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Chariot Limited
Video analysis: OIGLF
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News: OIGLF
Cavendish lifts Chariot target price citing 390% upside following blockbuster Etu Energias deal
Chariot Ltd (AIM:CHAR, OTC:OIGLF) won a vote of confidence from Cavendish on Tuesday, as the broker hiked its target price to 8.3p while leaving earnings forecasts unchanged. The shares stood at 1.9p, up 12%, as Cavendish reiterated its 'buy' rating and tweaked its valuation model after the energy group doubled its economic footprint in Angola.
Chariot doubles economic footprint in Angola
Chariot Ltd (AIM:CHAR, OTC:OIGLF) told investors that a new partnership with Etu Energias and BW Energy will effectively double its economic footprint in Angola, giving it exposure to future cash flows equivalent to around 4,000 barrels of oil per day. The AIM-listed energy group signed a framework agreement supporting Etu Energias' acquisition of an additional 31% working interest in offshore Block 14 and 15.5% in Block 14K.
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Chariot plans share consolidation as focus shifts toward Angola
Chariot Ltd (AIM:CHAR, OTC:OIGLF) announced it will ask shareholders to approve a 25-for-1 share consolidation as the Africa-focused energy group presses ahead with a shift back towards upstream oil and gas. The AIM-listed company said the proposal would consolidate every 25 existing ordinary shares of 1p each into one new ordinary share of 25p, with the timing left to directors' discretion if approved at the annual general meeting.
