AIM listed Chariot, the Africa focused energy company, has announced its unaudited interim results for the six-month period ended 30 June 2025.
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 - multiwell 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
- US$155 million Guarantee Financing Facility secured from British International Investment (“BII”), GuarantCo and Standard Bank
- 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:
- 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
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.'
Source: Chariot
