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Good post Michaelhighbar but you should look at the timeline that I posted on the other bb from early 2016 to see the full extent of failed timelines:
https://www.ii.co.uk/discussion/t/exploration-costs-net-book-value-us-76m-16p-sh/1150895
I have contacted the company as well but there has been no response but I agree with you that we need to carry on asking questions.
It's no magic that the share price is as low as it is: there have been targets set by the company that have been missed and there has been silence for far too long. You can't blame management for the outcome of historic drilings (at least not without knowing the technical details). However, you can hold management accountable for its risk sharing strategy (i.e. going alone on Namibia) and you can also hold it accountable for failing to adhere to its own recently set timelines.
Further to my post on 16th Dec, people who feel strongly about the fact that Chariot has not delivered on the specific targets management set for the company, need to write or pick up the phone to the company (there are investor contacts on the website).
Once more here is the link to the relatively recent investor presentation that talked about 3 partnerships in 2019 (p.11)
https://www.chariotoilandgas.com/wp-content/uploads/2019/06/Oil-Capital-Presentation_June-2019_Chariot-Oil-Gas.pdf
It would be worth asking management the relevant questions so as to encourage it to come up with publicly available information e.g.
- Why are (at least) 3 timelines, having to do with partnering in case of Mohammedia, Kenitra and Brazil about to be breached?
- What are the updated timelines for the development of those assets?
-Is Chariot in live negotiations with respect to all four assets with a view to partnering, one asset or none ?
- Or is the company still at the stage where the data rooms are open? If so, how soon will the company begin negotiations?
-If there are live discussions when are they expected to come to a conclusion?
-Why is management not buying shares if they publicly state how excited they are or at least they used to be? NB. Closed periods don't last and are not meant to last for ever.
I have put to the company questions along the above lines suggesting they come up with a public announcement re the unmet targets and the state of play. However, people need to channel their concerns directly to the company and less on chat lines if we are to see more ACCOUNTABILITY by the CEO and management. There is also the option of an EGM where the above topics and perhaps a potential sale of the company could be discussed.
Bottomley only wants to consume Chariots body and soul he will be content to leave the bones behind. Happy XMAS
thanks for prompting me to look back at the company's reports!!! I have been concerned about the falling price over the last weeks and been trying to decide if I should ditch the share.
your post seems to indicate the reason why the market has lost confidence in the company as it's own targets are in danger of not being met.
another poster had said there is due to be transformational news. if he/she knows that why do we not know?
the share price is now so low that decisions cannot hold off.
Everything suggests that this year will end with at least three failed timelines: a Chariot presentation, as recent as June 2019, stated that partnering / well partnerings were going to take place in H2 2019 for Mohammedia, Kenitra and Brazil (see p. 11 "Multiple Value Triggers")
https://www.chariotoilandgas.com/wp-content/uploads/2019/06/Oil-Capital-Presentation_June-2019_Chariot-Oil-Gas.pdf
Three assets and three (recently set) targeted timelines that are set to fail.
How about Lixus? Drilling is to take place at an unspecified time in 2020 …OK, technically not a failed timescale though shouldn’t some specific activity have taken place by now?
Apart from the ENI farm-out a few years ago has there been any other agreement taking Chariot beyond the mere assessment and towards the exploitation of the portfolio assets?
Is it ignorance or cavalier behaviour (or both?) that prevents the company, through its investor relations representative, acknowledging such failings? No matter how other oil and gas company shares may be down, the fact that Chariot’s market value is below cash does it not show a real deficit of credibility?
One can but hope for a more cooperative attitude towards investors perhaps in the form of a long overdue update: the last communication about 3 months or so ago was regurgitating old news and, most importantly, there are those timescales – as stated by the company- that are now set to fail.
Management needs to wonder what has gone wrong and draw conclusions for the immediate future. Would it not be in everyone’s interest to put the company up for sale? After all, the fact that the market value is below cash show a real deficit of credibility.