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Started: BouncyDeadCat, 13 Jun 2024 15:17
Last post: HenrySinclair, Today 15:30
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.
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.
Does this news have relevance in terms of value for CHAR's assets?
Related to CHAR
Started: Surety, 14 Jun 2024 10:10
Last post: Surety, 14 Jun 2024 17:18
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 🫡🫡
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.....
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
Started: ianfer, 14 Jun 2024 11:57
Last post: ianfer, 14 Jun 2024 11:57
Old news, but worth remembering :-
https://www.hl.co.uk/shares/shares-search-results/c/chariot-ltd-ordinary-1p/director-deals
Started: OldHebriddean, 14 Jun 2024 11:32
Last post: OldHebriddean, 14 Jun 2024 11:32
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?
Started: Surety, 14 Jun 2024 10:17
Last post: Surety, 14 Jun 2024 10:17
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.
Started: Surety, 14 Jun 2024 10:14
Last post: Surety, 14 Jun 2024 10:14
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
Started: Thebold, 14 Jun 2024 08:09
Last post: Thebold, 14 Jun 2024 08:13
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.
Started: RiskyBusine55, 11 Jun 2024 17:45
Last post: RiskyBusine55, 13 Jun 2024 23:50
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.
That's where the money is.
Started: Surety, 13 Jun 2024 19:09
Last post: Surety, 13 Jun 2024 19:09
Latest link for anyone interested
https://simplywall.st/stocks/gb/energy/aim-char/chariot-shares/news/chariot-limited-lonchar-is-expected-to-breakeven-in-the-near
Started: BouncyDeadCat, 13 Jun 2024 10:52
Last post: Bridgedogg1, 13 Jun 2024 14:28
If chariot are ‘Leading Africa’s energy transition’ then Africa can’t be that serious about it
Thebold, we have seen better days, like yesterday for example.
I don't have the 🏀🏀🏀 to trade this anymore in fear of being sucked under even more.
Traders all over this now and us Pi's just getting punched for fun.
Wittering away like it’s all a pile of sheet!
And yet you’re still here?
Come on Whitmax.
They have been saying that for the last 3 years...in the meantime, burning cash as hell!
Started: whimax, 12 Jun 2024 08:19
Last post: BouncyDeadCat, 13 Jun 2024 10:39
Not condoning anything, I just don't want to read irrelevant garbage on here. Either from him or you.
If the Thebold starts the spat up again, hopefully people will report his posts the same as they did yours and we'll be free of it.
So you condone poor behaviour on these boards then BDC?
If you look at the post from yesterday, I posted a reasonable question and was met with a barrage of abuse.
For about six weeks now Thebold has bullied almost everybody on the PRD board and the moderators won’t do anything about it. I hope you never have the same experience on this board.
if the best response I can get here is to have my post deleted then from now on I’m just going to repost any abuse on the predator board over here. If your cat has a 💩 in our garden it will be getting thrown back over the fence, metaphorically speaking.
Like I said, you need to get him to wind his neck in. If he’s civil, then no problem.
Please don't put up the conversation or continue with this nonsense. Nobody else is interested. May I recommend you arrange a meeting in a pub car park and sort your differences out there rather than here.
It is a critical time for Chariot and people reading this board would rather garner information about the company than read about your spat.
Still spending almost all your time here talking this down Surfit, despite the fact the majority of your funds are elsewhere? How is that flip trade going?
Care to tell us which share you’re waiting on before buying back here? Tick Tock 👀
Hey GP, I think we are more at the mercy of the BoDs:
1. The accuracy of Duncan Wallace and his teams drilling strategy
2. Julian Robert Cecil Maurice-Williams (Finance officer) and his finance abilities?????
Note: He MUST have known that we were heading to a financial choke point...as I said (imo) at the time of the last raise / share placing that cash was mostely required for operational costs and renewable expenditure. That and then aquiring Loukos was done DURING the VERY protracted farm in process and before the Energean deal was signed but the bulk of deal was (imo) probably known internally months before it was signed.
3. AP selling HIS renewable (mining) strategy to Petra (his old mining company)
All IMHO of course
Traders
AA (7.2% now: via market screener) may be taking advantage of any drops and adding??
I note (via market screener) Covalis an ii only NOW hold 1.68%....Which is an intresting indicator, in that they "appear" not to have taken up these 2x most recent "buying" opertunity.
https://uk.marketscreener.com/quote/stock/CHARIOT-LIMITED-4008468/company/
Or try
https://chariotenergygroup.com/investor-centre/aim-rule-26/
Scroll down to end of page which does start to indicate us PI's ( Hargreves and interactive investor) but not the whole by a long shot.
I do not belive that us PI traders are making big enough moves (part reason is a significant no. of the trades looked to be automated), some trades of course but not sufficient to pull or push the sp. It's more likely AA and or Westward Investments 🤔
As usual just my musings and speculations....up for discussion or slating.......😂
Kind rgds Sft
Started: NigelHaemoglobin, 12 Jun 2024 20:54
Last post: NigelHaemoglobin, 12 Jun 2024 20:54
Just that it is more than possible so sell and buy back or hold and add on weakness (my plan).
