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It's actually 5 out of 6 Directors that have bought in the past 2 weeks.
Adonis Pouroulis (CEO)
George Canjar (Non-Exec Chariman)
Julian Maurice-Williams (CFO)
Duncan Wallace (CTO)
Chris Zeal (Non-Exec)
I will try and grab some more under 10 if possible tomorrow if funds become available
Wizzard .... some of them have very deep pockets and very short arms but at least they are dipping in.
114000*.088= £10k……..
a weeks wages for some of the directors
...with an initial chunk - will add more in due course. This looks like it will certainly be a news filled and hopefully re-rate year for Char, but either way, there is definitely upside from these levels imho.
Hopefully some trust is being regrown, if the q1 timeline can be maintained and news flows as it should then the next few months might actually achieve the transformational event lth have been waiting for
Gla
Yep probably more to come regards
Chris Zeal this time.
That’s 4 directors that have been buying Chariot stock over the last 2 weeks.
Short Blog today as he was travelling. Repeated the RNS and added the following comments at the end.
"I will update more with Chariot when I return but in the meantime this is very good news indeed from the company. With the drilling at Loukos onshore Morocco now imminent and a rig selected, success will be a game-changer for Chariot. The Gaufrette prospect comes first and then the Dartois, and with a combined potential of some 46 Bcf the opportunities are indeed substantial and also very quick to monetise with more to come.
Anchois has not been forgotten in all this, the new partner is bedding in, with farm-out completion shortly, and drilling will start later in the year along with the FID. With continued high prices domestically all these developments are increasingly positive for Chariot and I maintain my target price of 100p."
https://www.malcysblog.com/2024/01/flash-blog-chariot-jog-ujo-europa-gulfsands-beacon/
The end says , planning on the signature of rig 101.
Every report says it has been signed……
Predator says in one of their statements that they are competing with char to get the rig 101 signed…
I interpret that as the negotiation are still going.
A bit misleading
Fernan,
The futures market was created for the sole purpose of buying & selling a commodity you don't yet have, that's deliverable at some specified date in the future.
I'm not saying Chariot will sign a supply contract with Vivo until the wells have been drilled, the gas found and the pipes are in the process of being connected to industry. By the time Chariot is at the stage whereby it's about to start laying the connecting pipes to industry, the future delivery of said gas is no more at risk than gas that's deliverable via any other pipeline that's been in situ for a decade or more that still remains at risk of a random terrorist strike or natural disaster etc.
If the contract was for Chariot to supply Vivo with say $25m worth of gas in 2026, Chariot could borrow against that contract going into 2025.
It would be Vivo that would hedge the (future) price which they agree to pay Chariot for its gas in 2026.
Looks like this year could finally deliver the potential it has been promising for what has seemed like a lifetime. RNS had a bit more meat to it.
Hopefully now the sentiment remains positive with many more days like today.
It's been a long wait, but it's all kicking off nicely by April this year.
The company said it had signed a rig deal with Star Valley Drilling, for the 101 rig, on its onshore Loukos licence. Chariot expects to begin its first two-well campaign around the end of the first quarter this year, it said.
It expects “imminent approval” of environmental authorisation for a 20-well plan onshore.
The first target is the Gaufrette prospect. This is up dip of an existing gas discovery, with similar seismic anomalies that the company has seen offshore.
The second prospect is likely to be Dartois. Gaufrette has a best estimate recoverable prospective resource of 26 billion cubic feet, while Dartois may have 20 bcf.
Chariot CEO Adonis Pouroulis said the year was starting with “multiple important catalysts”. Work on the Loukos licence focuses on “an overlooked onshore basin that has near term production potential with immediate access to industrial markets”.
https://www.energyvoice.com/oilandgas/africa/ep-africa/546501/chariot-lines-up-drill-plans-on-and-offshore-morocco/
From Simon Cawkwell (paragraph 2 for Char, but have pasted Jog for sentence context)
Jersey Oil and Gas (JOG) seems to be coming along. So why it stands at 180p, down slightly on Friday’s close and after today’s RNS I do not know.
Similarly, Chariot (CHAR) announce encouragingly today and is well offered at 9p. Strange.
It will be v interesting to know the premium the govt and other entities will pay for the gas….with everything heating up in the ME i am sure this minow will be in the hands of a major sooner rather than later it has all the relevant hallmarks - This is not a binary bet now it it is de risked company with a growing asset / gas basin….
It seems like the other pillars will make profits in the next yr which should be 5-10 p in value. The future is looking brighter indeed! V excited for drill results this quarter! 😊
Hopefully with the good news today this share price should start to rocket to its expected short term value quite soon.I would expect its first level it should reach would be about 18 to 20p
Hi Jimmy.
This is different.
I was talking regarding the pre selling of gas in the futures market mencioned by BDC.
Regards
Hi fernan
It’s not a pre sale of the price on the gas futures market but a loan from a customer as a pre payment for future gas delivery at a discounted price, something that sound energy have done in Morocco
Just an option, project finance equally as likely.
Jimmy
BDC:
I don't think CHAR will pre-sell the gas in the futures maket before actually producing it.
If, for any reason, you have some delays getting into first production you will be "short" in gas (you have sold something that you don't have, and hence you will have to cover your position at whatever price).
Very risky in my oppinion.
Regards
Hopefully we'll never see below 9p again.
Being up more than 10% that’s an official. Booooom day
At long last
Jimmy
Thanks to both BDC and Jimmy for the addtional information.
Hopefully the BoDs will provide some firm assurances to us and other holders, to support such or similar in the comming weeks.
GLA
Rgds Sft
Auctus give the figure of $28m as the total cost to get to operating cashflow for onshore, which includes exploration drilling as well as development capex.
Chariot have the $19m from July's fund raise, $10m coming in this quarter from Energean and $15m at FID (expected 2nd half of 2024) = $44m total.
I imagine that in order to cover G&A and have enough ongoing liquidity going into 2025, Char will likely forward-sell its gas on the futures market through its Moroccan partner Vivo Energy.
Hi surfit,
Good question.
There are two sources of non equity finance likely to be available to fund the onshore development capex, firstly some customers in Morocco will pre pay for gas at the development stage and get a discount, secondly there is plenty of project finance available in Morocco given the strong cashflow generating capacity of onshore
Jimmy
Good find and post BDC,
How do LTH's see the company's liquidity to production income holding up to some time in YR24 if costs are as expected: "overall development capex of US$28 mm (including exploration drilling"
Current cash in bank, operating costs /outgoings and timings on receiving the US$10 million payable on completion of the farm in transaction and US$15 million payable on Final Investment Decision ("FID")
Genuine question.