$CHAR.L

Chariot Expands Angola Exposure with Etu Energias, BW Energy Partnership

Chariot (CHAR.L) said Tuesday it is increasing its exposure to oil-producing assets offshore Angola after signing a framework agreement with private energy company Etu Energias and independent oil and gas company BW Energy (BWE.OL).The Africa-focused energy company expects to gain economic exposure to future cash flows equivalent to additional production of about 4,000 barrels of oil per day after agreeing to support Etu Energias' acquisition of an additional 31% working interest in Block 14 and 15.5% interest in Block 14K.Under the framework agreement, Chariot and BW Energy will provide operational and technical expertise as Etu Energias moves to assume operatorship of Block 14.