WTI (Nov) $64.99 +$1.58, Brent (Nov) $69.31 +$1.68, Diff -$4.32 +10c
USNG (Oct) $2.86 +1c, UKNG (Oct) 80.26p -0.34p, TTF (Oct) €32.345 +€0.18

Oil price

After a few days of rallying oil has stalled a bit today, Russia is front and centre as the Trump/Zelensky axis is back in business. Also comments from the Iraqi Foreign Minister has said that exports through the pipeline will resume ‘as soon as this week’. 

The EIA stats were good, crude drew modestly after analysts predicted a build and both products drew by more than a million barrels. Inventories might be showing the market to be a little tighter than some thought. 

Chariot

Chariot (AIM: CHAR), the Africa focused energy company, today announces its unaudited interim results for the six-month period ended 30 June 2025.

Adonis Pouroulis, CEO of Chariot commented: 

“We have steered the Company through a challenging past few months and I am pleased to report that we have emerged from this period with a new business plan and a clear focus to progress our projects and build shareholder value. As announced in June 2025, we are in the process of building out two standalone business units – Upstream Oil and Gas and Renewable Power – and we are currently setting out the future of both entities as we look to grow and deliver. Our overarching objective is to create two separate groups to realise more value for shareholders going forward and we are evaluating a range of opportunities and avenues in this regard. We remain committed and ambitious in our plans and we look forward to executing these over the coming months.”

The way that Chariot is moving is a highly positive one for the future and as I said at the time the separation of the upstream oil & gas business from the renewable power one gives investors the opportunity to participate in one or the other, or both.

In the power business I understand that much is on the go and maybe one more big deal would give significant momentum and boost the Etana MW position and put it in a position for separation of the two businesses. Deals financed at the subsidiary level is very wise and can be done on either side. 

I can see that much is going on at the oil & gas business as with new economics the Anchois development could easily be a smaller but still profitable play. With Namibia progressing, albeit quite slowly and one or two new ventures being chased ‘new’ Chariot O&G looks exciting. 

The shares are starting to perform quite well, albeit from the lower level and I genuinely see scope for the, probably split, company to perform well, you just need to see Adonis’ determination. Worth having on the radar screen...

Highlights during and post period

Upstream Oil & Gas:

Morocco:

• Regained operatorship of the offshore Moroccan licences in May 2025 with 75% working interest now owned by Chariot
• Working with ONHYM to assess a rescaled Anchois development based on discovered resources with a key focus on development capex 
• Ongoing development of the prospectivity across the offshore Lixus and Rissana licences and farm-out process initiated
• Integration of well results and reprocessing work completed in the onshore Loukos licence - multi-well campaign described with farm-out process ongoing

New Ventures:

• Widened new venture remit to span oil and gas opportunities across the full value chain
• Pursuing range of options across mature production, near term development and exploration assets

Renewable Power:

Electricity Trading:

• Funding completed in March 2025 ensured Etana Energy is now a fully financed, bankable entity
• US$155 million Guarantee Financing Facility secured from British International Investment (“BII”), GuarantCo and Standard Bank     
• Up to US$20 million equity investment secured from Norfund     

Renewable Generation Projects:

• Two wind projects in South Africa nearing financial close with further projects progressing
• Power-to-mining project portfolio:
• Tharisa – 40MW solar project in South Africa; First Quantum Minerals – 430MW solar and wind projects in Zambia; Karo – 30MW solar project in Zimbabwe
• 10% stake in the Essakane 15MW solar project in Burkina Faso sold to IAMGOLD, the operators of the Essakane gold mine for US$167k in January 2025

Water:

• Water desalination project in Djibouti performing well
• Evaluating future opportunities and options for the business

Green Hydrogen:

• Work on Project Nour in Mauritania ongoing alongside partner TE H2 (80% owned by TotalEnergies and 20% owned by the EREN Group)
• Partnership with Oort Energy and Mohammed VI Polytechnic University (“UM6P”) continues in Morocco
• Pursuing financing options at the subsidiary level

Corporate and Financial:

• Placing and oversubscribed Open Offer successfully raised gross US$7.1 million in June 2025
• Cash position as at 30 June 2025 of US$5.6 million

United Oil & Gas

United has announced the findings of an independent Risking Review Study by Iapetus Geoscience Limited that highlights the value of the planned Surface Geochemical Exploration (“SGE”) survey, including piston coring, at the Walton Morant Licence offshore Jamaica.

This Study provides compelling evidence that the SGE survey could materially de-risk the Walton Morant Licence. A successful piston coring programme could significantly increase the Geological Chance of Success (“GCoS”) across multiple high-impact prospects and leads by validating the presence of an active petroleum system in the licence area.

Key Findings: Material Risk Reduction from Future Piston Coring Results

The summary conclusion is that successful piston coring would:

• Increase the GCoS at Colibri prospect to 32% – uplifting from the previous 19% estimate (GaffneyCline, 2020)
• Raise the GCoS at the Oriole prospect to 21% from 13% (GaffneyCline 2020) 
• Confirm that a working petroleum system exists offshore Jamaica that is already verified onshore
• Similar uplift in GCoS would be anticipated across the prospectivity of the broader Walton and Morant basins

These outcomes would substantially improve pre-drill confidence and de-risk the licence at scale. The full Risking Review Study report is available on United’s website.

Importantly, the independent review itself strengthens the technical case for Walton Morant, enhancing its attractiveness to potential farm-in partners. The uplift scenarios highlight how future technical work can further de-risk the basin, supporting United’s strategy of continuous technical de-risking to underpin commercial engagement.

Brian Larkin, CEO of United Oil & Gas, commented:
“We are very encouraged by the findings of this independent study, which reinforces our belief that our Jamaican licence is a world-class yet under-explored opportunity.

A 1-in-3 Geological Chance of Success at Colibri would be exceptional for frontier exploration, with the uplift indicative of broader basin potential. Even at this stage, the independent review itself enhances the technical case for Walton Morant and increases its appeal to potential farm-in partners.

Interest from potential farm-in partners continues, supported by Walton Morant’s multiple drill-ready prospects with an estimated 7.1 billion barrel of potential. Alongside recent permitting progress, this independent validation underscores both the technical momentum and enormous commercial opportunity as we advance farm-out discussions and preparations for future activity.”

A helpful if not complete green light this but it will certainly encourage the company and its very patient shareholders to believe that Walton Morant can deliver on the scale imagined by Brian Larkin and his team for a very long time. 

Original article   l   KeyFacts Energy Industry Directory: Malcy's Blog