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Hi WWP,
I would be very interested on what would be the response from CHAR IR, I have had answers back from them in the past.
It is of course how the sender sometime phrase such questions as they do seek advise from office staff, or use to anyway.
But it would be great if you did pose the question, maybe in the form of asking for clarification or conformations on your calculations?
Rgds Sft
AP will maybe be head hunted by BPđ
We been there before Veteran and Larry Bottomley was made the scapegoat.
We need to get out of this rut asap. sentiment and faith is on the floor.
Completely agree. If there is no Anchois partner within the next few weeks then calls for the CEO to be replaced should be deafening.
I forgot to add: some just spout any old bâlocks from a position of ignorance because they are bored and like the sound of their own keyboard.
I include myself in this category.
This is business, not a happy, clappy club. Hard questions save money. We're all investors, and the recent moves by the company are odd. Zero good reasons were given. Just the regular, this is the best thing since sliced bread interview. What matters is what they don't say in these interviews. What is no longer good that is been withheld?
Youâd have to be delusional not to ask these glaring questions, given where the company is at after all this time.
I only started to question the board after this odd deal instead of a farm out.
Iâm just being straight forward and honest. I see no one could find a reasonable response or reasoning for the NPV value? And the, what seems to be, utter pointless nature of the endeavour?
Let's hope thereâs no more left field surprises that draw more questions over Anchois.
Hard to see that happening this year now.
Ian, this bb has hosted a wide range of fantasists, charlatans and simple liars over the years. They self-identify usually pretty quickly and I find that filtering them is the best way of preserving sanity. Itâs pointless arguing with them. Often they argue in packs and drown out reason. Some appear paid to sow discord and you might imagine some typing from a secure institution and arguing with themselves via alter ego avatars. They usually emerge when interesting price action is in the pipeline. Watch this space.
Hello Ian
I donât think we have them here, just some very disillusioned investors giving reasonable balance imo.
All of the âbashingâ can easily be put to bed with 2 or 3 RNSâs. Farm in, FID
or GSA would silence the doubters and would be very very very very very nice indeed.
Can some one please wake me up if itâs tomorrow for one of the above as these early starts are eating into my beauty sleep.
Thank you kindly âşď¸
Ian, I sometimes think most of us on here are being mislead.....But not by stock bashers......I will leave it for you to workout by whom......On a side note have you seen the film Chariots of fiređ˛Apparently it's a classicđ
Hi surfit,
My comments on the cash sweep are based my negotiations for a project financing with a uk consortium of banks, perhaps a farmin partner may be accommodating, but there would be a price.
Jimmy
I hoped there were none of these on this board :--
https://www.investopedia.com/terms/s/stockbasher.asp
.... but reading some of the comments and trying to understand the sp I begin to wonder ??
Time will show us
Whimax, makes sense.
WWP,
Yes, 10% dilution (not 15%, as you probably know)
As far as âwhy they did itâ goes, we can only surmise, however, Chariot were handed the Loukos (free gratis as far as we are aware) so the thinking (on here anyway) at the time was that in order to secure it, Chariot would have to prove they had funds for a near term drilling campaign to begin its development. As the Farm Out for Anchois wasnât/isnât signed, funds associated with that could not be guaranteed, hence the placing, imo.
Finally, I also very much doubt that the Chariot BoD would have taken on the Loukos license, and the work involved in its development, if they had thought for 1 second there would be a a Zero Net Gain against Anchois in doing so.
The net NPV10 given for Anchois is US$900m. Dilution was what 10-15%?Wasnât the NPV10 net for the onshore given as $100M?
So net to shareholders is $10M to -$45M given that it's successful.
I still donât see why they did this, given the apparent farm out interest. The deal was to have cash upfront, which would have paid for everything.
In answer to Jimmy
Haven't they already done their due diligence? Morocco, and these licences and information have been open market for many years.
It dosn't make sense to me given the NPV figures.
The last point is speculation, but still valid.
AJ you could well be.
My indication that we are getting large or decent sell is down 10% in 5 days.
Yes I am highly suspicious with regards to SP movement in Chariot as before my concerns started from the the fall 2 weeks prior to the suprise listing back in May 2022.
Of course it may be a McCarthyism paranoia of course đ¤
Rgds Sft
Hello Jimmy,
No.3 seems WAY too harsh and I would not expect an large operator to force a non cash generating company to take that deal. Nor would I expect the Char management to accept such OR accept and gamble on unproven / drilled assets (onshore) assets.
Have you any projects in mind that that was applied?
Just my opinion of course.
I DO (as speculated before) still see the onshore as a seperate deal and exclusive to CHAR to free them financially of large operator fiscal constraints.
But could be way off of course, seem not so on why we really needed the "exploration" cash though: Management (not FEED) cash burn rates.
GLA we will need it over the next 3 weeks.
Rgds Sft
I donât get the rational that individuals who own âa certain number of sharesâ must be âin the knowâ or are privy to price sensitive information, that weâre not.
That 400k shares (which isnât a large amount really) could just as easily have been a punt by someone (anyone really) whoâd built a position a day or 2 before the AGM hoping for a quick return, and itâs backfired.
Volume is pretty low and doesnât look like anyone of any significance âdumpingâ imo.
Sft,
What makes you think the 400k wasn't a buy - priced at mid-point at the time ? The price didn't tick down.
Seems to me someone wanted in with a big amount at a good price and MMs walked it down to fill.
Surely I am not the only optimist left on this board.
AJ
That 400k shares "off load" was a pretty decent size gamble and looks like a faily visable statement (push) on saying they are not expecting any RNS news that imminently. I can only hope they are well in profit already and will trickle buy back in again later...I.e. a week before an RNS.
Great being in the know as a broker hey.
Rgds Sft
My view of the move onshore is for the following reasons.
1. By taking out the onshore licence it prevents potential farm in partners doing due diligence offshore and investing onshore . Narrows the farm in options.
2. Chariot have unlocked the geophysical signature of gas offshore and are now applying this onshore , I personally think they have identified areas of thick reservoir likely to be gas bearing and the potential reserves are bigger than previously announced.
3. A farm out deal for offshore may include a non recourse loan for the capex, this usually includes involves a âcash sweepâ of the net production cashflow to repay the loan quickly, so that leaves chariot needing production cashflow from elswhere to cover basic ongoing corporate costs. With an 85% success rate, going onshore is the right solution to get into cashflow asap.
Itâs a good move.
Jimmy
I wonder whether there will be a bounce in the last half hour of trading like yesterday
I hope we dont test 10p as feel we will struggle to kickon from there. Again we have another few big sells...Bloody hell this is getting worse each day since the AGM...AP get your finger out before we end up in single figures nextđ¤đ¤
WWP - Please can you clarify your post?
Following dilution etc if everythimg is rosy then are you saying value of Co. is around 14p per share?
.... based on 25% of Anchois already not ours and then whatever we give away in the deal?
What doesn't make sense though?
Then you are suggesting that the remaining prospective partners (2 or 3?) are no longer interested so we are now going on-shore to earn some cash???
10p looks like a good support. The company just took a huge amount of possible future value via dilution.
I donât know how other people see it, but given the figures even if ALL the wells come in the final value is still less or touching break-even taking the value removed from Anchois?
Just doesnât make sense? Still no good reason given by management. Odd move.
After looking at all the data did no potential partners find it convincing? Hence the move onshore?
Shareholders are always the last to know.