REG - Chariot Limited - H1 2025 Results
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RNS Number : 7042A Chariot Limited 25 September 2025
25 September 2025
Chariot Limited
("Chariot", the "Company")
H1 2025 Results
Chariot (AIM: CHAR), the Africa focused energy company, today announces its
unaudited interim results for the six-month period ended 30 June 2025.
Adonis Pouroulis, CEO of Chariot commented: "We have steered the Company
through a challenging past few months and I am pleased to report that we have
emerged from this period with a new business plan and a clear focus to
progress our projects and build shareholder value. As announced in June 2025,
we are in the process of building out two standalone business units - Upstream
Oil and Gas and Renewable Power - and we are currently setting out the future
of both entities as we look to grow and deliver. Our overarching objective is
to create two separate groups to realise more value for shareholders going
forward and we are evaluating a range of opportunities and avenues in this
regard. We remain committed and ambitious in our plans and we look forward to
executing these over the coming months."
Highlights during and post period
Upstream Oil & Gas:
Morocco:
• Regained operatorship of the offshore Moroccan licences in May 2025 with 75%
working interest now owned by Chariot
• Working with ONHYM to assess a rescaled Anchois development based on
discovered resources with a key focus on development capex
• Ongoing development of the prospectivity across the offshore Lixus and Rissana
licences and farm-out process initiated
• Integration of well results and reprocessing work completed in the onshore
Loukos licence - multi-well campaign described with farm-out process ongoing
New Ventures:
• Widened new venture remit to span oil and gas opportunities across the full
value chain
• Pursuing range of options across mature production, near term development and
exploration assets
Renewable Power:
Electricity Trading:
• Funding completed in March 2025 ensured Etana Energy is now a fully financed,
bankable entity
o US$155 million Guarantee Financing Facility secured from British International
Investment ("BII"), GuarantCo and Standard Bank
o Up to US$20 million equity investment secured from Norfund
Renewable Generation Projects:
• Two wind projects in South Africa nearing financial close with further
projects progressing
• Power-to-mining project portfolio:
o Tharisa - 40MW solar project in South Africa; First Quantum Minerals - 430MW
solar and wind projects in Zambia; Karo - 30MW solar project in Zimbabwe
• 10% stake in the Essakane 15MW solar project in Burkina Faso sold to IAMGOLD,
the operators of the Essakane gold mine for US$167k in January 2025
Water:
• Water desalination project in Djibouti performing well
• Evaluating future opportunities and options for the business
Green Hydrogen:
• Work on Project Nour in Mauritania ongoing alongside partner TE H2 (80% owned
by TotalEnergies and 20% owned by the EREN Group)
• Partnership with Oort Energy and Mohammed VI Polytechnic University ("UM6P")
continues in Morocco
• Pursuing financing options at the subsidiary level
Corporate and Financial:
• Placing and oversubscribed Open Offer successfully raised gross US$7.1 million
in June 2025
• Cash position as at 30 June 2025 of US$5.6 million
Enquiries
Chariot Limited +44 (0)20 7318 0450
Adonis Pouroulis, CEO
Julian Maurice-Williams, CFO
Cavendish Capital Markets Limited (Nomad and Joint Broker) +44 (0)20 7397 8900
Derrick Lee, Adam Rae
Stifel Nicolaus Europe Limited (Joint Broker) +44 (0) 20 7710 7760
Callum Stewart, Ashton Clanfield
Celicourt Communications (Financial PR) +44 (0) 20 7770 6424
Mark Antelme, Jimmy Lea, Charles Denley-Myerson
Chariot Limited
Chief Executive's Review
These half year results demonstrate that we have weathered a challenging
period in Chariot's history, but we have come through this with renewed
strength and clarity of purpose. As announced in June, we have taken the
decision to split the Chariot group into two business units, Upstream Oil
& Gas and Renewable Power. They now offer different investment cases, will
attract different pools of capital and can now become two entities as we look
to unlock their standalone value.
