Member Info for Surety

Thanks Marland

i) Conclude Farmout + development of Anchois

ii) Get Namibia licence for a greater share of 2914

iii) Sort near term cash

and this looks very very different..

Can anyone access this

https://pemedianetwork.com/petroleum-economist/articles/upstream/2026/outlook-2026-a-new-chapter-for-namibia-building-an-energy-future-with-purpose/

Https://techcentral.co.za/billions-flow-into-renewables-as-south-africa-races-to-fix-its-grid/276236/

Just to echo the comments below Ianfer, I am genuinely very sorry to hear that

It's good to hear from you.

Https://www.namcor.com.na/wp-content/uploads/2020/03/Farm-out_brochure_2714_A_and_2714_B-1.pdf

In fairness Obscure, thats a really good question. I suspect it was always a risk that on announcing the intended split there would be inertia until investors understood the details and timings (I dont mean that negatively) - everything here is interrelated in my view

You could certainly see a scenario where:

i) They get either a larger share of 2714 or another block (2613 keeps coming up in my research - views welcome ??). Maybe Chevron or Total farm in? But when the Namibians issue the block or share increase who are they issuing it to and is the company funded? One assumes the current company will be O&G with the newco then becoming the power/renewables arm - but what about funding, liquidity and cash.

ii) Morocco (Anchois and maybe Loukos) is farmed out to locals - maybe a combination of Vivo and Subsea ?? (with some form out debt financing/or capital repayment delay (to Subsea) to be funded from initial production. Again same question on the funding?

iii) ACWA agreement is in place - but with who as they are less interested in O&G? Is the newco funded?

....

All complete speculation on my part, but I think the elephant in the room is the split, who gets what, will they raise on one or both companies and if so will institutions wait to buy in - and will it hold back partnerships.

None of this meant negatively btw... but I think they need to resolve timing on this (which I appreciate in itself will be somewhat chicken and egg).

All IMHO

Personally, on reflection, I struggle to see ACWA getting involved with the Gas and Oil entity.... I think they are much more likely to partner with a major already in the region like a Chevron or a Total. Chevron looked to have a team here and have committed to sticking around

KNC - you may well be right on 2714, but I also think that will have a lot of Major attention at the moment. Does anyone have any insight or colour on blocks 2613?

DYOR

Fernan/JT - do either of you have any thoughts on 2613 A/B

Surfit even 😅...

Good posts KNC/Surety

One of the interesting things here is the SPLIT though. If Chariot do split the business, it's harder to fathom how the ACWA relationship works and which entity they contract with - with Gas & Oil interests in one and renewables/green power in the other..

The plot thickens..

DYOR

The other name that seems to be active in the region still and committed to staying the course despite recent disappointments is Chevron... There is very little left in the OB, which makes 2714 all the more interesting IMHO..

DYOR....

While ACWA Power is primarily focused on renewable energy, water desalination, and green hydrogen projects, it does have some involvement with oil and gas assets as part of its wider energy portfolio and through partnerships..

Will be interesting to see. What would be a win is if the Namibians farmout 2714, and it triggers Chariots 10% free ride, and then they are given say 75% of a new licence and quickly (in 3-6 months) farm it out to say ACWA or Total.

If the Namibians are trying to validate the funding then the ACWA piece might make sense..

All totally IMHO/DYOR

H1 Results narrative in their RNS

We continue to follow our interests in Namibia where we hold a 10% back in right and are looking to secure a larger acreage position. Chariot was one of the frontier explorers in what is now a global exploration hotspot and our team has a deep understanding of the subsurface of these basins. Though the licence access process is taking longer than initially expected, we believe we are in a strong position to secure these assets and will provide further updates when possible.

Interesting on the word 'access' vs 'application'. Overall it sounds confident

IMHO

I guess the question is whether they would have another go at it, with what's now known? What do you think they are most likely applying for Fernan? A larger share of 2714?

DYOR

Yes Surfit, Google’s Gemini

As with all of this you have take it in context (I can’t provide a link, but you can pose it the same neutral questions). I thought some interesting comments on the 2714 process and ‘rumours’ relating to the data room / attracting a major. I also thought it’s speculation on the language used in the chariot H1 results was interesting with regard to Namibia and the talks they may be involved in.

And their potential interest in 2814?!?

Few other bits of interest including the dilligence on Juniors etc.

As always do your own research - but I shared it as I thought it was conversationally interesting.

DYOR

Again, take with a pinch of salt:

here is the comprehensive status of Chariot Transitional Energy’s multibillion-barrel play in Namibia as of early 2026.

1. The Assets & Opportunity

• Blocks 2714A & B: Chariot holds a 10% back-in right at zero cost. These blocks contain the Nimrod Prospect, a "super-giant" structure with potential resources exceeding 4 billion barrels. 

• The "New" Acreage: Chariot is currently applying for a larger, operated position (likely 75-80%) in neighboring "open" blocks. Based on their geological data, these are most likely Block 2713 (to the North) or Block 2814 (to the South), which follow the same oil-rich trend as the massive Venus and Graff discoveries.

