Opinion · Hometown Post
Chariot Ltd (AIM:CHAR, OTC:OIGLF) CEO Adonis Pouroulis spoke with Proactive's Stephen Gunnion about the company's second Angolan transaction and its strategy to build a cash-generative upstream business focused on oil production and revenue. Pouroulis said Chariot is increasing its exposure to oil production by supporting Etu Energias, which has signed an agreement to acquire interests in offshore Angola Blocks 14 and 14K from Chevron. Chariot has also signed a framework agreement with BW Energy and Etu Energias for technical and operational support, with Shell Western Supply and Trading providing acquisition debt funding.
The deal follows February's transaction involving Etu Energias and Azule Energy interests in the same blocks, which gave Chariot an economic interest equivalent to circa 4,000 barrels of oil per day. The latest deal is expected to add another 4,000 bpd, taking total exposure to circa 8,000 bpd. Pouroulis highlighted the established production profile of Blocks 14 and 14K - currently around 40,000 bpd - the licence extension to 2038, and upside from recent discoveries and existing infrastructure.
"This isn't an exploration risk. This is revenue now," he said, pointing to "considerable running room and upside" in the licence. He also discussed Chariot's wider shift towards producing assets, summed up as "more barrels, more revenues." The first Angola deal is expected to close in H2 2026, with the latest closing in Q1 2027, subject to regulatory approvals.
Pouroulis also reiterated the importance of the Anchois gas discovery in Chariot's Lixus concession offshore Morocco, saying the company continues to examine development opportunities. Visit Proactive’s YouTube channel for more interviews and market updates. Don’t forget to like this video, subscribe to the channel and enable notifications for future content.
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Source: Proactive Investors
