Chariot Oil & Gas Limited: Result of Open Offer

Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas exploration company, announced on 27 February 2018 that it had conditionally raised total gross proceeds of approximately US$15 million (£10.7 million) by the conditional placing of 82,582,747 New Ordinary Shares (the "Placing") at an issue price of 13 pence per New Ordinary Share (the "Issue Price"). Furthermore, it proposed to raise up to a further €5.0 million (£4.4 million) by the issue of up to a further 33,609,150 New Ordinary Shares pursuant to an Open Offer (the "Open Offer") to Qualifying Shareholders at the Issue Price.

The Company is pleased to announce that it has received valid acceptances from Qualifying Shareholders in respect of 13,911,954 Open Offer Shares representing 41 per cent of the maximum Open Offer Shares available. Accordingly, the Open Offer has conditionally raised total gross proceeds of approximately US$2.5 million (£1.8 million).

Mr. Bottomley, a Director of the Company, has made an application to subscribe for a total of 241,000 Open Offer Shares, under the Basic Entitlement and Excess Entitlement facilities. Following Admission, Mr. Bottomley will have a total beneficial interest of 795,446 Ordinary Shares, representing 0.22 per cent. of the Company's Enlarged Share Capital immediately following Admission. The participation of Mr. Bottomley in the Open Offer constitutes a related party transaction under AIM Rule 13. The Directors, with the exception of Mr. Bottomley, are considered to be independent and, as such, having consulted with the Company's Nominated Adviser, consider that the participation in the Open Offer by Mr. Bottomley is fair and reasonable insofar as the Company's Shareholders are concerned.

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