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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

A couple of new tidbits for me at least.

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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

Wizzard, In messages past we have discussed Chariot’s potential monthly income. Both through trading and furnishing power. Somewhere it says there medium term goal is 1 GW. That being said, the income per month from 1 GW as I recall was millions per month. My point, I don’t think it is a stretch at Chariot bringing in over $100mm for the green side. I think we’ll be pleased. Sleepy Chariot will have its day.

Because of my ignorance thought others might find this useful. NPV escapes me but found lots of info on it. Posted a little bit here to be helpful.

What is Net Present Value (NPV)?

Net present value is a capital budgeting method that measures the total value an investment creates by comparing the present value of all expected future cash flows to the initial cost. The core principle is the time value of money: a dollar received today is worth more than a dollar received in the future because today’s dollar can be invested immediately.

KEY CONCEPT

NPV = Present Value of Future Cash Flows − Initial Investment. A positive NPV means the project creates value for shareholders. A negative NPV means the project destroys value and should be rejected.

The Moho Field in Congo Total is drilling in, is part of the northern end of our Block 14. Unable to load the maps.

Don’t how to get maps on here, the field that Total is drilling, Moho, is part of the Northern end of our Block 14. Why I thought it was of interest. Lots of oil over there, makes me think we are setting pretty good.

TotalEnergies discovers hydrocarbons offshore Congo

TotalEnergies EP Congo encountered a 160-m hydrocarbon column in high-quality reservoirs that could support future development.

April 13, 2026

Key Highlights

TotalEnergies EP Congo discovered hydrocarbons on the Moho license offshore the Republic of Congo.

Exploration well MHNM-6 NFW encountered a 160 m hydrocarbon column of good-quality Albian reservoir.

Map from TotalEnergies

TotalEnergies oil and gas operations offshore Congo

TotalEnergies EP Congo (TEPC) discovered hydrocarbons on the Moho license offshore the Republic of the Congo.

Exploration well MHNM-6 NFW targeted the Moho G structure and encountered a hydrocarbon column of about 160 m in good-quality Albian reservoirs. Data acquisition and sampling was carried out to support the subsurface interpretation and future development, the company said.

The Moho G discovery, together with the discovery previously made on the nearby Moho F structure, represent recoverable resources estimated at nearly 100 million bbl, which are planned to be developed as a tieback to existing Moho infrastructure.

License infrastructure includes two floating production units (FPU), Alima and Likouf, with a collective current output of about 90,000 boe/d.

TEPC is operator of license with 63.5% interest. Partners are Trident Energy (21.5%) and the Société Nationale des Pétroles du Congo (SNPC, 15%). QatarEnergy holds a 15% share of TEPC

April 13, 2026 6:30 AM UTC

BP to buy interest in three offshore Namibian blocks as shift to oil and gas sharpens

BP (BP.L) on Monday agreed ​to buy an operating interest in three ‌offshore exploration blocks in Namibia from Canada-based Eco Atlantic Oil & Gas (EOG.V) as it ramps up its upstream portfolio.

BP will pay ​Eco Atlantic $2.7 million in cash for the ​60% interest in the three petroleum exploration licences, ⁠the Canadian firm said.

Negatory.

JT, You make me think, the longer this drags out the better. We’ll end up owning everything for free basically.

Thank you Whimax and JT. I see Green bringing in over 100mm. It is going and growth now betting on a come.

Have some questions about the presentation maybe someone(s) can help explain. Found it to be well done.

1) It says the $12mm to be turned over at the SPA sign, another place said it was turned over in March.

2) The deal it says is $195mm then $170mm. Maybe the $195 incudes our deal.

3) Angola may have 500mm barrels. Wow. Are our future wells expenses carried by ETU?

4) What does this mean?: Final consideration subject to material interim period reduction.

5) Really don’t understand NPV10, but at 60/100, the increase in crude $ is good. Might be worth more than CHAR is currently valued, the increase.

6) Looks like Murphy would be hot for Anchois.

7) Any info on the Namibian well in Block 2714A?

8) Reiterating oil/gas on the last slide tells me Green is gone. My guess north of $100mm.

Murphy will get enough extra income from the Trump bump that they might eye Anchois. Wishful thinking I’m sure, but it has some gas. Why not? That’s what they do.

Happy Easter everyone. Borrowing a little bit of the Lord’s thunder, may Chariot resurrect itself!

Sonangol accelerates drilling offshore Angola

Wells will be drilled into a fault block adjacent to Pacassa field and in Impala field.

