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One thing Chariot excel at is drilling wells efficiently and safely, on time and on or under budget.
David Brecknock is globally renowned as one of the best drilling managers and his history proves that .
Unlike PRD who do not have a dedicated drilling team , Chariots world class team will have modelled the wells accordingly taking into account all historical data to ensure all chemicals, muds, equipment is 100% correct…I expect these onshore wells( which are vastly more simple than offshore) like the offshore wells Dave Brecknock was and is in charge off , to be meticulously planned, professionally operated and fully successful….
Exciting times ahead for sure!
Not worried about the onshore drill
However if they drill deeper to test the 300 meters of reservoir found downdip in lnb 1 they may need to change the mud system to deal sticky clays that prevented previous operator logging the section.
Jimmy
Jimmy. Are you worried about the chariot onshore drill ?
I do not expect chariot to have the same problems testing in anchois east compared to predator because the reservoir intersection are very thick, 150 meters in anchois 2 and I expect it will be circa 200 meters in anchois east.
Predator have a series of thin reservoirs . Chariot is designing the testing prior to drilling starting . Duncan Wallace has a strong track record whereas predator strategy seems to me to be based on the lowest expenditure .
Jimmy
I think Predator had trouble perforating the zones during testing because of formation damage by the drilling mud. Hopefully we have better luck with our on-shore drill & test. Not sure if we could encounter the same problems though at Anchois during testing. Jimmy maybe able to advise.
Looks like Predator fell 34% today due to some rig damage - so hope Char get theirs right. I think you're in their Jimmy ?
Hi Jimmy, with this method effectively removing the risks and reducing the cost of transporting both gases in a gaseous or liquid state, it will be a game changer for commercial use. No idea though wether it's commercially viable, when compared to conversion of hydrogen to ammonia for storage and transportation.
Blimey Jimmy, that sure is some tech link !!
For avoidance of doubt, Predator's RNS reported:
MOU-5 is expected to be drilled between 1 April to 31 May 2024 in order to avail of in-country well services that will remain following the completion of the Company's rigless testing programme, which is currently underway, thereby reducing mobilisation costs for well equipment and services.
This does not conflict with Char using Star Valley 101 late Q1 or early Q2.
Game changer for storage of hydrogen at.
https://www.nature.com/articles/s41557-024-01443-x
Jimmy
Why so much effort in all of that , we will be drilling within a few weeks , maybe 2,3,4,5,6 who actually cares which week except you PLO p? Can you post some more funny stuff pleaaze.
@Ajilimon
JMW interview - check around 2:45 into it - https://www.youtube.com/watch?v=METPki3mdQY - states '4 well drilling campaign starting around the end of this year (2023)'
Duncan's webinar - check around 7:30 - https://stream.brrmedia.co.uk/broadcast/64bfd25bbd4f8d76ddc59eb9 - 'around the end of this year and early into 2024'
The AGM (not sure there was a recording of it) - stated 'in Q1'.
RNS 5 Feb 2024 - 'Around the end of Q1'
Hi Ajilmon,
That is Exceptional actually..
"Take Loukos for example - when the money was raised, the drilling was to commence by 'end of the year', then it was 'early in the new year', now it is 'around the end of Q1'. 3 months' delay (and counting) is material."
Not sure where "the drilling was to commence by 'end of the year', then it was 'early in the new year'" comes from.
FACTS:
10 Jul 2023 16:32 Highlights:
· The net proceeds of the Fundraise will be used as follows:
o For near term onshore drilling and development planning on a new onshore Moroccan Licence, expected to be awarded imminently
1 Aug 2023 07:00 · Chariot Limited (AIM: CHAR), the Africa focused transitional energy company, is pleased to announce that it has signed a Petroleum Agreement for a new exploration licence, Loukos Onshore ("Loukos"), located onshore Morocco.
Intention to drill priority targets identified, with drill rigs available in country.
Where were drilling dates mentioned between this point and the ops update on Jan 29th ?
To anyone with industry experience, getting from acquiring a licnese to drilling in 9 months is pretty fast.
Absolutely hilarious …
That is the funniest post in quite a while …
Please do carry on PLo p….
@ianfer you're not wrong with any of those points, but here are some of the negative differences I see:
- Interest rates higher
- Gas prices lower
- Recession on the horizon
- Anchois farm-in deal has brought in more uncertainty - it may not go ahead.
- Anchois farm-in deal a lot less attractive terms for Chariot than imagined by most. Particularly around back-costs.
- Loukos has upside, but can also be a money drain.
- Morocco taking a while to ratify the proposed partnership. Unlikely to not go through, but taking so long for a fairly simple deal that they would have been well apprised of is not a good sign, because it is not indicative of 'fast-tracking' future decisions/actions.
- Linked to above, cash-burn is $1-2M per month. Put another way, each month is costing up to 2% of the market cap of the company.
