Petro Rio S.A. HRTPF

CHARIOT ---IN NAMIBIA

[kento]

Chariot's chance of success has moved from 19% to 25% and prospective RESOURCES from 16Bbbls to 20Bbbls
If Chariot has 20Bbbls with their mediocre acreages , can you imagine the prospective resources for HRT/UNX.
My guess-- in excess of 65Bbbls.
  
31 October 2011
 
Chariot Oil & Gas Limited
 
('Chariot', 'the Company' or 'the Group')
 
Technical Update
 
Improved Chance of Success and Increase in Gross Mean Unrisked Prospective Resources 
 
Chariot Oil & Gas Limited (AIM:CHAR),the Africa focused oil and gas exploration company is pleased toannounce that, as a result of further geological and seismic work on theTapir trend in Northern Blocks 1811 A & B, it has increased thechance of success of the Tapir South prospect from 19% to 25%.  Theimprovement is primarily due to the recognition of multiple four way dipclosures that contain deep marine channel sandstone geometries whichare adjacent to a well defined oil charge kitchen. As a result the TapirSouth prospect is now the preferred first drilling target with thegreatest chance of success and well planning is at an advanced stage.
 
Additionally, in the Central Blocks,reprocessing and reinterpretation of the full 3,000km of existing 2Dseismic data, previously acquired by Chariot, has identified 11 newleads attributing an aggregate mean unrisked resource potential of 3.9billion barrels ("Bbbls"). These leads lie in the northeast section ofthe acreage and occur in several different target intervals within bothstructural and stratigraphic traps.  These include analogues to the"Nimrod" feature identified in the Southern blocks.  Recently completedstudies indicate that two source rock levels are mature for oilgeneration in this northeast area and as a result this section of theblock offers the greatest chance for delivering multiple drillableprospects.  Consequently, the 3D survey has been increased in size to3500km² to cover the 11 leads identified and is due tocommence at the beginning of November.  It should be noted that theleads previously identified remain attractive exploration targets thatwill be a priority for future exploration activity. 
 
As a result of this recent technical workChariot's gross mean unrisked prospective resources have increased from16.1 Bbbls to 20.0 Bbbls (with net increase to Chariot from 8.9 Bbblsto 12.5 Bbbls).
 
Paul Welch, Chief Executive of Chariot, said:
 
"We are pleased that this furthergeological and geophysical work has led to a de-risking of the Tapirregion enabling us to move the drilling campaign forward with increasedconfidence. Additionally, the increase in prospective resources not onlyaffirms further potential within our Central Blocks but also providesthe Company with a broader array of targets to focus on in the future."