Member Info for Fernan10

Excluding his participation in share placings (to stimulate others to buy) the CFO bought CHAR´s shares just once in the last 3 years.

In December 2023, he bought 111.112 shares at 9.89 p, for a total investment of 10.000 pounds.

He currently has 717.799 shares, valued at 13.638 pounds at today´s prices (equivalent to US$ 17.387).

I´m sure lots of posters here have a greater amount of shares than that.

His total remuneration in 2023 was of US$ 570.000 (down from US$ 630.000 in the previous year).

This guy is becoming a millionaire in front of our eyes, and at our expense. He´s not going to risk his hard earnt money by buying CHAR´s shares.

The CFO is "confident in the long-term value", but he´s not buying any single share at these ultra-low prices.

He will likely buy some in the next placing, in order to "lead by example" and encourage others to buy.

How many shares does the "analyst" perfoming that breakdown have?

Without that info, this valuation means nothing to me.

I can say that one specific soccer player worth million of dollars. But if I not willing to risk my own money to support my words, that means nothing.

Hi Surfit.

I already sent an email to CHAR about this subject

CHAR raised US$ 12 million last year in order to drill (and test) 4 onshore wells in the Loukos license.

They spent the money in other "ventures" (including US$ 1 million to buy an additional stake in Etana from a company where the CEO has a 28% ownership). Now, CHAR can´t test the well by itself.

Then, managememt began a farm out process to find someone to fund the testing.

Natural gas price in Morocco is around US$ 17/mcf (almost 6 times current price in the US). If they can´t have someone willing to pay for the testing, that would speak a lot about the quality of the prospect.

In such a situation, maybe the Technical Director should be fired. Otherwise, his flawed "geological models" will bankrupt Chariot.

Https://oilprice.com/Energy/Energy-General/South-Africa-Seeks-Loan-Guarantees-for-Energy-Transition-Funding.html

Https://oilprice.com/Latest-Energy-News/World-News/South-African-Court-Rules-Plans-for-New-Coal-Capacity-Are-Unlawful.html

Today´s anouncement is a step in the right direction, but it will take time (years) to produce any economic benefit. The supposed 500 MW of future energy projects to be funded out of this guarantee are yet to be built.

And South Africa keeps awarding more and more electricity trading licenses (10 licenses issued so far, with more to come). Potential customers will have plenty of traders to buy their electricity from.

Trading margins won´t be that high in that ultracompetitive market.

Regards

Nope. I didn´t.

Thanks for the clarification.

Regards

South Africa has already approved 10 electricity trading licenses. More to come. I´m surprised to see that Etana is not in the list of license holders mencioned in the press article:

*4 new trading licenses:

"Trading licences were issued to CBI Electric Apollo, Discovery Green, Green Electron Market and GreenCo Power Services, while the import/export licence was issued to GreenCo Power Services."

*6 existing trading licenses:

"The objection was lodged despite the fact that Nersa had already issued six trading licences since 2014 to PowerX, EnPower Trading, Neura Trading, Energy Exchange of Southern Africa, Envusa Trading and to Eskom Holdings’ National Transmission Company South Africa (NTCSA)."

*more licenses to be approved in the future:

"...he did highlight the urgent need for Nersa to finalise a framework and rules for electricity traders as well as for wheeling given the prospects of many more trading applications in the coming years."

Hi Surety.

Thanks for your kind repply.

What do I still hold my shares? good question.

First anwer: the share price is so low that selling or not doesn´t make any difference to me.

Second answer: I´m still giving those idiotic managers the chance to prove me wrong. I will be happy if they can show me that. I´m still waiting.

Regards

Https://www.engineeringnews.co.za/article/batting-away-eskom-objections-nersa-approves-four-new-electricity-traders-and-first-private-importexport-licence-2024-10-29

Surety:

you never stop surprising me with your half full vision.

ANCHOIS

Julian said that they working with ENOG on potential plans to develop Anchois. This contradicts what ENOG´s CEO has been saying in the media recently. Which one do you think is telling the true?

LOUKOS

"They are clearly progressing Loukos. "

Julian´s words: "on our onshore project, our Loukos license, and our exciting new venture in South Africa, we´re progressing both of those business streams, and we look to announce something further when we can".