Alex Procyk

March 30, 2026

2 min read

Sonangol has accelerated the 2026 drilling program on Block 3/05, 37 km offshore Angola in 40-100 m of water.

The program will start with the Pacassa SW well which is expected to have a drilling duration of 80-90 days. The second well will be either a Pacassa SW injection well or the Impala-2 development well, with the decision dependent on the outcome of the initial Pacassa SW well and operational preparedness.

Pacassa SW is an undrilled fault block adjacent to Pacassa field which has potential to contain up to 210 million bbl of oil in place. The well will be drilled from the Pacassa F4 platform which, in the event of a successful outcome, will allow the well to be completed and connected to the existing production infrastructure. A successful outcome will also provide the opportunity to define the full development of the Pacassa SW area of up to 70 million bbl oil recoverable resources, the company said.

Impala-2 will be drilled from the Impala wellhead platform into Impala field about 1,000 m from the existing Impala-1 production well. The well will assist in defining the field's upside potential which could contain up to 200 million bbl oil in place. Upon completion, the well will be connected to the existing production infrastructure. The outcome also will assist in defining the optimum Impala field development which has up to 50 million bbl oil of incremental recoverable resources.

The Borr Grid jackup rig is currently under contract to Sonangol, but an opportunity has allowed Block 3/05 joint venture partners to sign a commercial agreement with Sonangol to use the rig for the planned two-well drilling program.

Block 3/05 comprises eight mid-life producing fields: Palanca, Impala, Impala SE, Bufalo, Pacassa, Pambi, Cobo, and Oombo, with gross 2P reserves of 106.3 mmbo. Recovery is about 42% to date. The license contains extensive field infrastructure with 157 wells and 17 installations, including the Palanca floating storage and offloading (FSO) vessel for oil export.

Sonangol is operator of Block 3/05 (36%) with partners Afrenta plc (30%), M&P (30%), ETU Energies (10%) and NIS Naftagas (4%).

About the Author

Alex Procyk

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Alex Procyk

UPSTREAM EDITOR

Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).

Sorry if I missed this if posted before.

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

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Fri, March 27, 2026 at 11:15 AM CDT 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.

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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.

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MT100,

Please see below. Income starts at $7.2 mm per month and drops to $5.86 after 25 months. Then Shell is paid off.

25 months, easy peazy @ $ 3.4mm per month. Production declines 1% per month over that time. We keep 2 and pay Angola 2 per month. Then keep the rest after that till 2038. Our Shell debt would be $85mm to start with.

We can’t see the forest for the trees. There are so many catalysts we should be optimistic.

Morocco

Namibia

Angola

South Africa

Mauritania

One morning we’ll wake up and realize we have a real company on our hands. Recommend that we try and stay positive and help bring this thing across the finish line. AP is different than Larry when you consider having real skin in the game. It appears we are right on the cusp of significant success.

ReconAfrica advances Namibia, Gabon operations

ReconAfrica has commenced test operations at Namibia's Kavango West 1X well, revealing increased hydrocarbon pay. The company is preparing for production testing, while also exploring offshore Gabon’s Ngulu block with seismic reprocessing.

March 27, 2026

2 min read

Reconnaissance Energy Africa Ltd. (ReconAfrica) has started test operations at the Kavango West 1X discovery well in onshore Petroleum Exploration License (PEL) 73 in northeast Namibia and has began exploration in Ngulu block offshore Gabon.

For Kavango West 1X, additional rock data and log analysis has been updated, resulting in refinements to previously disclosed results of the well log analysis. The current petrophysical analysis indicates 75 m (246 ft) of net hydrocarbon pay in the Huttenberg formation, an increase over the previously disclosed 64 m (210 ft).

The operator will conduct production testing across six optimized zones, three of which are in the Huttenberg formation and three in the deeper Elandshoek formation. A total of 345 m (1,132 ft) of prospective interval will be isolated and perforated for testing.

Regulatory permits required to proceed with production testing have been received and work crews are on site preparing the well. The production liner, which was procured in North America, has arrived on site. The company signed contracts with Halliburton and SLB for equipment and services. Local suppliers have been engaged in multiple support capacities.

In the 1,214-sq-m Ngulu block in shallow water offshore central Gabon, ReconAfrica is currently reprocessing 3D seismic data over key areas, including the Loba oil discovery. Upon completion, the company will select an appraisal location and commission a third-party resource report, which is expected by end-2026.

ReconAfrica is the operator of PEL 73 (70%) with partners BW Energy (20%) and the National Petroleum Corp. of Namibia (NAMCOR, 10%). ReconAfrica is also operator of Ngulu block.