A wee bit dissapointed with the investor turn out and made a point to the board due to the fact Char now relays so heavily on retail (that is us) a private investor day would be in order on the mainland.
I feel if you all got chance to meet Larry and a few others of the Board a better understanding may be created, Larry is a great asset and more exposure would not hurt the cause.
The whole meeting took some 2hrs apx with an in-depth presentation by Larry and a financial over-view by Mark, followed by a Q\A session in which we ran out of questions.
Very Interesting how the Data swap between company's takes place and the working relationship to build a picture for all to be successful. this includes HRT as you would imagine.
The mood was very upbeat I feel the NRT news may have added to this, all seemed very confident without giving to much away that Major farmee's are happy with what they have viewed ( My personal interpretation) !!
Mark spoke very well and did not look at all worried around the cost burn and the ability of the company to preserve cash until a farm is made.
Approx $25m very bottom line if nothing happens this financial year £5m was the critical sum they would not want to go below.
We did have words about what I felt had happened prior to Tapir and Nimrod and I felt it was taken on-board !
No explanation for the 380m share churn ..blank faces all round ..
I have other notes that I will share when I think some things are posted wrongy
All in all well worth the trip ..HINT ..
Good to see Rob Sinclair again for a guy with a very large holding at a very high average he's very relaxed ..
Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas exploration company, today announces that the Ministry of Mines and Energy in Namibia has granted a one year extension for the First Renewal Phase on the Central Area Blocks, (Licence 19, covering Blocks 2312 A & B and Northern halves of 2412 A & B), offshore Namibia. These licences are operated by Chariot's wholly owned subsidiary, Enigma Oil & Gas Exploration (Pty) Limited,which holds 90% equity and is partnered with AziNam Ltd. which holds the remaining 10% equity. This extension means that the current phase will now run to 31 August 2014.
Chariot has identified prospects within both the shallower and deeper petroleum systems and will be looking to open a data room on the Central Area during Q3 this year. There will be a focus on the shallower petroleum system, which contains attribute-supported prospects but recent third party results have de-risked the deeper petroleum system and the prospect portfolio identified here.
This recent drilling of the Wingat-1 well was undertaken in the Walvis Basin, approximately 70km from Chariot's Blocks, and the results have been encouraging for their prospectivity. The well reportedly encountered two oil generating source rocks and samples recovered good quality, light oil. Further third party drilling in the region, to be undertaken in the near future, will also help inform Chariot's prospect selection and the Company will look to secure a partner with the aim of drilling a well in 2014 on completion of the farm-out process.
Larry Bottomley, CEO commented:
"I would like to thank the Ministry for granting us this licence extension. This will enable us to integrate our data with the information resulting from this third party activity as we seek to select the best prospects for drilling and subsequently partner with the optimum information to hand."
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