Chariot Limited (CHAR): Angola Block 14 funding deal

This situation live

£88m · 3.0p · +132% since the first step

27 Mar 2026 · SPA signed; awaiting regulatory approvals; closing H2 2026 · +11% until the next step Completion of the Acquisition is subject to regulatory approvals with closing expected in H2 2026

Large acquisition / reverse takeover

Angola Block 14 funding deal

Two SPAs signed; awaiting regulatory approvals

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

Every step · 5

27 Mar 2026 SPA signed; awaiting regulatory approvals; closing H2 2026 – Completion of the Acquisition is subject to regulatory approvals with closing expected in H2 2026 ↗
8 Apr 2026 SPA signed; closing expected H2 2026 – Sale and purchase agreement now signed by Etu Energias and closing is expected in H2 2026 with an effective date of 1 st January 2025 ↗
30 Jun 2026 SPA signed; closing expected H2 2026 – Sale and purchase agreement signed by Etu Energias in March 2026 and completion is expected in H2 2026 with an economic effective date of 1 January 2025 ↗
1 Sep 2026 SPA and Framework Agreement signed – Chariot has signed a Framework Agreement (the "Framework Agreement") with Etu Energias and BW Energy ("BWE"), the fast-growing independent oil and gas... ↗
30 Sep 2026 Two SPAs signed; awaiting regulatory approvals – The first transaction is expected to close in H2 2026 with the second transaction following in early 2027, subject to the standard regulatory approvals and... ↗

What is happening

Chariot Limited: Angola Block 14 funding deal – Two SPAs signed; awaiting regulatory approvals. ['Two SPAs signed; awaiting regulatory approvals']

In short: 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.
Announced: 27 Mar 2026 · SPA signed; awaiting regulatory approvals; closing H2 2026
Latest: 30 Sep 2026 · Two SPAs signed; awaiting regulatory approvals
Interests bought: Etu Energias acquires additional 31% of Block 14 and 15.5% of Block 14K, offshore Angola
Indicative value: Base case net NPV10 over US$200m at US$60/bbl as of 1 Jan 2026
Funding: Shell Trading provides acquisition debt, repaid via future offtake barrels and cashflows
Partners: Framework Agreement with Etu Energias and BW Energy; support for Etu's intended operatorship of Block 14
Asset: Block 14 produces about 40 kbopd gross; licence runs to 2038; Block 14K to 2031; reserves 93mmbbls
First deal: Base consideration US$195m, economic effective date 1 Jan 2025; completion expected H2 2026
Second deal: Base consideration US$260m, economic effective date 1 Jan 2026; completion expected early 2027
Conditions: Standard regulatory approvals and third-party consents; contingent payments tied to PKBB, oil price and production

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

Briefing Pro

What it does, how it got here, what management promised and delivered – written from its own announcements.

From the company's own announcements. Not investment advice.

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