Chariot Share Chat (CHAR)

Morocco’s hydrocarbons agency, Office National des Hydrocarbures et des Mines (ONHYM), has begun exploring funding options for a proposed US $25bn gas pipeline intended to link West African reserves with European markets, according to reports....

Note: Interesting point is Algeris is in competition to get a similar project off the ground (last paragraph).

The first leg as said before, is reported to be the Mauritania to Morroco (onward to Spain) first.

Will be intresting to understand timeline, financing and if Chariot can pick up financing for the Anchois development. I STILL know they need full A2 test first, so makes sense to Drill another location at the same time. Cost $20million. Will they liase with Murphy or as Murphy said they want to do a 3d seismic first?

Maybe Duncans showing them his "data"

As usual with Chariot lots of guessing, hopefully +June will get us an income ( depending on the unkown/ guessing repayment terms, as we will need cash again at somepoint).

Rgds Sft

https://pumps-africa.com/morocco-commences-first-fundraising-for-us-25bn-gas-pipeline/?amp=1

They have thier cash, and AP has all the control he (via family and tied investors) need to run it with out any voting issues. AA was the only one to get close at +7% by dilution ( and not acquiring more) he is down to +4%.

Still ONLY 1x TR-1 issued the others (family and panamanian/ Guernsey etc etc offshore companies) as there must be a number of over the 3% declaration threshold are not declaring ( wrongly under AIM rules).

Anchois ( the White Elephant) : IMHO still no one interested

Angola: 2nd half, +June or July or ?

Renewables: Getting the funding together for a consortium to pass on to one of AP Companies.

Nambia: Stalled as even TotalEnergies are not sure what the Gov are doing. But for us it's a so.ke n mirrors.

Lokous: Stalled waiting on sale of Renewables for $25-35million

Rissana, Stalled or waiting on sale of Renewables for $25-35million

RANT over: Keep calm, carry on 😁

Very best Sft

Totally agree Obscure,we are again hovering around the 1.6p for some time and no matter what kinda volumes there is has little effect as we can currently see. I still stand by a seller is still offloading but unsure as/when or even IF they will leave completely. Amazing not a shred of info from our board and so the wait gets dragged on and on🤔🤔

But AO is on the downturn, so think if want to keep the momentum, we need some good news soon.

Last few days are showing signs of a gradual rise - some of the transactions highlight confidence. Hopefully good news and momentum are not too far away. ATB to long term holders.

Etu Energias discovers oil in Lower Congo basin

The company said the quality of the reservoir "reinforces the potential of the area," with porosity favorable for future development.

May 12, 2026

Etu Energias discovered oil in the Espadarte 7ST2 appraisal in Lower Congo basin.

The well produced at 2,000-2,500 bbl stabilized rates.

Etu Energias discovered oil in the Espadarte 7ST2 (ESP 7ST2) appraisal in Block 2/05 in Lower Congo basin offshore Angola.

ESP 7ST2 discovered eight productive intervals over 175 ft total net thickness and tested at 2,000-2,500 bbl stabilized rates with 0% water. The reservoir has 18% average porosity which reach 25% in certain areas.

The well is the first result of the drilling campaign that began in July 2025 with the arrival of the SMS ESSA jack-up rig in Angolan waters.

Block 2/05 contains more than 200 million bbl in reserves in 18 oilfields (17 developed, one undeveloped). The block has the potential to produce 40,000 b/d of oil, the company said.

Etu Energias, the largest privately owned, 100% Angolan oil and gas compnay, is operator of Block 2/05 with 30% interest.

Hey Jt, re ONHYM's conversion: I hope your right, hopefully, if that's the sticking point, they, CHAR and another have every thing lined up and financing and or operator or doubtfully maybe the old Subsea Alliance ( that they were selling us in 2022) is push button ready...we will see. CHAR are being rather, unusally, quiet if that's the case.

Hey Obs, ChatGBT seems to have summed it up. If they are not ponying up it would probably be down to the licencing agreements or Angolan Energy Minestry type intervention...maybe?

Good posts cheers.

Rgds Sft

That makes the asset strategically valuable for:

Energean’s expansion into West Africa,

and Etu’s ambition to become a larger African upstream player.

Bigger strategic picture

This story reflects a broader shift happening across Africa’s oil sector:

International majors are reducing exposure

Companies like Chevron are focusing on:

lower-cost,

higher-return,

or lower-carbon assets.

Indigenous African firms are gaining power

Companies like Etu are increasingly:

buying mature producing assets,

using financing partnerships,

and becoming politically influential operators.

The article portrays Etu as one of the strongest examples of this trend in Angola.