Our resilience and willingness to adapt is very much part of Chariot's DNA and
our philosophy across both businesses remains the same as we look to develop
scalable projects that can provide much needed, reliable energy across Africa.
The diversity of our portfolio has provided us with the foundations on which
we can build and move forward and it is our team's wide network across the
continent and their range of expertise that enables us to access, evaluate and
progress new opportunities.
We remain committed to developing our assets in Morocco and have widened our
new venture remit, broadening our search to span the oil and gas value chain,
as we look to build out a fully-fledged upstream business. We are also
creating real momentum in renewables where we are setting out plans for the
long-term but have already delivered on some tangible milestones with more
catalysts to come.
Upstream Oil & Gas - A Redefined Growth Business
Morocco - Lixus and Rissana Offshore and Loukos Onshore licences (Chariot,
Operator, 75%, ONHYM 25%)
Across our Moroccan portfolio we have three distinct investment opportunities
within our Lixus, Rissana and Loukos licences and we are looking to partner
across these assets to fund and deliver further work programmes. We have a
range of exploration and development opportunities that could be of interest
to different parties and this prospectivity is also underpinned by the
existing infrastructure, robust gas commercial fundamentals and excellent
fiscal regime that Morocco offers.
Within the offshore Lixus licence and at the Anchois project specifically,
three wells have now been drilled, all of which found gas. With the resources
discovered to date we still see material economic value and we are in the
process of rescoping an optimised development plan with reduced capex to
enable a path towards a Final Investment Decision. We also see plenty of
upside opportunities beyond Anchois in shallower targets such as the Anguille
hub, where a prospective best estimate recoverable resource base of 500Bcf has
been identified. This cluster of prospects are on trend from Anchois and along
the planned flowline route and therefore could link directly into the planned
Anchois infrastructure or even be a lower cost initial development.
Rissana, our other offshore licence, offers giant scale prospects within
mapped Tertiary basin floor fan and Jurassic Clastic plays that have multi TCF
(in a gas case) and multi-million barrel (in an oil case) prospective
resources. Majors are beginning to return to frontier exploration and Morocco
continues to attract new entrants, so we believe that these offer an
attractive farm-out opportunity to industry players of scale.
Loukos Onshore is smaller in scale but is a project where we see a valuable
opportunity. Further to our drilling campaign in 2024 and extensive
reinterpretation of reprocessed 2D and 3D seismic and historic well data we
have defined a portfolio of over 100Bcf resource potential. A multi-well
programme has been described across the licence and we are talking to
interested parties around participating with us in this wider scope of work.
New Ventures
We continue to follow our interests in Namibia where we hold a 10% back in
right and are looking to secure a larger acreage position. Chariot was one of
the frontier explorers in what is now a global exploration hotspot and our
team has a deep understanding of the subsurface of these basins. Though the
licence access process is taking longer than initially expected, we believe we
are in a strong position to secure these assets and will provide further
updates when possible.
We have reviewed a number of new hydrocarbon opportunities in recent months
and are actively pursuing those that have been screened and high-graded. We
are looking at projects that we can approach on a bi-lateral basis that have
been overlooked or are under the radar of larger companies where we can add
value through our operating credentials and fresh insights from our technical
team. We are looking across the exploration, development and production
spectrum at key points of the value curve but fundamentally at assets that are
in the best basins, with low entry costs and short cycle times. Near-term
cashflows are a priority and we are also focussing on those projects which we
believe can be funded at the asset level through partnering. Our team is busy,
and we will continue to pursue new business opportunities over time as we
focus on expansion and growth.
Renewable Power - Creation of an Emerging Market Renewable Player
With our Renewable Power business, we are both participating in and actively
shaping the electricity trading market in South Africa. Renewables are
increasingly becoming a key part of the energy mix due to the abundant wind
and solar resources that South Africa is endowed with and through Etana Energy
we are facilitating the delivery of much needed energy across the country.
