REG - Chariot Limited - Progress on Transaction Offshore Angola

ChariotAnnouncement

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RNS Number : 4268Y  Chariot Limited  27 March 2026

27 March 2026

 

Chariot Limited

("Chariot", the "Company" or the "Group")

 

Progress on Acquisition Transaction Offshore Angola

 

Chariot secures economic exposure to material oil production

 

Chariot (AIM: CHAR), the Africa-focused energy company, is pleased to confirm
that further to the Company's announcement on 19 February 2026, a subsidiary
of Etu Energias S.A has signed a sale and purchase agreement ("SPA") to
acquire a 20% working interest in Block 14 and a 10% working interest in Block
14K, offshore Angola (the "Acquisition"). Etu Energias S.A is a 100%
Angolan-owned exploration and production company.

 

 •    Chariot has part financed this Acquisition through providing deposit funds of
      US$12m and additional financing related transaction costs (the "Chariot
      Funds") and in doing so has secured exposure to the economics associated with
      material oil production following completion of the Acquisition
 •    Shell Western Supply and Trading Ltd ("Shell Trading") has provided an
      acquisition financing package ("the Shell Facilities") in return for future
      offtake barrels. These facilities will be used to finance the final
      consideration payable on completion, which will be reduced by interim period
      adjustments
 •    This funding combination ensures that the Acquisition is fully financed and
      the Chariot Funds will be repayable from future cashflows from the asset,
      after servicing the Shell Facilities
 •    In addition, Chariot will be economically exposed to long-term future
      cashflows equivalent to current production of circa 4,000 bopd and an
      equivalent indicative asset value of net NPV10 in excess of US$100 million at
      a US$60/bbl oil price
 •    Completion of the Acquisition is subject to regulatory approvals with closing
      expected in H2 2026

 

Adonis Pouroulis, CEO of Chariot commented:

 

"This is a key step in the transaction process for our Angolan partners, Etu
Energias. We are delighted to have raised the funds and to be able to support
them in this acquisition, alongside the significant financing support from
Shell Trading. We look forward to completion later this year and working
alongside both parties going forward. This is a new chapter for Chariot as we
now have economic exposure to material production in one of the best oil
provinces in the world. With the future cashflows this deal brings, we are
putting valuable oil barrel income on the book and we look forward to growing
this out from here."

 

About Blocks 14 and 14K

 

Block 14 is a mid to late-life producing asset located offshore Angola and
Block 14K is an adjacent unitised area which crosses the Angolan and Republic
of Congo maritime border and ties back to Block 14. Chevron has operated Block
14 since 1995 and due to a recent extension through to 2038, there are 13
years left on the licence term. The fields on Block 14 have cumulatively
produced over 900mmbbls of high-quality crude since first oil in 1999 and
current production is approximately 40 kbopd. The baseline production decline
case underpins the value of the asset which is expected to deliver strong
future cashflows over the medium term from the existing fields and good fiscal
terms further sustain the fundamentals. There are material upsides on Block
14, notably further development of the PKBB discovery, as well as additional
neighbouring discoveries that can utilise existing production and processing
infrastructure. Block 14K produces circa 1kbopd on a gross basis and this
licence does not expire until 2030. Current producing reserves from the assets
are estimated to be 93MMbbls.

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014, as retained in the UK pursuant to S3 of the European
Union (Withdrawal) Act 2018.

 

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

 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, Charles Denley-Myerson, Kathleen Beams

 

Notes

 

About Chariot

 

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 with a focus on production opportunities as well as its ongoing
exploration interests in Namibia.

 

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.

 

The ordinary shares of Chariot Limited are admitted to trading on AIM under
the symbol 'CHAR'.

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