We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
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
Sorry a glitch in the matrix
" The Moroccan Gov AND what gas CONTRACT PRICE PER BOE AND WHAT THEY WANT TO PAY , is what IS HOLDING THINGS UP ( they will have real influence in that imo), If you add in this onshore.....IT ALL SEEM VERY CONFUSING. You couple that with the lack of clarity on financing the other pillars no wonder the market is cautious on share price valuation!
I am in to deep now 😂
Rgds Sft
Hey NorViking,
I really can't see onshore holding up the Anchois development, but in saying that it depends on what either the farm in partner and / OR CHAR management are trying to do.
BDC comments are informative in that I did not relook at the EIA RNS and understand the onshore inclusion, I just assumed due to the time scale present for onshore that it was not. It had obviously therefore been something that the board had been working on for some time.
I just remain rather stressed on cash runway and further dilution, but we are all signed up now so are very much in their hands.
But I agree on your "if", but surely the whole of Anchois, Lixus and Rissana do NOT have to be agreed in one deal: Operators have HAD a ruthless reputation in the past , but having worked for them for over +20yrs, the days of intent of bankrupting contractors (or partners) on finacials and delays on payments are very much long gone....so s it down to CHAR (their financials) and what they are trying to play.
The Moroccan Gov what gas, my bit is what they want to agree to pay ( they will have real influence in that imo).
CHARs business modle imo is flipping difficult to follow.
GLA
Rgds Sft
Henry,
I think that's a bit nit-picky. They stated ballpark production for Anchois as being 2024/25 throughout.
Sunfit - if onshore derisks the Risanna licence, then I do wonder if a partnership deal might now be contingent on Chariot going ahead with the onshore drill, getting the results, and then sealing a deal to encompass offshore + onshore?
I hope not TBH as I'm running out of Godot patience!
Hello BDC
Drill result webcast: DW stated 2024. MW stated 2024.. moments later AP stated 2025.. all prior to anyone knowing about onshore. If they can’t get the projected years right between the BoD in an investor webcast, what does that say about the credibility of the investment case to insti’s
Surfit,
I don't think Chariot or Morocco see it like that. The processes don't need to be so separate as you have stated them to be.
For example, the EIA RNS states onshore and offshore environmental and social baseline surveys have all been conducted and the EIA covers all aspects of the development including future wells and offshore infrastructure, the onshore Central Process Facility and link to the GME pipeline.
I've often mused on here as to whether the onshore would be included as part of a greater farm-in/partnering agreement for the whole of Rissana.
If the onshore, following exploration, is deemed commercially viable – then it just makes the entire Licence area more valuable.
Remember if the onshore, following exploration, is deemed commercially viable, its CPR, FEED, Environmentals, FID then (secure financing) Sanction, equipment pipeline and contractor procurement and build....all in a year? Can't see that imo? Hence me agreeing with NorViking and others now.
It could be as Jim alluded that onshore derisks Rissana due to the geology, how this all marrys up into ONE all encompassing RNS will be intresting.
Rgds Sft
Saw that flash up and thought it might be the news we are waiting for. How have I not learnt by now!
I suppose (hope), once they have signed the gas contracts and then the farm in, in theory they can then secure creditors to get them across the line.
I still feel (again hope, in trying to understand the finance logic) AP gone down the previous share raising route due to his previous experience with creditors in his old mining company, that he left over extended?
@ BDC is that to production? They have to strike onshore first of course, and have money to get there.
Which as NorViking and others ( me too now) feel will be all packaged in one?
Rgds sft