Chariot Oil & Gas Ltd. (Chariot) has announced the acquisition of Africa Energy Management Platform (AEMP).
The Mauritius-based AEMP is a renewable and hybrid power developer focused on the mining sector in Africa.
Chariots was founded by its CEO, mining and energy magnate Adonis Pouroulis in 2007.
The acquisition will allow the Pouroulis-led company to provide clean, sustainable and competitive energy to operational mines in Africa.
The initial amount payable upon the completion of the share purchase agreement is $1.16 million in Chariot’s ordinary shares based on the 30-day VWAP* before the legal signing of the agreement. The deal represents 9,196,926 shares and $0.09 million in cash.
“The launch of Chariot Transitional Power places the company in a unique position in the market,” Pouroulis said in a statement. “This acquisition will see us work with our partner, Total Eren, to provide clean, sustainable, and more competitive energy to operational mines in Africa. A market of significant scale that is largely untapped, where Chariot’s management has a deep understanding and high-level commercial networks.”
Pouroulis manages his African ventures from Guernsey. He is a prolific figure in the extractive industry in Africa and the third generation of the Pouroulis family. His father, Loucas Pouroulis, is the founder of Tharisa Minerals, a South Africa-based integrated resource group that is a key player in the mining sector.
According to Market Screeners, he has founded 10 and run nine different companies. He is the founder of Petra Diamonds Ltd., a diamond mining group headquartered in Jersey with a diversified portfolio, with interests in eight producing mines in South Africa and Tanzania and an exploration program in Botswana.
Petra Diamonds’ focus has shifted recently from exploration to production, becoming one of the largest independent diamond producers in Africa. He oversees the majority of his investments through the Guernsey trust company Artemis Trustees, founded by his business partner Robert Sinclair.
AEMP is an equity investor and independent power producer that provides innovative turnkey energy solutions through fully-financed projects. It develops, finances, constructs and operates primarily renewable and hybrid energy plants for mining and industrial clients in Africa.
*The volume-weighted average price (VWAP) is a trading benchmark used by traders that gives the average price at which a security has traded throughout the day based on volume and price. It is important because it provides traders with insight into a security’s trend and value.