Likely implications

The tensions could affect:

approval timelines,

operatorship negotiations,

future investment decisions,

and the pace of field redevelopment.

But both sides also need each other:

Energean brings offshore operating expertise and financing capability.

Etu brings local political alignment and strategic positioning inside Angola.

So the likely outcome is not a collapse of the deal, but a renegotiation of influence and governance inside the consortium

Here’s the detailed breakdown:

Core issue

Angolan oil company Etu Energias is trying to gain greater influence and negotiating power in the consortium operating Block 14 after Chevron’s departure. The article suggests Etu does not want Energean to simply replace Chevron and dominate operatorship without local partners having stronger control.

What Chevron sold

Chevron agreed to sell:

its 31% operated stake in Block 14

and 15.5% in Block 14K

to Energean in a deal worth around $260 million, with possible future contingent payments.

These are mature offshore fields in Angola’s Lower Congo Basin:

Block 14 produces roughly 40,000 barrels/day

Block 14K produces around 1,000–2,000 barrels/day

Why Etu Energias matters

Etu has already become a major shareholder in the blocks through earlier acquisitions from:

TotalEnergies

Inpex

Galp

and now additional stakes from Azule Energy.

The article indicates Etu is using:

pre-emption rights

local participation rules

and political leverage

to consolidate ownership and gain a stronger strategic role.

The “pre-emption rights” battle

A key part of the story is Etu exercising contractual rights that allow existing partners to match or block asset sales to outsiders.

Earlier, Azule Energy had reportedly planned to sell stakes to a consortium involving:

BW Energy

and Maurel & Prom

But Etu intervened and exercised its rights to buy those interests itself.

This changed the ownership balance significantly.

Why Etu is pressuring Energean

The article implies Etu wants:

1. More operational influence

Chevron had decades of technical and political dominance in Angola. Energean is new to the country and West Africa generally.

Etu appears to believe:

Energean should not automatically inherit Chevron’s level of authority,

and local Angolan companies should have greater say in:

field development,

procurement,

financing,

and future drilling decisions.

2. Stronger local-content control

Angola increasingly wants domestic firms to play bigger roles in upstream oil projects.

Etu is positioning itself as:

Angola’s largest independent private oil company,

and a national champion aligned with local-content policy.

So the dispute is partly commercial and partly political.

3. Potential path toward operatorship

The article hints that Etu may ultimately want:

either co-management rights,

or eventually operatorship influence itself.

Since Energean is still entering Angola and learning the regulatory environment, Etu may see an opportunity to increase leverage while the transition is happening.

Why the blocks are attractive despite being mature

Although Block 14 is old, it still has:

strong cash flow,

existing infrastructure,

and meaningful remaining reserves.

Sources mention:

about 93 million barrels of remaining reserves,

plus upside potential in nearby prospects such as PKBB.

Summary of the article by ChatGPT:

Hi Surfit, agreed, Etu are using the threat of pre-emption to squeeze Enog for a deal. Not sure if we will have any involvement.

Anchois - I still think the hold up is connected to ONHYM's conversion to a joint stock company. Hopefully the bill will pass royal ascent soon. IMHO

I don’t think so, Oiltdr.

Shell will have a fair idea by now of what the max drawdown of the facility will be given that the effective date is already +16 months ago. It’s certain now that the drawdown will be considerably less than originally planned. That would disappoint Shell, and they would therefore be interested in discussing the possibility of another preemption in order to increase the drawdown amount. Same counterparty. Same asset. Same risk profile.

Counterparty risk, they don’t currently know what the liability will be under the current facility which would need extending and they would need to raise again for any down payments . It’s extremely unlikely they would put that many eggs in one basket.

Because?

They almost certainly won’t exercise preemption

I do wonder how shell would ‘risk’ Etu as operator on something of this scale….

Hi Surety, agree, it should be this week if it is going to happen. If no pre-emption, then I assume that the Shell drawdown can only be used by Etu against another producing asset, rather than any development of existing assets? IMHO

JT. Broadly found the same on dates, I think that means it’s this week or never …

Hey Fernan, I pressed them on that (as you had alerted us) the repayment terms, the detail on the covenants and expected net pay to Chariot, all the vigilater said "what will be the NET pay" and thier reply was details will follow.

I also pushed DW on whythe partial DST done on A2, what amount of flow testing will be required asinine the North Sea its a mandatory test as it is required for financing and FID on any project, what do the revised figures indicate and has failure to fully flow test affected farm in partnering ( as I know it did/ does).

They completely ignored it.

