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Gas shows but water. Plugged and Abandoned.
Absolutely terrible result.
Here's to the next drill!
Well well well 😢 Be hard for even ever optimistic Jimmy to put a positive spin on that one 🤔
Back to the good old days ..... ffs
Hi kb.
Yes, I was shocked by the result to day, been trying to figure it out. So far we know the reservoir was thicker than expected and we know the structure had both gas and water, so it looks like the geological trap failed at this location , possibly due to a fault not sealing properly due to a thicker reservoir than expected. I did not think they would make such a mistake with 3D seismic and good well control.
This well result has no impact on the offshore.
Jimmy
Jimmy + all,
They seemed v bullish going into this drill given the reputed success %.
A reminder that we were told that this was the fastest route to first cash!...I'm concerned that something has gone wrong on the reading of the seismic data, which may occur (on the downside) in the next drill too...are the Chariot team up to what's required to make this company a hot stock?!
Chariot have always relied on in-house interpretation of seismic data. Time and time again they fail, yet Chariot still persist, doing the same things over and over and getting the same result.
Blimey MrJinx! Hope all is well for you?
PS thanks to your team for helping City's GD last week!
PSS Same old here .....
There was no real rise on anticipation of onshore drilling so such a drop is way overdone. All the value in char is the offshore. Sale of transitional would be nice around now. Gearing up for offshore Q3. But really it wouldn’t have even risen on a successful drill. Crazy overreaction imo.
Well, I managed to lower my average into the 7s, so well chuffed with that. Will see where this settles now and see if I can get it down further.
From reading the RNS, it looks like they remain confident in this next prospect, otherwise would they have bothered drilling it and wasting precious funds?
"But really it wouldn’t have even risen on a successful drill"
Yes I agree with that as I did suggest Bridge You only need to look at HBR'S market reaction on a significant find.
What we couldn't afford was this underwhelmer!
But whatever happens at Loukos, do any of you really see this at 6p going into Anchois in Q3?
If so, then what the hell are you doing in Char in the first place?
I feel a bit stuck now LW hoping for a T/O
Is that ok with you?
Yep already woeful sentiment did not need this!
i guess so gooner. not been the best 24 hours for you so i will show some understanding.
what are you more confident of now btw, ****nal winning the league or char coming good?
Haha LW
Only 2 situations can change fortunes.
West Ham to grab a draw and a chariot getting bought!
It's the hope that kills you!
@Gooner. I’m doing okay. Still getting rinsed on this share merry go round, waiting for that elusive unicorn. Seems a long time ago now but remember we thought it was going to be Chariot. Christ knows what sort of state this would be in if the Moroccan Govt hadn’t have plopped Anchois in its lap. I keep popping in here as I have a very small holding. Could never really say a total goodbye. Chariot is like that ugly chick that’s great in the sack. You keep her contact details but you wouldn’t tell your mates.
Anyone got access to the Cavendish note on today's RNS? And if so care to share the headlines from it on here please - thanks!
Yes jinx. Pretty much my description of this little bish and she will always get you in trouble!
She will never be wife material.
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In summary not negative on this drill result.
Leaves value estimate at 57p.
Next drill likely to be more positive.
Bit more colour on the Cavendish note :
Defining Gaufrette as prospect specific failure. Dartois is a different fairway with a different trapping. Valuing Dartois at $80-100m based on 20 BCF.
Highlight the typical Moroccan business benefits - high domesrtic gas prices, fiscally attractive
Valuation: the Loukos Onshore licence we conservatively modelled just an 8Bcf development scenario. With the Dartois well potentially unlocking a trend of prospects with a P50 resource of 20Bcf, we leave our valuation unchanged at 57.7p. They are north of 70 if the Anchois drill comes in
Significant 2024. Planned activity in 2024 includes pivotal drilling campaigns both onshore and offshore Morocco, which – if successful – could lead to the sanction of multiple new developments and material revenue streams for Chariot. Offshore, Chariot recently completed the partnership agreements with Energean and announced the signing of a rig contract for the use of the Stena Forth drillship for the Anchois East appraisal/development well. This drilling and testing campaign, which will be conducted in Q3/24, will further appraise the existing gas sands, including flow testing, and target undrilled prospective resources to potentially increase the Anchois gas development to >1 Tcf.
DYOR
Anchois drill scheduled for July, more specifically at the start of Q3. This isnt in the Cavendish note, but was covered by an Energean update from memory
DYOR