Chariot raises $20 million to back Etu Energias in Angola asset deal

LONDON, February 20, 2026 – Africa-focused energy company Chariot has raised net proceeds of USD 20 million through an oversubscribed placing of shares aimed at financing the acquisition of assets in Angola, Chariot announced on Thursday.

The gross proceeds include USD 2.7 million committed by Chariot’s directors and senior management. Chariot will use the proceeds to provide funding to Etu Energias for the acquisition of additional working interest in blocks 14 and 14K offshore Angola, which are producing at a rate of approximately 8,000 bopd. In exchange for the funding, Chariot will be entitled to a share of production from the assets up to 4,000 bopd.

Chariot said it is planning to raise an additional USD 4 million in a subsequent issue of shares. If both offerings are allocated in full, the aggregate of new shares will represent approximately 46.2% of Chariot’s issued capital.

Etu Energias is also being supported in the acquisition by Shell Western Supply and Trading, which is contributing a financing package of up to USD 170 million, also in return for future offtake barrels.

“We are delighted to have completed this fundraise enabling us to gain a substantial economic exposure to an asset that will fundamentally change Chariot’s upstream business. In providing this financing, this deal will give us a direct line to cash flows and future upside, and we see this as just the first step in a new chapter for the company,” said Chariot CEO Adonis Pouroulis.

Listed on London’s AIM market, Chariot engages in oil and gas exploration and production in Angola, Morocco and Namibia. It also generates and trades renewable energy in South Africa and is a joint-venture partner with TotalEnergies in the Project Nour green hydrogen project in Mauritania.

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