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KB - without the placings we would not be sat here watching ? Also they were at not much below market value, meaning we had the opportunity to keep up with our %age if we so desired.
Hi KB. That's a fair point. I guess the future will dictate whether ultimately they were bad news or not. If we strike gold onshore then I am sure we will see that raise as a very good thing!
Nick there may not have been bad news in the time period you mention but there have been "placings" a plenty🤷♂️
Dilution is not bad news per se however it is not misleading to suggest your investment is worth less with every placing that happens🤔
Bubblepooint,
All fair observations. I maybe haven't chosen my words carefully. I don't think they have deliberately misleading investors. I just think (as you potentially describe below) they have been a little bit naïve.
Anyway Ianfer makes a very good point. Since I have been involved (early 2020) there has never been bad news so lets hope that continues!
Nick,
I am not convinced Char are deliberately stringing this along, far from it.
Are they seemingly always "over optimistic" in their timelines ? well on paper obviously that looks to be the case, BUT I think it is far more likely that "they" possibly believed those timelines "at the time" of giving them, but the reality is proving different.
I have seen this happen on more than a number of occasions, where, for example, someone enters the team from outside, with a more "westernized" way of thinking and associated expectations, and hen they slowly learn the hard way that in this neck of the woods you simply cannot, influences outside of your control simply dont tick the same way as "your" clock does. So you kinda go through a learning curve of "how" to word and do things that are more in harmony with the people you are dealing with, and "then" you get boxes ticked in a more timely manner.
I am not saying that is specifically the case here, but all to often I have witnessed just that.
Ian I don't think anyone would consider you a happy clapper😉
As Jimmy said - it is frustrating not getting there yet. As I said before, we have a valuable asset and I'm not selling, even if the price drops to my average 11.5p . Some may say I am a happy clapper but I try to be realistic - we are slow but NO BAD NEWS has ever been broadcast while I have been here - 4 years.
Thanks for that insight Bubblepoint.
With that in mind you would presumably agree its best not to give investors overambitious timelines? I am really content with the direction of travel so don't want to sound too negative but the BOD must realise lines like "imminent" or "busy few weeks ahead" can be slightly misleading.
Nick,
My personal industry experience, being that 20 years of it was in various North African countries & a little in the ME, is that company "anticipated" timelines are almost impossible to maintain, as the reality is you can "physically" do little to nothing without ONHYM fully agreeing and signing off on your project/plans etc. I have both been involved in projects that have unexpectedly sailed through, and others that "should" sail through being painfully slow, no rhyme or reason sometimes, just depends on which way the wind blows sometimes, or that's how it feels.
Bubblepoint I agree with what you say about good to accumulate etc. My only point really is they don't need to give the false promises. I think they lose good will when they say it will be a busy few weeks. I think they would be much better to say it could be quiet over the next few months but that doesn't mean nothing is happening. Explain the various steps being taken in the background. I would happily put this in the bottom drawer until the new year.
KB,
It's simple, if you don't like the stock then sell up and go buy something you do believe in.
They said start of 2024 for the onshore drilling, which is funded from the significant placing recently done. Personally I believe that will happen as they have stated, they need to gel the associated requirements to do that during this time.
The offshore long awaited news will come when it is concluded, I would rather wait for them to sign off on the RIGHT deal, than sell them & us short with some kneejerk smash & grab deal that sells them & us well short of the mark. It isn't every day an outfit like this has their hands on such a significant offshore field, and that needs a deal that represents such a return.
The current price window is fine by me, allows time to accumulate, as I am sure others are doing too.
You've nailed it there nick......Empty promises are becoming a very regular feature from our top man😠
It's also interesting to note that none of the happy clappy chappies ever seem to have any niggling doubts about progress in the face of a ever declining share price and or missed self imposed timelines over and over again, and most of whom never post any concerns at all, and some even delete their own posts when voicing disappointment at fear of criticism from their fanboys🙄
The penny shares is a "murky" place which is fuelled by disingenuous posters and us genuine LTH's appear to be few and far between.
News due imminently in the coming weeks.....Aye right ⏰
Next we will be being told by the same old posters not to expect news as "news never comes in the Christmas period" as they said during the school holidays not so long ago......
I fear without news we are heading back to the 12ps. I know this has been said a lot but the constant overpromising from the BOD in terms of timescales is really poor. I think as a result they have lost a lot of good will. If they say its going to be a really busy few weeks, or a deal is imminent, or the like then investors simply won't put any weight on it anymore.
Hi wiggly,
The Eni well was scheduled to complete by the end of November .
I don’t think it will be a problem for chariot as even if it’s a success it will be many years behind chariot. It might also be looking for oil.
Jimmy
When are they doing to drill though...I hope the Chariot management are not already on holiday.
@jimmy et Al
Looks like Eni Topaz driller is still active in Morocco
Spud was early Sept and we are now into Dec.
Does length of time suggest success e.g. testing?
Does success have any impact for chariot?
Moroccan delegation have hopefully been chatting about chars gas.....
https://www.mapnews.ma/en/actualites/politics/cop28-morocco%E2%80%99s-participation-sends-strong-message-integrated-management
Thanks Jimmy - That sounds ok then
Ian fear,
300 meters of ove rpressured gas in our licence area below the main producing horizons is very important for the sub nappe prospects both on shore and offshore.
Jimmy
Sounds interesting Jimmy. Is that Good or Bad?
SDX drilled the lnb 1 well in 2018 which encountered a new geological horizon . This well is located in chariots onshore acreage.
The SDX rns stated.
The LNB-1 well was drilled to a total depth of 1861 meters. The primary target was in the Lafkerena sequence, where 300 meters of gas bearing horizons were encountered in a significantly over-pressured section. The mudlog obtained through the section showed elevated gas readings of more than 20% with multiple sections above 50%. This section could not be logged using conventional methods due to hole conditions.
The gas shows in this section contained heavier hydrocarbon components throughout, which is indicative of a thermogenic hydrocarbon source rock. These types of shows have not been seen to date in other parts of the basin and indicate that a new petroleum system has been encountered in this area. Based on the mudlog shows, reservoir quality information from the formation cuttings, analogue fields (outside the Gharb basin), and the size of the feature as currently mapped, a preliminary recoverable gas volume has been estimated by management. This results in an un-risked mid-case volume of 10.2 Bscf of conventional natural gas and 55 thousand barrels of condensate. This is significantly larger than the traps typically encountered in Sebou and would exceed the size required to justify development and connection to the existing infrastructure in the Sebou area..
Jimmy
I'm hoping same again for tomorrow;)
Nice volune yesterday.
A nice steady start to the morning ..... not s single sell
Got 20k in this old girl...the bell still rings for me avg 19.2p! All the best LTH's. What ever happens the most important thing in life is your family 🙋♂️ we all make make mistakes as investors but in reality we're trying our best.
Much love and peace R2D2