Etana, in which Chariot holds an economic interest of 34% (with H1 Holdings
(Pty) Limited ("H1") holding 36%, Norfund, 20% and Standard Bank 10%), is one
of the very few companies in South Africa to hold a NERSA-approved trading
licence which means it can buy power from multiple generators and sell this on
to multiple customers across the national grid. It is one of the only
electricity traders to be adopting this "many generators to many offtakers"
business model.
Following the combined US$175 million in guarantee and equity financing
packages we announced earlier this year with BII, GuarantCo, Standard Bank and
Norfund, Etana is now fully financed and funded through to first revenues.
Etana has expanded its team in recent months and signed up further offtake
agreements which is indicative of the strong demand for reliable,
competitively priced supply across a range of sectors. Many of these customers
are large industrial users that also want to reduce their carbon footprints
and with the ever-increasing demand for more sustainable energy, this is a
business that is highly scalable.
The trading platform also facilitates and enables the building of new wind and
solar plants by providing bankable offtake, as demonstrated by the 75MW Du
Plessis Dam solar project that reached Financial Close in March and is now
well into construction. Chariot is also participating in the power generation
side of the equation with two large wind projects moving towards Financial
Close. We are working on these in partnership with H1, our founding partners
in Etana, and world class sponsors. The power generated by these projects, and
others that will follow in the future, will directly supply into Etana's
offtake customer base. Importantly, this is being financed at the subsidiary
level, and we are in the final stages of completing an equity investment from
a strategic third party investor. The team, over time, will also look to
expand into the wider Southern African Power Pool (SAPP) and investigate
battery energy storage solutions.
Our power-to-mining projects are ongoing, for First Quantum Minerals where we
are working on a 430MW solar and wind power development for their copper mines
in Zambia in partnership with TotalEnergies, the Buffelspoort solar project
for Tharisa in South Africa and the solar plant at Karo Mining's platinum mine
in Zimbabwe. The water project in Djibouti continues to operate very well and
the team are looking at future opportunities and options for this side of the
business.
Green Hydrogen
We continue to work alongside our partners TE H2 (80% owned by TotalEnergies
and 20% owned by the EREN Group) on developing the giga-scale Project Nour in
Mauritania and progressing the Investment Convention with the Government. Once
this is in place the next step will be to conduct further conceptual studies
and refine the phasing of the development plan, scope opportunities for
utilising green hydrogen in country and work on securing long-term offtake
agreements. In Morocco, the 1MW PEM electrolyser is still scheduled for
installation at the Jorf Lasfar campus of UM6P in Ben Guerir. This will enable
the electrolyser to be run and tested in an industrial setting as we look to
further evaluate the feasibility and scale-up potential for larger projects in
country.
We remain committed to our green hydrogen assets as we still see it as a core
commodity of the future and Mauritania in particular holds all the attributes
required to build a project of such scale. We also continue to collaborate
across the sector and discuss other potential pilot projects with large
industrial players. As previously noted, we are looking to secure funding at
the subsidiary level for this business and on a demerger of the Group, these
assets will sit within Renewable Power going forward.
Financial Review
The Group remains debt free and had a cash balance of US$5.6 million at 30
June 2025 (US$2.9 million at 31 December 2024).
Other administrative expenses of US$3.2 million (30 June 2024: US$5.0 million)
are lower than the prior period reflecting the cost savings made from October
2024 onwards.
To provide further detail of total operating expenses, the non-cash share of
losses from equity accounted investments of US$1.0m (30 June 2024: US$0.1
million) has been split out from other administrative expenses within the
consolidated statement of comprehensive income. The increase from the prior
period is reflective of the rapid progress made in Etana to conclude financing
transactions with Standard Bank, Norfund, BII and GuarantCo and a power
purchase agreement on the Du Plessis Dam 75MW solar generation project, the
first within Etana's initial offtake portfolio.
