Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
EIA awarded at Anchois. Imminent partner on track • Chariot has received approval for its Environmental Impact Assessment (EIA) for the Anchois project. • The EIA covers all aspects of the development including future wells and offshore infrastructure, the onshore Central Processing Facility and the link to the GME pipeline. This is an important step that derisks the project further. • We understand that negotiations on partnering are in the final stages. A partner could be announced very soon. • The drilling campaign at the Loukos onshore permit continues to be expected to start in early 2024. • We re-iterate our target price of £0.50 per share.
Cash at the end of December was in line with our expectations (~US$12 mm). • The highlight of the announcement is about Chariot having received multiple offers to acquire a stake in the Anchois project in Morocco from multiple companies including significantly larger E&Ps. • We understand that some of these potential partners could fund the development of the project from their balance sheets. • These offers would leave Chariot with a material stake in the project and would include an important upfront cash consideration (on top of a carry). Chariot has already spent ~US$50 mm in the project and expects to recover a significant amount. The combination of the carry and the upfront payment reduce materially the risk of any significant dilution for Chariot shareholders. • The key criteria for selecting a preferred partner include (in order of importance) (1) the capability of the partner to fund and deliver the project rapidly, (2) the stake in Anchois that Chariot would keep and (3) the amount of the upfront cash payment. • The preferred partner is expected to be announced soon. We anticipate that this would be a re-rating event. • We re-iterate our target price of £0.55 per share.
Https://twitter.com/chariot_energy/status/1657000951172018176?s=46&t=hwEV3RWLAcNBiCHLhLNnaw
https://twitter.com/chariot_energy/status/1633431699978694656?s=46&t=hwEV3RWLAcNBiCHLhLNnaw
direct from their note:
Imminent key next steps
"Chariot anticipates taking FID on Anchois in 1H23. The company is currently in detailed discussions with potential farm in partners and we understand the process is competitive. Detailed discussions are also taking place with regards to gas contracts with ONHYM and European buyers"
Sent Jimmy another email today and asked about progress and concerns over recent shareprice performance. Just received the following reply;
Thank you for your email. The Board and senior Management teams are head down progressing the various work streams related to Chariot and the Company will update the market on material news flow as appropriate via the RNS system.
Best,
Jimmy