Member Info for harrycarter

…and when it gets there it might be worth a punt.

Let’s say they do get a Namibian license…what then? Another work commitment with no money to fund it. So they try to farm it out. Or more likely…another diluting cash raise. And as for your theory they are waiting for good news on Etana…they have no choice but to wait. They don’t have the money to do anything with Anchois or Loukos or Rissana. They’re waiting for Godot.

Target price for entry in single figures now.

Rumours that staff are panicking about crazy generous redundancy terms confirmed. It used to be like this in HR…hi you’re out… but don’t worry you can hang around for 6 months and we’ll bung you 2 months for every year of service even though we’ll never see you again…coz we want some too. When you run a company like that, it usually ends in tears.

Fair point.

My thesis for what it’s worth.

TLW is not an investment. It’s trading opportunity.

Look at the 5 year chart.

Downhill all the way with occasional spikes.

I’m not a short.

Opportunities for a long here do exist. Oil price surge on geopolitical event. Takeover. But there is significant downside risk associated with re-financing. It’s come back along way from over 20p. But it could easily hit 10p with re-financing problems.

On balance I think it’s drifting and I can get in lower than here.

Agree. But rumours in and around the company are indicating that getting any sort of reasonable finance deal is going to be very difficult. Staff made redundant and serving notice are actually worried that the stoopidly generous pay-offs might be under threat. DYOR.

Red herring. DYOR.

They raised 6mill to split the company.

They’re probably shelling out 2mill per year on pay perks n rent.

There’s debts to pay too. Who knows how much.

And the somewhat opaque cost of splitting the company.

Bottom line. No money in the coffers if when the split ever happens.

And they’re chasing big bucks exploration acreage.

So cash raise is round the corner.

Now go on Companies House website.

There are various linked companies to look at for a laugh.

Note there is no info for the Jersey companies.

Note AP not an officer of any companies.

Note Anchois valued on the books at in excess of 65 mill.

If you own shares in this dog, pour yourself a stiff drink before you browse.

Loool…first gas from Anchois in 18 months?? AP losing his marbles. 18 months to raise the bounce (ain’t gonna happen) and get to sanction. Then 3 years to deliver the project.

Lool…70-100 million cubic meters of gas per day…only a factor of 30 out.more like 2-3 million standard cubic metres per day.

Are you mad? Different views are the lifeblood of a board like this. When a company SP has declined from 16 quid to 16 pence, criticism is inevitable. Get real Persianostrich.

And still it’s not possible to make money. Ask SDX. The problem is the poor quality of reservoirs. Just about manageable onshore but not offshore. Chariot got its nuts on Anchois in 18 or 19. They’ve been on it for 6 years already. If you let it happen, Witless will gladly spend another 6 years on it. Who can blame him. He’s got a mansion in the Home Counties and private school fees and the rest to pay for. My guess is that when advisers on the split will recommend that the oilie pillar be sold off to the highest bidder with Witless and pals as part of the sale. If they can find a mug to take it, even for nowt it’s probably the best way forward.

A couple points.

Three pillars. Three companies. 2 of them companies might be rolled up into one. Who knows. Not material to my main point.

Cash for exiting. Was all the rage in here. Enog agreed to spend 85million. The only spent 50. They owe us 35. Blah blah. My theory is that the sales contact was changed. And also enog did over Chariot just to be sure. Something like this. They noted that chariot was valuing Anchois license on its books at big bucks. Say 100. They agreed to return their 45% of Anchois. Therefore they were giving Chariot 45. The company they transferred back to Chariot had this vale in the accounts. They even left some debt on the books to reduce the 45. Chariot couldn’t argue without saying Anchois ain’t worth what they had it on the books for. Bottom line no cash for Chariot.

And you believed em. 🤡

Having lost fortunes due to drinking the kool aid…you’re still drinking the kool aid.

First they weren’t straight about the enog deal. They told you that enog would be testing a well and more. They hinted that a payment would be due when enog walked. Truth is the terms of the deal were changed and they found themselves with no money and a bunch of debts.

