Chariot (CHAR) Investor presentation summary

Upstream oil and gas strategy

• Focus on material oil production offshore Angola and development assets in Morocco, aiming for long-term growth and additional revenue streams.

• Recent transaction secures economic exposure to producing assets in Angola, with significant cashflow and value creation potential.

• Block 14 and 14K in Angola offer over 93 MMbbls gross remaining reserves and more than 500 MMbbls of additional upside potential.

• Existing production underpins asset value, with license extended to 2038 and potential for further drilling to increase reserves.

• PKBB discovery and other undeveloped finds support low-cost, rapid development and longer-term exploration upside.

Transaction and financial structure

• Acquisition partly financed by Shell Trading, with repayments front-loaded and intention to refinance at completion.

• Final consideration fully funded by Shell facilities, with interim period adjustments reducing final consideration.

• Contingent payments linked to oil price thresholds and PKBB development.

• Asset NPV increases with higher oil prices, and Etu's deposit refunded from first distributable cash flows.

Morocco and exploration opportunities

• Anchois development in Morocco maintains strong fundamentals, with optimized CAPEX and robust economics.

• New exploration plays identified in Rissana offshore, with ongoing discussions for Loukos onshore.

• Partnering is a key focus for advancing all Moroccan licenses.