You know they have access / can read all that was sent in to the webinar, I can imagine them all going "DON'T READ THAT OUT!" 😂🙄

The issue I have with selling off the renewable will be the price, it will be sold to one of AP's subsidiary companies for minimum and they will separately develope that on the cheap rather than us benefitting as was the sold plan.

I hope I am wrong and it's sold to ACWA for $100 million, but my fantasy days of trusting these guys are long gone.

I stress I remain OPEN to being surprised, but....am grounded in reality.

Best Rgds Sft

I don´t think that, in the case of O&G production in Angola, EBITDA is the right metric to value a deal.

In order to make the right calcs, it´s necessary to take into account the heavy angolan income tax burden.

Eni seem to be finding the stuff not huge but let's see how quickly they develop?

Egypt

https://finance.yahoo.com/sectors/energy/articles/eni-strikes-gas-egypt-energy-161149412.html

Libya

https://finance.yahoo.com/news/eni-strikes-over-1-tcf-215948470.html

1 tcf very comparable for Anchois BUT they already have a refinery (CPF) which we do not. As others have said before now Anchois has been down graded does the CAPEX still work or do they need another find? 🤷‍♂️

Rgds Sft

DW set to be there along with the Petroleum Exploration Director of ONHYM...

https://www.linkedin.com/posts/asmae-benarchid-480204288_africaenergiessummit-africanbusiness-sustainabledevelopment-share-7458095008227807232-tGm9?utm_source=social_share_send&utm_medium=android_app&rcm=ACoAAADGy3kBRg7qJIQhUq2cKlL9v9QoU1fSUvU&utm_campaign=copy_link

Thank you for posting Obs,

The last 3 paragraph holds the encouraging part imo:

"....Furthermore, the Minister emphasized that the transformation of ONHYM into a public limited company does not constitute privatization. It is a new model designed to increase efficiency and strengthen the capacity to meet the investment and risk management challenges specific to this sector.

She also stated that the primary beneficiaries of this reform will be tens of thousands of families and workers connected to productive sectors, particularly industrial activities and natural resource processing.

The Minister added that this reform is accompanied by parallel initiatives, including a review of the legal framework, the launch of structured projects, the modernization of management mechanisms, and the digitization and simplification of procedures".

END

Rgds Sft

This was posted on the PRD board:

Chamber of Counselors (~ 5/5/2026) plus Chamber of Representatives (~ 4/2/2026) votes, plus sub committee on productive sectors on ~22/4/2026.

Morocco: The House of Councillors approves the transformation of ONHYM into a public limited company

https://www.yabiladi.com/articles/details/193974/maroc-chambre-conseillers-approuve-transformation.html

100% agree Fernan. Consistent long term failure onshore and offshore from Chariots Technical Team.

Indeed Surfit, that is the risk. Like it or not AP has decided that O&G is the route that he wants CHAR to go and so Etana is likely to be sold off in the near future. I just hope he gets a decent price for it and if it's sold to one of his associates then (or even ACWA) then that's ok by me.

What's more important is what he does next with the money. I imagine he has another Etu style wizard's trick up his sleeve...

It´s amazing to see Wallace still onboard after his consistent 100% failure rate in exploration.

He not only failed exploring. Also his appraisal drilling of previous operator´s discoveries (i.e. Anchois) didn´t produce anything of value (with the only exception of a few thin additional gas sands "discovered" in the A2 well.

Hello Gardie, my concern remains that ETANA is sold off to one of AP related companies or connections, after the CHAR shareholders have paid for its development by placings and dilutions, just when:

ETANA: Financing. The company is fully funded through to first revenues, with significant financial backing from Standard Bank, Norfund, and H1 Holdings.

ETANA INCOME GENERATOR: While Etana is expected to be a key future revenue driver, as of early 2026, the parent company, Chariot Limited, has been focused on securing interim funding for its broader operations.

Note: AI search utilised on the above.

IF there was a ridiculous price associated with a sale fair enough, but if it $35 million, well the like of Wallace can blow that on a few failed drills.

$10 million on two land drills and OBA-1 flow testing

$20 million on 1 Offshore A4 (or a Rissina exploration drill) and A2 flow testing.

Approx calculation.

Rgds Sft

Https://www.linkedin.com/posts/the-growing-role-of-electricity-traders-in-ugcPost-7457695594514571265-rJkN?utm_source=social_share_send&utm_medium=android_app&rcm=ACoAAADGy3kBRg7qJIQhUq2cKlL9v9QoU1fSUvU&utm_campaign=copy_link

Thanks Surfit. For some strange reason I no longer have the ability to 'recommend' posts so I am giving you a 'thumbs up' the old fashioned way.

