Chariot (LSE:CHAR) reported progress in repositioning its portfolio towards upstream oil and gas operations during the first half of 2026, including two financing transactions providing economic exposure to producing offshore assets in Angola.
The AIM-listed energy company is working alongside Etu Energias, BW Energy and Shell Trading in connection with interests in Angola’s Blocks 14 and 14K.
Chariot said the arrangements are expected to provide cash flows linked to approximately 8,000 barrels per day of current oil production.
The company estimates an indicative net asset value of more than $200 million for its economic exposure to the assets based on an oil price of $60 per barrel. This figure represents a company estimate rather than a realised valuation.
Chariot Raises $24.3 Million
Chariot raised $24.3 million to support its strategy and the transactions associated with the Angolan assets.
The company is increasing its focus on upstream operations that are expected to generate cash while continuing work across other parts of its African energy portfolio.
Chariot also appointed a new chief operating officer as part of changes to its operational leadership during the period.
Renewables Business Sale Progresses
The company is progressing the proposed sale of its renewable energy business as it changes the composition of its portfolio.
Meanwhile, Etana Energy is continuing to develop its electricity trading platform in South Africa alongside related power generation projects.
Chariot also retains activities in green hydrogen and solar energy projects in Africa.
Moroccan Gas Activities Continue
Alongside its expansion in Angola, Chariot continues to progress its gas interests in Morocco.
The company holds offshore licences in the country as part of its upstream portfolio.
Chariot is an Africa-focused energy company with activities spanning upstream oil and gas, electricity trading and renewable and green hydrogen projects. Its current strategy is increasingly focused on upstream operations, including its new economic exposure to producing oil assets in Angola.
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