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Definitely some.....
Https://masterinvestor.co.uk/evil-diaries/evil-diaries-oil-over-the-place-2/?mc_cid=2761689052&mc_eid=83b18a1a88
There is, it is said, lots of oil around but much is far from politically safe and therefore Chariot (CHAR) off the coast of Morocco is not as attractive as Pantheon (PANR) which clearly has a massive oily acreage in Alaska. But these things take time to be proved up and, although the management of PANR is regarded as well up to speed, the expected eventual bid (at comfortably above 100p) will not appear, it is said, before 2025. I sold 250,000 at 36.2p and regret this. But cash is needed for domestic matters and CHAR which I pocketed at 9.3p.
Cavendish (part developed from Cenkos) are still bullish but, it must be said, CHAR is taking its time.
A clear 'get on with it' message, but at least he's pocketed rather than sold..
DYOR
Askar has been selling, he bought covertly and he's selling covertly.. he bought through multiple different entities. He bought for a very specific reason and when it didn't go his way sold out. Thats why this stock has been pulled down further than it should, now the selling pressure is gone this could easily rally.. SP was about 13/14 before he started selling and we've had so much good news since then. I've been waiting for this damn selling to end and it looks like he used the news to get rid of the last shares. Seems as thought there are some big buyers too
Are we going to see some buying into the close and late reporting after the close like yesterday.
It’s coming to Chariot first.
Jimmy Lea confirmed this.
The rig is with SDX currently.
Surely Askar too..
Whimax - I also suspect that Covalis are now completely out. However, can they be the only ones, because according to their recent TR1, they only had 1.68% left (as at 21 March 2024). Have we not had a LOT more than 1.68% sold out since then and especially in recent days?
Did we work out whether the rig was coming to us or Predator first, or indeed if its the same rig?
Lets hold onto the 9s today and think about the 10s tomorrow!
Possible update re onshore rig and asset sales?
We won’t know till the TR1 comes out, but I suspect Covalis imo. They’re only ones I’m aware of with those kind of numbers.
You obviously know your stuff ,SPOT ON !
Call me stupid but who was the seller as no-one has mentioned a definite name yet?
Seems like the seller just sold £100k in 40mins so maybe too early to call out just yet. However the fact that we can absorb those kind of sales and still rise suggests we now have at least one committed buyer on board. As many have said, once the seller is gone we will be multiples of the current share price. The seller seems to be much happier selling into the rise now rather than just dumping as has been the case for the last 3 months. The coming news events will be the catalyst for a huge rerate/recovery.
It’s common knowledge who the seller was. But it’s over now (I think). The upward pressure here is huge.. this stock has been pulled down by selling despite huge potential. Can see this quickly bagging
I'm happy with 30p + . Just seen this in today's CITYA.M. on their graph best of the brokers.
''Energy firm Chariot completed the farm out of its offshore Lixus and Rissana licence areas to Energean this morning for $10m. It retains a 30% operated interest in Lixus and 37.5% interest in Rissana. It also confirmed a contract to use the Stena Forth drillship for an appraisal well at Anchois. Analysts at Peel Hunt have rated it a 'BUY' with a target price of 35p.''
BDC if a fund decides to sell often it isn't price driven, it can be as simple as reducing allocation to Oil and Gas, geography or the market cap became too small as the share price declined. Might not apply in this case but just an observation that things that don't seem rational close up can be part of a bigger picture view.
Still, I completely agree that selling at this price and this time is utter madness.
BDC - If ever you get to the stage of making realistic sense of the stock market you will on the verge of a "best Seller" !
There could have been a fabled ‘distressed seller’ as rumoured in some social media groups, but as yet, there is no evidence to this being fact. Any such ‘distressed seller’ would also be a terrible trader as to buy anywhere near a 4% position in the company would require buying during the equity raise(s) (18p & 14p). That means they would hold a 14p+ average. To then sell out at 8.25p doesn’t make sense, at least, it doesn’t from a trading perspective (unless of course, you had a leveraged short CFD position on at the same time).
If this were a distressed II then they would likely be beyond the point of being ‘distressed’. Being forced to sell at a -45% loss or more, they’d have to be on the brink of bankruptcy. It doesn’t really make a whole lot of sense, just like being told by an ‘anonymous city trader’ not to buy at the recent lows because of a distressed seller (when this would be the absolute best time to be buying in order to take advantage of an opposing trader who’s ‘distress’ means they need to accept a low price - from you the buyer - for their stock) doesn’t make much sense 🤷♂️
Anyway, whatever the reason the seller had for selling, hopefully this is the end of it and the SP can start finding a more realistic price level without such a dominant player manipulating (intentionally or otherwise) the sell side.
Assuming there is an RNS on a new investor tomorrow, I think we will see something from Simon Thompson at the IC shortly after... his last advice was that 'clearly, Chariots farmout did not meet the expectations of some investors - but that the heavily oversold shares would bounce when -the dust settles.- He may see this as the perfect opportunity to move his 'hold' advice back to 'buy'
DYOR
DYOR
Today’s rise has taken the market cap back above £100 million. This will make it more investable for II’s who will also like the fact that now ENOG are fully on board to bring the assets to production they are essentially investing in the ability of a £2 Billion market cap company with a successful track record.
The 5 analysts offering 12 month price targets for Chariot Ltd have a median target of 39.10, with a high estimate of 58.25 and a low estimate of 35.11. The median estimate represents a 350.42% increase from the last price of 8.68.
ICB - yes, all at the same price as yesterday 8.25p. "Buy/sell unknown" Well they are buys aren't they, same price all notified late and another 1% making 8% so far at 8.25p
Auction
Several large trades currentltly totalling 12 million have just been late reported from after the close yesterday.
If the largest of the selling is now pretty much done (based on yesterday's reported trades), then I wonder if we might now be gearing up for one of those Char Friday specials. Certainly a huge amount of newsflow coming up here for sure and sub 10p looking like a steal again. GLA
This is great news that the seller has been taken out, and it seems like we have a new significant shareholder which must be announced within a few days.
The second well option for the lixus licence is intriguing. My guess is that chariot previously announced that the development plan for anchois was designed to add in additional gas production from around anchois.
The anchois east well will test the deeper O sands on each side of the north fault, so my guess is that if these are successfull they would drill anchois west and test the deeper O sands below it and possibly also test a potential gas accumulation in the pliescene above anchois west.
The chances of success for these wells is very high indeed, and drilling of these wells would then allow the pipeline to shore to be sized for 200 mmcf per day, now that generates a hell of a lot of cash. Expect dividends from that cashflow.
The loukos drilling onshore should be starting in a few weeks , we could get a very nice surprise in the deeper secondary target.
Jimmy