I asked Google Ai:

Similar situations where gas projects were downsized or re-evaluated after disappointing appraisal results and subsequently, or in the process of, being successfully re-farmed out or developed include:

South Africa Block 11B/12B (Luiperd/Brulpadda): 1.3.1 TotalEnergies discovered massive gas reserves, but the projects faced complex logistical, regulatory, and market challenges, leading to delays and structural re-evaluations (similar to the need for a revised plan at Anchois). 1.5.7

Other projects in the region have sought new partners to manage these complexities.

Bahr Essalam South 2 & 3 (Libya): 1.5.5 Following earlier unsuccessful or low-volume, high-cost results, ENI was able to bring in partners to develop satellite fields with a rapid tie-back strategy, similar to the proposed subsea tie-back approach for Anchois.

Cameroon/Namibia Thali License (Tower Resources): 1.5.7 Similar to Chariot, this junior firm struggled to move a project forward, resulting in a long, but ultimately successful, negotiation to farm out a 42.5% stake.

EG-08 Block (Equatorial Guinea): 1.5.4 Antler Global, having identified a key prospect, signed a farm-out agreement with Fuhai (Beijing) Energy in late 2025 following a period of re-evaluation, demonstrating that downsized or phased projects in Africa are attractive to new partners.

These examples show that a "right-sized" project that fits regional demand (e.g., Morocco's need for domestic gas) is often easier to farm out than a larger, speculative one

🤞🤷‍♂️👍

Rgds Sft

Noticed the Tipranks score returned about over a month or two ago and was sitting at 5 out of 10. Checked today and it's at a 7. Share price also leveled off at around 1.6p, with AO hitting a plateau above the zero line for the first time in a long while.

Hopefully something is brewing.

Would the 20p 4 year push be too much to ask? 🫣😅

Don't be fooled they are both still around albeit under a diff username....Never understood the need for this 🧐🧐

Jimmy is another one who seems to have disappeared

I often wonder what became of him.

Hope he got out with some cash left over.

No, Surfit. Nothing has been announced. We’re just speculating!

Hi Surety, using the Ai search on Google I asked it the question what income do the blocks generate for Etu Energias:

"Etu Energias' portfolio (Blocks FS, FST, CON-1/2/4/6/8, and 2/05) generates significant income by targeting production of over 40,000 bopd in Block 2/05 and over 10,000 bopd in FS/FST, with 2024 operations boosting reserves 2.5-fold to 106 million barrels. As a key operator in Angola, they utilize these mature blocks for high-margin, low-cost production"

Of course this can not be taken as a deep dive research and Energean are a worthy operator but one would guess if the offer was a good one, the local company would certainly be considered?

Does anyone know for sure if they have thrown their hat in the ring, sorry if I have missed a confirmed artical proving such.

Best rgds Sft

The Charge doc implies that Etu can draw down on the loan, but Char provides the security. Note that they have decided upon $150M, not $170M.

“(A) The Assignor is entering into this Deed of Assignment in connection with the up to USD150,000,000 acquisition prepayment facility agreement dated 17 March 2026 and made between Etu Energias Block 14 B.V., Etu Energias Overseas Block 14 B.V. and SWST (the Prepayment Facility Agreement).

(B) The Assignor has agreed to provide Security to the Secured Parties to secure the payment and discharge of the Secured Obligations on the terms of this Deed of Assignment.”

Jt

That makes sense. A UK registered company is the debt holder.

Honestly I'm positive that we'll get news of a 2nd pre-emption soon. ENOG states that EBITDAX on the concession they propose to buy was $119m in 2025. Current oil prices could easily push this to +$150m in 2026. Given that the base consideration for the deal is $260 (plus upside sharing mechanism when Brent passed a certain threshold - which it most certainly has) we could be looking at a net drawdown of less than $100m.

The Shell facilities is $170m. The net drawdown on the current CHAR/Etu deal could be as little as $20m, meaning we've got c.$150m remaining credit. More than enough.

Hi KnC, I believe that the shell loan is arranged with char, not Etu. There is a registration of Charge on the Chariot Holdings sub to cover it. IMHO

Cavendish unrisked on Anchois more like 8-10 from memory… they gave a very risking factor of c 15 percent…

I recently used the high estimate of 32p as a potential but I then thought how has that been defined so I decided to as the Ai Google search

"what value on the share price does the reduced (2 well) anchois development mean to chariot energy"

And then adjusted the wording to suit other assets:

Anchois: "Following disappointing results from the Anchois-3 well in September 2024, broker analysts (e.g., Auctus Advisors) slashed their risked NAV for Anchois, with estimates placing the asset's value closer to 2p a share (risked), compared to much higher previous estimates."

