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EXCLUSIVE: Aura Energy #Aura to IPO Swedish Vanadium prospect


Chariot Oil Share Chat (CHAR)



Share Price: 8.20Bid: 8.10Ask: 8.60Change: -0.15 (-1.80%)Faller - Chariot Oil
Spread: 0.50Spread as %: 6.17%Open: 8.20High: 8.20Low: 8.20Yesterday’s Close: 8.35


Share Discussion for Chariot Oil


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Weapon7
Posts: 2,589
Opinion:No Opinion
Price:8.72
RE: CHAR
Sat 22:49
173p success value 23p risked value just on Prospect S, does not include their other prospects or 1billion+ barrels derisked if a success. Buy.
 
Goonerpete
Posts: 2,599
Opinion:No Opinion
Price:8.72
RE: CHAR
Sat 21:05
You never know we may see 9p soon ......

May well be worth a punt come September
Weapon7
Posts: 2,589
Opinion:No Opinion
Price:8.72
RE: CHAR
Sat 18:35
Great stuff. Massive upside basically valued at cash. Risked value 20p+ success value 173p.
DelBoi
Posts: 447
Opinion:No Opinion
Price:8.72
RE: CHAR
Sat 10:39
CEO"Our farm-out discussions are ongoing, strengthened by this well having already been fully funded, and we look forward to introducing new partners to share the costs and also the significant rewards of a discovery on Prospect S, and to accelerate the optional drilling on the transformational follow on potential.”
preciousmaj
Posts: 942
Opinion:No Opinion
Price:8.17
RE: One question
Wed 17:27
Even a prospect with 90% chance of success is not guaranteed.
preciousmaj
Posts: 942
Opinion:No Opinion
Price:8.17
RE: One question
Wed 17:25
If you were farming in to a block, would a resource estimate of 459mmbbl with a 29% chance of success be more appealing to you or a resource estimate of 125mmbbl with a 15% chance of success? These are independently verified.
Jimarillo
Posts: 352
Opinion:No Opinion
Price:8.17
RE: One question
Wed 17:05
If Tullow have a discovery at 15% cos, doesn't automatically mean Char having 29% cos will then have a discovery

If you have 50% cos doesn't mean you will hit oil every other well

I have had the same number come up on the roulette wheel 3 times in a row on several occassions even thought there are 36 other numbers and a 0 or 00 if it's french roulette on the wheel

At the end of the day you don't have a clue until the drill bit has done its work
MrJinx
Posts: 1,212
Opinion:No Opinion
Price:8.13
$31.7m...
Wed 14:16
...is not $35m. Just saying PM. I know what a stickler you are for facts and figures. Unless you're estimating...?
preciousmaj
Posts: 942
Opinion:No Opinion
Price:8.13
RE: Derisk through partnering
Wed 13:47
6:30 Prospect S has those reservoirs that were proven in Murombe, it also has the source rocks that were encountered in both Murombe and Wingat and that source rock is mature within our blocks.

8:10 We've got five 4-way dip-closure... they range from 290mmbbls to 459mmbbls... 1.75bn of prospective resource... if s is a discovery it will derisk that additional 1.75bn mmbbls of prospective resources and we have an additional two stratigraphic prospects in excess of 400mmbbls that sit below these 4-way dip-closures.
DelBoi
Posts: 447
Opinion:No Opinion
Price:8.13
CHAR
Wed 12:54
Just my opinion, I see the price of oil heading back towards the $80 -$90 range short term. Against historical prices $16m is cheap drilling for 65% share of 459mmbbl @ 29% chance of success. To para phrase, For commercial sensitivity reasons the farmin conversation can't be shared and are ongoing. Read from that what you want.
I will take your point Mr Jinx that the share price hit lows of 4.9p, @ you say, 50% of its cash value. Oil was on its knees with little in the pipeline. Within 8-12 months however the share price rose to 20p +.
DelBoi
Posts: 447
Opinion:No Opinion
Price:8.13
RE: Wow!!!
Wed 12:02
Cash position, last weeks presentation. Slide 3, bottom right corner for the hard of learning.

http://www.chariotoilandgas.com/wp-content/uploads/2018/06/Oil-Capital-conference-_14June18_email.pdf
preciousmaj
Posts: 942
Opinion:No Opinion
Price:8.13
RE: Wow!!!
Wed 12:00
That was mentioned by the person asking the question, I have copied it as it was said. Watch and listen to the video, which you clearly haven't and you will see.
MrJinx
Posts: 1,212
Opinion:No Opinion
Price:8.13
Wow!!!
Wed 11:54
We have $35m in the bank PM? Really? Care to show your working out?
preciousmaj
Posts: 942
Opinion:No Opinion
Price:8.13
One question
Wed 11:53
It boils down to one question, whether as a shareholder you do not trust the management of the company and their ability to farm out.

I believe that they will farm out and recoup their investment and I also believe that the company is way undervalued, it's just a matter of time when the re-rating will take place.

After the last raise, CHAR is a healthy company and we can only go upwards from here IMO.

I would be extremely surprised if we cannot farm out the Namibian acreage where we are targeting a resource estimate of 459mmbbl with a 29% chance of success. Tullows target has a resource estimate of 125mmbbl with a 15% chance of success.

Equally the Brazilian acreage where 12 wells are committed surrounding our acreage, including one in the adjacent block. Our neighbouring blocks in Brazil are licenced to the likes of BP, Total, Petrobras, Galp, Shell, etc. The data room should be busy.
preciousmaj
Posts: 942
Opinion:No Opinion
Price:8.13
Conference Call
Wed 11:46
Also listen to the investor conference call Q&A session from 6th June:

http://www.chariotoilandgas.com/wp-content/uploads/2018/06/9925929-Chariot-Oil-Gas-06.06.18.mp3

This is the text from the Q&A session of the call:

1. Hi Larry, I want to know whether you can rule out any equity raise before the next drilling:

To undertake an equity raise, we need a use of funds. We don't see a use of funds over and above it is what we're doing so, we have no plans to do an equity raise before the spudding of the next well.

