Chariot Oil & Gas signs purchase agreement for Africa Energy Management Platform (AEMP)

Chariot, Africa focused transitional energy company, is pleased to announce that it has signed share purchase agreements (SPAs) for the acquisition of the business of Africa Energy Management Platform (AEMP) for consideration of up to US$2 million payable primarily in Chariot Ordinary Shares, representing up to c.4% of Chariot’s enlarged share capital.

AEMP is a renewable and hybrid energy project developer, with an ongoing strategic partnership with Total Eren, a leading global player in renewable energy, predominantly in solar and wind. Total S.A., the French multinational energy company, has a shareholding of about 30% (directly and indirectly) in Total Eren.

AEMP and Total Eren (the Partners) are looking to provide clean, sustainable, and more competitive energy to operational mines in Africa, which represents a giant, largely untapped market in which Chariot’s management has numerous high-level contacts.

Completion of the SPAs is conditional upon completion of due diligence to Chariot’s sole satisfaction and other related transaction agreements becoming unconditional and it is anticipated that this will occur during the second quarter of 2021. Once the deal is closed, Chariot will change its name to Chariot Limited.