Chariot Ltd (AIM:CHAR, OTC:OIGLF) CEO Adonis Pouroulis talked with Proactive's Stepyen Gunnion about the company’s acquisition funding agreement to gain exposure to producing oil assets offshore Angola, marking what he described as a “transformative deal” for the business.
Chariot has announced plans to provide $12 million in funding, alongside transaction costs, to support Etu Energias in acquiring a 20% interest in Block 14 and a 10% interest in Block 14K offshore Angola. In return, Chariot will secure exposure to the economics of production equivalent to up to 4,000 barrels of oil per day, with funding to be repaid from future cash flows.
Pouroulis highlighted the strategic importance of the transaction, stating: “This is indeed a transformative deal. It is the seed of a company maker with this transaction. It transforms our narrative.” He added that the move delivers on the company’s stated objective of bringing oil production into its upstream portfolio.
The deal is supported by Shell Trading, which is providing an acquisition financing package of up to $170 million in exchange for future offtake. The assets are located in a prolific oil-producing region and have produced nearly one billion barrels to date, with Block 14 recently extended to 2038.
Adonis emphasised that Chariot remains committed to its Moroccan and Namibian assets while continuing plans to separate its renewable energy business. The company also confirmed an open offer for existing shareholders on the same terms as the placing.
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