Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Excellent report Chariot have vast resources and project hope we get an attractive bid and have a great reward, it's been a long ride. GLAH
9.5 nothing to st my hopes up there then!
I like page 18
637 BCF 2c Resource
9.5 TCF Exploration Upside (Audited)
Whimax posts "Agm 28 Jun 2023 19:06 Was 8th of September last year, so a day earlier lol."
Thanks for that Whimax it was really helpfulđ€Ș
Duncan's write-up reads like FID has already happened.
Https://www.chariotenergygroup.com/app/uploads/2023/06/Web_02_Chariot_AR22.pdf
Zzzzzzzzz
Appreciate it is early in the day yet but it looks like the dreaded 18p level is very much going to remain untroubled.
Despite St's article, maybe tomorrow....
There'll be Jamđ€
4.27m traded, I don't think ST usually has this sort of lift on his previous positive Chariot posts, good timing?
I agree. I would like to increase my holding here in time but depends on other positions currently open.
And right on cue we, we have ICB888đ
ST has a good track record of putting out articles like todays very close to the big news he talks about. The 65p core NAV is a 4 bagger away from todays price. So if CHAR just doubles on the news it can double again to get to core NAV. Long term holders have waited for longer than we expected but the rewards of that wait would seem to be close now.
However, while industrial natural gas demand is increasing, supply is decreasing, with the only current domestic natural gas supplier recently announcing a 36 per cent year-on-year reduction in its natural gas production. This favourable backdrop provides a great opportunity for Chariot to become the industry leader, providing Anchois gas into this high-demand, rapidly growing market. Furthermore, Anchois has an additional 45mn scf of spare ullage, of which some of the spare capacity could be used for export into the European gas market through Spain.
The signing of a binding GSA with ONEE is critical as it will underpin project financing and allow additional expansion as the project develops. Having previously appointed investment bank Societe Generale to lead the structuring and syndication of debt financing, the project has received wide interest from several Moroccan and European banks.
Deep share price discount to core NAV
Chariotâs share price has moved sideways since I highlighted the progress the group has been making on multiple green energy projects (âGood news will boost this green energy companyâ, 3 February 2023), albeit the holding is still showing a healthy 415 per cent return in my 2017 Bargain Shares Portfolio.
Trading on a steep discount to analystsâ core net asset valuations of 65p, and with an Anchois farm-out firmly on the cards, the shares are well worth buying.
Chariot (CHAR:15.8p), a ÂŁ152mn Africa-focused energy group developing and delivering transitional energy projects, is in the final stages of selecting a farm-out partner for its flagship Anchois gas development project in Morocco.
Around 40 companies accessed the data room and I understand that multiple offers have been received from significantly larger exploration and production companies, according to the company. Chariot has already spent $50mn (ÂŁ39.2mn) on the project and the board anticipates âretaining a material stake in the licences and a [significant] upfront cash considerationâ.
Analysts at Auctus Advisors believe that as soon as the details of a farm-out deal are released to the market then it would lead to a material re-rating. Thatâs because the combination of the carry on the project and upfront cash payment would materially reduce the risk of any significant dilution for Chariotâs shareholders. I completely agree, especially as I understand that some of the potential partners could fund the project from their own balance sheets.
To put the undervaluation of Chariotâs shares into perspective, Auctus has an unrisked valuation of $839mn (ÂŁ655mn) based on Anchoisâ 1C contingent resources of 365bn cubic feet (Bcf) and 2C contingent resources of 637Bcf. Thatâs more than four times Chariotâs current market capitalisation. In addition, Anchois has 2U prospective resources of 754Bcf, which have a 49-61 per cent geological chance of success, and offers potential prospectivity across its Rissana offshore licence, which has a total 2U prospective resource of seven Tcf and could attract larger players, too.
Gas sales agreements progressing
At the same time, Chariotâs management team is working towards finalising a binding 10-year gas sales agreement (GSA) with the Office National de l'ElectricitĂ© et de l'Eau Potable (ONEE) to supply up to 60mn standard cubic feet per day (scf) of gas, having reached an agreement in principle with ONEE at the end of last year.
