A “Sea Change” Hiding in Plain Sight

Chariot is transitioning from an overlooked exploration company into a meaningful Angolan oil producer, creating further upside if its transactions are completed and executed successfully.

• Purpose began following Chariot after Azule Energy agreed to sell its 20% interest in offshore Angola Blocks 14 and 14K to BW Energy and Maurel & Prom, with Etu Energias exercising its right of first refusal.
• Chariot was arranging financing for an economic interest equivalent to approximately 4,000 barrels per day, which would shift the company toward production and recurring cash flow.
• Etu later exercised another right of first refusal on an Angolan asset sold by Chevron, while Shell Trading funded the entire transaction, avoiding dilution and potentially doubling Chariot's net production exposure to 8,000 barrels per day.
• At a Brent price of US$90 per barrel, the two transactions represent more than US$250 million in illustrative annualized revenue; Chariot's stock had risen approximately 100% over the six months ending August 28, 2026.
• Block 14 has produced more than 900 million barrels since 1999, currently produces approximately 40,000 barrels per day, and has a licence extending through 2038; Chariot's power assets could also be worth roughly half its current market capitalization.

Takeaway: Purpose believes Chariot remains underfollowed and has further value to unlock as it moves from exploration to production, although geopolitical, frontier-market, exploration-stage and resource-sector risks remain significant.