as acquired with AEMP and is valued at US$0.3 million (31 December 2022: US$0.4 million). The project, a joint investment with Total Eren, continues to generate power under a power purchase agreement with IAMGOLD's Essakane mine.

During 2023 the Group completed its construction of a desalination plant, with US$0.6 million capitalised in property, plant and equipment, for the proof-of-concept water project in Djibouti, with commercial operations commencing and revenue generated from July 2023.

In 2023, wellheads and casing valued at a total of US$1.8 million (31 December 2022: US$1.4 million) were held in inventory relating to both the Anchois and Loukos drilling campaigns in Morocco.

As at 31 December 2023, the Group's net balance of current trade and other receivables and current trade and

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other payables shows a net current liability position of US$3.2 million (31 December 2022: US$5.4 million). The change is primarily due to significant activity on the Anchois front end engineering design in December 2022 for which outstanding payables were due as at 31 December 2022. Note 2 details the Group's future funding plans.

Following the extension of the UK office lease term by a further three years in 2023, both the associated right-of- use asset and lease liability have been modified. Under IFRS 16 the Group has recognised a depreciating right of use asset of US$1.3 million (31 December 2022: US$0.3 million) and a corresponding lease liability based on discounted cashflows of US$1.3 million (31 December 2022: US$0.4 million).

Outlook

We look forward to a safe and successful drilling campaign at Anchois East in Q3 2024 which the partnership hopes will upscale the development and lead to FID shortly thereafter, unlocking the further material cashflows from the Energean partnering transaction. As detailed in Note 2, our current liquidity highlights the need for funding across the business at an asset, subsidiary or Group level to ensure the Group is well capitalised to carry out its objectives.

We have continued to evolve as a business over the past year and I am proud of all the achievements as reported. As we moved forward, we will continue to progress all areas of the Company but our primary objective as we focus on the gas business is to develop these material assets, generate cash flow and return cash to shareholders.

Julian Maurice-Williams

Chief Financial Officer

10 June 2024

TRANSITIONAL GAS

Our Moroccan Footprint

In recent years, Chariot has focused on value-driven gas projects, involving exploration and appraisal operations, combined with development planning and commercialisation activities.

Chariot owns a 30% and 37.5% non-operated working interest in the Lixus Offshore and Rissana Offshore licences respectively alongside our new partners Energean, who operate both blocks with a 45% and 37.5% working interest.

Chariot also owns and operates a 75% interest in the Loukos Onshore block.

The Moroccan state owned Office National des Hydrocarbures et des Mines ("ONHYM") holds the remaining 25% working interest in all licences.

Offshore

Since the award of the Lixus Offshore licence in 2019, Chariot has delivered a material increase in the resource potential of the Anchois gas field and defined a material prospect portfolio in the same play across the wider licence area. This growth has been delivered in previously overlooked acreage, utilising latest technology and interpretation methods to identify additional gas resources, combined with the ability to evaluate the prospectivity with a critical and open mindset.

The Anchois-2 appraisal and exploration well drilled by Chariot in 2022, increased the P50 (2C) discovered resources of the field by a factor of 5 versus the previous operator, largely through the discovery of 5 new gas bearing sands in a stacked accumulation. We have now matured the development plan for the Anchois field, which is expandable to capture material running room, a factor which helped Chariot to attract a new partner in Energean, an operator with a proven track record of executing similar offshore developments. The team are advancing together towards development sanction, the final details and confirmation of which will be determined by the Anchois-East well. This will be carried by Energean and is on track to start drilling in August 2024.This next campaign, which could include an optional second well, will mark an important step in the development plan in terms of the completion design, number of producer wells and production capacity of the field, with drilling success bringing the possibility of significantly higher rates than previously envisaged by Chariot.

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The joint venture partnership will also be conducting additional exploration across the Rissana licence through a planned seismic acquisition campaign.

Onshore

Building on our successes offshore, Chariot identified significant prospectivity in the same overlooked play, this time in the onshore part of the same sedimentary basin. The Loukos Onshore licence offers an extensive exploration portfolio, optimally located to existing gas markets, and presents the opportunity to unlock a low- capex, high-value, rapid gas to industrial market solution.

The Loukos Onshore block was awarded in July 2023, complete with a rich, legacy dataset comprising 154km2 of 3D seismic, acquired in 2011, and previous wells proving several gas discoveries and indications of gas bearing intervals from which the exploration potential could be rapidly assessed. There was also an extensive dataset of >900km of 2D line kms, which also reveals further prospectivity beyond the limits of the 3D seismic. Following early geological evaluation, our team identified a set of attractive drilling targets on the existing 3D seismic dataset and, post licence award, set to work to fast-track a drilling campaign. Through the combined diligent efforts of the entire team, Chariot was ultimately able to deliver drilling operations within 10 months of licence award.

We were delighted to announce the completion of the successful drilling campaign and a gas discovery from the drilling at the Dartois prospect at the end of May 2024. We now have a comprehensive dataset from the drilling of both wells and our team will integrate this with our recently reprocessed 3D seismic data to further define the resource potential of the Dartois area, confirm the future work programme and also analyse the impact on the wider prospectivity across the Loukos licence area.

We believe we are just scratching the surface with our exploration efforts to date. The coming year has key catalysts for growth through our ongoing analysis and testing planned on both the onshore licence and our offshore drilling campaign. We will also continue to leverage our long-established relationships in-country. In looking to develop important supplies of domestic gas, we hope to strengthen our future as a Moroccan gas producer and contribute to the Kingdom's ambitious energy strategy.

Developing Morocco's Largest Discovery

The Lixus and Rissana Offshore licences are covered by an extensive dataset including multiple 3D seismic survey datasets and 6 previous wells, including the Anchois-1 and Anchois-2 discovery wells and a legacy well located in the south of the Rissana which provides evidence for an extensive, deep thermogenic petroleum system, in addition to the post-nappe play of Anchois field area.

In December 2023, following an extensive farmout process, Chariot announced a partnership with Energean, who also recognised the potential in our offshore portfolio. The transaction completed in April 2024, and with a rig contract with Stena Drilling for the Stena Forth drillship signed, the partnership will drill the Anchois-East well, with a subsequent well test planned in the main gas bearing sands.

In this well, we will drill two wellbores in one operation; a pilot hole will be drilled first, into the undrilled 'Footwall' fault block to the east of the main field area, and then the well will be side-tracked and the main borehole will be drilled to penetrate the 'Main' fault block in a location to the east of the previously drilled Anchois wells. The pilot hole targets exploration objectives in the M and O Sands of the footwall structure, potentially providing an additional 170 Bcf of recoverable gas to the current volumes from the O Sands alone. The main borehole will then appraise the discovered sands of the field, currently estimated at 637 Bcf (gross 2C resource), and also explore the deeper O Sand North Flank target, potentially providing a further 213 Bcf of 2U recoverable gas below the proven gas-down-to in the field. We aim to retain the well as a potential future producer location in the Anchois Development. An optional second well is also under consideration.

The subsea-to-shore development plan currently includes 3 initial producer wells, comprising the existing Anchois- 2 well, the upcoming Anchois-East well and potentially the optional second well. This approach sees individual producer wells containing multi-zone completions to cost-effectively access the stacked gas sands at Anchois. Together with the utilisation of existing wells as producers, this reduces uncertainty and post-FID capex. Production testing of the Anchois-East well, in the Q3 2024 campaign, will also allow for further optimisation of the producer wells and completions as we gather important data on reservoir productivity.

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