Hydrogen and other business development costs of US$0.1 million (30 June 2024:
US$1.0 million) comprise non-administrative expenses incurred in the Group's
business development activities within the Green Hydrogen pillar. The
reduction is due to the Project Nour feasibility studies and the proof of
concept electrolyser project with Oort Energy and UM6P occurring in 2024.
Finance income of US$0.2 million (30 June 2024: US$0.1 million) is
approximately in line with the prior period reflecting foreign exchange gains
on non-US$ cash.
Finance expenses of US$0.1 million (30 June 2024: US$0.2 million) are slightly
lower than the prior period reflecting foreign exchange losses on revaluation
of non US$ assets and liabilities.
Share-based payments charges of US$0.6 million (30 June 2024: US$2.0 million)
are lower than the prior period due to diminishing charges on share options
issued in previous periods.
We were very pleased with the support we received in our fundraise in June
which raised gross proceeds of $7.1 million from new and existing investors as
well an oversubscribed open offer. We thank our shareholders for their ongoing
support.
Outlook
We are excited for the future of Chariot and the clear drivers that we have
for the next steps in the evolution of our Upstream and Renewable Power
businesses. We will continue to evaluate how best to enact a demerger, and
valuations and the markets will be key factors to consider around timing, but
we are ready to grow, deliver on the opportunities we have before us and
create lasting value. I would like to thank our team and the Board as their
ongoing hard work has made it possible to get to where we are today and the
months ahead are about now building, scaling and unlocking the value that we
see across the Group.
Adonis Pouroulis
Chief Executive Officer
24 September 2025
Chariot Limited
Consolidated statement of comprehensive income for the six months ended 30
June 2025
Six months Six months Year ended
ended 30 ended 30 31 December
June 2025 June 2024 2024
US$000 US$000 US$000
Notes Unaudited Unaudited Audited
Revenue 3 78 80 162
Share based payments (558) (2,019) (3,350)
Impairment of inventory - - (1,855)
Impairment of exploration asset - - (5,064)
Fair value adjustment to investment in power projects - - (167)
Hydrogen and other business development costs (105) (1,046) (1,649)
Result from equity accounted Etana investment (982) (109) (475)
Other administrative expenses (3,163) (5,000) (9,669)
Total operating expenses (4,808) (8,174) (22,229)
Loss from operations (4,730) (8,094) (22,067)
Finance income 163 60 169
Finance expense (127) (178) (443)
Loss for the period before and after taxation (4,694) (8,212) (22,341)
Other comprehensive income:
Items that will be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations (135) 2 74
Increase in ownership interest of non-controlling interest - - (14)
Other comprehensive income for the period, net of tax (135) 2 60
Total comprehensive loss for the period (4,829) (8,210) (22,281)
(Loss)/profit for the period attributable to:
Owners of the parent (4,693) (8,221) (22,350)
Non-controlling interest (1) 9 9
(4,694) (8,212) (22,341)
Total comprehensive (loss)/profit attributable to:
Owners of the parent (4,828) (8,219) (22,276)
Non-controlling interest (1) 9 (5)
(4,829) (8,210) (22,281)
Loss per Ordinary share attributable to the equity holders of the parent - 4 US$(0.01) US$(0.01) US$(0.02)
basic and diluted
Chariot Limited
Consolidated statement of changes in equity for the six months ended 30 June
2025
For the six months ended 30 June 2025 (unaudited)
Total attributable to equity holders of the parent Non-controlling interest
Share based payment reserve
Other components of equity Total equity
Share capital Share premium Retained deficit
US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000
As at 1 January 2025 17,354 441,360 10,535 853 (411,867) 58,235 - 58,235
- - - - (4,693) (4,693)
(Loss)/profit for the period
(1) (4,694)
Other comprehensive loss - - - (135) - (135) - (135)
Loss and total comprehensive loss for the period - - - (135) (4,693) (4,828)
