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Chariot Ltd (AIM:CHAR, OTC:OIGLF) won a vote of confidence from Cavendish on Tuesday, as the broker hiked its target price to 8.3p while leaving earnings forecasts unchanged. The shares stood at 1.9p, up 12%, as Cavendish reiterated its 'buy' rating and tweaked its valuation model after the energy group doubled its economic footprint in Angola.

Chariot Ltd (AIM:CHAR, OTC:OIGLF) told investors that a new partnership with Etu Energias and BW Energy will effectively double its economic footprint in Angola, giving it exposure to future cash flows equivalent to around 4,000 barrels of oil per day. The AIM-listed energy group signed a framework agreement supporting Etu Energias' acquisition of an additional 31% working interest in offshore Block 14 and 15.5% in Block 14K.