Chariot's Oil Exposure Doubles to 8,000 bpd with Angola Deal

Chariot Ltd (AIM:CHAR, OTC:OIGLF) has significantly increased its oil exposure after signing a framework agreement with BW Energy and Etu Energias for technical and operational support. The deal follows the company's February transaction involving Azule Energy interests in offshore Angola Blocks 14 and 14K.

Pouroulis highlighted that Chariot now has an economic interest equivalent to around 8,000 barrels of oil per day due to the latest agreement, which will add another 4,000 bpd to its total exposure. He emphasized the established production profile of Blocks 14 and 14K, currently producing around 40,000 bpd, and pointed out that 'this isn't an exploration risk, this is revenue now.'

The deal marks a significant shift for Chariot towards producing assets, with Pouroulis stating that the company aims to achieve 'more barrels, more revenues.' The first Angola deal is expected to close in H2 2026, while the latest agreement is scheduled to close in Q1 2027, subject to regulatory approvals.