Very good sp recovery, well in paper profit.
Started: BouncyDeadCat, 12 Jun 2024 13:55
Last post: Fernan10, 12 Jun 2024 16:36
If they can not solve the upcoming funding gap (without resorting to a share placing) the financial management of the company would be absolutely irresponsable, to say the least.
In that case, it would have been better to suspend the drilling of the 2 onshore wells, and take care of the little precious cash that remains in the coffer.
The moroccan gas assets are the jewels in Chariots crown and they are worth a hell of a lot more than £76m (the market cap of Chariot). Worst case scenario, even with no cash in the bank, Chariots 30% stake in Anchois could be sold off for 3-4x the current market cap and returned to shareholders if 1Tcf is proven up during the drill in Aug.
It's frustrating the CFO let the cash position get to this point and cause panic in the SP, but big-picture, come-what-may, the company is sitting on a very valuable asset in Anchois.
Started: Surety, 12 Jun 2024 12:57
Last post: Surety, 12 Jun 2024 13:10
The other point to remember is that there was an implied offer at the same time as the Energean farmout, which we all know from the investor-cast that followed.
Again, in an insolvent position, there is likely to be at least one other bidder for the assets in administration (if they havent been recalled by the Moroccans, etc). I am not sure AP will fancy that as there is a real chance he could lose out..
DYOR
FWIW I think funds are expected from the outcome of Transitional Power FS, but have not arrived as quickly as they’d hoped.
Just my opinion.
Reflecting on this overnight, and this morning - If they are going to raise, then it makes no sense to wait until after the accounts release. You could argue the leak on Dartois may have scuppered plans - but to be honest they would have been better doing it pre the entire Loukos drill. They knew about this some time ago.. The timing doesn't make sense for them to do a placing now..
It is clear from the accounts that they can't get through the going concern test, without a heavy funding caveat. That isnt unusual in a situation like this
There is also the other point that if the business went through an insolvency, there is a good chance that they may well lose some of their prized assets. i.e. The Moroccans might as well give Anchois in it's entirety to Energean.. The power licence could be made available for others given the interest.. Total could assume Project Nour..
It seems unlikely that this will fall into an insolvent position.. and more likely that AP/AA or others may offer short term funding if the business cant manage through July or realise income through immediate asset sales ..
Nothing is certain, but IMHO on the balance of probability this feels the more likely outcome..
DYOR
Started: ICB888, 12 Jun 2024 13:03
Last post: ICB888, 12 Jun 2024 13:03
CHAR has reversed this mornings 7% fall and is now in the blue Up 1%. Let’s see if we can recoup some of yesterday’s loss this afternoon as people realise a placing is highly unlikely and the traders buy back in.
Started: BouncyDeadCat, 12 Jun 2024 11:29
Last post: Fernan10, 12 Jun 2024 12:23
It´s obvious now that the "strategiv review" of the renewable energy business was initiated a few months ago to avoid a placing, in light of the forecast cash deficit.
We will know soon if the market assigns any value to the millions invested there up until now.
Regards
Fernan 10 , you are no longer a holder here right ?
BDC:
The directors informed a cash balance of US$ 7.9 million by the end of April, with the US$ 6.7 million cost of the 2 onshore wells still due by that date (note 2 to financial statements).
They will be running out of cash very soon.
Regards
From the full year annual report:
"Over the forecast period the Group estimates a gross $6.5 million outflow in respect of the transitional gas overhead and other related costs before any recovery of development costs from joint venture partners".
However, two paragraphs above it states;
"Further interim period cost amounts have also been received by the Group from Energean in relation to costs paid by Chariot on the gas development between the December 2023 agreement signature and completion in April 2024. Following completion, Chariot staff have been seconded under a services agreement to the Anchois East drilling project, which provides a monthly recovery of their cost."
Started: Thebold, 12 Jun 2024 12:07
Last post: Thebold, 12 Jun 2024 12:07
Sorry…
Started: Mumbo_Jumbo, 12 Jun 2024 11:55
Last post: Thebold, 12 Jun 2024 12:00
Hope so, I will support an ENOG take over at 20 pence any day !
They have put the company at mercy of Energean. CHAR is on a cliff edge.
Best thing shareholder should do is to sack the over priced board and mothball all projects other than Morocco. Bring the PLC costs down drastically and make testing of the onshore well an immediate priority. Success will give it room to raise good amount of capital without diluting to death.
Sincere advice from a PRD investor. The Moroccan pie is big enough for everyone.
Started: ICB888, 12 Jun 2024 11:35
Last post: ICB888, 12 Jun 2024 11:35
Worth remembering ENOG did their due diligence and clearly like the project with drilling only a couple of months away as per their RNS in April:
“ Energean plc
("Energean" or the "Company")
Morocco farm-in completed and rig contract signed
London, 10 April 2024 - Energean plc (LSE: ENOG TASE: אנאג) is pleased to announce that it has completed the farm-in to Chariot Limited's ("Chariot", AIM:CHAR) acreage offshore Morocco, following the receipt of all remaining approvals from the Moroccan Authorities, and signed a rig contract with Stena Drilling Limited ("Stena").
