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“First gas without any future significant equity raise” 👍🏻
Correct - meant from Karish. Sorry.
Could it be a deliberate attempt to drive down, by a competitive provider to N Africa and EU. Seems all new providers are not rising as fast as I would expect. Expensive if so but peanuts in comparison to the long term. Just a thought.
"see its income stream vanish.."
Wrong, they will still have circa 33-37kboepd
Hello
· Following completion of the Anchois well, Energean will have the right to acquire a further 10% of Chariot's equity in the Lixus licence for:
o US$850 million gross development carry to first gas (including the US$85m gross carry)
o US$50 million 5-year zero coupon convertible loan note with a strike price of £20 adjusted down for dividends or issuance of three million Energean shares, at Chariot's option on FID
o 7% royalty payment on Energean's gas production revenues in excess of a base hurdle on the realised gas price (post transportation costs)
Yes.
But Karish is Energean's main source of income and given the risk in the ME presently, a strike on the platform would see its income stream vanish.I think this is why the market it reacting with the dropin the sp.
Gooner - not sure if you can read the FT article on Energean, but have posted some of it here...the reason I thought they might be interested in CHAR was mainly because of the current risks to their operation off the Israeli coast...their Karish field sits in Israeli waters but...
https://www.ft.com/content/a45e366d-8193-4243-9ea5-a79db82f28dd
About 75km off the coast of northern Israel sits a vessel once targeted by Hizbollah, and now guarded by two Israeli warships, tasked with ensuring the lights stay on in Israel during the war against Hamas in Gaza.
The giant floating production facility is the primary asset of London-listed Energean, which started producing natural gas from the Karish field last year.
Although a relative minnow in the oil and gas industry, Energean “has been providing at times up to 60 per cent of all of Israel’s gas demand” from Karish since the October 7 massacre of about 1,200 Israelis by Hamas, the company’s founder and chief executive Mathios Rigas said.
“We had to produce to keep the lights on in Israel . . . ‘just keep the gas flowing’ was the message, so we went to maximum capacity,” Rigas told the Financial Times.
The responsibility was thrust upon Energean after the Israeli government ordered a temporary shutdown of the Chevron-operated Tamar gasfield, which normally meets about 70 per cent of the country’s energy needs.
Tamar’s production platform, visible from the north of the Gaza strip, sits only 25km off the coast of southern Israel — well within range of Hamas’s rockets, although production was restored after a month.
For Rigas, the dangers for natural gas producers off Israel are not new. In July last year Israel shot down three Hizbollah reconnaissance drones that the Lebanese militant group claimed were heading for the Energean Power floating production vessel as it arrived at Karish amid a territorial dispute between the Jewish state and Beirut over control of the gasfield.
Gas production only began at the site in October 2022 after the US brokered a landmark maritime border deal between the two countries, leaving Karish on the Israeli side of the line.
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https://www.ft.com/content/a45e366d-8193-4243-9ea5-a79db82f28dd
The war with Hamas has reignited fears that Hizbollah could try to target Energean again, leading to a 20 per cent drop in the company’s shares as the conflict started. But having stabilised in recent weeks they are down only 6 per cent from pre-conflict levels, valuing Energean at £1.7bn, helped in part by Rigas and other senior figures stepping in to buy
We are down! ENERGEAN good partner to have
>1b usd MC.
NorViking, I see that article as being even more reason to 'fast-track' our development.
NorViking they certainly did talk up about majors being in the game, what happened?
Have to admit my first thought was "who?" But they have proven track record?
Maybe the market aren't impressed with our partner?!
Exactly Gooner,we are now nearing 11p range ffs!!! Like surfit has posted think we are going to regrettably go lower. FML 😒😒
Great bit of realism Surfit----
Question for the webcast... When in 2024 do they anticipate being able to drill the additional well? The RNS makes it pretty clear the FID will not come until after that time so could be another year away. Maybe some people are getting out as they don't want to wait any longer?
I had read this from the FT on Energean -published end Nov - and had them on my potentials' list, but was expecting a big oillie like ENI or Total, so like the rest of the market I'm a bit surprised that it's not one of the majors.
https://on.ft.com/46MfsoM
Bubble it makes no sense to be selling for the tiniest of spikes and to be able to buy @ 1240 is a joke, let's be honest.
I hope so Bubble. Just topped up at (what I hope) is a bargain price of 12.4p. This share has to be worth something at some point
When was the last time you saw an Aim oily have over 500 trades in first 90 mins ?? A LONG time ago,,, and it will almost certainly have flushed out those hoping for a quick fast buck trade on news.... Great, I feel confident this will recover almost as quickly as it got pulled backwards........
Oscar - You mean Algeria?
1. Who had heard of Energean's before today, another finance centric player rather than a proven operator.
You are joking, right?
All IMHO DYOR
Happy
A new research note by Auctus today. The firm state: “With line of sight on first production with a strong development partner, the story benefits from high impact drilling newsflow onshore and offshore Morocco in 2024.” The firm reiterate their 50p TP.
https://x.com/Chariot_Energy/status/1732669507045310661?s=20
1. Who had heard of Energean's before today, another finance centric player rather than a proven operator.
Do they have the funds for this or do they have to raise capital?
Make you wonder all that dilution as we ran with FEED Costs and still only got 30%
2. We get 25million to keep the lights on until gas production, will that be enough? NO!
3. Does this mean the onshore is seperate?
4. If onshore is seperate I.e. Char management will be operators, what will be total costs to production
5. I must be reading this wrong can some one clarify the wording at the end of the RNS does it say/ mean indicate we have to pay for the project carry later? Ie 50% of our 30%
" Energean's carry of Chariot's costs is non-recourse, and has a coupon of 7% over the one year Secured Overnight Financing Rate (SOFR), with the carry including interest repayable from 50% of Chariot's future net sales revenues from the Lixus licence"
Markets are treating it not derisked, quite the opposite. More flim flam dealings from AP and crooks imo.
The market has seen that CHAR could not get a reputable operator, and has determined it will need more funding.
Current target 10p probably.
Sft
Really thought that we would have a spike simillar to JOG on news then the inevitable sell off during the day not first thing!
I can see as many blues as red trades so I will never understand how this all works (and neither do the "experts"
I have given up!!
The Moroccan government are paying through the nose for gas since the pipeline from Jordan I think it is was shut off
They’ll want first gas asap
Late start today for me. Just seen the RNS and now just seen the SP. Down 8.4%?! Is anyone able to explain this properly? Have read through the 70 odd messages and all emotional responses so far.
Https://twitter.com/Chariot_Energy/status/1732683563756069305
A new research note out from Cavendish today: “Delivering an Expanded Anchois Project”. The firm have updated their TP to 58p on Chariot’s shares