Member Info for ObsCure

I am sorry for your loss Ianfer 😔, my condolences to you and your family.

Stay well

P.S. I've sent an email to investors relations regarding this. Will post if I hear back.

P.P.S here's the email I sent of if anyone else wants to try 🙂

"Dear Investor Relations Team,

I am a shareholder in Chariot Limited and I am writing to seek clarification regarding the Company’s South African generation project portfolio linked to Etana Energy.

I note that earlier versions of Chariot’s website referred to “three shovel-ready wind projects totalling 315MW in the initial portfolio,” whereas the current investor presentation now states that financial close has been reached on 190MW, with no reference to the remaining 125MW.

I would be grateful if you could clarify:

1. Whether the remaining ~125MW of the original 315MW portfolio is still part of Chariot’s development pipeline;

2. If so, what the current status is (e.g., development stage, permitting, offtake, expected timeline to financial close); and

3. If not, whether this capacity has been postponed, restructured, or exited, and the rationale for this change.

As a shareholder, understanding the outlook for the remaining capacity and its potential contribution to Etana and Chariot’s future revenues would be very helpful.

Thank you in advance for your time and I look forward to your response.

Kind regards,"

Also have noticed that this part:

"GENERATION PROJECTS

As with the trading business, participation in future generation projects offers long-term growth potential and in taking equity stakes in generation projects, Chariot is accessing a second important revenue stream.

With three shovel ready wind projects totalling 315MW in the initial portfolio, Chariot is working alongside a world class sponsor on these assets, and this power generation is directly linked into the offtake customers as part of Etana’s wheeling capacity."

has been removed from the website, although there is an updated slide there that does still mention "315MW Financial close reached on 190MW".

Would be good to know if this remaining 125MW is still in play 🤔

But if they don't want anything to do with the o&g side then wouldn't they want to wait until the business was split? 🤔 Surely that would make more sense

Hey Marland. I'm not sure about the 7mil per month for the 194MW as the estimates by ChatGPT were 7mil annually(and that was the high side estimates).

Thanks for the input 🙂 Aye, you had me scared there with the 2027.. but back end of 2026 wouldn't be the worst. Will have to wait and see I guess.

@Oiltdr Any word on the demerger timeline?

16:11.. and with that I'm at 2.412p average 😅 let's see what the new year brings 🤞😅

GLA

It was certainly not meant to be spiteful. I just found the coincidence of the two events funny. Also "Space Jolly".. good one 😂

Hmmm.. they sell the water business for 400k. At the same time AP takes a trip to space which is coincidentally around 200-600k 🤔😅

Rough revenue estimates by ChatGPT taking in to account that we only own 65% of the sub:

📌 5) Combined Estimate (Annual, Once Operational)

Revenue Source Lower Mid Higher

Generation revenue ~$3.5M ~$4.1M ~$4.7M

Trading income (Etana share) ~$2.2M ~$2.2M ~$2.2M

Total to Chariot Ltd ~$5.7M ~$6.3M ~$6.9M

✔️ Estimated recurring annual revenue to Chariot Ltd: ~$5.7M – $6.9M once the wind farms and trading operations are fully up and running (mid-2027+).

Here’s a high-level revenue estimate for Chariot Limited based on the RNS of 15 December 2025 — which confirms Chariot has:

a 24 % stake in two wind farms (Zen 100 MW + Bergriver 94 MW = 190 MW total capacity) through Chariot Generation & Trading; and

a 34 % economic interest in Etana Energy, the entity that will trade the power under a 20-year PPA covering all offtake.

🔌 1) How Much Electricity Could the Wind Farms Generate?

Wind farms don’t produce at full nameplate capacity. A typical capacity factor for onshore wind in South Africa can conservatively be assumed at ~30–40 %. While specific output for Zen and Bergriver isn’t public yet, we’ll use this range to estimate annual generation:

190 MW × 8,760 hours/year × capacity factor

Capacity Factor Estimated Annual GWh

30 % ~500 GWh/year

35 % ~583 GWh/year

40 % ~665 GWh/year

So roughly 500–665 GWh annually once operational.

