AIM-listed Chariot, the Africa focused energy company, has announced its audited final results for the year ended 31 December 2025.
Adonis Pouroulis, CEO commented:
'We are pleased to present our Final Results today as we report on the key developments over the past year that have transformed our business and will now shape our path forward. Once our transaction in Angola completes, we will have material exposure to cash generative oil producing assets, and we have clear plans to put additional oil production on the books. In Morocco, our assets provide us with development and exploration optionality in a strategically located hydrocarbon basin and our new ventures pipeline gives us access to the next generation of upstream opportunities across Africa.
'Our renewables business has built further critical mass over the past months and we are now looking to realise this value and utilise the capital to further accelerate our upstream objectives. Fundamentally, we are focused on growth, and alongside our existing assets which represent independently valuable opportunities, we have the partners, the team, and financial foundation to continue to execute and scale.'
Key Highlights throughout 2025 and Post Period:
Upstream Oil & Gas
Angola - post year end
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Secured substantial economic exposure to oil assets offshore Angola, producing circa 40,000 barrels of oil per day ("bopd"), subject to regulatory approvals |
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Chariot will be entitled to the economics associated with current production of 4,000 bopd |
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Base case indicative net NPV10 in excess of US$100 million at a US$60/bbl oil price |
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Part financed Etu Energias S.A's ("Etu Energias") acquisition of a 20% and 10% respective interest in Blocks 14 and 14K alongside Shell Western Supply and Trading Ltd ("Shell Trading") |
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Block 14 is a prolific mid-to-late-life producing asset with material upside in existing discoveries |
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Block 14K is an adjacent unitised area which crosses the Angolan and Republic of Congo maritime border and ties back to Block 14 |
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Sale and purchase agreement signed by Etu Energias in March 2026 and completion is expected in H2 2026 with an economic effective date of 1 January 2025 |
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Collaboration with Shell Trading and Etu Energias could unlock further growth opportunities |
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Morocco
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Regained operatorship and 75% working interest in offshore Lixus and Rissana licences in May 2025 |
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Rescaled the Anchois development based on resource volumes in Anchois-1 and Anchois-2 wells leveraging existing development plan |
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EPCI turnkey proposal demonstrates the opportunity to substantially reduce previously projected capex requirements |
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Production capacity maintained at up to 105mmscfd |
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Economics remain robust with a gross NPV10 of US$0.65-1 billion |
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Partnering discussions underway with large industry players and Moroccan investors across both Lixus and Rissana licences |
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Discussions ongoing with Office National des Hydrocarbures et des Mines ("ONHYM") regarding the next steps for the Loukos Onshore licence
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New Ventures
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Ongoing maturation of new venture opportunities with a focus on production and synergistic development and exploration assets across Africa |
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Continuing to pursue interests in Namibia's Orange Basin within previously operated 2714 A&B blocks |
Renewable Power
Electricity Trading
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Etana Energy continues to execute its business plan at pace |
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400MW of wind and solar under construction having reached financial close and over 500MW of shovel-ready grid connectable projects in pipeline |
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Substantial generation and trading Power Purchase Agreements ("PPA's") signed with large developers and industrial customers |
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220MW 10-year PPA signed with Sibanye-Stillwater Mining Group |
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Fully financed through Standard Bank, Norfund, British International Investment and GuarantCo |
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Generation Projects
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Chariot holds a material stake in two wind projects that have a combined capacity of 194MW and are under construction with lead sponsor Acciona Energia |
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Significant financing package secured in December 2025 with Standard Bank, Investec and Mahlako A Phahla Financial Services ("Mahlako") enabled wind projects financial close |
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Continuing to progress the 225MWp Kipemba solar project for First Quantum Minerals in Zambia, the 40MW solar PV project for Tharisa in South Africa and 30MW solar PV project for Karo Mining in Zimbabwe |
Green Hydrogen
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Work ongoing alongside TEH2 across Project Nour in Mauritania |
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Scoping an early-stage green iron pellet project in Mauritania to utilise direct reduced iron (DRI) technology powered by green hydrogen |
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In discussions with various development finance institutions around potential grant funding for the project |
Corporate
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Placing and Open Offer successfully raised gross proceeds of US$24.3 million in March 2026 |
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Proposal to enact a share consolidation subject to shareholder approval at the AGM with the aim of reducing the number of ordinary shares and rebasing the share price |
Source: Chariot
