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I’m fairly relaxed Surfit. Sorry for the delayed reply. I think there is a lot in flight - and am not worried about their current cash flow at present. The Angola deal feels a formality. Morocco I suspect is progressing and expect some news to involve Murphy.

They also appear to have been more specific and confident about the precise focus in Namibia which isn’t a surprise

Let’s see what happens in the next 3-6

IMHO

I think a really interesting question is what happens to the warrants if there is a share consolidation? Assuming they are fully intact it could trigger a significant amount being exercised…

*markups

The way I read this is a longer term strategic partnership between ETU, chariot and Shell to help Etu achieve domestic dominance

For Shell - short term: there will be a setup fee, some form of min interest and a refinance fee and a facility that almost certainly is used again for the Chevron play. One assumes a benefit from the offtake too in terms of moving the production into end markets … and associated markets…

IMHO

Sadly I didn’t make the event. Travelling into London in this heat was less than appealing!

Https://northafricapost.com/98148-moroccos-second-half-of-2026-shapes-up-as-decisive-season-for-gas-exploration.html

Good note, Surfit

AGM in September .. need a story before then for the very reason JT is expressing

The other thing worth noting is the 7 percent (inc warrants) held by our new Investor who clearly has form in the oil / Namibia space

DYOR

I agree with you JT - re: slow progress since the AGM. I left feeling really upbeat too and have somewhat felt disappointed since

I don’t think next week can be on the back of a share issue as they would need to declare that to the market now (knowing it). AP has also made very clear he wont do that; perhaps more explicitly than I have heard him before. We have also had another investment bank initiate coverage today, it would look odd to then raise next week

The irony is boosting the share price materially triggers the warrants which fully exercised triggers c. £25m in cash from memory, so in effect that gives them more cash so I suspect that’s more what next week is about. Ironically If they announce on supporting Etu again, with another partner in the mix maybe that still gives another 50-75% on top of the Angola deal they have already struck which would boost the price and trigger the warrants to provide the cash they need. They also can borrow against renewables if they need to

On the ACWA piece Surfit they were quite explicit that it had slowed down due to events in the Middle East. They are the obvious player to acquire the stake.

This can still move quickly. With the cash from Angola and another Angola they can retain a higher % share of the 1C at Anchois, farm out exploration options and potentially do something on Loukos with Onhym.

Namibia is also waiting in the shadows. It will be interesting to see whether there is already a done deal if they are granted a higher allocation of the existing blocks

Things can change quickly here. Cavendish unrisked from memory was around 100p (7p risked). Hannam are 4p (risked) and 6p (unrisked) but don’t count Morocco exploration or Nour or Namibia.

This could all change v quickly - the execution risk will unquestionably ease as soon as the current ETU block 14 deal is waved through. I agree on the point the market doesn’t currently trust them. But that could change very quickly with progress in 102 areas..

All IMHO

Assume 4p risked and 6p unrisked assuming shares dilute.

Nothing for Namibia or Anchois beyond about 250 or further Angolan activity. Look to be some hints about the possibilities from the change in operator ship though vague, a definite pointer toward the Etu and Shell potential to do more and a highly likely sale of renewables ..

DYOR

Can anyone access ?

https://www.africaintelligence.com/central-africa/2026/06/16/etu-energias-seeks-deepwater-backing-for-chevron-deal,110802612-art

Hi Obs.

Thanks for doing that. Dont worry about pasting, your headline summary was v helpful. Im assuming it was written in a positive context?

There are still some very interesting short term triggers on the near term horizon on this share IMHO., including the etu preemption on the enog/chev deal; I think it's highly unlikely they would attempt to torpedo the deal without a plan on the deepwater.

DYOR / All IMHO

Can anyone access?

https://kalkinemedia.com/uk/news/market-updates/deal-fever-in-the-oil-patch-the-small-cap-energy-shake-up-explained

Given the history here I would be surprised if they aren’t facilitating things in the background including a partnership with a deepwater expert …

Hard to imagine that chariot aren’t involved a second time

https://www.billionaires.africa/2026/06/05/3-angolan-tycoons-built-etu-energias-into-a-1-billion-oil-empire-and-just-blocked-chevrons-260-million-deal/

I think they will need the shell

Facility KNC, unless they are just leveraging Energean. I suspect that Chariot and Etu see this as a long term future partnership with Chariot supporting Etu achieve their long term objective to be the pre eminent producer in Angola

Thanks Whimax. I’ve signed up and will try and get there. It’s hard to imagine they are about to further dilute shareholders with this on the horizon and the commitment AP made at the last shareholder presentation. It’s also very hard to believe that they aren’t involved with Etu. I agree with your suggestion re a workaround to the deepwater clause JT. Partnering with an incumbent (in exchange for a sweetener) makes a whole load of sense …

You would think chariot are heavily involved here, especially given APs comment at the recent investor update re using shell facility - and the refinancing likely on the much reduced balance left. I agree on the deposit JT - can’t see anything either. I wonder if the Deepwater piece is more bluster. Etu would likely acquire Chevrons operating resource in a deal on block 14 and could easily hire a partner to cover that base and prove it out. I think they have c 15 days to firm this up ..

I think we’re in a much better place than we currently have credit for :

Etu deal worth c $100m. No further cash requirement

Anchois - in discussions with partners, potential domestic FO. Onhym in new format

Risanna - Seismic with Murphy?

Loukos - advance discussions with domestic?

Etana sale - advisers engaged. Min valuation $34m read through. Likely worth $50-75m inc pipeline

Nour? - Total partnership

Namibia 10 percent + likely further licence. Positive signals from local partner once new licence issue resumes in 2026

Investment Cash back from Etu deal - $12M

Income from warrants if exercised at 2p+= $25m?

For context Etu alone worth almost double today’s market cap

Anchois alone with no cash and certainty in 2022 was worth around 4x today’s market cap or c. 6p ex warrants

It’s worth a lot more than 1.6p that’s for sure and Charlestown know it. They are in for the Namibia play in my view..

IMHO

I am also very enthused about Charlestown. My working assumption is they think either more activity in Angola or a licence issue in Namibia is going to give this a big kick

IMHO

I wonder if we are about to see Murphy and Chariot partner on Risanna with a local partner on Anchois. I disagree though surfit, I think they are very clear that this is definitely in their plans ..

DYOR