Chariot funds Angola offshore acquisition, secures stake in Block 14 production
(WO) - Chariot has secured economic exposure to offshore oil production in Angola through a financing-backed acquisition of stakes in Blocks 14 and 14K, marking its entry into one of West Africa’s most established producing basins.
A subsidiary of Etu Energias has signed a sale and purchase agreement to acquire a 20% working interest in Block 14 and 10% in Block 14K. Chariot is supporting the transaction with $12 million in financing and related costs, in return for exposure to production-linked cash flows once the deal completes.
The company said the structure provides access to net production equivalent to approximately 4,000 bpd, alongside an indicative asset value exceeding $100 million (NPV10) at $60/bbl. Additional acquisition financing has been arranged through Shell Western Supply and Trading, with repayment tied to future offtake volumes.
Block 14, operated by Chevron, is a mature offshore asset that has produced more than 900 MMbbl since first oil in 1999 and currently delivers around 40,000 bpd gross. The license has been extended through 2038, supporting long-term production and cash flow potential. Nearby Block 14K contributes additional output and offers tie-back opportunities across existing infrastructure.
Chariot said the deal positions the company to benefit from stable production and near-term revenue while leveraging further upside from infill drilling and undeveloped discoveries in the area.
“This is a new chapter for Chariot as we now have economic exposure to material production in one of the best oil provinces in the world,” said CEO Adonis Pouroulis.
See also: BW Energy makes strategic Angola entry with offshore block acquisitions
Completion of the transaction remains subject to regulatory approvals, with closing expected in the second half of 2026.
