Member Info for Fernan10

I like reading your posts. Now you have "spies" that keep you infomed about ONHYM's conversations with supermajors regarding the eventual take over of Anchois.

Keep the good work.

You can use this case (nothwistanding that it happened in another country) to sustain your doom and gloom theories.

https://www.reuters.com/business/energy/guyana-cancels-frontera-cgx-energy-jvs-prospecting-license-2025-03-13/

I'm surprised to see Sdx' s cancellation of shares trading notice, thus becoming a private company.

They've been on AIM for about 15 years.

Management decided to follow that path in order to reduce administrative costs.

By memmory, their annual G&A expense was about US$ 2 million, far lower than Chariot's.

Regards

The most urgent issue is to solve the cash flow problem, and reduce the risk of future dilution. Loukos coud do the trick.

Then, we can explore/develop Anchois, with or without ENOG.

But I´m not sure these are management´priorities.

My point is: there is value in Anchois.

Our main problem is not how to develop Anchois. It´s the unreasonable (and out or control) level of G&A expenses.

Regards

Regarding Anchois, maybe we are going back to the exploration stage. We can reduce our equity interest in exchange for 1 o 2 additional exploration wells in the "Anchois satellites area", paid by ENOG.

The current situation of the european gas market, and the optimal location of Anchois, justify another try by the partners to make the project profitable.

Regards

Https://www.iea.org/commentaries/european-gas-market-volatility-puts-continued-pressure-on-competitiveness-and-cost-of-living

Https://oilprice.com/Latest-Energy-News/World-News/Europes-Oil-Demand-Could-Rise-As-Natural-Gas-Soars-to-100-A-Barrel-Equivalent.html

I still think that a 500 bcf tax free Anchois development will be profitable with natural gas trading above US$ 15/mcf. And the 150 metres of net pay discovered in Anchois 2 won´t disssapear.

Regards

Https://oilprice.com/Energy/Natural-Gas/Could-Cheap-Russian-Gas-Return-to-Europe-The-Pros-and-Cons.html

Surfit:

the latest info about Mr Askar Alshinbayev still being a shareholder is from Set 30, 2024.

See here:

https://chariotenergygroup.com/investor-centre/aim-rule-26/

I´m not sure he´s still onboard

Regards

Translation:

"Maybe one day in the distant future there will be a substancial gas discovery in the license. "

"By that time, CHAR will have issued 10 billion shares, and I will have earned more than US$ 5 or 6 million in salaries and bonuses."

"For that reason, I won´t be buying any single share, no matter the price (except on share placings, where I will be buying a few to entice other to believe in our story"

Surfit:

You mencioned the following reasons:

1. having an unexpected cash outlay

2. Incorrect understanding of cash reserves

3. Not seeing the gas pay in OBA-1 to test...but again drilling was completed and RNS issued on 28th of May and June (webcast) stating flow test.

I suspect AP suspended the testing because he was planning to do another share placing on the back of a successull Anchois-3 drilling.

After the disastrous Anchois-3 result, he decided "to preserve capital" (i.e., to allocate their dwindling cash balance to pay for overhead expenses for an extended period of time) and try to find someone else to do the testing (hence the farm out process currently under way).

I also suspect they are not that sure about the potential outcome of the flow testing. If they were convinced the test result will be positive, they would have already perfomed the testing, induced an increase of the share price, and then make a share placing to fund the development of the (already tested) Loukos discovery.

Regards

Maybe ENOG's conference call will provide some clarity regarding Morocco.

Read again. ENOG is going to spend nothing in Morocco this year. Their development CAPEX will be 100% directed to Israel and Europe. Exploration spending will be less than US$ 5 million.

ENOG won't drilled any well nor perform any seismic in Morocco. Nothing.

If Loukos is economically viable, it would not be that difficult for CHAR to fund their overhead cost.

At a (gross) margin of US$ 10/mcf (easily achievable in Morocco), 4 mmcfd (net to CHAR) will do the trick:

4.000 mcf X US$ 10/mcf X 365 days: US$ 14.6 million per year

I think Anchois is still an atractive asset, based on:

1. local ultra high natural gas prices

2. 10 year tax holiday

3 proximity to Europe

4 existing infraestructure to reach the gas starving european market

If ENOG leaves the boat, I think Adonis should contact the european authorities, and offer the Lixus/Risanna licenses for a potential partnership to execute a full scale exploration effort. They desperately need to find new sources of gas, after recent events with Russia. Anchois is ideally located to supply those needs. A consortium made by Repsol and Total could be in charge of that exploration effort.

Our main problem, as usual, is the high level of expenses. Without securing a short term source of revenue, the company is not financially sustainable in its current format

Our "managers" have raised money for Anchois (in 2022), Loukos (in 2023) and Namibia (in 2024).

Time to show something that worth the effort. No more promises or future exciting "new ventures"

Instead of flow test their only discovery in the Loukos block, they prefer to talk about "a number of additional exploration targets not evident on previous data".

"Jam tomorrow" is definitely the area of expertise of our "directors"

I suspect our "directors" are trying to find a credible "story" (i.e., a new "exciting business opportunity") to support the next placing. At that time, they will obviously buy a few shares, in order to show their confidence in the company.

Not sure the market will believe them next time, after the recent string of failures.

During the last 3 years, management used Anchois potencial to raise money in the market.

They got US$ 12 million in 2023 to drill and test 4 wells in Loukos, drilled only 2 wells, supposedly made one "gas discovery" and so far it hasn´t been tested.

In 2024, they raised US$ 2 million to secure a new "prospective" license in Namibia. and nothing happened.

In both cases, the money have gone down the tubes, without any positive outcome for the company and its shareholders.