The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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The current sp is ridiculously low against the analysts targets:
“ The 5 analysts offering 12 month price targets for Chariot Ltd have a median target of 39.36, with a high estimate of 57.47 and a low estimate of 34.64. The median estimate represents a 377.68% increase from the last price of 8.24.”
Also since 22nd December there have been 6 Director purchases at prices from 9p upto 9.89p. Let us hope Friday’s rise signals the bottom has been reached and a rise towards the low end of those targets gets underway fuelled by the regular news that should be landing. ENOG were very bullish on Morocco in their recent update and when their first payment lands in CHAR’s bank account it will be well received by the markets.
Hi Jimmy.
Historical flow rates in the area are substantially lower than the numbers you provided.
For example, see the results of the LAM-1 well:
------------------
Monday, June 29, 2015
Circle Oil updated its operations on the LAM-1 well on the Lalla Mimouna Permit onshore Morocco. The LAM-1, the first well drilled by Circle on the permit, is targeting the Miocene gas-bearing sands similar to those found on the company’s Sebou Permit.
Total depth for the LAM-1 was reached on May 26, with prospective gas zones logged and a completion string installed. The well was tested using a slick-line unit. The primary target was perforated at 1,261-1,272 meters and flowed gas at a stabilized rate of 1.9 Mmscf/d and the secondary target was perforated at 1,181-1,183 meters MD and flowed at a stabilized rate of 1.1 Mmscf/d.
Hi Jimmy,
Why did SDX give up on the lnb1 well and the acreage? I can see that is was considered non-commercial at the time, but they were considering stimulation and re-testing, although I'm not sure if that ever happened.
I believe you are also invested in Predator. If their on-shore discovery is as big as some are predicting, do you think that will have any affect on Chariot (good or bad)?
thanks
Hey Jimmy,
Really good information, appreciate the input and time. Thank you.
Rgds Sft
Great summary Myoung.
Hi surfit, a review of the SDX announcements from 2018 is worthwhile to consider the potential.
Firstly they stated there is a 10 meter reservoir sequence in the Miocene which is widespread in the onshore 3D seismic acreage and chariot have identified as being in four very low risk prospects they identified in the 3D seismic
The average flow rate per meter for reservoirs in the rharb basin is 1.1 mmcf per day per meter, so expect a flow rate of approx 11 mmcf per day from the primary target for each of four wells.
The route to market is interesting as there appear to be two options
a) SDX announced they have spare capacity in their pipeline to the industrial users in kenitra and they are looking to monetise that, these could be a pipeline tariff of 10 to 20% of end user price.the price for cng is reported by predator as $12 mcf. I estimate opex at approx$1 mcf so a strong cashflow generator.
b) chariot have signed a gas distribution deal with a vitol subsidiary . The predator recently announced economics for cng reported a net back to predator of $6 mmcf, which for chariot to produce at gross 40 mmcf per day would be $180 k per day or $65 million per year.
That’s the low risk option. However, the SDX rns of 20th April 2018 reported a major discovery of 300 meters of net sands in lnb1 well which is now in chariots onshore acreage , the reservoir is in the lafkerma sequence and had average elevated gas shows of 20% and some zones exceeded 50%. The reservoir was not logged by SDX due to drilling conditions. If this reservoir is updip and below the main target, then that’s a very pleasant upside surprise.
Jimmy
Thank you for your input MYoung.
If ONshore is successful, it will then be interesting to see what information the board put out for time lines and costs to production (CPR, reservoir size, expected flow rates, FEED/mode of transportation of gas, GSA, FID, Sanction, project development)
Rgds Sft
Reminder of impending RNS newsflow in next 11 months in no priority broken out into the different areas , All below are non grey , material news category
ONSHORE GAS :
1-Rig contract award
2-drilling programme and plan , civils preparedness ,licences and permits all in place
3- spud of first well
4- results of 1st well
5- spud of 2nd well
6- results of 2nd well
7- spud of 3rd well
8- Results of 3rd well
9- spud of 4th well
10- results of 4th well
11- campaign summary and future plans to first production ……
OFFSHORE GAS :
1- ONHYM ratification of licence changes approved and in place formalising ENOG
2- receipt of $10mm from ENOG
3-offshore drill unit award
4- offshore services awards, detailed programme and objectives for AE
5-Rig mobilisation to AE
6-Offshore spud of AE
7-multiple updates due to nature of this well (essentially 3 wells in one)
8-final results of all objectives and forward plans to FID
9-GSA news,
10-production licence awards
11-FDP submitted an approved by ONHM
12-FID ( what size /scale ??)
13- receipt of $15 mm from ENOG
14-ENOG intention to increase equity and chariot decision on either 3 mm ENOG shares or $50mm bond note
15-EPC contract awards
16-Rissana seismic award,
17-commencement of Rissana seismic campaign
18-completion of Rissana seismic seismic campaign
19-First overview of results from the campaign detailing some basic new information- very positive hopefully ( full results will go into early 2025 )
RENEWABLES :
1 funding for pillar ( spin out to newco? they have reiterated no dilution to parent company ( chariot level )
2- Tharissa project commencement
3- other project updates( 3) and potential new awards
4 Etana news on continuing electricity wheeling and first monetary values hopefully given GREEN
HYDROGEN -
1- feasibility study on project noir
2- Total intention on next steps and first financial seen on what they are paying
3- potential new projects
M H 95
Let’s hope S T excludes Chariot. He not got it right last year. They are prostitution imo. Just east tge MW “interviews” on interactive.. what a load tosh.
He should be selling fruit down the mkt. at least there everyone accepts it’s a joke. Unlike here. We think BoD are aligned with PI’s, yet those same PI’s would immediate unaligned themselves on decent upside. My hope is that AP cranks up the news flow and stops the BS. We need a developing story line not fairy tales .
5 blue days next week may restore some confidence but always remember that this is chariot trading on an AIM market.
On "Good news" we go into reverse and on hot air we can shift upwards. Its all bent af.
Anything over $12mcf would be good, not sure how much I produce tbh....
I'm forever blowing bubbles!
But gas, expensive commodity.
Jagua,
Not nice! and BTW, why waste gas, when prices are on the up and in short supply??
From a TA perspective we had to hold 8. We dipped slightly below it yesterday, but have now closed above with a lovely looking green candle. Next week would be a good time to receive an update to push on. Have a good weekend all.
Hopefully the bottom has finally been reached and the price can now climb back to it's realistic and sensible side. It's been an horrendous ride, pure manipulation at play, deal wasn't what the market was expecting add the bad play from the management.
Lets hope Simon Thompson mentions Chariot in his 2024 bargains portfolio in a couple of weeks. I think he has mentioned some companies multiple times in different years. Maybe then, it can go back to at least 10p.
At this level the only bubbles I can afford is if I fart in some tap water!
Above 8p break out the champers Chariot loves a Friday🤷♂️😁
Https://on.ft.com/3UxHzG3
Back on the topic of near shore energy security.. Chariot are in a very good place
Hard to believe that a bid isnt a talking point (fully accepting that AP would have to vote in favour), but any noise would clearly fuel the share price..
DYOR
Share price acting very oddly so far today
Not a bad call Redeyes!
Looks like our pain in the arris seller/s have slept in, must be feeling burnt out lol.... long may they sleep !!
Does anyone know what the actual book value of this is ?
At some stage, this will find a level....
... Don't be too clever trying to find the bottom
Bubbly bubby toil and troubly, Timeline slips like our share price ):
Y do you wanna join???? Wanna vote to kick Adonis Out?
No LNG, No Pipes, No Drill Q1, No Confidence.
That group wants my investment gone to none. :(