By the sounds of it, Chariot has its eye on another venture. I hope it takes a look at Fastnet's Tendrara gas project. It's 50-50 in terms of commercial viability according to the company, Fastnet is on its knees after the comments made by its now former chairman and it could provide a lot of cash for Chariot to fund other ventures.
I think Woodside will become operator in the Rabat licence and Chariot will get a free carry but personally see this more as a 2016 event than 2015 (likewise for Loukos and Mohammedia farm outs).
Regarding Mauritania check out the licence terms. Current licence is due to expire April 2015. What worries me here is how are Chariot going to secure a tier 2 farm out partner between now and then when the CPR is only being released in Q1 2015? Really hope we're not going to have to renegotiate the licence and lose equity like the Namibian central licence
In Brazil I'm hopeful for another seismic farm out so hopefully Chariot will get the $7.5m back on the 3D seismic they plan to spend in 2015.
Regarding the Namibia centrals, FQ320MR mcfcnige,Wheep0, Ashlar and anyone else who took part in the investor call (thanks to all for posting their thoughts) will have a far better idea than me. It seems as though there are interested parties but can you really see an announcement in 2015?
I know the above might sound pessimistic but I never saw a single digit share price here so just trying to be realistic.
The problem with that strategy is the share price continues to make new lows every month. Just when you think it can't go any lower it does.
I keep questioning what will the cash in the bank be when Chariot finally drill the next well. With the woodside farm out money there should be roughly $55.5million cash but $7.5m earmarked for the new venture and $7.5m for the Brazil 3D leaving $40.5m. I would guess $15 to $20m G & A, G & G costs for 2015 leaving somewhere between $20.5m and $25.5m year end cash 2015. Obviously this doesn't take into account any further spending on 3D in namibia southern blocks or any other new venture opportunities. Likewise it doesn't take into consideration any back costs received for farming out any of the portfolio.
Hence I'm working on cash in bank at end of 2015 of £13m to £16m equating to roughly 5 to 6 pence a share.
Personally I don't think shareholders are going to be exposed to a drill in 2015 but I'm hoping for a Morocco drill in 2016. With the current market not putting any value to Chariots' portfolio without a confirmed drill I'm just questioning if the share price will continue to track cash??
Obviously these are only my thoughts and the projected numbers could totally wrong but I don't think we can automatically assume 2015 share price will be better than now.
All in all a decent summary and preso , LB obviously has the smooze for glossing over a terrible SP position.. Mark also seemed a decent spin Merchant. Solid performance I feel although pretty sure they were expecting a lot more on the call... We have to remember here that sentiment will change , we will be drilling.....at some stage... Any entry down here and probably sub 25 is going to be a safe long term bet for profit ......2014 is over, I hold no massive company making expectations for 2015, drilling, if it happens it happens, ...... I will continue to accrue stock in single digits and reassess once it reaches 2 numbers again... Long term hold for me.... Absolutely no selling planned ATM unless curve ball happens. P poor numbers on the telecon.... It is only a few who make the noise and as the BODs know that, it's no real issue to them.... Messages on BBs don't mean a thing to them, matter of fact first thing they will say, is they don't read BBs or if they do they pay no attention to the posts., if we are to get a say on things, need to harbour some more firepower... I do feel easier and more relaxed in my investment , good hands. Let's hope so.... I certainly think we are there or very near to the bottom of Chariots downward cycle as will all hopefully see going into 2015, and we must all try and concentrate on the positives to come....... Last post of the year... Turn off now and will return in 15... all the best of the season to all.. Stay safe and well....Positive sentiment and positive posting resolution for 15.... Let's hope it plays out..
I was one of the 8 as on theses BBs like to sit back generally and listen as I have no tech background or oil experience to call Just study the fundamentals and patterns and pre investing it seemed to have thing pretty much on track and worth the plunge They seem to give genuin answers if a little corprate at times but as I have stated :( so far underwater with these it's become a crusade to stick it out as to sell at these levels is lunacy The promise and potential are there and it's seems to be a numbers game. I still feel that there's a few things we are not being told straight on but that's the nature of the beast with aim
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