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I suspect they were low on cash, hedging their bets and then didn’t have sufficiently time to sell to

Complete the Angolian deal - especially

If they are working some

Through with ACWA. They will also be able to

Get a much whetted price for renewables now as no time pressure. Same with Anchois farmout. The Angola

Deal has made them pivot especially as O&G now back in investor vogue

In my view

Hey Surfit,

Yes, Malcy definitely saying ‘selling’

https://www.malcysblog.com/2026/02/oil-price-chariot-and-finally-3/

I relistened to the AP presentation you shared. His language is different. He says words to the effect of splitting from the chariot Holdco. He doesn’t say two separate businesses and two bites of the cherry for shareholders. My money is they are selling renewables. I wonder if Etana to ACWA and Nour to Total. Looking at renewable valuation multipliers I think they could get a decent sum for both - certainly north of $100m is a possibility.

He also talks about a company maker. Three key themes

Angola and more Barrels (Cavendish reference greater scope in their note)

Namibia - which he mentions twice and refers to as ‘golden’

Anchois - which they are definitely proceeding on

Three interesting themes from the cavendish/SP Angel notes:

1. They won’t give a target price (under review) until the day the SPA is signed. Suggests they are going to say it’s a good deal in my view

2. They reference a major new entrant in Morocco. Murphy oil and suggest collaboration… Perhaps Our new farm in partner?

2. SP Angel - reference Chevron in Angola. ‘We note that Chevron is also rumoured to be interested in divesting its operated interest in the mature deepwater asset that currently produces ~40kb/d gross from nine fields, with Block 14K contributing 2kb/d via a unitised development between Angola and the Republic of Congo. ‘

In my view this is now an upstream play O&G and they are building a war chest with the renewable sale to fund it.

IMHO

Given the multipliers that green energy has sold for, there is a good chance that Etana (with Chariots reduced economic interest) and Nour could net $100m+. Thats helpful firepower for further upstream investment.

I wonder if ACWA might be interested...

IMHO

I think we can say with certainty he’s not always right - however on this one I suspect there isn’t smoke with out fire. That would yield a reasonable sum even with their 30 percent share. Wonder what it would mean for Nour as well. Oil and gas is definitely back in vogue for investors - lots of press ..

Note the renewables power comment from the extract below

The company say that ‘this marks a new era for Chariot’s upstream business by introducing an economic exposure to a producing asset with strong cashflow into the portfolio’ I see them getting their cash back in good time and thus being able to reinvest in other projects.

It also means that the company, having done this deal, will be changing its priorities somewhat, the renewables business will now be sold and the proceeds will be used to fund further deals such as those mentioned above.

I understand that the placing went very well, institutions from both the US and the UK have subscribed and with it raising $20m at 1.4p, with a potential further $4m to come from the Open Offer Chariot is now in a strong financial position.

Readers know how positive I have been about Angola with recent deals having shown how good the opportunities in-country are and with plenty more on the horizon. This deal gives access to 4/- b/d in a great consortium and it funds material changes for Chariot, I am highly positive and think that shareholders will be most pleased, there looks to be substantial upside here for opportunities these as well as the other assets in the portfolio.

I went to the AGM Smyth, so I'm happy to take your question first. How do I feel about this ?!? I agree with Fernan's point on the dilution, I also dont like the warrants - but and there is a but - this may have just opened the door and a path to midcap status. They can now afford to fully fund anchois (if they retain say 30-40% post FO) without further dilution, by borrowing against their new asset. They also will have likely answered any concerns the namibians have about granting a cash strapped explorer a licence. Furthermore they also have the funds to make sure no further raise is required when the power business is split out, and this may well help cement the ground to firm the ACWA deal. I'm not ramping before someone acuses me of that, actually far from it - but as with everything in life there is always another side to the story.

Goon.

If this goes well :

ACWA deal

Namibia licence

Anchois/Loukos FO

Clarity over the split

Let’s see

The other factor KNC is that large institutions won’t buy in until they confirm the exact what and when split of the businesses (or not). There is too much uncertainty IMHO.

Good post Gardie, things clearly starting to move in Namibia. That's both Total and Chevron present in the Walvis basin now.. I suspect that's where Chariot will announce a licence..

It was in the SPA broker note this morning, who saw it as v positive. BUT they rightly reference the focus on splitting the companies and what it means..

I agree JT. Bang on. I would add Namibia too. The language has changed. They are negotiating rather than waiting ….

Thanks Obscure

I think the Murphy draw is super interesting - I wonder if they have bought in on the basis that they know the Onhym transformation will also help with the financing..

Lets see

Harry - why do you think Murphy are drilling it then?

Https://medias24.com/2026/01/25/onhym-opens-new-offshore-block-for-hydrocarbon-exploration-1616843/

Interestingly the nature of business says 'head office costs... '

Building on Jts post

https://www.moroccoworldnews.com/2026/01/275893/morocco-moves-to-reshape-onhym-as-energy-pressures-persist/

Things heating up in Namibia as well

https://www.proactiveinvestors.co.uk/companies/news/1085986/sintana-secures-exclusive-option-over-namibian-offshore-block-near-chevron-well-1085986.html

Battletech - I think it's just a feed from the FT (via the IC - same owner). It will be 3x analysts covering the stock - I think that it's Cavendish, Auctus and Stifel. Auctus currently have an 'under review' - so maybe thats the 'buy' ?!?

@JT - great find!!

PRD seem to have unexpectedly (or may be not) raised today.. it’s at least not just Char!

On a more positive note - and for pure entertainment more than anything else Char seems to have hit 20p plus every 4 years since 2014 (I know it was higher before)… 2018, 2022… and 2026?

Fully appreciate there are more shares this year with various raises but I am assuming the same was true in 22 and 18…

Anyhow .. let’s hope we see the pattern again this year! 😁

Worth noting that Predator haven’t had an easy ride in Morocco either - have raised a fair amount, in some cases unexpectedly, and if you read the drill results there is a level of opacity in those too.

DYOR/IMHo