💰 2) Revenue from Power Sales

South African PPA prices for renewables — especially corporate and wheeling deals — are often below industrial grid tariffs, with published figures suggesting around ZAR 0.45/kWh (~US 4.5¢/kWh) for wind/solar PPAs.

This equates to:

$45/MWh revenue to the generator (conservative PPA price assumption)

Using that:

Annual Generation Revenue to Wind Project Chariot 24% Share

500 GWh ~US$22.5M ~US$5.4M

583 GWh ~US$26.2M ~US$6.3M

665 GWh ~US$29.9M ~US$7.2M

Estimated annual revenue from generation to Chariot: ~$5.4M–$7.2M (pre-costs) once fully commissioned (likely mid-2027).

(Revenue = generation × $45/MWh; Chariot’s direct share = 24%).

💹 3) Revenue from Electricity Trading via Etana Energy

Chariot also benefits from its 34 % economic interest in Etana Energy, which will trade all wind output.

Prior context from Chariot’s earlier RNS commentary indicated that Etana — with its initial wind and solar portfolio — could target an average trading margin of around 15 % and projected gross EBITDA of ~$10M annually once established.

If the wind output feeds into Etana’s trading book and adds materially to Etana’s revenue, and if Etana achieves similar economics on this portfolio (gross EBITDA $3.4M annually** at scale.

This is very approximate — actual trading margins depend on price spreads, capture rates, and hedging.

📊 4) Putting It Together — Estimated Revenue to Chariot

Revenue Stream Annual Estimate (once operational)

Generation revenue (24% stake) $5.4M – $7.2M

*Etana trading share (34%) ≈ $3M – $4M

Total Chariot revenue ~$8.5M – $11M+ per year

* This assumes Etana’s overall trading business achieves around $10M EBITDA from this portfolio and other assets; actual results could differ materially.

⚠️ Key Assumptions & Risks

1. PPA price assumption (~$45/MWh) is conservative and could be higher or lower depending on actual negotiated tariffs and market conditions.

2. Capacity factor varies year-to-year; higher wind yields more revenue.

3. Etana trading profits are assumed broadly in line with earlier guidance — but trading outcomes can fluctuate significantly.

4. Costs, taxes, and corporate overheads are excluded; these estimates represent gross revenue to Chariot before costs.

🗓️ Timeline

Commissioning expected mid-2027 — revenue starts only once the wind farms are operating.

And we also own 34% economic interest in Etana which will be trading the aforementioned electricity.

Also. Website says its 3 showel ready wind projects for a total capacity of 315MW. We just closed 2 for 190MW, so I take it we are waiting for one more. There is still time before Christmas 🤞

You are like a parrot squawking about this "solar panel rental". Meanwhile we now own grid scale capacity in solar and wind.

We have been promised 2 businesses, but we were also told this won't happen before we close the aforementioned wind projects. Demergers don't happen over night. I believe our BEST case timeline was it being done by end of December.

Let's hope the AI bubble doesn't pop in the next year or 2 😅

"Cash in stocks-and-shares Isas could be taxed at 20%, industry warns"

https://www.ft.com/content/0f972baa-f571-4f18-bbbd-b6382938c466

If being underwater in this mess wasn't enough.. 🙄

I'm of two minds regarding AP's little joy ride to space.

The pessimistic being that he's bought the ticket with our money and we are left here holding the bag.

The optimistic(assuming it is not our money).. they have something promising lined up, if he is not worried about shelling out £200-400k on this.

Guess only time will tell, I just wish they would hurry up and rip that bandaid off.

Sorry, I can't give you an exact date but I'm pretty certain it was open for atleast the past 2 to 2 months if not more.