Chariot shares experienced a significant surge this week, climbing 73 percent following a framework agreement that doubles the energy company's economic presence in Angola. The deal, struck with local operator Etu Energias and Gabon-focused BW Energy, supports Etu's acquisition of additional stakes in Chevron-operated Block 14 and the adjacent Block 14K offshore Angola.
Through this agreement, Chariot will gain economic exposure to approximately 4,000 additional barrels of oil per day, which the company estimates to be worth over $100 million based on a $60 per barrel oil price. The arrangement also signifies confidence in Etu Energias, which is slated to assume operatorship of Block 14 from Chevron, a license extended until 2038. Chariot CEO Adonis Pouroulis described the partnership as "excellent," a sentiment echoed by investors through the stock price increase. Shell Trading is providing the funding for Etu's acquisition.
In a separate development, Argentinian President Javier Milei has announced plans to expedite sanctions against oil exploration companies operating near the Falkland Islands. Rockhopper Exploration was identified as a primary target, with other license holders in the South Falkland Basin, including Borders & Southern, also mentioned in relation to potential sanctions. Borders & Southern shares saw a 9 percent decline following this announcement.
Elsewhere in the market, the AIM All-Share index saw a weekly loss of 1.4 percent amid investor risk aversion. In contrast, the FTSE 100 index finished the week marginally higher after mid-week volatility.
Huddled Group shares continued their upward trend, rising 38 percent this week and extending a one-month gain of 68 percent. This growth follows a joint venture with Cipher, a UK TikTok agency, to establish Peeko Live Commerce channels on TikTok Live and TikTok Auctions, reinforcing the platform's role in business growth.
Sunda Energy shares increased by 28 percent after partner Tetragon Energy significantly upgraded prospective resources at the Halcon gas prospect in the Philippines to 8.0 trillion cubic feet gross, with Sunda's 37.5 percent stake accounting for 3.0 trillion cubic feet net.
Sutton Harbour Group shares fell 47 percent after announcing plans to delist from the stock market and re-register as a private company. Shareholders are set to vote on the proposal on September 22. The company operates Sutton Harbour Marina, King Point Marina, and Plymouth Fisheries.
Futura Medical shares dropped 35 percent after the company raised £1.6 million at a heavily discounted price of 0.2p, nearly its entire market capitalization. Simultaneously, it launched a formal sale process for the business or its assets, including its Eroxon gel product for erectile dysfunction.
Premier African Minerals saw a 28 percent decrease in share value as it outlined plans to seek authorization for issuing billions of new shares to fund its Zulu lithium project and strengthen its balance sheet, alongside a 10-for-one share consolidation.
Orcadian Energy, whose shares are up 6 percent this week, has entered into a joint development agreement with an American offshore data center operator. The agreement explores powering a floating data center off its Earlham and Orwell gas fields in the Southern North Sea, utilizing the gas for local power generation and carbon dioxide reinjection. This off-grid approach aims to bypass UK network connection queues, with seawater used for cooling.