Chariot (LSE:CHAR) reported its audited 2025 full-year results, marking a year of significant strategic progress as it broadened its upstream oil and gas portfolio while accelerating the growth of its renewable energy business across Africa. With energy security remaining a key global priority, the company is strengthening its position as a supplier of both conventional and low-carbon energy to support the continent’s expanding energy needs.
Upstream portfolio grows across Angola and Morocco
In its upstream business, Chariot increased its exposure to offshore Angolan oil production through assets producing around 40,000 barrels per day. Following completion of the Etu Energias transaction, the company expects to receive cash flow equivalent to approximately 4,000 barrels per day. Chariot also regained operatorship and a 75% working interest in the Lixus and Rissana licences in Morocco, while redesigning the Anchois gas project to reduce capital expenditure without compromising its planned production capacity of up to 105 million standard cubic feet per day. The group also continues to assess additional exploration and new venture opportunities, including acreage in Namibia’s Orange Basin.
Renewable energy business continues to scale
Renewable energy subsidiary Etana Energy is progressing rapidly, with 400 MW of wind and solar capacity currently under construction and a development pipeline exceeding 500 MW. The business has secured long-term power purchase agreements with major industrial customers and financing from leading development finance institutions. Elsewhere, Chariot has interests in 194 MW of wind projects under construction, is advancing solar developments for mining customers in Zambia, South Africa and Zimbabwe, and continues to develop its Project Nour green hydrogen and associated green iron initiatives in Mauritania.
Capital raise supports growth strategy
The company strengthened its financial position through a US$24.3 million placing and open offer completed in March 2026, providing additional funding for upstream expansion and renewable energy development. The board has also proposed a share consolidation designed to reduce the number of ordinary shares in issue and rebase the share price as part of its broader strategy to improve market perception and support future growth.
Outlook
Chariot’s outlook continues to reflect financial challenges and weak technical market indicators, although recent strategic developments, new partnerships and the continued expansion of its renewable energy portfolio provide opportunities for longer-term improvement. The company’s valuation remains under pressure as it continues to report losses.
More about Chariot Limited
Chariot Limited is an Africa-focused energy company with operations spanning upstream oil and gas and renewable power generation. Its hydrocarbon portfolio includes producing, development and exploration assets in Angola and Morocco, alongside new venture opportunities across Africa. Its renewable energy division develops, owns and trades electricity for industrial and mining customers while advancing green hydrogen projects in Mauritania.
Listed on AIM under the ticker CHAR, the company has built a diversified energy platform focused on delivering reliable, competitive and sustainable energy solutions. Through partnerships with major industry participants and development finance institutions, Chariot aims to expand its presence across Africa’s rapidly growing energy markets while supporting both energy security and the transition to lower-carbon power.
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