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2-3.5p for a 20% stake in a 1TcF gas asset carried to production? Lol.
Looking at volume it seems only some PI's sold out yesterday (which I personally think they will live to regret).
PI's losing their heads because gas wasn't found on the first drill is what PI's do. But the truth is, we know there is lots of gas in Loukos. We know because previous drills in the area have proved it's all over this area. The hard bit of course, is finding where the larger pockets of this gas are trapped. The gaufrette drill again proved gas was present having again encountered multiple shows of various intensity, but without seal.
But it's sealed and locked in under Loukos somewhere, it's just a case of finding it. Yes, that's easier said than done, but with enough drilling and seismic re-interpretation, they will eventually find the sealed reservoirs to produce from.
If Chariot manage to sell the renewables business and use that money to continue to drill and develop Loukos, as an investor, I would support such a move.
Very good post BDC and I do agree. I must admit though I’m getting less and less confident that this is the management team that is going to find it.
Offshore dusters in Namibia, ok that was wildcat but now other companies seem to be hitting the jackpot at will.
Offshore Morocco - we hit but Energean want to check before proceeding.
Onshore Morocco was a slam dunk and we missed.
We are good at raising funds, we run quick efficient drilling campaigns but we have yet to prove that we know where to drill.
At least we won’t have to wait long for the results of the next onshore drill although I hope they are going to double check their workings first.
I remain invested and am confident Energean haven’t given us $10m for no good reason. I am now hoping that they will give us the sizzle we have been promised for the last 18 months as the transformational share price action delivered by the Chariot team wasn’t exactly what I was hoping for.
Good post snowflake but $10m for Energean is not a big stake, it is merely pocket change, but here's hoping.....🤞
Snowflake,
I disagree with the notion that Chariot don't know where to drill, they hit massively with their Anchois 2 drill (their 1st drill in the area) which is soon forgotten by some. I also think it's easy to dismiss their technical expertise, Chariot were convinced by the limited early seismic data that Nambia held huge quantities of oil and they were right! Nambia has seen the largest discoveries of oil in the past two decades anywhere in the world. But at $20-25m per deep sea drill, they were never going to be able to afford to remain a major exploration player in Namibia. At $3m per exploration & production well costs onshore Loukos, they can. Loukos also has a lot more seismic and drill data available than Nambia had when Chariot were present there. I actually think Chariot's strength is on the technical and drilling side, much more so than other parts of the business. IMO.
As an investor, the reason I would support selling the renewables business and using that money to continue to drill and develop Loukos, is because low-cost driling is what Chariot are exceptional at. Allocate capital accordingly.
Just look at some of the large trades coming in. It does look like there is very high demand at these bargain basement prices. They won't be seen again if this next drill is a success. Even if it is not, as this first drop has shown, any drop will be gobbled up very quickly. By the time the next drill results land, we will be in June. Therefore, there won't be long to wait for the Energean drill at Anchois. Who knows, we could even get an Anchois update before we get the results for this next drill. As we keep on saying, Anchois is this year's main event. Loukos is the side show and almost a bonus/free hit.
How do you play Loukos? Looks like the smart money are using it as a way of getting cheap shares for Anchois.
If you think about it, Loukos gives you upside whether it is successful or not. It has freed up cheap shares for Anchois. If it does it again (i.e. next drill is also a duster), then take the opportunity. It won't last long.
That's just how I see it (and looks like many others by the bounce and 6p and the large trades going in). All imo and GLA
2 months ago:
"....management has elected to undertake this review to explore the options available to the Company, which may involve a full or partial sale or demerger of the Transitional Power business or the division remaining part of the Chariot group, with the aim of the strategic review to maximise value for Chariot's shareholders."