Chariot Oil & Gas (BUY) – Weathering the storm (Note published) CHAR LN (8p, TP 20p from 12p), Market Cap: £20.7m We believe that Chariot is a well-funded company, pursuing a sensible strategy of zero-cost exploration, having worked hard to develop an enviable portfolio of commitment-light exploration assets in frontier basins along the Atlantic Margin. In our opinion the key to success now is farming-down the exposure to high-risk assets and beginning to progress them towards exploration drilling. Third party exploration should provide interest in the data rooms and we believe Shell’s interest in BG, especially its Brazilian acreage, confirms the value industry places on offshore Brazil. We reiterate our BUY recommendation and adjust our TP to 20p (from 12p). We also change the primary analyst on this stock
20p would be a step in the right direction for sure but still a long way to go before many on here are at break-even
No Directors buys suggest there is something going on - I just hope it's not an offer we have far more value than is shown in our MC and SP ..
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