- Management has missed deadlines, and constantly over-promised and under-delivered. Missed deadlines are particularly concerning given point above. Take Loukos for example - when the money was raised, the drilling was to commence by 'end of the year', then it was 'early in the new year', now it is 'around the end of Q1'. 3 months' delay (and counting) is material.
It is almost 2 years since Char sp went from 8p to 22p in the space of a month. Now we are back to 8p ? Can anyone remember why it almost trebled in 4 weeks?
So far as I can see, the differences between then and now are as follows :
We were not set up to do the development then (expertise and dosh) but now we are with a good partner.
We now have more cash in the bank with a "promise" of more to come.
We have an additional licence on-shore which is weeks away from news.
We are nearly 2 years nearer to smelling the Anchois gas.
We have reports from analysts all with good expectations of an eventual sp of around 50pence
So we seem to be in a far better place now than when we were 20pence !!
Ian
What a blether you come out with, who cares for your opinion and that's all it is, I certainly don't. We all have our own opinions, that's why we are here, for the potential bounce, otherwise can't be bothered with your's, filtered.
Ohhhh but "TheBold" going back to using the word RISK which I would guess that ii brokers have to consider....what happens if the onshore drilling on completion is a deemed not commercially viable?
Where is CHARS revenue income untill offshore is developed, what happens if there is not the flow rates expected (Energean have factored in some protection because of this...correct??).
These are the type of considerations that should be factored in...so it depends on your, mine, ii's etc etc appetite for risk...or can you give me or other investors 100% guarantee.
Positive: CHAR seemed to have allocated a high % of success BUT not 100%.
GLA
Rgds Sft
Hey GP, sorry bad timing. Must try harder.
Hey "TheBold" It will actually all be fine (hows that for you)? Unfortunately there are a few investors that think differently, so your short term by in will be affected, but as you have just jumped in recently, I do understand. Did you buy in at 12p? Or catch the bottom? Weldone. I am sure it will come good just not quite yet.
No I still have around 500k of shares, only offloaded 100k to TRY and recoup elsewhere during this stagnant period. IMO of course.
Yes checked the latest unaudited mid term, MAYBE you should to? Also have a look at the note 16
I will actually post another link for you. I try to do that when making comments in an attempt to support my thought process.
https://www.lse.co.uk/rns/ENOG/energean-israel-3q-2023-accounts-kap0pnfk31j8vmg.html
Summary: The carrying amount as of 30 September 2023 was US$2,588 million and as of 31 December 2022 was US$2,471 million.
My apologies if an honest assessment is not to your liking and I do understand you type of traders love to pull the deramp gun to discredit any one that get in your turnaround way, but I think it's going to be a while before we get a climb and for the reasons I have stated.
Good luck, if you bought in at 8p you may double your money if the onshore strike it.
Rgds Sft
Personally, you may want to highlight the latest ENOG accounts from last month , to balance that out of date article , the article is also extremely biased to one view only.
Surfit, I assume you no longer hold shares here with Chariot with the 100% constant negative rhetoric that you post now, you used to be semi positive here, certainly more balanced, you are now not far of being a serial de -ramper.
Rgds
The bold.
Shhhush surfit, we have just broken back into the 8's!
2 more digits to break before I can say my hunch was valid!
It means investors even us PI and especially II's really do not like RISK:
Risk on onshore AND the offshore appraisal drilling, risking in financing and even risk from the new partner: tiny FREE carry for the give away, has the partner secured the financing for the development, they ALREADY carry a VERY SIGNIFICANT debt
https://www.google.co.uk/amp/s/simplywall.st/stocks/gb/energy/lse-enog/energean-shares/news/energean-lonenog-has-a-somewhat-strained-balance-sheet/amp
FINALLY investors are still not sure of Chars cash runway vs time to income (rosk another share placing at 8p??) no value placed on the other renewables arms only further RISK as further financial drain with no planned income revenue stream in short or medium terms or even spoken about longterm.
Finally there is RISK with CHAR management team itself.: Ability to control finances, cut short offshore drilling before flow testing, and stratagey on share dilution.
All my opinions DYOR, or listen to the (TBC) experts?
Interestingly (Positive?)
Still no TR-1 RNS issued for the sell offs? Has it been many of the PI (87%), or has an II (6% er?) just ignored the 3% change notification requirement ???
That piece is terribly written, full of flaws and inconsistencies. Ignore it.
This looks the sort of article that a Moroccan Malcy might have written. but what is the gamble. Maybe this is why it is 8p and not 22p at the moment. Are all those 2024 dates ones we are already familiar with ? I thought first gas was 2025 and it was the new onshore ones that were 2024 if successful.
The Anchois project is a gamble, but one that Chariot Oil & Gas and its partners believe is worth taking. With an estimated development cost of $400 million, the stakes are high.