Chariot Ltd (AIM:CHAR, OTC:OIGLF) has reported interim results that outlined its refocused strategy as it split the business into two standalone units, Upstream Oil & Gas and Renewable Power.
The group remained debt-free in the period and had a cash balance of US$5.6 million at the 30 June half-year stage after a gross $7.1 million was raised earlier that month.
In its upstream division, the company regained 75% operatorship of its offshore Moroccan licences in May and is working with ONHYM on a scaled-back Anchois gas development.
Farm-out processes and exploration work are ongoing across the Lixus, Rissana, and Loukos licences.
In the renewable business, Etana Energy, the electricity trading business in South Africa, is now fully financed following a $155 million guarantee financing facility and up to $20 million in equity funding.
Multiple renewable energy projects are advancing across South Africa, Zambia and Zimbabwe, and Chariot sold its 10% stake in Burkina Faso’s Essakane solar project for $167,000.
Elsewhere, Chariot noted good performance from its Djibouti desalination project and continued progress on its green hydrogen initiatives in Mauritania and Morocco.
CEO Adonis Pouroulis said: "We have steered the company through a challenging past few months and I am pleased to report that we have emerged from this period with a new business plan and a clear focus to progress our projects and build shareholder value.
He said the process of building out the two standalone business units is continuing, with management currently "setting out the future of both entities as we look to grow and deliver.
"Our overarching objective is to create two separate groups to realise more value for shareholders going forward and we are evaluating a range of opportunities and avenues in this regard. We remain committed and ambitious in our plans and we look forward to executing these over the coming months."
A loss before and after taxation of $4.7 million was reported, down from $8.2 million a year earlier, as administrative expenses came in at $3.2 million compared to US$5.0 million, reflecting the cost savings made from October 2024 onwards.