Chariot (LSE:CHAR), the Africa-focused energy group, has signed a framework agreement with Etu Energias and BW Energy to support Etu Energias' acquisition of an additional 31% working interest in Block 14 and 15.5% in Block 14K, offshore Angola.
The deal will give Chariot economic exposure to roughly 4,000 additional barrels of oil per day, with an indicative net present value (at a 10% discount rate) to Chariot in excess of $100 million, based on a $60 per barrel oil price case.
Etu Energias, described as Angola's leading private exploration and production company, has already signed a sale and purchase agreement for the acquisition, with Shell Western Supply and Trading providing the full debt funding required to complete it.
The agreement also underpins Etu Energias' plan to take on operatorship of Block 14, a role currently held by Chevron since 1995 under a licence extended to 2038.
Block 14 has produced more than 900 million barrels of crude since first oil in 1999 and currently pumps roughly 40,000 barrels a day, while adjacent Block 14K averaged about 2,000 barrels a day in 2025.
"This agreement effectively doubles our economic footprint in Angola, complementing the transaction announced earlier this year through a strengthening of our relationship with Etu Energias", said Adonis Pouroulis, Chariot's chief executive.