Angola: Cavendish has reinstated a "buy" rating with a target price of 7.2p, factoring in the Angola transaction and the current high-oil-price environment (Brent over $100/bbl).

Sale of ETANA: Valuation Impact: The equity investment in Etana implies a "read-through" valuation of ~$34 million for Chariot’s 34% stake. This alone covered roughly 86%–100% of Chariot’s market capitalization in mid-2025/2026.

Future Cash Flow: Etana is expected to generate significant cash profit within two years of operation, helping to transition Chariot from a cash-consuming explorer to a cash-generating business.

Hydrogen Project Nour: NO VALUE GIVEN

"Project Nour is considered a "world-class" scale project, with the potential to be a significant contributor to Chariot’s long-term valuation, with projections targeting up to 10GW of electrolysis capacity, as noted in the Project Nour case study by the OECD"

OECD ( appears to be a Chariot document, not sure how old) Source: OECD https://share.google/CvUI1WFpLNfmxJU7p

So the reality could be 9p IF Anchois EVER GETS developed.

We should ALSO watch with INTEREST what Chariot does with both Etana and Nour.

NOW that the gas funding through raises has been fully exhausted on the Anchois and Loukos developments and significant sums redirected to develop the " Renewables Pillers"

My bet is IF ETANA is not sold to the Saudi ACWA company ( that would probably pay more by factoring a few years projected earning) then it goes (for face value) to one of AP (or his family's / Friends) Companies 🤔

With regards to the Hydrogen project Nour ideal for ACWA as before, I would like a % kept with in Chariot as a free carry as the investment and technical requirements are beyond Chariots abilities.

WHATCH WITH INTEREST.

Regards Sft and speculations.

They were instrumental in the merger between Challenger and Sintana. Challenger had also gone through a strategic pivot. Robert Bose CEO of Sintana is also head of Charleston.

His interest here is Atlantic Margin - Namibia, Angola, Uruguay.

Very interesting development.

Good to see specialist energy investor taking a7.8% interest in CHAR. This is a very positive endorsement of the Directors plans for the company on the Oil and Gas side which will become the main focus. Charlestown’s interests in Namibia and the Orange basin are very encouraging. This institutional investment should give comfort to retail investors that the big boys are arriving on the share register which should help move the sp to a higher level.

Nice finds Gents, thank you for posting.

That is a long awaited vote of confidence (IMHO).

All we need now is good news on Anchois 😁

Rgds Sft

Charlestown Energy Partners is a New York-based specialist energy investment firm. Since 2016, they have built a track record of making early, cornerstone investments in public and private oil and gas exploration and production (E&P) companies globally.They are essentially venture capitalists for frontier oil and gas exploration, providing the seed money and early capital required to do the initial heavy lifting before the major oil conglomerates step in.The Orange Basin ConnectionThe Orange Basin (offshore Namibia and South Africa) has become one of the hottest oil exploration frontiers in the world following massive multi-billion-barrel discoveries by supermajors like Shell, TotalEnergies, and Galp Energia. Charlestown Energy holds significant indirect interests in this region through its strategic investments:Sintana Energy: Charlestown has been the cornerstone shareholder in Sintana Energy (a TSX-listed E&P company) since 2019. Sintana holds a portfolio of indirect interests in several offshore Namibian blocks, including a stake in PEL 83. This block is home to the massive "Mopane" light-oil and condensate discovery, which was named a "2025 Discovery of the Year" by Wood Mackenzie.Challenger Energy Group: Recently, Charlestown also made a strategic investment in Challenger Energy. Challenger holds exploration licenses in Uruguay (specifically AREA OFF-1 and OFF-3), which geologists consider the direct "mirror" or conjugate margin of the Orange Basin across the Atlantic.By getting in early on these smaller exploration companies, Charlestown Energy Partners positioned itself to profit heavily as the supermajors moved into the Orange Basin to buy up stakes and begin drilling.

Found info on AP’s Rainbow Rare Earth products. It is so odd wanted to mention it. Never heard of these things.

The company says it aims to supply the rare earth elements neodymium, praseodymium, dysprosium, terbium and others from its South African project. They are used in high-performance magnets in wind turbines, electric vehicles, defense and emerging applications, including robotics.

I was buying consistently, when the plan was to spin off the renewables, so now I'm sitting on 1.3m 😶‍🌫️

I'm afraid I just upped my holding to 1m shares.

New York-based private equity firm and specialist energy investor associated with Charlestown Capital Advisors (founded 2005). It focuses on global exploration and production (E&P) investments, particularly in the Namibian Orange Basin, with a portfolio that includes strategic holdings in Sintana Energy, Challenger Energy, and Eco (Atlantic) Oil and Gas.

