Chariot Limited

CHAR · AIM · Energy · mcap £88m · 3.0p 5 open situations →

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2026 1 director buying Angola Block 14 funding deal Sale of Renewable Power business Etana offtake contract build-out Placing and open offer

Open · 5

Insider conviction

1 director buying

£20k in 1 buy

8 Oct 2026 Julian Maurice-Williams £20k

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Large acquisition / reverse takeover

Angola Block 14 funding deal

Two SPAs signed; awaiting regulatory approvals

Follows from Placing and open offer – Placing priced and oversubscribed; open offer to follow

Chariot part-financed Etu Energias' purchase of Azule's 20% of Block 14 and 10% of Block 14K (SPA March 2026) and backed its Chevron purchase (SPA August 2026, Framework Agreement with Etu and BW Energy announced 1 Sep 2026). The 30 Sep 2026 H1 results put combined exposure at about 8,000 bopd with base case net NPV10 over US$200m at US$60/bbl. Shell Trading funds the acquisition debt.

Interests bought: Etu Energias acquires additional 31% of Block 14 and 15.5% of Block 14K, offshore Angola 1 Sep 2026 ↗
Indicative value: Base case net NPV10 over US$200m at US$60/bbl as of 1 Jan 2026 30 Sep 2026 ↗
Funding: Shell Trading provides acquisition debt, repaid via future offtake barrels and cashflows 30 Sep 2026 ↗
Partners: Framework Agreement with Etu Energias and BW Energy; support for Etu's intended operatorship of Block 14 1 Sep 2026 ↗
Asset: Block 14 produces about 40 kbopd gross; licence runs to 2038; Block 14K to 2031; reserves 93mmbbls 1 Sep 2026 ↗
First deal: Base consideration US$195m, economic effective date 1 Jan 2025; completion expected H2 2026 30 Sep 2026 ↗

Next: Regulatory approvals; first deal closing H2 2026, second early 2027

30 Sep 2026 Two SPAs signed; awaiting regulatory approvals
1 Sep 2026 SPA and Framework Agreement signed
30 Jun 2026 SPA signed; closing expected H2 2026
8 Apr 2026 SPA signed; closing expected H2 2026

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Disposal of a part (break-up)

Sale of Renewable Power business

Sales process underway; multiple offers received

Part of Zen and Bergriver wind farms – Under construction Includes Etana offtake contract build-out – 400MW under construction; pipeline growing

On 30 Jun 2026 Chariot stated an intention to realise the value of Renewable Power to focus on upstream. The 30 Sep 2026 H1 results say a formal sales process is underway with multiple offers received. The next step is choosing a preferred bidder, and further cash is expected from the sale.

Business: Renewable Power: 34% of Etana, 194MW wind stakes, solar and hydrogen projects 30 Jun 2026 ↗
Use of money: Further cash anticipated from the sale; no allocation stated in these results 30 Sep 2026 ↗
Buyer: Not stated 30 Sep 2026 ↗
Price: Not stated 30 Sep 2026 ↗
Business sold: Renewable Power: 34% of Etana, 194MW wind stakes, solar and hydrogen projects 30 Sep 2026 ↗
Process: Sales process underway; multiple offers received 30 Sep 2026 ↗

Next: Select preferred bidder

30 Sep 2026 Sales process underway; multiple offers received
30 Jun 2026 Intention stated; no process announced

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Transformational contract / build-out

Etana offtake contract build-out

400MW under construction; pipeline growing

Part of Sale of Renewable Power business – Sales process underway; multiple offers received

Etana (34% Chariot economic interest) signed a 10-year Sibanye-Stillwater offtake on 6 Feb 2026 and sole Orkney offtake on 23 Feb 2026. The 30 Jun 2026 results confirm 400MW under construction and over 500MW shovel-ready. These assets are now part of the Renewables business Chariot wants to monetise.

Chariot interest: 34% economic interest in Etana via Chariot Generation and Trading
Prior Mulilo project: 75MWAC Du Plessis Dam Solar PV2, construction began last year
Under development: 400MW of wind and solar 8 Apr 2026 ↗
Pipeline: Over 500MW shovel-ready 30 Jun 2026 ↗
Sibanye PPA: 220MW, 10 years 30 Jun 2026 ↗
Orkney offtake: 150MW of solar power in sole offtake 8 Apr 2026 ↗

Next: Progress the 500MW+ shovel-ready pipeline

30 Jun 2026 400MW under construction; pipeline growing
8 Apr 2026 Etana building out; 400MW under development
23 Feb 2026 Orkney 150MWAC offtake added; financial close reached
6 Feb 2026 PPA signed; supply from late 2027

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Dilutive fundraise

Placing and open offer

Placing priced and oversubscribed; open offer to follow

Led to Angola Block 14 funding deal – Two SPAs signed; awaiting regulatory approvals

19 Feb 2026 Placing priced and oversubscribed; open offer to follow
19 Feb 2026 Bookbuild launched; open offer to follow

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Company filings. Not investment advice.