2. What about the farm out negotiations, how far are you in those? How far are you in farming out?

Okay what we've done is we've got two data rooms open, we've reopened the Namibia data room and that's now open to non-operators. Prior to raising the equity funds in March we were engaging solely with operators, deepwater operators, which is a small and limited group and we had interesting and material discussions with that group. What we've now done, we are operating the well and it's going ahead, we've opened up the data room to non-operators and they're coming through the data room. Similarly with Brazil, we've opened up the data room but it's a process that we've just opened and now we're getting companies coming in. In terms of both we have attendees coming in for both data rooms and conversations are on-going. Clearly those conversations are confidential and can't specifically speak about them, it's our intention to announce any developments as they progress within those discussions.

3. Are you still in the marketing process of farming out or are you in current negotiations with potential partners in regards to farming out?

We've got discussions going on in both Namibia and in Brazil with potential partners.
preciousmaj
Posts: 942
Opinion:No Opinion
Price:8.13
Derisk through partnering
Wed 11:40
Remember that YF Finance bought their 7% holding at 13p, that should be the minimum that the SP rises to pre spud IMO.

Larry gave a fantastic responses in the Q&A session at the Oil Capital Conference on Thursday 14th June, check 21:00 onwards:
https://www.youtube.com/watch?v=RmKPcUReh_Q

Question:
How keen are you to farm out Prospesct S? I mean is it... would you say if you don't farm out on Prospect S, you will have enough resource to continue with the rest of the program.

Larry:
Yes the.. in terms of the commitments that we've got... the only commitment that we've got throughout the entire portfolio is the drilling of prospect s. We'll be drilling that and we're funding for it regardless of whether we partner... we are very keen to partner because what that allows us to do is in prospect s specifically, with 5 four way dip closures... explore, discover, sell... our preference will be on partnering and be able to drill prospect s and then w back to back with s... that proves up two of the five prospects... it proves up that there are two separate source kitchens and it derisks the remainder of the portfolio. So by partnering it allows us to drill s... if s is a discovery... we will drill w back to back... we've got the well on a 1 plus 1 basis.

Question:
Obviously, if you drill s without getting it farmed out... to continue with the rest of the program... s will cost in the region of $19m and you've got $30-$35m in the bank so with G&A as well... you know... I'd say if you don't farm out then you'll probably be looking to raise...

Larry:
We're looking to partner in all of our portfolio... so, if we partner on s then that will be great... that the cash that will be liberated that we're not spending on s, we could invest elsewhere withing our program... We're also looking to partner in Brazil... Any cash that this liberates we can invest elsewhere... We'll be looking to partner in Morocco and anything that we liberate there will go elsewhere... so it's really about continuing our process of taking large equity positions and then going through the partnering process... we have historically been successful in partnering... partnering has been really touch over the last 2 to 3 years and we have been one of the few companies that have been successful at partnering over the last 2/3 years... we have historically partnered with Petrobras, BP, Cairn, Eni, Woodside, Azinam... so we are continuing.. that's part of the derisking process that we're undertaking.
dougal66
Posts: 20,918
Opinion:No Opinion
Price:8.13
RE: At this moment in time...
Wed 11:21
Namibia ''S'' drill before end 2018 seems very unlikely.
Seems to me the market is more interested in ''W'' rather the ''S'' which looks more of a fishing trip

<with committed cash deducted, Chariot has $8m. Brilliant!>
and mcap 30m
MrJinx
Posts: 1,212
Opinion:No Opinion
Price:8.13
At this moment in time...
Wed 11:03
...with committed cash deducted, Chariot has $8m. Brilliant!
DelBoi
Posts: 447
Opinion:No Opinion
Price:8.13
RE: For some reason...
Wed 10:15
"Cash mean less than zilch."We will leave it at that, best of luck with your investments.
MrJinx
Posts: 1,212
Opinion:No Opinion
Price:8.13
RE: For some reason...
Wed 10:08
Lol...cash means less than zilch Del, you should know that. Cash is earmarked for Namibia and operational costs for the next 12-18mths. It's a dwindling, finite resource and should never be an asset to base an sp on. Especially so if we get no farm-in investment. Were you not here when Chariot was at 4.9p...? That was near 50% lower than the cash held at that time.
dougal66
Posts: 20,918
Opinion:No Opinion
Price:8.13
RE: CHAR
Wed 10:07
If you say so Del
DelBoi
Posts: 447
Opinion:No Opinion
Price:8.13
RE: CHAR
Wed 09:54
September, expected to take 34 days to reach total depth. CHAR spud in October, as per presentation last week.
dougal66
Posts: 20,918
Opinion:No Opinion
Price:8.13
RE: CHAR
Wed 09:42
Tullow has hired Poseiden Rig for spud Sept and 45 days to reach target depth
CHAR has hired Poseiden Rig for Q4? Seems very tight. My guess CHAR spud won't be until early 2019
DelBoi
Posts: 447
Opinion:No Opinion
Price:8.13
RE: For some reason...
Wed 09:20
83% of the share price valuation is supported by cash Mr Jinx, hardly surprising.
MrJinx
Posts: 1,212
Opinion:No Opinion
Price:8.13
For some reason...
Wed 08:48
...the MM's seem desperate to not let this drop below 8p for any length of time. It's even more perplexing when you consider the huge sell-off over the past 6-8weeks. Even today the spread is in double figures which largely prevents trading. The current sp unjustified.




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