Africa-focused energy group Chariot Limited (AIM:CHAR) has acquired a working interest in two oil blocks in Angola through its exploration and production subsidiary, Etu Energias SA.
Chariot announced on March 27 it had secured a 20% interest in Block 14 and a 10% interest in Block 14K, financing the acquisition by providing deposit funds of $12mn and additional financing-related transaction costs.
Shell Western Supply and Trading Ltd (Shell Trading) provided an acquisition financing package in return for future offtake barrels. The facilities will be used to finance the final consideration payable on completion, which will be reduced by interim period adjustments.
Chariot noted that it will be economically exposed to long-term future cashflows equivalent to current production of around 4,000 barrels per day (bpd) and an equivalent indicative asset value of net present value at 10% discount in excess of $100mn at $60 a barrel of oil.
It expects the acquisition to be completed by June 2026.
“This is a key step in the transaction process for our Angolan partners, Etu Energias,” Chariot’s CEO Adonis Pouroulis commented.
“We are delighted to have raised the funds and to be able to support them in this acquisition, alongside the significant financing support from Shell Trading. We look forward to completion later this year and working alongside both parties going forward.
“This is a new chapter for Chariot as we now have economic exposure to material production in one of the best oil provinces in the world. With the future cash flows this deal brings, we are putting valuable oil barrel income on the book, and we look forward to growing this out from here.”
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