Chariot announces 'transformative' Angolan oil deal, with support from Shell

Core Insights - Chariot Ltd has entered into a transformative acquisition funding agreement to gain exposure to producing oil assets offshore Angola, which CEO Adonis Pouroulis describes as a significant milestone for the company [1][3]. Funding and Acquisition Details - The company plans to provide $12 million in funding to support Etu Energias in acquiring a 20% interest in Block 14 and a 10% interest in Block 14K offshore Angola, with the potential to secure production economics equivalent to up to 4,000 barrels of oil per day [2]. - The acquisition is backed by Shell Trading, which is offering an acquisition financing package of up to $170 million in exchange for future offtake [4]. Strategic Importance - Pouroulis emphasized the strategic significance of the transaction, stating it aligns with the company's goal of integrating oil production into its upstream portfolio, marking a pivotal shift in the company's narrative [3]. - The assets in question are located in a prolific oil-producing region that has produced nearly one billion barrels to date, with Block 14's production license recently extended to 2038 [4]. Commitment to Other Assets - Chariot remains committed to its existing assets in Morocco and Namibia while also planning to separate its renewable energy business [5].