LONDON: Africa-focused energy company Chariot (AIM: CHAR) on Thursday reported its unaudited interim results for the six months ended June 30, 2025, unveiling a strategic pivot to split its operations into two standalone business units: Upstream Oil & Gas and Renewable Power.
CEO Adonis Pouroulis said the company had “emerged from a challenging period” with a renewed business plan and a clear focus on building shareholder value. “We are evaluating a range of opportunities to create two separate groups to unlock more value going forward,” Pouroulis said.
In its Upstream Oil & Gas division, Chariot regained operatorship of offshore Moroccan licenses in May, now holding a 75% working interest. The company is working with ONHYM to reassess the Anchois gas development and has initiated farm-out processes across the Lixus, Rissana, and Loukos licenses.
Chariot also expanded its new ventures remit to include oil and gas assets across the full value chain, targeting mature production, near-term development, and exploration opportunities.
On the Renewable Power front, Chariot’s electricity trading platform Etana Energy secured $155 million in guarantee financing and $20 million in equity investment earlier this year. Etana is one of the few entities in South Africa with a NERSA-approved trading license, enabling it to buy and sell power across the national grid.
The company reported progress on wind and solar projects in South Africa, Zambia, Zimbabwe, and Burkina Faso, and continues to develop its green hydrogen portfolio, including Project Nour in Mauritania and a pilot electrolyser installation in Morocco.
Chariot raised $7.1 million through a placing and open offer in June and reported a cash position of $5.6 million at the end of the period.
Pouroulis said the company remains committed to scalable energy solutions across Africa. “The months ahead are about building, scaling, and unlocking the value we see across the Group,” he added.
Income Overview
- Revenue:
- $78K (Jun 2025)
- $80K (Jun 2024)
- $162K (Full Year 2024)
Operating Expenses
- Share-based payments:
- $(558)K (Jun 2025)
- $(2,019)K (Jun 2024)
- $(3,350)K (Full Year 2024)
Operating & Net Loss
- Loss from operations:
- $(4,730)K (Jun 2025)
- $(8,094)K (Jun 2024)
- $(22,067)K (Full Year 2024)
- Finance income:
- $163K (Jun 2025)
- $60K (Jun 2024)
- $169K (Full Year 2024)
- Finance expense:
- $(127)K (Jun 2025)
- $(178)K (Jun 2024)
- $(443)K (Full Year 2024)
- Net loss before tax:
- $(4,694)K (Jun 2025)
- $(8,212)K (Jun 2024)
- $(22,341)K (Full Year 2024)