Chariot doubles economic footprint in Angola

Chariot Ltd (AIM:CHAR, OTC:OIGLF) told investors that a new partnership with Etu Energias and BW Energy will effectively double its economic footprint in Angola, giving it exposure to future cash flows equivalent to around 4,000 barrels of oil per day.

The AIM-listed energy group signed a framework agreement supporting Etu Energias’ acquisition of an additional 31% working interest in offshore Block 14 and 15.5% in Block 14K. In return for operational and technical support, Chariot said its interest carries an indicative net NPV10 of more than US$100 million at a US$60 per barrel oil price.

BW Energy will work alongside Chariot to support Etu Energias as the Angolan company seeks to take over operatorship of Block 14, while Shell Western Supply and Trading is providing all of the acquisition debt funding needed to complete the deal.

Block 14 currently produces around 40,000 bopd and has delivered more than 900 million barrels since first oil in 1999, with its licence recently extended to 2038. Adjacent Block 14K averaged roughly 2,000 bopd in 2025, while current producing reserves across the assets are estimated at 93 million barrels.

Chariot also highlighted potential upside from further development of the PKBB discovery and other nearby discoveries that could tie into existing infrastructure.