London Stock Exchange

London Stock Exchange

+3

Key Details and Recent Activities (as of April 2026):

Leadership: Robert Bose is the Managing Member, overseeing global investments in the energy and metals sectors.

Chariot Limited Holding: As of April 24, 2026, Charlestown Energy Partners holds 7.80% of voting rights in Chariot Limited.

Challenger Energy Investment: In 2024,

Charleston Partners LLC. Anyone heard of them?

👍

Some more info from the PRD board with relevance to CHAR:

PRD: The Sleeping Giant? : r/PredatorOilandGasPRD https://share.google/tLCJNrWK562yahHzo

Hi Surfit,

On the subject of ONHYM there's plenty of chat on the PRD board (I have a small position) regarding what PRD may or may not have found in offshore Morocco. Could have some effect on CHAR if results are favourable... worth keeping an eye out.

Thanks Jt,

Key point from that is of course:

"........renewables............ and the growing role of natural gas as a transition backbone......... and enhanced regional integration with Africa and Europe" AND

"...The role of ONHYM, as a catalyst for hydrocarbon and mining exploration and promotion, AS WELL AS infrastructure development"

Nothing new, but it feels they are leaning towards the two primary points is the renewable ( to aid also in ammonia production) and a key focus on the pipline, understandable but it continues to feel they want to find and develop the local market, but to how much is the key, Chariot need good financing and an operator partner.....

I still ( as ever) feel the first step is seeing some full FLOW/ PRODUCTION testing IS MANDATORY for Anchois ( or lesserly) OBA-1

Rgds Sft

Just a linkedin post:

https://www.linkedin.com/posts/onhym_investinafricanenergy-onhym-energyleadership-activity-7453085390896295936-YsxQ

No video of Amina Benkhadra the Director General, ONHYM talks at African energy confrence in paris posted online yet.

Rgds Sft

ChatGPT regarding impact on Chariot

⏳ 1. Short term (2026): Very limited immediate impact

Even though Law 56.24 is approved, most partnerships won’t feel a sudden change in 2026.

The law has just been passed (Feb 2026)

ONHYM is still operating in transition mode

Existing contracts (like gas exploration or development deals) typically:

remain legally unchanged

continue under current terms

👉 For companies like Chariot:

2026 = business as usual, with maybe slower decision-making due to restructuring.

🔄 2. Early impact phase (late 2026 → 2027)

This is when things start to shift practically.

Why:

ONHYM will begin operating under its new corporate structure

It gains the ability to:

create subsidiaries

take equity stakes

structure more commercial partnerships

👉 Likely effects on partners like Chariot:

Faster or more flexible deal structuring

Possible renegotiation of terms (especially for new projects)

More commercial (less bureaucratic) decision-making

🚀 3. Real impact phase (2027–2029): This is the big one

This is when companies like Chariot are most affected.

Key driver:

The reform explicitly aims to open capital gradually to investors and diversify funding

👉 What this means in practice:

ONHYM may:

co-invest more aggressively in projects

bring in new international partners

restructure project ownership

For Chariot specifically (they rely on Moroccan gas projects with ONHYM involvement):

Project financing structures could change

Equity stakes could shift

New competitors or partners could enter

Also, the government has already linked the reform to:

improving pricing competitiveness

accelerating gas infrastructure decisions

Energy Connects

👉 That directly affects gas developers like Chariot.

⚠️ 4. Important nuance: impact depends on project stage

Not all companies feel it equally:

Existing producing or late-stage projects → slower impact

New exploration / development deals → faster impact

👉 If Chariot is:

already deep into a project → changes come gradually

still developing assets → changes could affect strategy sooner

🧠 Bottom line (clear answer)

2026: little to no visible impact

Late 2026–2027: early operational changes start

2027–2029: meaningful impact on partnerships, financing, and deal structures

From ChatGPT

Latest timeline (2026 updates)

1. Parliamentary approval (DONE ✅)

January 2026: Bill examined and amended in parliament �

Chambre des Représentants +1

February 3–4, 2026:

Officially approved by the House of Representatives

Passed with majority vote (around 82–36)

👉 This is the most important recent milestone

2. Current status (as of now)

The law has been adopted politically, but:

It still requires implementation measures

These include legal, financial, and administrative restructuring

👉 In practice, ONHYM is in transition phase right now (2026)

3. What happens next (implementation phase)

No exact official deadline has been published, but based on how Moroccan reforms work, the next steps include:

Drafting the new company statutes

Transferring assets and liabilities

Setting up governance (board, management)

Official registration as a joint-stock company

➡️ This phase typically takes months to 1–2 years

⏳ Expected completion window

Start: Early 2026 (after approval)

Likely completion: Late 2026 → 2027 (estimated)

There is no officially confirmed final date yet.