(1) (4,829)
5,074 2,185 (171) - - 7,088
Issue of capital - 7,088
- (636) - (636)
Issue costs (636)
Share based payments - - 558 - - 558
- 558
As at 30 June 2025 22,428 442,909 10,922 718 (416,560) 60,417 (1) 60,416
For the six months ended 30 June 2024 (unaudited)
Total attributable to equity holders of the parent Non-controlling interest
Share based payment reserve
Other components of equity Total equity
Share capital Share premium Retained deficit
US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000
As at 1 January 2024 15,714 431,292 10,605 779 (389,517) 68,873 5 68,878
- - - - (8,221) (8,221)
(Loss)/profit for the period
9 (8,212)
Other comprehensive income - - - 2 - 2 - 2
Loss and total comprehensive loss for the period - - - 2 (8,221) (8,219)
9 (8,210)
11 190 (201) - - -
Issue of capital - -
Share based payments - - 2,019 - - 2,019
- 2,019
As at 30 June 2024 15,725 431,482 12,423 781 (397,738) 62,673 14 62,687
For the year ended 31 December 2024 (audited)
Total attributable to equity holders of the parent
Share based payment reserve
Other components of equity Non-controlling interest
Share capital Share premium Retained deficit Total equity
US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000
As at 1 January 2024 15,714 431,292 10,605 779 (389,517) 68,873 5 68,878
(Loss)/profit for the year - - - - (22,350) (22,350) 9 (22,341)
Increase in ownership interest of non-controlling interest - - - - - - (14) (14)
Other comprehensive loss - - - 74 - 74 - 74
Loss and total comprehensive loss for the year - - - 74 (22,350) (22,276) (5) (22,281)
Issue of capital 1,640 10,657 (3,420) - - 8,877 - 8,877
Issue costs - (589) - - - (589) - (589)
Share based payments - - 3,350 - - 3,350 - 3,350
As at 31 December 2024 17,354 441,360 10,535 853 (411,867) 58,235 - 58,235
Chariot Limited
Consolidated statement of financial position as at 30 June 2025
30 June 30 June 31 December 2024
2025 2024
US$000 US$000 US$000
Notes Unaudited Unaudited Audited
Non-current assets
Exploration and evaluation assets 5 56,824 60,078 56,516
Goodwill 380 380 380
Investment in power projects - 220 167
Equity-accounted Etana investment 6 750 1,850 1,627
Property, plant and equipment 648 645 668
Right of use asset: office lease 472 1,018 656
Total non-current assets 59,074 64,191 60,014
Current assets
Trade and other receivables 790 2,222 605
Inventory - 2,147 127
Cash and cash equivalents 7 5,563 3,558 2,879
Total current assets 6,353 7,927 3,611
Total assets 65,427 72,118 63,625
Current liabilities
Trade and other payables 3,392 7,304 3,638
Lease liability: office lease 336 583 392
Total current liabilities 3,728 7,887 4,030
Non-current liabilities
Lease liability: office lease 319 672 404
Other liabilities: contingent consideration 6 964 872 956
Total non-current liabilities 1,283 1,544 1,360
Total liabilities 5,011 9,431 5,390
Net assets 60,416 62,687 58,235
Capital and reserves attributable to equity holders of the parent
Share capital 8 22,428 15,725 17,354
Share premium 442,909 431,482 441,360
Share based payment reserve 10,922 12,423 10,535
Other components of equity 718 781 853
Retained deficit (416,560) (397,738) (411,867)
Capital and reserves attributable to equity holders of the parent 60,417 62,673 58,235
Non-controlling interest (1) 14 -
Total equity 60,416 62,687 58,235
Chariot Limited
Consolidated cash flow statement for the six months ended 30 June 2025
Six months ended 30 Six months ended 30 Year ended 31 December 2024
June 2025 June 2024
US$000 US$000 US$000
Unaudited Unaudited Audited
Operating activities
Loss for the period before taxation (4,694) (8,212) (22,341)
Adjustments for:
Finance income (163) (60) (169)
Finance expense 127 178 443
Result from equity accounted Etana investment 982 109 475
Change in value of investment in power project - 114 167
Impairment of exploration asset - - 5,064
Impairment of inventory - - 1,855
Depreciation and amortisation 204 255 516
Share based payments 558 2,019 3,350
Net cash outflow from operating activities before changes in working capital (2,986) (5,597) (10,640)
