Holding in Company

Immediate Release 03 February 2011

Chariot Oil & Gas Limited

(the "Company")

Holding in Company

Chariot Oil & Gas Limited was notified today that, as of 01 February 2011, Citigroup Global Markets UK Equity Limited has an interest in 18,362,571 ordinary shares in the Company, representing 12.68% of the Company's issued ordinary share capital.

- Ends -

Contacts:

Artemis Secretaries LimitedPO Box 100Sydney Vane HouseAdmiral ParkSt Peter PortGuernsey GY1 3EL

Ambrian Partners Limited (NOMAD) +44 (0)20 7634 4856

Richard Swindells