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Assuming there is an RNS on a new investor tomorrow, I think we will see something from Simon Thompson at the IC shortly after... his last advice was that 'clearly, Chariots farmout did not meet the expectations of some investors - but that the heavily oversold shares would bounce when -the dust settles.- He may see this as the perfect opportunity to move his 'hold' advice back to 'buy'
DYOR
DYOR
Today’s rise has taken the market cap back above £100 million. This will make it more investable for II’s who will also like the fact that now ENOG are fully on board to bring the assets to production they are essentially investing in the ability of a £2 Billion market cap company with a successful track record.
The 5 analysts offering 12 month price targets for Chariot Ltd have a median target of 39.10, with a high estimate of 58.25 and a low estimate of 35.11. The median estimate represents a 350.42% increase from the last price of 8.68.
ICB - yes, all at the same price as yesterday 8.25p. "Buy/sell unknown" Well they are buys aren't they, same price all notified late and another 1% making 8% so far at 8.25p
Auction
Several large trades currentltly totalling 12 million have just been late reported from after the close yesterday.
If the largest of the selling is now pretty much done (based on yesterday's reported trades), then I wonder if we might now be gearing up for one of those Char Friday specials. Certainly a huge amount of newsflow coming up here for sure and sub 10p looking like a steal again. GLA
This is great news that the seller has been taken out, and it seems like we have a new significant shareholder which must be announced within a few days.
The second well option for the lixus licence is intriguing. My guess is that chariot previously announced that the development plan for anchois was designed to add in additional gas production from around anchois.
The anchois east well will test the deeper O sands on each side of the north fault, so my guess is that if these are successfull they would drill anchois west and test the deeper O sands below it and possibly also test a potential gas accumulation in the pliescene above anchois west.
The chances of success for these wells is very high indeed, and drilling of these wells would then allow the pipeline to shore to be sized for 200 mmcf per day, now that generates a hell of a lot of cash. Expect dividends from that cashflow.
The loukos drilling onshore should be starting in a few weeks , we could get a very nice surprise in the deeper secondary target.
Jimmy
Thanks Whimax - understood. (I just got wondering about all this given given Char's recently announced "strategic review" to potentially separate Transitional Power and Transitional Gas. Any separation or disposal would also better facilitate a TO of the TG side of the business.)
On a related but separate matter, if Energean do go ahead with a second drill in Q3, which prospect will be drilled?
It looks as if the engines are now warming up as CHAR is Up 3% and some large buys are starting to appear such as 175000 at 8.84 as the volume passes 2 million.
Legalwolf, Could it be Energean? In business you learn that anything is possible so we wait for the RNS that might shed some light.
In the meantime whatever happened conveniently coincided with the completion of the deal with Energean, a completely transformational deal for Chariot moving forwards. Its a tie up also with an acclaimed and growing FTSE 250 operator with proven track record on bringing gas projects onstream. That's a structured deal that instantly puts $10M into the Chariot coffers and with so much more to come for back costs and at various other milestones.
Just look at the terms and what's in there for Chariot in the RNS from December.
https://www.lse.co.uk/rns/CHAR/partnership-agreements-signed-with-energean-plc-enkku71n7f3k4fi.html
9p !!
Dyor.
I don’t think so LegalWolf. Apart from the fact the Farm In will most probably forbid them from taking a position (as I think the CHAR Bod have already alluded to), that’s contrary to current hear say. All IMO.
Guess we will find out soon enough…..surely they would have to announce their holding within days..would make logical sense
Legalwolf - That is what I have been thinking of. Could it be an early TO?!
Could Energean be the buyer?
Our seller came in guns blazing with an agenda and when they didn’t get their way sold out.. I’m glad they’re out now and we can move on..
"Shares have gone from distressed seller to one or more extremely happy buyer.." agree.
Now, how about Westward Investments taking the lot, that would put the cat among the pigeons for sure.
aimo & dyor
I wonder if they have entirely wiped out the 2 distressed sellers.. assuming there were 2..
DYOR
Onsolidground, imo the money from far in cannot be used to “buy back” shares without consulting shareholders, so that’s not an option at this stage.
Shares have gone from distressed seller to one or more extremely happy buyers imo.
Bed and ISA time of year, to complete process can (ridiculously, best do it yourself) take weeks.
Nice one. I'll be in the market for a top up tomorrow morning first thing.
Should be interesting to see where the share price goes without any brakes or reverse gear now being applied.
Might even be Chariot themselves utilising the $10M proceeds on the Energean deal just completing to buy back and cancel the shares.
Onwards and upwards.
It is a VERY expensive "dolls out the pram" dumping if that was the case, highly likely their holding was average more near double todays price, unless you were able to set up a huge short to run prior to dumping and controlling the fall.
Jagua - I think you are right, it’s most likely about the seller not liking the partner. The fact that they have fully cleared on the day of the formal transaction is not a coincidence in my opinion
IMHO
I believe it was a brokered deal, done today, but negotiated for a while
Char was 14p and rising on the deal RNs, until the selling started so it will be very interesting to see where market takes this now the brakes are off
I doubt these shares appeared all of a sudden conveniently so a big buyer could take the lot.
My take is they have been bought over the last few months and not recorded so the sp would not jump up. They are now recorded while the sp is low (thanks to the selling, without the buying being shown) in order to enable them to be picked up cheap. Average price paid over few months being 8.25p.
Now the huge buying can be seen, the sp should jump tomorrow.... maybe by 50% even .....
That sounds illegal I know but we shall see.