POWER FUNDING

"you virtually take the Power G&A off the table from central cash burn, and that was a big number"

That´s not the case, unfortunately.

In the words of another poster here: "this guarantee package announced today provides security to lenders to potential suppliers of Etana energy. Etana don't get their hands on any cash as a result."

The financial guarantee announced today is not for the purpose of funding CHAR´s overhead expenses.

They will guarantee future purchases of electricity by Etana. The renewable projects to provide that electricity are yet to be built. Then today´s announcement doesn´t have any impact in CHAR´s current level of expenses. On the contrary, I would say that expenses have gone up, to pay for legal advisors and other fees in conexion to getting this financial guarantee.

Regards

Jimmy:

in order to free up the financial guarantee, Etana needs to find reliable customers to buy the electricity, for up to US$ 100 million dollars. And there will be 4 more electricity traders trying to do the same at the same time. will the future south african electricity market be big enough to support that?

Time will tell.

The independent producers will buy the renewable power capacity, based on Etana´s guarantee of a minimum purchase of US$ 100 million of electricity (by year I suppose).

As of yet, CHAR doesn´t have any equity interest in any of the future power projects to be part of the grid.

It only has an equity interest in a potential project to provide electricity to an individual customer, that´s a different business.

If CHAR is going to participate in any of these future projects, it will have to fund it from......new placings???

What does this announcement exactly mean? are the 2 financial institutions going to guarantee independent power producers (IPPs) that Etana will buy a minimum of US$ 100 milliion of electricity? is that an annual amount??

I still think this is not material.

Assumptions:

Etana buys US$ 100 million of electricity per year from power producers, with the support of the guarantors announced today.

Etana´s trading fee: 5%. I don´t expect a trading fee higher than 5%. This is a competitive market. By memmory, there are other 4 trading licenses already issued by the government.

Etana´s G&A expenses: US$ 1 million per year (this is a company controlled by CHAR. Don´t expect a frugal operation)

South Africa corporate income tax rate: 27%

CHAR´s equity interest in Etana: 51%

Etana´s annual net income: (US$ 100 million X 5% - US$ 1 million) X (1-27%)= US$ 2.920.000

Net income attributed to CHAR´s 51% equity interest: US$ 1.489.200 per year

Dir sirs:

My name is XX, I´m writing from XX being (painfully) a Chariot´s shareholder.

It´s easy to perceive the value destruction that has taken place in the current year in relation to Char´s prospects.

The supposedly "granted" appraisal well drilled in Anchois ended as a big failure. Farm in partner ENOG has been saying in the media that they are not interested in developing the field.

There was no testing of the onshore gas discovery in the Loukos license, allegedly "to preserve capital", in spite of the fact that management executed a share placing last year in order to fund that very activity.

The promised funding of the power business has never taken place. The same happens with the award of an "exciting" new oil exploration license in Namibia.

But, despite all these "successes", management issued million of new shares to themselves in recent days. To reward themselves for exactly what???

This is turning a nightmare for shareholders. The share price continues to go lower and lower, overhead and administrative expenses are out of control, the market is fed up with unfulfilled promises, and management´s credibility is in tatters.

is that a serious company? what is management´s ultimate goal? to reward shareholders, or to keep living at the expense of them??

Regards

CHAR starts to remember me the case of now defunct oil and gas explorer Providence Resources.

His high profile CEO keeps raising money through succesive share placings, each new one at a lower price than the precedent one. Always promising new exciting projects to support each fund raising.

In the meantime, he was receiving an annual salary of around half a million euros.

It happened that, at last, the market refused to participate in yet another share placing to keep funding his salary and other overhead expenses. He immediately resigned.

The company is now dead.

Managers need to reward themselves for:

*A successfull appraisal drilling in Anchois...

* an even more sucessfull flow testing in Loukos...

* funding secured for power...

* funding secured for green hydrogen...

* a new exploration license in Namibia...

Why do you complain about that????

This management team is a nightmare for investors.

Managers need to reward themselves for:

*A successfull appraisal drilling in Anchois...

* an even more sucessfull flow testing in Loukos...

* funding secured for power...

* funding secured for green hydrogen...

* a new exploration license in Namibia...

Why do you complain about that????

This management team is a nightmare for investors.