Chariot Oil & Gas has provided an update ahead of its full year results for the year ended February 28, 2010.

Over the past six months work has continued across all the offshore Namibian blocks of interest, the focus being on the processing and interpretation of the comprehensive seismic data that was acquired last year. Chariot holds a large acreage position, totalling an area of 38,725km², and has undertaken extensive seismic acquisition programmes over all of its licenses. Initial results in the form of quick look cubes are now available, with further detailed processing and interpretation work continuing.

A number of key indicators have already been identified from the seismic surveys in the Northern Blocks. In particular, the time and depth analysis of the initial 900 km² supports evidence of significant structures, oil prone source rock, bright spots and volcanic highs -- all of which indicate a working petroleum system which underscores the prospectivity of this area. Additionally, the processing of the latest 600km² of seismic data is underway.

In the Central Blocks, the Company is continuing to work on the potential resource volumes, the results of which will be announced later this quarter. In the Southern Blocks, work also progresses in partnership with Petrobras on block 2714A and the latest seismic program is being processed.

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