Energean has paid $10 million cash consideration upon farm-in closing. The resulting overall participation is:
· Lixus licence: Energean (45%; operator), Chariot (30%) and ONHYM (25%)
· Rissana licence: Energean (37.5%; operator), Chariot (37.5%) and ONHYM (25%)
A rig contract has also been signed with Stena for the use of its Stena Forth drill ship for the appraisal well, plus one optional well. Energean as operator, alongside its partners, is planning to drill the appraisal well on the Anchois field (Lixus licence) in Q3 2024. The purpose of the appraisal well is to undertake a drill stem test on the main gas-containing sands and target an additional 11 Bcm of gross unrisked prospective resource[1].
Mathios Rigas, Chief Executive Officer of Energean, commented:
"We are delighted to start working in Morocco, where we hope to repeat our previous successes in the Mediterranean: enhancing domestic production, helping to meet the country's growing demand, with the potential for exports for any surplus supply, and facilitating both energy security and long-term coal reduction."
I think it is highly unlikely that AP will want to be diluted at less than he paid for much of his large holding with potential game changing news from onshore and offshore very close. They have been working on monetisation of the renewables for some time and after 3 years they must have substantial value as we were told they had £1 billion potential in their own right.
Started: onsolidground, 12 Jun 2024 09:06
Last post: onsolidground, 12 Jun 2024 09:06
That's to the present share price.
Started: Thebold, 11 Jun 2024 18:32
Last post: Thebold, 12 Jun 2024 01:43
Let’s just rename the chariot board the 2nd PRD forum .
So funny, their ramping bullying trolls are all posting here now .
Even funnier the usual single cell amoeba’ s here are ticking them all up.
The clown 🤡
Once said on the PRD board he’d been invested a long time (but had never posted before)…
The same day also said he’d only just invested. 😂
Many, many, more than two personalities 😁
TheBold says the following today;
1. ….They have to prove within weeks imo they have the right assets and have been on the right path to now attract external funding outside of what will be an absolute shambolic equity raise at 6-7 pence.
The note says Available funds are depleted by July 2024. ….far far to heavy a raft of people on the books with to much arrogance and limited actual ability to move us forward imo.
2. Then says later on in the day ….back to 8p tomorrow.
Which is it or do you have two personalities?
Genuinely interested.
Yep..same to you Bold..obviously dont know what ya doing..
Just keep lonnys 2 words in Ya head..😂
Started: NigelHaemoglobin, 11 Jun 2024 19:19
Last post: Davenewjob, 11 Jun 2024 20:57
As. Lonny said Nige…2 words..😘
1. F.ck
2. Off
The problem is that by referring to only having enough cash to cover costs until July, it would be somewhat risky and almost reckless not to raise now. They won’t be getting any cash from Energean until long after drilling and results. So unless they have asset sale on the near term agenda, then they have to raise whether they want to or not. Unless Energean are legally bound to a strict timetable under the terms of the partnership deal? Does anyone know if they are?
16/05 sorry
Agree KOTB, having joined the CHAR ladies on 26/5 in the a.m the damage is mild for the moment. As for the 'cowboys' comment below nonsense! It is PI's who are mostly cowboys and totally feckless gamblers. Many explorers are very professional and CHAR are definitely in that category unlike certain competitors in the region....
Even on any success on the upcoming offshore drills would anyone be comfortable to sit in on the journey with these cowboys?
Like a broken record any return for shareholders now would be a buyout and like some have mentioned it will be lowball. an at 13p I would be most grateful!
With every RNS the stock depreciates even further but today showed exactly why the market and II's have been staying away, the BOD stink!
BDC I think we can now agree that not only will we not see 18p Pre spud but we we won't even see 9p!
Started: Fernan10, 11 Jun 2024 18:39
Last post: Fernan10, 11 Jun 2024 18:39
Management need to demonstrate that, after spending millions in the renewable and green hydrogen business units, those units have some value built into them. Management need to realize part of that value now, farming those assets out or selling them, in order to get some badly needed cash to keep the business running.
If they resort to another share placing (for a 3rd or 4 year in row, by memmory) their credibility will be lost.
Regards
Started: Surety, 11 Jun 2024 18:15
Last post: Surety, 11 Jun 2024 18:15
Is that neither broker notes issued today, of which are neither are a house broker, have flagged a short term specific financing concern.. Their respective notes are live this morning
Hybridan reference cash burn (but not an immediate burning platform) and Auctus reference FY23 financials being in line with forecast, but dont subsequently reference cashflow and are busy referencing a 50p target price.
It also seems odd that they have taken the approach they have to Power. Auctus state : 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 at the 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.
They also state : 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 its gas to market as CNG.
Not the language you would attribute to a business, who has a responsibility firstly to it's shareholders - and if necessary, ultimately to its creditors to achieve the best outcome. If they have an asset that can realise cash (power) and a short term liquidity requirement to plug then they are required to act.. If you can raise £50m in financing .. you can sell the thing for 20-30m outright!
None of this makes sense... I know it's AIM, but there are still codes of conduct..
IMHO/DYOR