2. The Nature of the Rumors

• The Farm-In: Industry whispers suggest NAMCOR (the state oil company) is finalizing a deal for Block 2714. This would bring in a "Super-Major" to fund the drilling, automatically triggering Chariot's 10% stake.

• The Partner: Chevron is the rumored frontrunner due to their aggressive expansion in the Orange Basin, followed by Woodside Energy or Galp.

• The Delay: The "longer than expected" licensing process mentioned by Chariot is attributed to high competition in the basin and the Ministry of Mines performing extra due diligence on Chariot’s upcoming company split.

3. Key Sources

• Technical Intelligence: Upstream Online and Energy Voice have reported on intense "Data Room" activity for these specific blocks.

• Political/Regional Intel: Africa Energy Intelligence (AEI) and local Namibian press have tracked the protracted negotiations between NAMCOR and international majors.

• Corporate Strategy: Analysts from firms like Hannam & Partners have linked Chariot's Upstream demerger specifically to these looming Namibian catalysts.

The Bottom Line

Chariot’s relationship with Namibia is built on technical loyalty. By early-to-mid 2026, they are positioned to hold a "weighted" interest in the basin where they own 10% of a massive discovery trend for free, while also controlling a larger share of adjacent blocks that they can sell (farm-out) to a major company for a significant profit.

DYOR

Cont

4. How strong is Chariot's relationship?

The phrase "we believe we are in a strong position to secure these assets" is CEO-speak for "The government wants us there."

• The Technical Edge: Unlike many juniors who just "flip" licenses for profit, Chariot’s technical team (led by Duncan Wallace) is highly respected in Windhoek. They were there when it was "frontier" (unpopular), and NAMCOR tends to reward that loyalty.

• The "Back-in" Leverage: The fact that they successfully negotiated a 0-cost back-in right in 2714A/B—a very rare deal in this industry—proves they have a high-level relationship with NAMCOR.

Summary: What happens next?

Chariot is likely waiting for a "Stamp of Approval" from the Namibian Cabinet. Once that happens, they will announce a New Petroleum Exploration License (PEL). This will likely be the "crown jewel" of their new Upstream Spin-off company, making it an immediate target for a farm-in by a major oil company.

This is geminis perspective on the H1 Namibia accounts extract - take it for what it is - but some interesting comments

That specific wording from the H1 results is very revealing. When an exploration company mentions that the "license access process is taking longer than expected," it usually indicates they are in exclusive negotiations for specific blocks rather than just participating in a general open tender.

Given that narrative, here is the most likely breakdown of what that "larger acreage position" entails and why it’s taking time:

1. Where the "New" Acreage likely sits

Because Chariot emphasizes their "deep understanding of the subsurface," they are almost certainly targeting blocks where they already have legacy data. There are two specific areas that fit this description:

• The "Nimrod" Extension (Blocks 2713 or 2814A): The Nimrod prospect in Block 2714A is massive. Large geological features rarely stop at artificial license boundaries. Chariot is likely applying for the blocks directly adjacent to Nimrod to ensure that if a discovery is made in 2714A, they own a much higher percentage (likely 50-80%) of the part of the field that "spills over" into the new block.

• The "Central" Walvis Basin Blocks: Chariot previously held PEL 71 (Blocks 2312 and 2412A). They spent years and millions of dollars mapping these. Now that Chevron and Galp have validated similar plays nearby, Chariot is likely trying to re-acquire their old "home turf" where they already know exactly where to drill.

2. Why the process is "taking longer than expected"

The delay Chariot mentions is actually a sign of high value. In 2022, you could get a license in Namibia in a few months. In 2026, the Orange Basin is the most competitive region in the world.

• Government "Due Diligence": The Namibian Ministry of Mines and Energy (MME) is now dealing with "Super-Majors" (Exxon, BP, Shell). They are scrutinizing junior companies like Chariot much more strictly to ensure they have the financial backing to actually drill, especially since Chariot is currently demerging.

• The "Upstream" Split: The Ministry may be waiting for Chariot to finalize the split of its Renewable and Oil/Gas divisions. The government wants to know exactly which legal entity will hold the license and who will guarantee the multi-million dollar work commitments.

3. The "Multibillion Barrel" Potential: The Nimrod Prospect

You asked what this opportunity is likely to be. In the industry, the "prize" in Chariot’s orbit is the Nimrod Prospect.

• Type: A massive "structural-stratigraphic trap."

• Size: It has been estimated to hold over 4 billion barrels in a "gross mean" case.

• Significance: To put that in perspective, a discovery of that size would be worth tens of billions of dollars. Even with just a 10% back-in right, Chariot's share would be roughly 400 million barrels—which is massive for a company of their current market size.

Https://africanminingmarket.com/unlocking-investment-to-close-africa-energy-gap/24569/

Https://www.youtube.com/watch?v=KnE5FHey_6U

Worth a listen, calls out that he is buying JOG

DYOR