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Chariot Oil & Gas Limited

Chariot Limited, together with its subsidiaries, engages in the exploration, appraisal, and development of upstream oil and gas assets. It operates through three segments: Upstream Oil & Gas, Renewable Power, and Green Hydrogen. The company holds interests in the Lixus and Rissana offshore licenses and the Loukos onshore license in Morocco, and also engages in electricity trading and green hydrogen businesses, as well as renewable generation projects including wind and solar. Formerly known as Chariot Oil & Gas Limited, it changed its name to Chariot Limited in June 2021. The company was incorporated in 2007 and is based in Saint Peter Port, Guernsey.

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Chariot CEO: Second Angola Deal Doubles Oil Exposure to 8,000 bpd

Chariot Ltd CEO Adonis Pouroulis announced that the company's second Angolan transaction will double its oil production exposure to approximately 8,000 barrels per day. The deal involves supporting Etu Energias, which has agreed to acquire interests in offshore Angola Blocks 14 and 14K from Chevron, with Chariot also signing a framework agreement with BW Energy and Etu Energias for technical and operational support, and Shell Western Supply and Trading providing acquisition debt funding. This follows February's transaction with Etu Energias and Azule Energy in the same blocks, which gave Chariot an economic interest equivalent to about 4,000 bpd, and the latest deal is expected to add another 4,000 bpd. Pouroulis highlighted the established production profile of Blocks 14 and 14K, currently around 40,000 bpd, the licence extension to 2038, and upside from recent discoveries and existing infrastructure, stating, "This isn't an exploration risk. This is revenue now." The first Angola deal is expected to close in H2 2026, with the latest closing in Q1 2027, subject to regulatory approvals, and Pouroulis also reiterated the importance of the Anchois gas discovery in Chariot's Lixus concession offshore Morocco.
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Etu Energias to Acquire Chevron Stakes in Angola Blocks 14 and 14K

Etu Energias, Angola's largest privately owned energy company, has signed a Sale and Purchase Agreement with Cabinda Gulf Oil Company Limited, a Chevron subsidiary, to acquire a 31% working interest in Block 14 and a 15.5% working interest in Block 14K offshore Cabinda. Etu Energias currently holds a 29% working interest in Block 14 and a 14.5% working interest in Block 14K, and upon completion it will become the largest interest holder in one of Angola's longest established deepwater producing assets, with plans to assume operatorship of Block 14 subject to regulatory approval. The acquisition, with a base consideration of US$260 million in cash and an economic effective date of 1 January 2026, is supported by a framework agreement with BW Energy and Chariot Limited and funded by a debt facility from Shell Western Supply and Trading Ltd. The assets currently produce approximately 42 thousand barrels of oil per day gross, with gross producing reserves of 93 million barrels, of which approximately 29 million barrels are attributable to the interests being acquired. The transaction is expected to complete in early 2027, subject to approvals from Angola's National Oil, Gas and Biofuels Agency and other regulatory bodies.
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