Chariot to Raise $20 Million to Fund Offshore Angola Oil Production Stake

Why It Matters

Securing the stake gives Chariot immediate cash‑flow from a proven asset and diversifies its upstream portfolio, while the financing structure reduces upfront capital risk. It also signals growing investor confidence in African offshore production amid rising demand for stable oil supplies.

Key Takeaways

• Chariot seeks $20M equity placing for Angola acquisition.
• Up to 4,000 bopd exposure from Blocks 14/14K.
• Shell offers $170M financing tied to future offtake.
• Etu Energias aims to increase working interest offshore.
• Funds also cover transaction costs and working capital.

Pulse Analysis

Angola remains a cornerstone of Africa’s offshore oil landscape, offering mature fields with relatively low political risk and attractive fiscal terms. By targeting Blocks 14 and 14K, Chariot taps into an asset that already delivers roughly 8,000 barrels per day, providing a quick path to cash flow without the lengthy ramp‑up typical of greenfield projects. This strategic move aligns with a broader industry shift toward acquiring producing assets that can bolster earnings in a volatile price environment.

The financing architecture behind the transaction is noteworthy. A $20 million equity placement, supplemented by a potential $4 million open offer, minimizes Chariot’s cash outlay while securing a sizable exposure to the asset. Meanwhile, Shell’s $170 million acquisition‑financing package, structured around future offtake commitments, transfers a portion of market risk to a seasoned trader. This hybrid model of equity and commodity‑linked debt reflects an evolving capital‑raising playbook that balances investor appetite for upside with risk mitigation.

For investors, the deal signals Chariot’s intent to accelerate its upstream growth and diversify geographically beyond its existing portfolio. The immediate exposure to 4,000 barrels per day of production enhances the company’s revenue visibility and could improve its valuation multiples. Moreover, the partnership with established players like Shell and Etu Energias may open doors to further collaborative opportunities across the continent, positioning Chariot as a more compelling player in the competitive African oil sector.

Chariot to raise $20 million to fund offshore Angola oil production stake

February 19, 2026

(WO) – Chariot Plc plans to raise approximately $20 million through an equity placing and subscription to help finance the acquisition of a producing oil interest offshore Angola, the company announced.

The Africa‑focused energy company is working with Shell Trading and Etu Energias to support Etu’s acquisition of a working interest in Blocks 14 and 14K offshore Angola, which currently produce about 8,000 bopd. In exchange for providing initial funding, Chariot will receive economic exposure equivalent to up to 4,000 bopd from the acquired interest.

The fundraising will consist of a placing and subscription totaling about $20 million net of expenses, alongside an open offer that could raise up to an additional $4 million. Proceeds will be used to part‑finance the acquisition, cover transaction‑related costs and provide working capital.

Shell Western Supply and Trading is providing an acquisition financing package of up to $170 million in return for future offtake barrels. The transaction is expected to provide Chariot with exposure to producing assets and associated cash flow as the company expands its upstream portfolio.

The assets are located offshore Angola in established producing blocks, where Etu Energias is seeking to increase its working interest. Completion of the fundraising and acquisition remains subject to customary approvals and finalization of transaction terms.