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If no announcements are forthcoming in the next few weeks, then we may get more information with the release of the final results (this month?).
It looks like progress is being made, but not as fast as we hoped. It was noticeable during the last webcast that JMW sidestepped the question on the timing of future announcements, so it might drag on for a few more months.
What have we learnt? From the March webcast, we were “working with Soc Gen”; “in active discussions with potential partners” and a “gas announcement due in the near term”. Eight weeks later that near term announcement was made; Soc gen now “advanced in pulling together the debt consortium”; “partnering process in negotiations for” (Does that mean we have chosen a partner to negotiate with?) and looking to minimize dilution in the shares.
So progress being made, but it is painfully slow. The market does not like uncertainty, but that’s where we are and the price will drift accordingly till announcements are made which push it in one direction or the other. I cling to the fact that no real negative news has been announced so far. Hopefully we will know more by the end of the month.
Hi DB,
My concern was the time line on the DROP from 23p to around 17.8p. This drop happened over two weeks before the suprise 18th May 22 and closed 25mil fund raise, offered at 18p. Completed the next day 19th May (RNS Number : 0750M).
Who funded that raise? That has NOT been disclosed....that I can find.
Highly suspicious imo.
On the same 19th of May RNS ther was then an open opportunity for existing share holders of US$4 million.
Of course I accept we needed the cash to get us to this position BUT the dilution was significant and eroded a lot of the SP gains.
That was a back room deal and imo some one leaked it hence the drop...and its affected us since.
The further raises (buying a new start desalination company) again using shares has added further dilution....did we have to buy it so quickly, why.
As before there is no financial transparency on the renewable/hydrogen funding.
Hence my concern over what's happening in management.
How many shares do Westward Investments Limited own or who are they buying them for???
Rgds Sft
Surfit
A share raise benefits nobody, including the BoD. Indeed, anyone buying at the last one has now lost around 15%.
I also agree with jagua, if they were looking to do that it would be on the basis of pushing the sp up with news flow. I would never have pushed a rights issue with my sp declining in my business and if I could arrange via banking facilities or a bond issue, I would do so to retain shareholder value.
Regards
Hi All the thing is an RNS confirming the contract on gas and financing (farm out or bonds or loans) could pop any time...for me both of these 2 aspects are dragging on (imo) longer than I would expect.
But there is a bit still to do...so they are in the FID Stages now?
This is a helpful read
https://www.google.co.uk/amp/s/oilprice.com/Energy/Energy-General/The-Complete-Guide-To-FIDs.amp.html
Or
https://www.blackridgeresearch.com/blog/what-is-fid-final-investment-decision#:~:text=FID%20stands%20for%20Final%20Investment%20Decision%2C%20a%20crucial%20phase%20to,decision%20about%20the%20final%20investment.
I am away at moment so can not view this on utube but the title from the petroleum institute looks like it my be helpful? Although may be wrong.
https://m.youtube.com/watch?v=r311PGk36EM
May be I am being unfair to AP...but surprise share issue/fund raises, with resultant dilution has NOT benefited us (private investors) and the drop back (last year) to 18p from 23p REALLY stank of disclosure of privileged information (imo).
So on that aspect I (and maybe the market too) am suspicious and this possible tie in with the likes of the oveseas company Westward Investments Limited is blurry and difficult to chase down.
Hope the reads may be of interest whilst we wait.
GLA
Rgds Sft
If we were headed for a raise wouldn't the company want to fluff up it's share price as much as possible pre raise, the lack of pr fluff or any pr is making me think this isn't coming. Company did state last cash grab was to fund to at least fid...
Surfit
“Have chariot Energy been recruiting any more personne/staffl recently, you would have thought so?”
I would guess they will recruit extra personnel accordingly once they know their workload? 🤷🏽🤔
“If ii's do not like / trust the person running the show... “
Seems that way atm? The roadshow went really well didn’t it? 🙈
“Ps you may guess the way I am starting to lean...”
Yep the dreaded R! I been guessing that’s the way we will go for a while now.
Now here’s another 2 days to stew until Monday brings new hope again 🤞🙏🏼
Given the lack of news to date, I will be astonished if this is all signed in June. My best guess, and it is only a guess based on doing large contracts, is that this will run on to at least September.
Regards
Any slippage to the company quoted time line of fid in h1 must be released as an RNs. Think we still have 20 working days to line up the flock of ducks though
Jimmy that's really helpful thank you for that. Surfit thanks for your comments as well. Would both of you agree that the likelihood of all of that being completed in the next 28 days is extremely remote? In light of that would you think Chariot will be advising SH's and the market generally that the H1 target will be missed? Surely they can't just let that time frame come and go with no update?
thanks
Finance deal / farm out: Need to know how they are going to pay to build the project too.
Projects generally have all of that arranged or at least presently prepped before FID....if people / companies are keen they that is.
My best guess is AP is trying to go it all (most) alone, to maintain maximum control and income / wages/ divi/ expenses....as is the case presently...through his shares and his other investment companies.
If you bring an operator in you have an outside partner you are accountable too.
He has already muted the possibility of Schlumberger running the operations side of thing for a period until they can train people up.
Plenty of Russian money out there that is just sitting in the Caribbean tax shelters
Have chariot Energy been recruiting any more personne/staffl recently, you would have thought so?
If ii's do not like / trust the person running the show...
Rgds Sft
Ps you may guess the way I am starting to lean...
Hi nick,
The sequence of events that I would expect are,
Receive binding quotes for the development, then sign gas sales agreements contingent on permitting, then sign project finance and partnering if relevant, then Fid.
We know that chariot have agreed the gsa in principle, and have gone out to get binding quotes for the development, so it should all be coming together soon.
Jimmy
"Placing"😳
What further steps are there before FID? Presumably Gas Sales Agreement. Anything else? How tight can these be to eachother? For example if their GSA is signed could the final investment decision follow shortly after? Jimmy maybe you could answer this from your experience.
Thanks
Absolutely Ian, it was just a bit of frustration and "tongue in cheek" lad
28 more days before end of 1st half
"High Margin Low Risk" !! Shares to double soon? June Tomorrow.....
Hmm not today anyway......🫣
Future is bright, future is Chariot
☝️💰😀👍
Thanks for your encouraging remark. I've been here more than 5 mins and my instinct tells me I should stay for much longer. As your cup is clearly less than half full you no doubt do not hold any interest in the Company.
Hi Snott,
Bit ignorant on this RNS: What does it mean?
Kind rgds Sft
Block admission return.
Stand down.
Hi kb,
Still here and still holding.
The answer from Ap in the Q and A was calendar year.
Waiting on news like the everyone.
Jimmy
@Jimmy okay thanks, let's just hope that Mr AP is not about to hit all us shareholders with another one of his delays!
As looking at the current share price it's difficult to get excited and also to think that FID is incoming "on time"
Hopefully I will be proven wrong... (which is not uncommon)
Good to see you back Jimmy, I thought you'd deserted us!
Jimmy was he clear if that was calendar year or financial year?
thanks
Nick