Upstream Oil & Gas

Focused on building out an upstream growth business within Africa

ECONOMIC EXPOSURE TO PRODUCING ASSETS

DIVERSE DEVELOPMENT AND EXPLORATION PORTFOLIO

PURSUING RANGE OF NEW VENTURES

UPSTREAM OVERVIEW

Chariot’s Upstream Oil and Gas pillar is focused on building out a full value chain growth business within Africa. Alongside securing a footprint in Angola, Chariot holds a diverse portfolio in Morocco and is pursuing a range of new ventures with a focus on production.

OFFSHORE ANGOLA

As announced in February, Chariot part-financed Etu Energias’ acquisition of a 20% and 10% respective working interest in Blocks 14 and 14K offshore Angola
This transaction is expected to complete in H2 2026, and in return for the funding, Chariot will be entitled to the economics associated with material production from the working interest to be acquired equivalent to circa 4,000 bopd
Shell Trading is providing an acquisition financing package in return for future offtake barrels
As recently announced, Chariot is also supporting Etu Energias to acquire an additional 31% working interest in Block 14 and 15.5.% interest in Block 14K
Etu has now signed a sales and purchase agreement with Chevron in connection with this acquisition and Chariot has signed a Framework Agreement with BW Energy and Etu Energias to provide technical and operational support to Etu Energias, both supporting them in this acquisition and enabling them with their intention to take on operatorship of these assets.
This deal also has the financial backing from Shell Trading, is complementary to the transaction announced in February and in return for services and support provided, Chariot will be economically exposed to future casflows from additional production of circa 4,000 barrels of oil per day, effectively doubling Chariot’s economic footprint in Angola.

These transactions mark a new era for Chariot’s upstream business by introducing an economic exposure to a producing asset with strong cashflow into the portfolio. Block 14 is a mid-to-late life producing asset which has been operated by Chevron for several decades. It has a long-established history of production which peaked at circa 200,000 bopd and is currently producing circa 40,000 bopd. A licence extension through to 2038 was recently granted on Block 14 so there is now a twelve year runway to invest in optimising existing production and further development projects. Block 14K is an adjacent unitised area which crosses the Angolan and Republic of Congo maritime border and ties back to Block 14 with current producing reserves from the fields estimated to be 93MMbbls.

MOROCCO

Chariot’s assets in Morocco offer a range of scalable opportunities spanning near-term development assets and drill-ready exploration prospects that have attractive commercial fundamentals and are strategically located close to existing infrastructure that can supply into the Moroccan domestic and European gas markets.

LIXUS AND RISSANA OFFSHORE AND LOUKOS ONSHORE LICENCES

Offshore, Chariot has been working on re-scoping the Anchois gas development, located in the Lixus licence, to optimise a development plan based on the core resources found in the wells drilled to date.
Chariot sees material economic value in this asset and there are further mapped prospects within the licence that could potentially augment production from the Anchois gas field or offer standalone development opportunities.
The surrounding Rissana licence has a portfolio of giant scale prospects and leads, mapped in Tertiary basin floor fan plays and Jurassic clastic plays.
There are both oil and gas targets within this portfolio, including drill-ready prospects covered by existing 3D seismic data and there has been increasing interest in offshore exploration with a number of majors exploring or looking to secure acreage in country.
Discussions are ongoing with ONHYM regarding the next steps for Loukos Onshore.
The strategy across Chariot’s Moroccan portfolio is to identify partners to collaborate, secure funding and progress each asset.
Commercial fundamentals in Morocco are helped by strong market demand and attractive fiscal terms, and domestic gas has strategic value.

“Fundamentally, our strategy is to seek out high impact production and growth projects in highly prospective basins.”

Duncan Wallace

Technical Director

NEW VENTURES

New ventures remain a high priority as we focus on growth with a core emphasis on adding further oil production to the portfolio.
Alongside our footprints in Angola and Morocco, we are looking for scalable new ventures across a combination of exploration, near-term development and late-life production assets where we see the biggest scope for value creation and our new venture pipeline also includes our interests in Namibia where we continue to pursue the opportunity to return to the southern Orange Basin.
Whilst our current focus is within West Africa, we remain open to pursuing opportunistic value-accretive projects across the continent.
We are flexible in our approach, committed to supporting our partners, and we are excited about the opportunities we see as we look to continue to build a cash generative, Africa focused upstream growth business.