Member Info for harrycarter

2 Deepwater wells with complex completions to contol the inevitable water….75 million a pop. That’s 150.

Gas plant. Another 150. Subsea pipe 40km long. There goes another 150. Subsea umbilical 40km long. 100. Onshore pipe to export the gas. 75. That makes 625. Plus indirects. Say 10%. That’s over 700million right there. What’s the NPV now? No wonder Energean ran a mile.

That’s a job for underwater shareholders.

…to the day when the 3 chumps have to face investors and admit what I suspected from the get go.

First, that the heads of terms and or the terms of the final sales agreement with Energean were changed and that shareholders were not informed of that change.

Second, that the great discovery at Loukos is no such thing.

It’s been a while and the 3 chumps will be hoping that memories have faded and that distractions like renewables, frontier exploration and splitting the company up will enable them to get away with selling you a bill of goods.

I see that you are still smoking that hopium.

Chariot drilled a duster on Loukos. The second well was not successful but had to be announced as a discovery to save a certain gent's job. Back then (many moons ago), Chariot had a team in Morocco "working" on Loukos...geos, drillers, permitters and the rest. And they had all the necessary kit contracted and ready to do a test of the acclaimed discovery. But it never happened. Ask yourself why. At the time I suggested it was because the discovery was not worth testing. Simple as that. Now there is nobody there. All the kit has gone and it is clear to me that that the well will never be tested. Maybe they will announce a test at the AGM... but I very much doubt it. Expect something along the lines of "After due consideration, your board considers it prudent to discover more gas rather test what we already know is a world class resource. Blah blah blah." Let's see.

Back in 2022, Chariot contracted Subsea7 and SLB to deliver the Anchois project. Malcy and his ilk got busy polishing the turd and the sp shot up to 24p (well short of Malcy’s target price which would have valued Chariot at more than a billion bucks). It’s been downhill ever since. And now the sp is 1.5p. And all the through the decline AP, Witless, Julian, Pierre and others have been enjoying rock star pay n perks. And they continue to do so courtesy of telling you absolutely nothing, nada, niente. There is no talk of changes at the top. Just silence. And who can blame them? If they can’t get away with it for one two or three more years…why not? There retirement accounts will be nicely padded by then. Talk about rewards for failure.

Time will tell. It’s gonna be a long wait.

10% for nowt…but then cash-called out of it when Exxon starts spending big bucks.

How on earth does this 7 year old promise work?

Who are the other partners?

If them Namibians re-advertise the block and say Exxon wins it, does the ministry tell Exxon “By the way Chariot is getting 10%”. What if Exxon proposes a $100million work plan and budget including a 2 well programme? Does Chariot have to cough up 10 million.

And all because Chariot struck water in Namibia. Decades after Shell and others discovered hydrocarbons in Namibia. Sounds crazy to me. Or rather corrupt.

No. Data generally belongs to the operator and the ministry or national oil company.

I don’t believe it. Ministries have a duty to their citizens to and not to a few chancers in Chariot. They want companies who have the human and cash resources necessary to find and develop oil and gas fields. They should seek competitive offers for work commitments (and signature bonuses). They should not give licenses to cronies with whom they have ‘special relationships”. Ugandan or otherwise. If they do, they should expect citizens to ask if bungs are involved. And frankly speaking, the penniless minnow has its hands full with Morocco. The last thing it needs is another asset to mismanage and waste money on.

Really? Kudu was discovered years before. Chariot struck water and nearly killed off interest in Namibia.

Imagine you are in the Namibian energy minister.

Why are we considering award of a license to an AIM oilie with a million bucks in the bank.

Sir…they told me if they get the award, they will farm down to a big international company with deep pockets.

You idiot…why don’t we award the license to a big international company with deep pockets? And keep any profit Chariot is planning to make? And earn a signature bonus to boot? These people must take us for fools.

Sir…Chariot told me that they have back in rights and will sue if they don’t get the license.

You clown…they are bluffing. They drilled a well on the block seven years ago and struck water. They have done nothing since.

And on and on the conversation would go until it becomes clear why the ministry official planned to award a license to Chariot.

Shares like CHAR always bounce around. But the fundamentals are very clear. Chariot is a lifestyle company for a dodgy BOD. Maybe the demerger process will involve 1 to 100 consolidation…with Witless Ltd at 50p and Etana Ltd at 100p emerging after trading in Chariot is suspended. And you lot posting “So much for Harry’s sub-penny call. I’m rich.”

Generally I don’t do price predictions for stocks like CHAR where prices are massively manipulated by MMs.

I’ll answer these for you in 2 minutes. No need to wait for the faux expert to confuse you.

The split was the only way forward for the renewable business. Potential investors would not touch it with a barge pole while it was enmeshed with the value-destroying oilie business

Revenue from Morocco in 2-4 years? No chance. Lookos has been abandoned. Anchois will need to find a partner (say 1 year), more appraisal and testing (2 years), construction phase (3 years)…so a minimum of 6 years to first gas and another few years before it becomes cash-flow positive. More likely it will never happen.

Namibia. Don’t make me laugh. Even if them Namibians are daft enough to give a useless AIM oilie with nowt in the bank and a track record of failure a license…it will be another millstone round PIs’ necks ending in more value destruction. Except for Duncan Witless…it will keep his grotesque pay n perks going for a few more years until retirement.

Anchois is not key to short term value. Project won’t even be sanctioned until more appraisal wells have been drilled and tested. If it is ever sanctioned it will take 5-10 years after that to deliver positive cash flow.

Loukos will never be key to short term value coz there ain’t no gas there.

Namibia is key to short, medium and long term value destruction.

Lool…not a cat in hell’s chance. But in 🤡 world some will be taken in.

…in a good year, Duncan Witless trousers 300 grand + pension contribution + perks + bonus of 300 grand. What perks? Business class travel on short-haul trips, gentleman’s club fees, clothing allowance (for appearing on Malcy’s YouTube channel) and the rest. And Julian Novice-Williams is on the same package. All paid not from revenue or loans but straight from your pockets. And they’re still on seat (in luxurious offices in Mayfair)…readying themselves to rinse and repeat.

There have never been any good things round the corner in Chariot world.

When chariot water & farts plc emerges out of this mess, it’s gonna be sold off for nowt.