Chariot says production pivot set to deliver cashflow in 2027

Energy Oil & Gas Written by: Jamie Ashcroft 02:46 Wed 30 Sep 2026 --> Proactive has a commercial relationship with Chariot Ltd. This article was produced independently under Proactive's Editorial Standards Policy . Disclaimer No investment advice About this content Editorial Standards & Policies Share article About this content × About Jamie Ashcroft Jamie Ashcroft, the News Editor for Proactive UK, has developed an impressive career in financial journalism, focusing on the small-cap sector for over fourteen years. Before joining the Proactive team, he was a stockbroker during the global financial crisis, a role that complemented his educational background - a first-class degree in Business and Economics and qualifications in software design and development. As one of the early external hires at Proactive in 2009, Jamie contributed... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. Chariot Ltd ( AIM:CHAR OTC:OIGLF ) View Price & Profile Chariot says production pivot set to deliver cashflow in 2027 Published: 02:46 30 Sep 2026 EDT Chariot Ltd (AIM:CHAR, OTC:OIGLF) , in its interim results statement, told investors that its pivot towards producing oil assets is expected to begin generating cashflow in 2027, with two Angola transactions set to give it economic exposure to around 8,000 barrels per day. The Africa-focused energy group said the first deal, supporting Etu Energias’ acquisition of Azule Energy interests in offshore Blocks 14 and 14K, is expected to complete in the second half of 2026. A second transaction involving interests being acquired from Chevron is expected to follow in early 2027. Chariot puts the base-case indicative net NPV10 of the resulting exposure at more than US$200 million using a US$60-a-barrel oil price. The transition has come with higher near-term spending. Chariot reported a first-half loss of US$8.1 million, compared with US$4.7 million a year earlier, as administrative expenses more than doubled to US$7.2 million, primarily because of transaction costs associated with the Angola strategy. Cash stood at US$4.7 million at June 30 following March's US$24.3 million equity raise, of which US$12 million was advanced as deposit funding to Etu Energias. Chief executive Adonis Pouroulis said the transactions had created “a new platform for value creation and growth” as Chariot builds a cash-generative upstream business. The company expects a material recovery of transaction and administrative costs when the first Angola deal closes, while its renewable power disposal has attracted multiple offers and is moving towards selection of a preferred bidder. Continue reading