(Increase) in trade and other receivables (184) (1,014) 602
Increase / (decrease) in trade and other payables 253 (728) (680)
Decrease / (Increase) in inventories 127 (340) (174)
Cash outflow from operating activities (2,790) (7,679) (10,892)
Net cash outflow from operating activities (2,790) (7,679) (10,892)
Investing activities
Finance income 9 60 80
Payments in respect of property, plant and equipment - (30) (88)
Payments in respect of exploration assets (870) (3,553) (11,171)
Joint venture recoveries - - 2,455
Farm-in proceeds - 10,000 10,000
Disposal of investment in power projects 167 - -
Payments to increase holding in Etana joint venture - (1,027) (1,027)
Funding provided to equity-accounted investments (105) (78) (244)
Net cash inflow (used in) / from investing activities (799) 5,372 5
Financing activities
Issue of ordinary share capital net of fees 6,452 - 8,288
Payment of lease liabilities (203) (75) (393)
Finance expense on lease (38) (59) (109)
Net cash inflow / (outflow) from financing activities 6,211 (134) 7,786
Net increase / (decrease) in cash and cash equivalents in the period 2,622 (2,441) (3,101)
Cash and cash equivalents at start of the period 2,879 6,016 6,016
Effect of foreign exchange rate changes on cash and cash equivalent 61 (17) (36)
Cash and cash equivalents at end of the period 5,562 3,558 2,879
Chariot Limited
Notes to the interim financial statements for the six months ended 30 June
2025
1. Accounting policies
Basis of preparation
The interim financial statements have been prepared in accordance with UK
adopted International Accounting Standards.
The interim financial information has been prepared using the accounting
policies which were applied in the Group's statutory financial statements for
the year ended 31 December 2024. The Group has not adopted IAS 34: Interim
Financial Reporting in the preparation of the interim financial statements.
There has been no impact on the Group of any new standards, amendments or
interpretations that have become effective in the period. The Group has not
early adopted any new standards, amendments or interpretations.
At 30 June 2025 the group had cash balance of US$5.6 million having completed
an equity fundraise for gross proceeds of $7.1 million in June 2025.
As outlined in Note 1 of the Group's audited financial statements for the year
ended 31 December 2024, which were approved on 29 June 2025, the Directors
have made a judgement that the necessary funds to adequately finance the
Group's obligations will be secured. However, the need for additional
financing in a downside case within a 12 month period indicates the existence
of a material uncertainty, which may cast significant doubt about the Group's
ability to continue as a going concern and its ability to realise its assets
and discharge its liabilities in the normal course of business.
With the financial close of the South African renewable generation projects
and associated funding at the subsidiary level including an equity investment
from a strategic third party investor in the final stages of completing, the
Group continues to evaluate how best to enact a demerger of the renewables
business. Given the progress made in this area of the Group the Directors
continue to make the judgement that the necessary funds to adequately support
the Group's current and future obligations will be secured and that the Group
will continue to realise its assets and discharge its liabilities in the
normal course of business. Accordingly, the Directors have adopted the going
concern basis in preparing the interim financial statements.
2. Financial reporting period
The interim financial information for the period 1 January 2025 to 30 June
2025 is unaudited. The financial statements also incorporate the unaudited
figures for the interim period 1 January 2024 to 30 June 2024 and the audited
figures for the year ended 31 December 2024.
The financial information contained in this interim report does not constitute
statutory accounts as defined by sections 243-245 of the Companies (Guernsey)
Law 2008.
