Hello Poll. I still think that we'll get a tier 2 farm-out before too long and my guess is that it will be BP and Petrobras again. It's certainly true that Larry is having to give everyone from institutions to the Namibians their pound of flesh atm and agree, it has been frustrating. But it would be rather odd for him to talk about an early 2015 drill, as he did a few weeks ago, if he didn't think it were going to happen. Still hoping that 2015 will be an awesome year with drills in Namibia and Morocco, and that we get some great news tomorrow night :-D Am reading an article about how dependent we're all going to be on Russia for gas for quite a while to come and am glad Chariot has a Moroccan gas prospect that is looking more attractive by the day
It wouldn't surprise me if we get a similar deal to that done by Eco Atlantic with Tulllow Oil where a company comes in to pay for the seismics with an option of a capped carried well later. See link below;
Personally I'm disappointed because we have lost 25% equity of the central block licence and drilling has been pushed back. Chariot suggested this outcome though in the placing presentation when it stated drill B or 3D seismic within Namibian centrals. Maybe it's the right decision long term taking into account recent offshore Namibia drill results.
Only my opinion but following today's news I think Chariot will drill next in Morocco in 2015.
It's disappointing that Chariot has allowed itself to be squeezed in this way, especially as it has just undertaken a placing to raise funds. Would it not have made more sense to prioritise the funds for Namibia rather than Brazil and then pay more for Brazil later once the sp is higher? I guess Larry knows what he's doing but I hope someone asks hims how this has happened. Also, no one seems interested in who our new partner in the Centrals is. On the plus side, Larry has now secured the centrals for three years which should allow for at least one more drill. I'm sure I'll be feeling happier come tomorrow night when we should get a holdings RNS. Keeping the faith, just about, but a lot of it is predicated on Larry telling us about an early 2015 drill during the PI conference.
It would have been reckless for Larry to talk about drilling in the centrals in 2015 if he was not pretty certain of it. It looks like a farm in partner wanted the licence renewed first before farming in, chariot did not have funds for a bank guarantee to to go the next stage, namibians and azinam used this to their advantage and squeezed extra licence equity out of chariot in what is a highly prized area based on other farm ins in the area.
so after all the hyping up over the past x months, where we have got to is:
1. renewed namibian licence good 2. lost Petrobas and BP bad 3. no news on big new II´s yet ? 4. share price still pretty much at all time low bad
some investors who think that holding stock that has fallen by close to 90% in past 2 years is pretty rubbish some investors who think larry and the board have done a great job in this period
those of us who have avearged down are sitting on lower % losses (but by definition) bigger actual losses. Some think this is bad, some think this good
i´m sure the larry groupies will continue to shout down any contrary views, but really until we have some real news nothing is going to change here. think i´ll look again in a month and see how the weepo v peggy fight is going
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