Chariot Raises US$20 Million in Oversubscribed Share Issue to Back Angola Expansion

Chariot Oil & Gas ( (GB:CHAR) ) just unveiled an announcement.

Chariot Limited has completed an oversubscribed placing and subscription, conditionally raising net proceeds of about US$20 million through the issue of over 1.13 billion new shares at 1.4 pence, with an additional open offer planned to raise up to US$4 million more. The fundraising, which includes warrants and significant director participation and could expand the share base by roughly 46%, will help finance Etu Energias’ acquisition of offshore Angola interests, cover transaction costs and bolster working capital, marking a strategic shift expected to materially enhance Chariot’s upstream cash-flow exposure and growth trajectory.

The package is subject to shareholder approval at a general meeting on 11 March 2026, with full details to be set out in a forthcoming circular to investors. An open offer at the same issue price, including an excess application facility, aims to allow wider shareholder and retail participation, while the related-party transaction aspects have been deemed fair and reasonable by the company’s nominated adviser and independent director.

The most recent analyst rating on (GB:CHAR) stock is a Hold with a £1.50 price target. To see the full list of analyst forecasts on Chariot Oil & Gas stock, see the GB:CHAR Stock Forecast page.

Spark’s Take on GB:CHAR Stock

According to Spark, TipRanks’ AI Analyst, GB:CHAR is a Neutral.

Chariot Oil & Gas’s overall stock score reflects significant financial challenges and bearish technical indicators. However, strategic corporate events, including partnerships and a shift towards renewable energy, offer potential for future improvement. The company’s valuation remains unattractive due to ongoing losses.

To see Spark’s full report on GB:CHAR stock, click here.

More about Chariot Oil & Gas

Chariot Limited is an Africa-focused energy group with two main divisions in upstream oil and gas and renewable power. The company holds oil and gas interests in Angola, Morocco and Namibia, while its renewables arm develops and trades power projects in South Africa and power-to-mining and green hydrogen initiatives across the continent.

Average Trading Volume: 2,351,680

Technical Sentiment Signal: Sell

Current Market Cap: £24.85M

Learn more about CHAR stock on TipRanks’ Stock Analysis page.