Chariot is an Africa focused energy group with two core business streams: Upstream Oil and Gas and Renewable Power.
Chariot’s Upstream Oil and Gas pillar is focused on building out a full value chain growth business within Africa. Alongside securing a footprint in Angola, Chariot holds a diverse portfolio in Morocco and is pursuing a range of new ventures across production, development and exploration opportunities.
Chariot’s Renewable Power business is focused on providing competitive, sustainable and reliable energy through building, generating and trading renewable power in South Africa as well as progressing the development of its power-to-mining projects on the continent. Chariot is also continuing to advance its green hydrogen asset, Project Nour in Mauritania.
Chariot Ltd (AIM:CHAR, OTC:OIGLF) told investors that a new partnership with Etu Energias and BW Energy will effectively double its economic footprint in Angola, giving it exposure to future cash flows equivalent to around 4,000 barrels of oil per day.
The AIM-listed energy group signed a framework agreement supporting Etu Energias’ acquisition of an additional 31% working interest in offshore Block 14 and 15.5% in Block 14K. In return for operational and technical support, Chariot said its interest carries an indicative net NPV10 of more than US$100 million at a US$60 per barrel oil price.
BW Energy will work alongside Chariot to support Etu Energias as the Angolan company seeks to take over operatorship of Block 14, while Shell Western Supply and Trading is providing all of the acquisition debt funding needed to complete the deal.
Block 14 currently produces around 40,000 bopd and has delivered more than 900 million barrels since first oil in 1999, with its licence recently extended to 2038. Adjacent Block 14K averaged roughly 2,000 bopd in 2025, while current producing reserves across the assets are estimated at 93 million barrels.
Chariot Ltd (AIM:CHAR, OTC:OIGLF) announced it will ask shareholders to approve a 25-for-1 share consolidation as the Africa-focused energy group presses ahead with a shift back towards upstream oil and gas.
The AIM-listed company said the proposal would consolidate every 25 existing ordinary shares of 1p each into one new ordinary share of 25p, with the timing left to directors’ discretion if approved at the annual general meeting.
Chariot Ltd (AIM:CHAR, OTC:OIGLF) has moved closer to securing cash-generating exposure to offshore Angola production after helping finance Etu Energias’ acquisition of stakes in Blocks 14 and 14K, a deal that gives the AIM-listed group economics linked to around 4,000 barrels of oil per day.
The company said a subsidiary of Etu has now signed a sale and purchase agreement to buy a 20% working interest in Block 14 and a 10% interest in Block 14K.
December saw the small-cap oil and gas sector was awoken from inertia with a flurry of activity.
Casual onlookers could be easily distracted by the big numbers coming from the big boys, as over one hundred billion dollars of shale M&A recently saw Exxon, Chevron and Occidental bolster their respective US shale positions.
Chariot Ltd (AIM:CHAR, OTC:OIGLF) has spent years accumulating exploration acreage across Africa, but Friday's announcement marks something fundamentally different: a direct route to oil production revenues at a time when the commodity it hopes to sell has rarely been more valuable.
The deal, structured through Angolan independent Etu Energias, gives Chariot economic exposure to approximately 4,000 barrels of oil equivalent per day from Block 14, a mature, Chevron-operated deepwater asset offshore Angola that has produced more than 900 million barrels since 1999 and carries a licence now extended to 2038.
Cavendish, the company's house broker, values that exposure at $114 million on a net present value basis at a flat $60 per barrel oil price, against an upfront cash outlay from Chariot of just $12 million.
Chariot Ltd (AIM:CHAR, OTC:OIGLF) Chief Financial Officer Julian Maurice-Williams joined Steve Darling from Proactive to shared insights into a transformative financing agreement for Etana Energy, the South African electricity trading platform 49% owned by Chariot.
British International Investment (BII) and GuarantCo have announced a $100 million guarantee facility to support Etana’s mission of delivering sustainable, cost-effective power solutions by connecting generation projects to industrial and commercial users via South Africa’s national grid.
The financing includes $50 million from each guarantor and marks the largest energy wheeling framework transaction in South Africa to date. This innovative deal guarantees customer demand, providing renewable energy developers with the revenue certainty needed to advance new projects.