The figures for the year ended 31 December 2024 are not the Group's full
statutory accounts for that year. The auditor's report on those accounts was
unqualified and did not contain a statement under section 263 (3) of the
Companies (Guernsey) Law 2008.
3. Revenue
Six months ended 30 June 2025 Six months ended 30 June 2024 Year ended 31 December 2024
US$000 US$000 US$000
Supply of desalinated water 78 80 162
The group's revenue is derived from one fixed price contract held by its
Mauritian subsidiary Oasis Water Limited to provide desalinated water in
Djibouti.
4. Loss per share
The calculation of the basic earnings per share is based on the loss
attributable to ordinary shareholders divided by the weighted average number
of shares in issue during the period.
Six months ended 30 June 2025 Six months ended 30 June 2024 Year ended 31 December 2024
Loss for the period US$000 (4,693) (8,221) (22,350)
Weighted average number of shares 1,224,379,613 1,073,868,099 1,109,872,164
Loss per share, basic and diluted* US$(0.01) US$(0.01) US$(0.02)
*Inclusion of the potential ordinary shares would result in a decrease in the
loss per share and, as such, is considered to be anti-dilutive. Consequently a
separate diluted loss per share has not been presented.
5. Exploration and evaluation assets
30 June 2025 30 June 2024 31 December 2024
US$000 US$000 US$000
Balance brought forward 56,516 62,956 62,956
Additions 308 7,122 11,079
Joint venture recoveries - - (2,455)
Impairment of exploration asset - - (5,064)
Farm-in proceeds - (10,000) (10,000)
Net book value 56,824 60,078 56,516
The Group has two cost pools being the Offshore Moroccan geographical area and
the Onshore Moroccan geographical area. As at 30 June 2025 the net book value
of the Offshore Moroccan geographical area US$52.2 million (31 December 2024:
US$52.1 million, 30 June 2024: US$51.9 million), and the Onshore Moroccan
geographical area US$4.6 million (31 December 2024: US$4.4 million, 30 June
2024: US$8.2 million).
On 10 April 2024 the Group announced the completion of its Sale and Purchase
Agreement to sell a portion of its interest in, and transfer operatorship of
the Lixus offshore licence, where the Anchois gas development project is
located, and the Rissana offshore licence in Morocco, to Energean plc group
("Energean"). Following the completion, the Group's interest in the Lixus
licence was 30% (Energean: 45%) and in the Rissana licence was 37.5%
(Energean: 37.5%). The Office National des Hydrocarbures et des Mines retained
its 25% carried interest in both licences. The Group received US$10 million on
completion of the transaction and additional joint venture recoveries
throughout 2024 of US$2.5 million primarily from the secondment of its
drilling team to the Anchois-3 drilling campaign.
On 14 May 2025, the Lixus and Rissana interests sold to Energean were returned
to Chariot by completing the transfer of their wholly owned subsidiary which
holds the 45% and 37.5% respectively in the Lixus Offshore and Rissana
Offshore licences for nominal consideration.
The Group's interest in the Lixus licence is 75% and in the Rissana licence is
75%. The Office National des Hydrocarbures et des Mines retains its 25%
carried interest in both licences.
6. Equity accounted investments
On 1 January 2024 the Group completed the transaction to increase its holding
in Etana Energy (Pty) Limited from 24.99% to 49%. Etana Energy (Pty) Limited,
which is a separate structured vehicle incorporated and operating in South
Africa. The primary activity of Etana Energy (Pty) Limited is to hold an
electricity trading licence. The contractual arrangement provides the group
with only the rights to the net assets of the joint arrangement, with the
rights to the assets and obligation for liabilities of the joint arrangement
resting with Etana Energy (Pty) Limited.
Future success based contingent payments are payable of net (undiscounted)
c.US$1.6 million on financial close of a 250MW generation project and a
further consideration of net (undiscounted) c.US$2.6 million payable in 2028,
subject to further significant generation projects reaching financial close.