They raised money to test Loukos. Then they used that money to pay bills and keep the lights on. Oh and to keep paying the grotesque pay n perks.

That ran out. So they raised money to cover the cost of splitting the company into 3. Very creative. Betcha most of its gonna pay for bills and keeping the lights on. Oh an paying them pay n perks.

If and when you get to ask em questions, ask em how much they got in the bank. What do they owe. How much is gonna cost to split the company in three. How long is it gonna take. How long can they keep going this time.

Betcha, they will change their minds about splitting the company in three. It doesn’t make sense. Shareholders like the three pillars. Waste of money. And on and on.

Fair enough but what about that money you raised to split the company in three.

We used it to pay bills and keep the lights on.

And now we need a bit more….

They can spin the results any way they like. That’s why tests are so important. Bottom line… everything was ready to go. The fired all the techies. And sold off or demobbed equipment. And they didn’t do a test. They probably haven’t paid all their bills either. Not much ONHYM can do about it. Vitol has likely given up on the time wasters and written it off. Priority is always pay n perks of you senior management.

Bear this in mind punters. And don’t listen to the dreamers on here.

Anchois. Discovered by Repsol who walked away. Witless got his mits on it and declared a 70million scuff project. Witless drilled A2 without a test and upped it to a 100million scuff project. A steady stream of news followed. Contractors appointed. Societe Generale appointed. Environmental plan done. But no field plan. And no gas sales agreements. At some point Witless reported on a farmdown process..loads of interest…dozens of companies clambering to get on board…but after all that only one saw any value. That was Energean who came in for a song. Then A3 was drilled. Then Energean exited…but only after changing the terms of the deal so they could exit without any payments. Chariot got back to 75% without a bean in the bank. They did a cash raise to keep the lights on. Now what. Talk of right-sizing the project. Talk of getting partners in. All guff IMO. This project is now further away from reality than ever. It is too small and too risky to justify a spend of hundreds of millions of dollars on a 60million scuff flow. It still needs a test or three before getting off the ground. In reality it’s dead.

Lixus. An SDX cast-off. Two dusters drilled. A test promised on one duster. Then nothing. All the techies fired. All the kit sold off. A couple of pipes sticking out of the ground in a camel farmer’s field somewhere in Morocco. The much talked about deal with Vitol gathering dust in Peter Raillard’s filing cabinet.

Namibia. Don’t make me laugh. It’s a job creation scheme for Witless and his pals.

The new company. On its own. Riding for a fall. Who’s gonna head it up? My bet is AP stays as Chairman. Peter Raillard is Chief Operating Officer. Julian is Chief Financial Officer. Witless is Subsurface Director. That will represent a promotion for Peter and a well deserved demotion for Witless. But still a big overhead for a cash-strapped oilie like Chariot. Is it gonna be on AIM? Who knows what they’ve got planned for you. Whatever it is…you’ll be last to know.

I was responding to another post quoting AP on Loukos….to remind folks that I called a duster at Loukos months ago. And whilst I was at it, I reminded punters about the siren voices talking up a large compo payment by enog for exiting a dud JV..which was going to fill Chariots coffers. By the way what about chairman George? According to the annual report, he retired AND received a huge redundancy payment for his troubles. With your dosh. After all his wise counsel was greatly appreciated over the years….blah blah blah. Nice work if you can get it.

So AP hinted that Lookos is a dud? I knew it it from the get go. It was obvious when they cancelled testing. Witless should be fired for that alone. What happened to the compo payment from Energean? Like I said at the time, more likely that Chariot had to pay Energean.

I’m gonna have a look through the annual report later. Expect it’s full of dodgy content.

Lool…20 million. The mob and demob cost alone won’t be far off that number. As previously stated…the enog debacle means full field appraisal before a buyer will touch it.

Testing the Loukos ‘discovery’? What if it wasn’t really a discovery? What if it was one of them ‘technical discoveries’ which dodgy oilies like to claim instead of being honest.

Clutch at straws if you like but the soon to be independent (allegedly) oil and gas pillar ain’t doing anything much soon. Except paying staff and fancy office costs.