🧠 Bottom line

Law 56.24 is already approved (Feb 2026)

Implementation is ongoing right now

Full transformation is expected within 1–2 years, but no fixed deadline announced.

Hey ObsCure, they have never done so on all the other share placing; it's been a talk with other investors then a sudden announcement, then we get a open offer after....probably just as well 😂

They will IMHO never do anything for existing share holders benefit. They do not need to 🤷‍♂️

Best rgds Sft

I asked ChatGPT about the possibility of pre-emption(using funds from renewables sale and the Shell facility), and while it was of the opinion that a full pre-emption was not likely, it did say a partial pre-emption was a good possibility.

Of course this should be taken with a bag of salt.

I stress below is my attempts via Google AI search.

So very open for better input from the bb

Best rgds Sft

Hey Jt,I am not sure how much Market capital will affect the SP as search indicates "Market capitalization does not directly determine a company's share price; rather, the share price determines the market cap"

There have be various broker forecasts put out there and I was trying to determin how the got there:

To determine the required income (Net Income) for a company with 2.8 billion shares issued to reach a share price of 32p, you must estimate the Price-to-Earnings (P/E) ratio, as market sentiment determines how much investors pay for earnings:

P/E Ratio Scenario Rqd EPS Net Income Rqd

10x Low growth 3.2p £89.6 million

15x Average low 2.13p £59.7 million

20x Average high 1.6p £44.8 million

25x High Growth 1.28p £35.8 million

EPS= Earnings per share (EPS) is calculated by dividing a company’s net income, minus any preferred dividends, by the weighted average number of outstanding common shares. This formula, (Net Income - Preferred Dividends) / Weighted Average Shares, determines the profit allocated to each share of stock, indicating a company's profitability.

Obviously we do not have dividends and we have Warrent share to add in the mix.

Also NET income is VERY important hence I asked such on the webinar for greater detail on the deal rather than what AP was stating on NVP 10 at 100million.

They just said detail will be supplied later.

Still despite the fact AP has got his family and full voting control in for cheap if the deal go through its a start....Anchois is still pivotal for reputation and pushing up the income and therefore share price.

H2 remains a way off yet, let's hope they announce a pivotal move in Morroco 🤞🙏

Rgds Sft

While we wait for the Angola deal to be finalised, just looking at a similar company with an oil producing asset for comparison.

Afentra is producing around 6K bopd net from Angola and has a current market valuation of around £178M:

https://www.lse.co.uk/ShareChat.html?ShareTicker=AET&share=Afentra-Plc

Gives us an idea of our prospective valuation for Angola. IMHO

Surfit, No, I think once the Green side is gone we will be through with the mining companies. I am just glad to know that AP’s Empire is thriving. Sorry to hear of Gardie’s experience with Shanta Gold, of course the biographies leave that part out.

Schwab in the US is maintaining CHAR at 2 cents on the ask for longer than I have seen. They were just at 6 for several days. Thanks for your comments.

Thanks Marland. Sadly I know all about Shanta Gold. Shareholders were robbed as it was taken out by another resource company Saturn Resources in Dec 2023 when gold was at $2,000. Was expecting a much better result! Another AIM listing where shareholders were poorly treated...

Hi Marland, I think the consensus is that AP and Chariot are selling the Renewables arm of the business, is it your belief George and Rainbow Rare earth, which I belive AP is also a founder ,or atleast investor director will have a part to play thereafter?

Sincerely Sft

Gardie, Found this stuff. You probably are right. Still an illustrious character nonetheless. Thanks.

George Bennett is the current Chief Executive Officer at Rainbow Rare Earths. George has previously served as CEO of MDM Engineering Ltd and Shanta Gold Limited, and as a Director at HSBC.

George Bennett has over 25 years of experience in the mining and engineering industries. George started their career at HSBC in 1992, where they worked for 11 years before moving into the mining sector. In 2003, they became the CEO of Shanta Gold, a Tanzanian gold exploration company. George successfully IPO'd Shanta Gold on the London Stock Exchange in 2005, raising the capital to fund the development of Shanta's exploration assets. Today, Shanta has two operating gold mines in Tanzania.

In 2006, George Bennett founded MDM Engineering Ltd. George successfully IPO'd MDM on the London Stock Exchange in 2008 after raising US$10 million. In October 2010, they completed the sale of MDM to AmecFosterWheeler, a global engineering company, for US$120 million.