Management anticipates these deferred payments to be met by financing at the
subsidiary level.
On 18 March 2025 the Group announced Etana Energy (Pty) Limited had secured a
US$55million (R1billion) guarantee finance facility alongside an equity
investment of up to US$20million (R372million) from Standard Bank and Norfund.
Post transaction this reduces the Group's effective economic interest to 34%.
Following this transaction the Group continues to apply the equity method of
accounting for this investment, albeit with proportionate share of income
reducing from 49% to 34% from April 2025 onward.
Summarised financial information
Period ended 30 June 2025 30 June 2024 31 December
2024
US$000 US$000 US$000
Loss from continuing operations (2,256) (969) (969)
Other comprehensive income - - -
Total comprehensive loss (100%) (2,256) (969) (969)
Group's share of comprehensive(loss)/ income(1) (982) (475) (475)
Equity-accounted investments
Opening balance 1,627 58 58
Payments made to increase holding - 1,027 1,027
Shareholder loan to Etana in the year 105 78 221
Group's share of comprehensive loss for the year(1) (982) (109) (475)
Contingent consideration (as calculated and discounted at 1 January 2024 - 796 796
completion date)
Closing balance 750 1,850 1,627
(1) In 2024 49% of losses recognised, in 2025 49% of losses for January to
March and 34% of losses for April to June recognised in the consolidated
statement of profit and loss and other comprehensive income.
As at 30 June 2025, contingent consideration (as discounted to the reporting
date) is calculated as US$964,000 (31 December 2024: US$956,000).
7. Cash and cash equivalents
As at 30 June 2025 the cash balance of US$5.6 million (31 December 2024:
US$2.9 million) contains the following cash deposits that are secured against
bank guarantees given in respect of exploration work to be carried out:
30 June 2025 30 June 2024 31 December 2024
US$000 US$000 US$000
Moroccan licences 375 675 675
375 675 675
The funds are freely transferrable but alternative collateral would need to be
put in place to replace the cash security.
8. Share capital
Allotted, called up and fully paid
At At At At At At
30 June 30 June 2025 30 June 30 June 2024 31 December 2024 31 December 2024
2025 2024
Number US$000 Number US$000 Number US$000
Ordinary shares of 1p each
1,577,447,983 22,429 1,074,179,156 15,725 1,201,475,718 17,354
Details of the Ordinary shares issued during the six month period to 30 June
2025 are given in the table below:
Date Description Price per share US$ No of shares
1 January 2025 Opening Balance 1,201,475,718
5 February 2025 Issue of share award 0.17 198,422
28 February 2025 Issue of share award 0.18 743,494
19 June 2025 Issue of shares at £0.014 in Placing, Subscription and Open Offer 0.02 375,030,349
30 June 2025 Closing balance 1,577,447,983
The ordinary shares have a nominal value of 1p. The
share capital has been translated at the historic rate at the date of issue,
or, in the case of the LTIP, the date of grant.
9. Other components of equity
The details of other components of equity are as follows:
Foreign exchange reserve
Contributed equity
Total
US$000 US$000 US$000
As at 1 January 2025 796 57 853
Loss for the period - - -
Other comprehensive income - (135) (135)
Loss and total comprehensive loss for the period - (135) (135)
As at 30 June 2025 796 (78) 718
Foreign exchange reserve
Contributed equity
Total
US$000 US$000 US$000
As at 1 January 2024 796 (17) 779
Loss for the period - - -
Other comprehensive income - 2 2
Loss and total comprehensive loss for the period - 2 2
As at 30 June 2024 796 (15) 781
Foreign exchange reserve
Contributed equity
Total
US$000 US$000 US$000
As at 1 January 2024 796 (17) 779
Loss for the period - - -
Other comprehensive loss - 74 74
Loss and total comprehensive loss for the year - 74 74
As at 31 December 2024 796 57 853
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