The gas will be delivered on a take-or-pay basis to secure direct domestic supply for Morocco's existing and potentially longer-term gas power plant infrastructure. In May 2023, Chariot announced that it has established a midstream joint venture with Vivo Energy, part of the Vitol Group, to distribute gas to industrial customers.
Analyst James McCormack at house broker Cenkos Securities notes that industrial natural gas demand in Morocco has increased dramatically in recent years, surging from 2,133 to 3,643 Terrajoules from 2013 to 2020, driven by the expansion of heavy industry in the country. Itâs worth pointing out too that several European companies, including car maker Peugeot, have set up manufacturing plants along the coast to where the Anchois gas is due to come onshore.
However, while industrial natural gas demand is increasing, supply is decreasing, with the only current domestic natural gas supplier recently announcing a 36 per
However, as the actress said to the Bishop "any rise is most welcome"đ
Smyth it is not unusual to see a "flurry" of activity after a ST article as he seems to be a little more respected than our other regular commentator. I have no doubt the traders will take full advantage of it so expect a few happyđout and about today.
Note this from ST article:
â Analysts at Auctus Advisors believe that as soon as the details of a farm-out deal are released to the market then it would lead to a material re-rating. Thatâs because the combination of the carry on the project and upfront cash payment would materially reduce the risk of any significant dilution for Chariotâs shareholders. I completely agree, especially as I understand that some of the potential partners could fund the project from their own balance sheets.
To put the undervaluation of Chariotâs shares into perspective, Auctus has an unrisked valuation of $839mn (ÂŁ655mn) based on Anchoisâ 1C contingent resources of 365bn cubic feet (Bcf) and 2C contingent resources of 637Bcf. Thatâs more than four times Chariotâs current market capitalisation. In addition, Anchois has 2U prospective resources of 754Bcf, which have a 49-61 per cent geological chance of success, and offers potential prospectivity across its Rissana offshore licence, which has a total 2U prospective resource of seven Tcf and could attract larger players, too.â
And:
â Deep share price discount to core NAV
Chariotâs share price has moved sideways since I highlighted the progress the group has been making on multiple green energy projects (âGood news will boost this green energy companyâ, 3 February 2023), albeit the holding is still showing a healthy 415 per cent return in my 2017 Bargain Shares Portfolio.
Trading on a steep discount to analystsâ core net asset valuations of 65p, and with an Anchois farm-out firmly on the cards, the shares are well worth buying.â
Nice we start to this morning with volume over 1 million and not even 9am.. Keep it comingđđ
Full article link below. âŹïž
https://demo.thisischip.com/?q=https://www.investorschronicle.co.uk/ideas/2023/06/28/time-to-buy-into-an-african-energy-adventure/&o=share
Time to buy into an African energy adventure
An energy group is in the final stages of selecting a partner for its flagship Moroccan gas project
June 28, 2023
By Simon Thompson
Several third-party farm-out offers to fund Anchois project
Chariot progressing towards binding GSA offtake
Chariot (CHAR:15.8p), a ÂŁ152mn Africa-focused energy group developing and delivering transitional energy projects, is in the final stages of selecting a farm-out partner for its flagship Anchois gas development project in Morocco.
Around 40 companies accessed the data room and I understand that multiple offers have been received from significantly larger exploration and production companies, according to the company. Chariot has already spent $50mn (ÂŁ39.2mn) on the project and the board anticipates âretaining a material stake in the licences and a [significant] upfront cash considerationâ.
https://www.investorschronicle.co.uk/ideas/2023/06/28/time-to-buy-into-an-african-energy-adventure/
There were also 3 significant RNSâs between announcing the date of the AGM (in June) and it actually taking place in September.
Just saying.
Was 8th of September last year, so a day earlier lol.
Utterly irrelevant to everything else the company is doing
3 months of waiting......Yeh catalyst rns right there
Agm 7th September, so hopefully some very good news before then or they will have a hard time accounting for themselves
Nickshaw. Nope. We may get a spike but Iâm not expecting a boom.
Not much boom anywhere as far as I can see on any news.
Long term slow burner to Production imo, if we ever get there of course.