Chariot (CHAR) investor relations material

Strategic Leadership and Direction

• Leadership team with decades of experience in energy, finance, and upstream operations drives growth strategy, supported by founders and senior executives with proven track records.

Upstream Oil & Gas Growth and Angola Transaction

• Supported Etu Energias' acquisition of interests in Angola's Block 14 and 14K, securing exposure to 4,000 barrels of oil per day and 93 million barrels gross reserves, with closing expected H2 2026 and effective from January 2025.

• Acquisition financing up to $170 million provided by Shell Trading, with a $12 million deposit and $24 million recent fundraise, and Chariot's NPV10 estimated at over $100 million at $60/bbl.

• Higher oil prices are expected to reduce final consideration and debt, accelerating free cash flow and increasing asset value.

• License extension to 2038 allows for production optimization and further development, leveraging existing infrastructure.

• No immediate significant drilling CapEx required; future development can be funded through external financing and positive cash flows.

Moroccan Portfolio and Development Plans

• Anchois development plan refocused on two proven wells, with simplified scope and up to 50% CapEx reduction, maintaining robust economics with gross NPV10 of $0.65–1 billion.

• Actively seeking partners and investment for next stages, with high strategic value due to Morocco's gas import needs.

• Exploration potential affirmed by Murphy Oil's entry into neighboring blocks and resurgence of industry interest, with renewed seismic acquisition.

• Loukos onshore area remains under review, with prioritization given to higher potential assets.