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Thanks P and J, not sure why I locked onto them being Israeli?! Appreciate the correction, big sigh of relief.
Why do you think another placing is likely? Last placing was to secure the cash for onshore drill. Cash burn for offshore is now picked up by partner. Should have 10m added to the companys balance sheet soon/imminently.
Yeah waiting for government approval, they'll be keen and it was shown to them before but it still has to go through the correct procedures. No chance they'll pressure for someone else, they're as desperate for the gas as Chariot are.
ENOG is a Greek founded company listed in London and Tel Aviv. It's not an Israeli co
Think our partner is a UK company that is duel listed on the Israeli stock exchange, it is not an Israeli company.
SP keeps sinking and posters say good time to buy. That would be true if there was any prospect of SP rise but we've been here before. Expect placing at stupid low price followed by more options for Bod and round and round we go again.
Hi Surfit,
I expect that there is a time limit for the regulatory approval by the Moroccan authorities. I believe for company mergers a decision has to be made within 60 days. Not sure if it similar for our partnership.
I am hoping that it's one seller, but it may be several derisking????.
It's intresting that the sp was actually dropping before the RNS, not a lot but it was there.
Yes its been a very painful time, not going into interactive investor to look at my isa account.
It's interesting that you say Energean are waiting for operators approval, I had already checked what the Morrocans had said about the appointment on the RNS, which of course was positive...but do you think there could be some pressure by others in Morroco on who is going to be the operator I.e. An Israeli company????.
They may be holding that back for a while??
Once the selling eases off, hope fully some will see an opportunity, whether its institutional investors and not more of us PI (less risk adverse, if you do not tell the wife, of couse) remains to be seen.
GLA
Ianfer,
I am not sure they will come back with anything of worth, if they reply, purely based on the fact THEY themselves purchased stock well above todays price, where you would consider if they knew something of note or detriment then they would have held off until the seller had cleared.
Nowt's gonna really change until they have finished selling off imo.....
Time will tell indeed but painful if you're holding in the meantime.
If it's a decent IR team they're waiting until it's bottomed and getting everything lined up for a counterattack starting with the onshore. Energean said they were hoping for approval of taking over operatorship soon and that point the offshore rig contract can be signed. Seem like a good outfit to me, haven't overpromised on their other N African assets and they've got some bid potential. Wanted Morocco to diversify risk and because of existing pipeline to Europe and very advantageous gas prices.
Doesn't help in the meantime though when nobody wants to buy :)
Tr-1: Further more if you consider its been 47 days since the farm in RNS: If the seller has been exiting to the tune of a say a minimum 1 million shares a day at 47million share they (IF a single seller) MUST have passed the 3% TR-1 threshold? So it could be they are delaying on any notification. Speculation only of course. Time will tell.
GLA
I just sent this :--
Dear A.P. and Board of Directors,
In view of the fact that a lot of money was raised from Institutions and Private Investors at 18pence per share last year and all we have heard since is good news of the Farm in etc and more good news to come during the next few weeks, investors are understandably concerned the the SP continues to fall and today drops another half pence to 8.6p. We are also aware that directors have supported the share price recently to the tune of around £80,000.
I am sure that you would agree that some sort of statement from the BOD would be appreciated to assure the investors that everything is under control and possible a big investor has had to sell a large buy option due to it's expiry.
If there is any other reason for the drop then I believe it only reasonable for you to inform us rather than let this sp continue to fall further while keeping us in the dark.
Kind Regards
Ian
etc....
"Sh@t or bust on the drill"...
... That's it in a nutshell Gooner.
. You can forget the offshore for a while now,.. Maybe drill that well later this year, then FID, and finally start development and then into production... how long will that take?.. I don't know, but I had a look at thier Karish project, and it was 6 years from getting involved up to first gas... Maybe not comparing apples with apples, but close enough to make me cautious about putting a time scale on the offshore.
. So we are back to exploration drilling onshore, as our closes revenue.... Drill Q1??, words are cheap, let's see the drilling start, then all the other things before we produce and sell first gas.
. That drill needs to find good commercial gas straight off.
It will take a monumental recovery to even get to 14 now and we haven't hit the bottom yet.
Despite Jagua's list of triggers I can't see any them making a difference.
Sh@t or bust on the drills it seems now.
Does not seem to have bottomed out yet, must be getting close though by now. Although the seller(s) still seem steady. That's why crossing the 3% threshold and a TR-1 could be instructive as in it shows they may go for a full exit??? But as before they may issue the 3% TR-1 late, FCA is notorious for doing little or nothing to enforce /fine infringements.
Ask the question if any one is on an investment platform that can look back and see the total number sells (indicated) since the farm in RNS date? Anyone?
Hopefully one of our limited institutional investors should declare their exit soon?
I.e. Covelis or Askar Alshinbayev, Westwood investments or Meridian Capital International Fund .
Point of intrest how:
AA and Meridian are tied in together (scroll down to "who owns it now"
https://www.occrp.org/en/paradisepapers/kazakhstans-secret-billionaires.
Ps: Of course AP and Westwood are also tied in together also, but AP added again £60k so Westwood would of course not be selling their 10% controlling influence, AP could loose his Directorship!
For me it's all down to the farm in partner selected (Risk), VERY free limited carry (that has risk protection caveats built in), repayments requirements, does Farm in partner have the development cost financing (risk), will we find ONshore commercial gas (risk), how much cash to develope to production (Risk), if onshore a duster is thier enough cash runway to get to OFFshore production (Risk), Will management spend on the other pillars, what when are the expected return (Risk).
All my own speculations and my personal company risk assessment.
Any bets for the bottom price?
I share your concern JG68. And keep asking the question why?
It's doing a lot of damage when there is little buying.
"Is this just relentless selling..." Mr 100k imo
Is this just relentless selling or something underlying?
Anyone's view would be appreciated.
I'm a long term holder and would like to be added to the Telegram group. Thank you.
@arphk97
Ian, it might be an even better time this time tomorrow, or the day after, or even the day after that🤷♂️ Chariot just keeps on giving us this amazing chance(s) to keep topping up😔
Even better time to buy some more Char shares now.
Sorry if this has been answered but is there a Telegram currently or is this just speculation. I've asked to be added anyway.
@harryor93
Hardly small fry at 1Tcf.
Their Karish gas field asset in Isreal is 1.4Tcf.
Death by a thousand cuts here.
Just listened to last week's Energean results though as he was extremely positive about Morocco even though it's small fry to them "we will move extremely fast".