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Sound were in a weak negotiating position after the tax mess in Morocco.
Chariot have a good plan to get into cng production asap , strarting with flow testing of a gross 70 meters of gross reservoir..
The onshore geological model has been proven , four way dip anticlines with seismic amplitude anomalies work, expect updated follow on prospect mapping from reprocessed 3D seismic.
Still expecting flow rates of circa 37 mmcf based on 37 meterS of net reservoir.
Transformational for chariot followed by increase in reserves offshore to over 1tcf , all happening in Q3.
Jimmy
I wonder if it was Managem who "tried/offered" to Chariot before the Energean deal was signed ?
Seems like they were in the hunt or such a deal for some time, as the Sound deal must have been developing for many months.
Yes. Still holding the depreciating %
Morning Henry
Yep, hard to take these analysts, brokers seriously especially when they don't (to my memory) of getting anywhere their target prices. They have many stocks to pump so they just skim the surface without any mention of the implications of getting there.
Do you have a position here Henry?
I will hold as surely we will make some sort of recovery once/if they can restructure the model or even better sell up 100%.?
Gooner
AP has all the serious investors he wants atm.. this is char 2. Char 1 was Sprot: expect repeat.
Brokers (equivilant of modern day journalist: advertising rags promoting agenda). selling the fundamentals of asset but disregard realities of financing or chars complete lack of operational structure. Who is going to get the gas to customer. The tea lady? Who is going to arrange mitigation and land leases. They talk as if it it 100% char asset. I cringe hearing JMW. Much like I did listening to time share, snake oil sales men.
Does this news have relevance in terms of value for CHAR's assets?
They issued the target and the sum of the parts initially when the farm out broke on 7th December and have reiterated multiple times since. Cavendish are also holding their 57.7p and 71p if Enog take the extra 10 percent
The note was timed for today. The price reiteration was in line with the Y/E release on the 11th
DYOR
Thanks Surety, assuming that this has been already scripted to release when the price was +9p. Oh well maybe its a sign 🫡🫡
Old news, but worth remembering :-
https://www.hl.co.uk/shares/shares-search-results/c/chariot-ltd-ordinary-1p/director-deals
So could it not be that the poor management relates to the ancillary businesses taking too much cash hence the review? Nothing more serious than that?
No, it's definitely current. From the release this morning..
Surely that must be an old news as clearly 4.5 x current SP is absolutely nowhere near 42p!! Hmmm.....
Morocco drilling success and annual results Chariot has announced a gas discovery from the OBA-1 well at the Dartois prospect, onshore Morocco. The well encountered a 200m interval (in-line with pre-drill expectations) of which 70m is of primary interest and contained elevated resistivities coincident with elevated mud gas readings, indicating potential gas pays, with no water-bearing reservoirs identified. Further post-drill analysis will be conducted in preparation for well flow testing (expected Q3/24) which will determine the well productivity and the gas resource potential of the discovery. Subject to a successful well test, OBA-1 is situated close to existing infrastructure and an industrial offtake market, providing a mechanism by which Chariot could rapidly monetise production. The result derisks a trend of prospects with a P50 resource of 20Bcf. Unrisked, we value gas on the Loukos licence at US$4-5m/Bcf (gross), meaning the OBA-1 result could ultimately be worth US$80-100m.
Energy transition portfolio In March 2024, Chariot announced a strategic review process for the Transitional Power business. This review is expected to be phased. Given the interest received from various financial institutions in Africa, Chariot expects to progress the various projects in the energy transition portfolio with initial funding (~US$50 mm) from some of these institutions. This funding would be at the level of the Transitional Power business subsidiary or at project level (rather than top company level) and could include a partial divestment of the relevant subsidiary. This is likely to provide a read through value for the business.
DYOR
Latest - nothing new, but helpful paraphrasing..
Chariot (CHAR LN) C: target price of £0.50 per share: High impact well offshore Morocco on track to spud in August – The FY23 financials were in line with our forecasts. The high impact Anchois East well is expected to spud in August. A drilling success could increase the size of Anchois to over 1 tcf (300 bcf net to Chariot). Our overall unrisked NAV for Anchois, including Anchois East Footwall and Anchois East North Flank, is £0.42 per share. This represents 4.5 times the current share price. Testing of the Dartois discovery onshore Morocco is expected to take place in 3Q24. Subject to the results, first gas could occur in early 2025. Chariot will initially transport the gas to market as CNG. Demand is the area is estimated at 10 mmcf/d. Éclair and the adjacent Éclair West closures are follow-on prospects which share the same reservoir system, seismic attribute support and similar burial depths. This group of prospects is estimated to hold 32 bcf gross prospective resources.
But they are not screaming about cash risk. Furthermore they are not the house broker(s) and therefore theoretically are likely to be more objective..
DYOR
Anchois - Moroccos largest hydrocarbon discovery by a magnitude and very likely set to grow acutely after this campaign.
Arrived Las Palmas.
Routine maintenance and mob the Energean service spreads for Anchois.
Spud expected 1st week of August.
Not a ramp ... just trying to offer you alts to AIM fossil fuel stocks and consider other plays.
IRIS Energy up 45% since posting to you guys 3 days ago. Miners pivoting towards secure data centres for AI.
100 renewable energy.
Ok will do, thanks for the advice.
5 minute wonder Nigel.
You haven't seen anything. My advice is to take your first target price and move on to your other stocks.
I agree Bridgedogg1.... Whether we need a fundraise or not it's the ongoing uncertainty that keeps serious investors away.
Up and until the last RNS I was thinking that the weak sentiment was largely down to the AIM market being cautious generally and not char specific. It appears now that the the poor sentiment IS char specific. The amount of boxes that we have ticked till now, many analysts on here and in the media would have us between 30-40-50p today.
It's good to see some decent promotional links from some of the LTH'S here but we really aren't the ones to convince.
The ones's that know, the really important ones, know hence we being at 7p.
True fact and yes, uncertainty exists in spades. Personally speaking having joined the party very recently I am not confident enough to take profit at the moment given CHAR's pole position. For the moment adding on weakness is the strategy but prepared to jump ship as soon as board misbehaviour occurs or bad luck with the drill bit happens.