Member Info for harrycarter

Back in the day an imminent spud would tee up interest and buys. The Anchois appraisal well is a supposed to be a game changer. Why so little excitement? Is it all the false dawns? Or are investors getting the point I have made on here before. This is going to be the first time the reservoir has been tested since it was discovered 15 years ago…there is risk of disappointment. And even if the result is ok or even stonking, what is the next step and how long will it take? I see a “heads we lose tails we lose” possibility here.

AP, Wallace and Maurice-Williams pay and perks are totally unjustified. I imagine that other staff are paid big sums to keep quiet too. I am surprised that shareholders are taking action to reign them in.

Lots of it on here.

Back in the real world folks seem to have lost interest.

Even Malcy has gone quiet about Chariot.

Maybe he is on his annual hols in Benidorm.

Meanwhile the money continues to flow into the pockets of directors and staff in Chariot’s Mayfair HQ and its colonial outpost in Morocco.

It’s alright for some.

Hahaha. I do not think so.

Nope. Chariot spent millions on the 100mmscfd case. FED, EIA and on and on. Energean may be hoping for more. That is the upside case. You dingbat.

there are 3 possible results from enog’s upcoming anchois well:

worse than expected

as expected by chariot

better than expected

personally, i believe these outcomes are equally likely ie each has 33% probability of happening.

any objections so far?

worse than expected will be a disaster for chariot. enog will postpone fid. it may decide to drill another appraisal well. perhaps when rig rates have cooled. gas production will be pushed out into the distant future. enog certainly will not be taking more of chariot’s equity. chariot’s sp will plummet and more cash raises are nailed on.

as expected by chariot isn’t much better. this is the 100million scfd case. enog will not announce fid based on chariot’s earlier work. they might even talk about drilling another appraisal well as above. they will play for time. they will probably wait for chariot and onhym to confirm that they have raised the $550million which is their share of the development cost before calling fid. gas production will be pushed out into the distant future. enog certainly will not be taking more of chariot’s equity. chariot’s sp will plummet and more cash raises are nailed on.

better than expected is where it gets interesting. lets say its stonking and looks like it will be able to maintain 200million scfd. that’s a complete redesign. more wells. and a new eia. probably pushes fid into 2026. again cashflow is many years away. i am not convinced that enog will want to increase its equity. i feel they will become more and more risk averse such that 45% equity is enough. on the other hand, they might squeeze chariot with cash calls and carry onhym instead.

bottom line…chariot are in the **** whatever the outcome of the upcoming drilling.

And don’t forget the off the scale salaries/bonuses/perks they pay themselves. These guys will tell us anything to keep the plates spinning.

Your only hope is that the Anchois well finds another TCF down there. Upside would be limited because CHA’s stake would be reduced to 20%. Such a find would trigger a back to the drawing board review of the development plan delaying revenue until the 2030s. The well is just as likely to be a duster. But I guess a good well result could double the sp in the short term before it drifts back on more cash raises and delays.

Transitional energy company now transitioning back into looking for oil. They will tell us anything to keep the plates spinning and the grotesque salaries / bonuses filling their bank accounts.

*******s. shell was there years ago. tullow appraised kudu a decade before chariot drilled a single duster. now serious players such as galp and rhino have entered the fray alongside iocs. elephant hunting seems like a desperate move for a two bit outfit like chariot who should be focussing every penny and person on anchois and loukos.

Who in their right mind would award a block in the hottest basin on the planet to a transitional energy minnow with no money?

Read HS Finch on the other board. He seems to know where its going. If Chariot was a race horse it would be put down. But in the AIM yard, owners have to keep paying expenses even when its got no chance of winning.

It must be that. Because they had a block there once. And the CEO probably has links there too. But who in their right mind would give an exploration block in the hottest basin in the world to Chariot.

exactly. so why infrastructure they tested it. why wait. agreement with vivo is *******s. vivo will not build downstream infrastructure founded on one untested well with tubing and tree. not even with a cherry on top.

If they put a tree on, they must have put a completion in. So why didn't they test it? The agreement with Vivo must be heads of terms. Vivo isnt going to invest in downstream infrastructure for one untested well. Truth is its more about news flow and managing their dwindling resources to pay for big salaries and fancy offices.

I do not agree

The field was discovered some 15 years ago.

The appraisal well drilled 4 years ago.

There wasn’t no test because Chariot couldn’t afford the test.

I suspect that the struggle to farm down equity culminating in the fire sale to enog was caused by the lack of a test.

The reservoir us obviously complicated. The appraisal well could see unexpected water production from one or more zones.

Its not a slam dunk by any means.

Which is why I am concerned that enog will not take the extra 15% requiring it to raise 300million. And dont forget that onhym has to raise 250million.

Dont be surprised if enog ends up carrying onhym but not Chariot.

I have just read the deal terms on Chariot’s web site.

Chariot gets a carry on the upcoming appraisal well and a Rissanna seismic survey upto a gross cost of $85million. The carry has to be paid back out of future revenue.

Chariot only gets a carry on development costs if enog takes up an option to take another 10%.

If enog stays at 45% and declares FID, Chariot gets $15million but will have to find 30% of a development coss without a carry.

Its there in black and white.

HS Finch on ADVFN was right.

That makes sense. But lets see who is right. Chariot who premised 100mmscfd after years of study. Or enog who hope for 200mmscfd after a few months study. My bet is on 100mmscfd. Will enog want an extra 10mmscfd in exchange for a 200million dollar carry?

Nope. There is no obligation to carry Chariot post-fid if enog doesn’t take the extra 10%.

Are you one of the happy clappers they mention on ADVFN?