George Bennett is a experienced and successful CEO with a proven track record in both the mining and engineering industries. George has successfully raised capital for both public and private companies, and has extensive experience in both developing and selling companies.

George Bennett qualified as a Member of the Johannesburg Stock Exchange in 1988. George attended Durban High School.

Some direct reports include Gilbert Midende - General Manager, Cesare Morelli - Technical Director, and Dave Dodd - Technical Director.

Gardie, My memory suggested Bennet was someone of renown from the past. That is all. Thanks for posting.

If we look at Etana’s customers several of AP’s mining companies are important players. It’s ok with me if he goes to Mars if he just gets Chariot moving.

Have you tried editing before posting?

A couple of new tidbits for me at least.

Proactive

Chariot's Angola deal marks a pivot from explorer to cash flow story at exactly the right moment

Proactive

March 27, 2026 2 min read

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Chariot's Angola deal marks a pivot from explorer to cash flow story at exactly the right moment

Chariot's Angola deal marks a pivot from explorer to cash flow story at exactly the right moment Proactive uses images sourced from Shutterstock

Chariot Ltd (AIM:CHAR, OTC:OIGLF) has spent years accumulating exploration acreage across Africa, but Friday's announcement marks something fundamentally different: a direct route to oil production revenues at a time when the commodity it hopes to sell has rarely been more valuable.

The deal, structured through Angolan independent Etu Energias, gives Chariot economic exposure to approximately 4,000 barrels of oil equivalent per day from Block 14, a mature, Chevron-operated deepwater asset offshore Angola that has produced more than 900 million barrels since 1999 and carries a licence now extended to 2038.

Cavendish, the company's house broker, values that exposure at $114 million on a net present value basis at a flat $60 per barrel oil price, against an upfront cash outlay from Chariot of just $12 million.

That ratio underscores the appeal of the structure even before accounting for the current oil price environment, in which Brent crude has surged well above $100 a barrel following the disruption to flows through the Strait of Hormuz.

At $80 per barrel, Cavendish's valuation rises to $155 million, and the broker notes that higher prices will also reduce the final consideration payable on completion by swelling interim period cash flows, further improving the economics for Etu and Chariot alike.

The financing architecture is equally noteworthy: Shell Trading, one of the world's largest energy traders and an existing lender to Etu, is providing an acquisition facility of up to $170 million in return for future offtake barrels, effectively underwriting the transaction without diluting Chariot's equity position beyond the shares already issued in a recent fundraise.

Cavendish has reinstated its 'buy' rating with a target price of 7.2p, against a current share price of 1.24p, and frames the Block 14 transaction as the opening move in a broader Chariot-Etu partnership targeting further Angolan production opportunities

For a sleepy Sunday some interesting facts about Angola.

Pope Leo XIV's visit to Angola, an oil- and mineral-rich country in south-west Africa, marked the third leg of his tour of four African nations.

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On Saturday, after meeting with Angolan President João Lourenço, the Pope delivered his first address to Angola's governing authorities, repeatedly referring to the country’s turbulent history, scarred by colonial plunder and civil war.

"I wish to meet you in a spirit of peace and to affirm that your people possess treasures that can neither be bought nor stolen," the Holy Father warned.

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"You know well that, all too often, people have looked – and continue to look – to your lands in order to give, or, more frequently, to take," Pope Leo XIV told the Angolan authorities.

Angola is currently Africa's fourth-largest oil producer and ranks among the world's 20 biggest producers, according to the International Energy Agency. The country is also the third-largest diamond producer in the world and has significant deposits of gold and highly sought-after critical minerals.

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Yet despite its abundant natural resources, the World Bank estimated in 2023 that more than 30% of the population was living on less than €1,83 a day.

"This cycle of vested interests must be broken, which reduces reality and even life itself to mere commodities," the Holy Father told Angola's leaders.

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After gaining independence from Portugal in 1975, Angola plunged into a brutal civil war that lasted 27 years.

After João Lourenço took office in 2017, his administration estimated that at least €20 billion had been stolen or embezzled by former Presdient José Eduardo dos Santos. Lourenço's government pledged to tackle corruption and has been working to recover funds allegedly looted during the dos Santos family era.

But critics say Angola still faces serious corruption problems and question whether João Lourenço's actions have been aimed more at sidelining political rivals in order to consolidate his power.

Standing alongside Pope Leo XIV, Angola's president said his government was committed to improving people's lives but that this was a "complex and difficult challenge". João Lourenço also called for an end to the war in Iran and urged the Pope to continue using his "moral authority" to promote peace and understanding among peoples.

Muxima visit: highlight of Pope Leo XIV Angola trip