AIM-listed Chariot, the Africa focused energy company, today announces its unaudited interim results for the six-month period ended 30 June 2026.
Adonis Pouroulis, CEO of Chariot commented: 'We are delighted to have announced two transformative deals this year, securing strategic and material exposure to cashflows from one of the most exciting offshore oil and gas producing regions in the world. Importantly, in doing these deals we have forged key, long-term partnerships with Angola’s leading private E&P company, Etu Energias, and BW Energy, one of the fastest growing players in the industry, and secured financial backing from one of the world’s largest energy traders in Shell Trading. With these transactions we have set out a new platform for value creation and growth and we look forward to increasing our exposure to further barrels and future revenues as we continue to build a cash generative upstream business.'
Highlights during and post period
Upstream Oil & Gas:
Angola:
- Secured substantial economic exposure to oil assets offshore Angola, having announced two transactions in March and September 2026
- First transaction: Part financed Etu Energias S.A’s (“Etu Energias”) acquisition of Azule Energy’s 20% and 10% respective interests in Blocks 14 and 14K alongside Shell Western Supply and Trading Ltd (“Shell Trading”)
- Sale and purchase agreement signed by Etu Energias in March 2026
- Base consideration was US$195 million, with an economic effective date of 1st January 2025
- Completion expected in H2 2026
- Second transaction: supported Etu Energias’ acquisition of Chevron’s interest in Blocks 14 and 14K through signing a Framework Agreement with Etu Energias and BW Energy (“BWE”), alongside financing provided by Shell Trading
- Sale and purchase agreement signed by Etu Energias in August 2026
- Base consideration of US$260 million with an economic effective date of 1st January 2026
- Completion expected early 2027
- On completion, which is subject to standard regulatory approvals, Chariot will be entitled to the economics associated with current production of circa 8,000 barrels of oil per day (“bopd”)
- Base case indicative asset net NPV10 in excess of US$200 million at a US$60/bbl oil price as of the 1st January 2026
- Strategic economic footprint in prolific Angola hydrocarbon province sets out platform for future growth
Morocco:
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Offshore Moroccan licences continue to be of strategic value, the Anchois development plan remains economically robust supported by attractive commercial fundamentals |
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Partnering options across the portfolio being pursued |
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Discussions ongoing with ONHYM regarding the next steps for the Loukos Onshore licence |
New Ventures:
- Core focus on securing additional production and revenues
- Will continue to pursue select synergistic development and exploration opportunities
Renewable Power:
- Sales process underway to divest Chariot’s renewables business and realise value – multiple offers received with next step being to select a preferred bidder
Electricity Trading:
- Etana Energy continues to scale and deliver on its strategy of addressing the supply and demand for renewable energy in South Africa
- Over 500MW of wind and solar projects in construction, one hydroelectric project in operation and a large pipeline of shovel-ready grid connectable projects that are supported by guarantee finance facilities
- Substantial generation and trading Power Purchase Agreements (“PPAs”) signed with large developers and industrial customers
- 10-year PPA signed with Sibanye-Stillwater Mining Group
- Offtake secured and financial close reached on 150MW Orkney solar project
Renewable Generation Projects:
- Construction progressing well at the Zen and Bergriver wind projects in which Chariot holds a material stake (194MW combined capacity), led by Acciona Energia
- Continuing to progress the 235MWp 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:
- Work on Project Nour ongoing alongside partner TEH2 in Mauritania
- Work also ongoing across a smaller green iron pellet project in country looking to utilise direct reduced iron (DRI) technology powered by green hydrogen – grant funding options being pursued
Corporate and Financial:
- Jeff Goodrich joins as Chief Operating Officer, bringing over 35 years’ industry experience across production and operations, having previously been COO at Perenco and CEO of OneLNG
- Placing and Open Offer successfully raised gross proceeds of US$24.3 million in March 2026
- Proposed share consolidation approved at the AGM with the aim of reducing the number of ordinary shares and rebasing the share price
- Cash position as at 30 June 2026 of US$4.7 million
- Material recovery of transaction costs and G & A on close of the Azule transaction expected in H2 2026
- Cashflow to Chariot from oil sales expected in 2027
- Further cash anticipated from sale of renewables business
Source: Chariot
