Member Info for harrycarter

Do you have clue what you’re saying? Shorting AIM stocks is a mugs game even where it’s possible. My advice…Avoid Chariot. Use Chariot as a capital gains loss. Invest rather than gamble.

Look at the 5 year chart. Terrible. Never fear…a board full of DEI hires and a shiny new ESG policy should recover the situation. Not.

First no serious investor in the solar power business will invest its money in the holding company. Because such an investment will simply be spent on pay n perks for AP, Witless, JMW, Raillard and for the fancy offices. I’ve said that on here before and looks like that is exactly what has happened.

And that means if (and it’s a big if) AP wants to stay in Anchois he’s gonna have to get the money from somewhere else. The original plan to get Enog to put up the cash is dead. The back-up plan to raise [pocket] money from Loukos is dead. Raising money from investors via share issues is not viable…who on earth is gonna back Witless now? The amount of money required to develop Anchois is way beyond the reach of a two bit outfit like Chariot. The only option is another farm down. But that is sooo complicated now. First, enog has to exit. Second, Raillard has to persuade the minister to renew the license in Q4 and gift enog’s equity to Chariot. Third, the farm down process has to start over. There was only one interested party last time. They discovered water and have done a runner. It’s gonna be even more difficult to find a replacement except in a fire sale.

If you want to fund pay n perks for Witless and Raillard for another 5 years, stay on board. It will cost you. If you don’t and you like solar power, there are better options than doing it with dodgy AP in dodgy SA.

You know it makes sense.

Spot on. But it wasn’t only the disappointing well result. Enog was staggered at the cost of the project. A billion bucks plus for the equivalent of 15 thousand barrels a day. And the realisation that onhym had em over a barrel with pipeline export. And the fact that the economics of the project is purely dependent on geopolitical strife (Algeria shutting exports through Morocco and Russia v Ukraine). So in spite of squeezing Chariot hard on the farm-in, ENOG still believe they were conned and they want revenge. They definitely don’t want Chariot coming out on top. Next few months will be fun to watch.

I reported yonks ago that ENOG had left the building…literally and metaphorically. Just saying.

Think about Lixus from the point of view of the 3 interested parties in the asset: Energean (the operator), ONHYM / the ministry (the regulator) and Chariot (the penniless partner which wants to keep the plates spinning so they can continue to pay huge pay n perks to AP, Witless, JMW and the French fella.

Energean believes (rightly or wrongly) that they have been sold a pig in a poke. They have probably spent 70 or 80 million on it. Do they write that off and move on. Or do they try and get some of it back They have probably had a blame-storming session to identify the options from let's develop it to lets walk away and everything in between. They have decided to hang on to it until the license expires in case something turns up. And in that time they have tried to a buyer for their share on the QT. The responses have been universally negative coz their stake contains obligations to fund Chariot. The bloke who sold the idea to the board in the first place is still saying its good. His preferred option is to let the license expire and then reapply for it in a competitive process.

What about ONHYM and the ministry. They too believe they have been conned. It hasn't cost them anything except their reputations for competent license management. They aint stupid and they have had enough of penniless Brit minnows spinning yarns. Think Chariot (they worst of the lot), Predator, Sound and SDX. When they think back on all the press releases, the conferences, the puff pieces in the paper...they must be well embarrassed. They too will have done some blame-storming. And they have decided to wait until the license comes up for renewal, take it back and readvertise it to solvent players with the ability to get it done. My spies tell me that they have been talking to Repsol, ENI and Middle East NOCs.

And finally Chariot. They have no choice but to try and hang on to it. The line they are touting is.....Energean are greedy and don't understand the asset...we can do a smaller project cheaper and better than Energean...we have interested parties desperate to join the JV...blah blah blah. They've been paid a few million and got their mits on a bit more data courtesy of them mugs at Energean. We can rinse and repeat. We need to wait a bit before we go to the market for more funds.

For me, It's clear that the ministry has to take the asset back. Let's see.

Big rumour…Aiden Heavey is coming back to save TLW. Lenders have promised him money to turn it around. Sounds plausible. But he’d be worse than RD.

tbh…they’re all the same. con artists talking up a storm. on crazy high pay n perks. and punters never really knowing what problems are being hidden under the hood. cha being one of the worst. and look at tlw…sp was £16 at the top. now it’s 13p. probably been in malcy’s ****l!st along the way too.

Just what I said. The license [extension] expires in Q4 2025. I’d be staggered if the minister extends it again. Why would she? Unless of course a certain lothario is slipping her one. Stranger things have happened in Africa. But the spotlight is well and truly on this now.

…any company with wally Cox in charge. You’re gonna get crazy pay n perks, DEI and awful decisions. Just saying.

You should be worried. The license expires in Q4. About tge same time as the cash runs out according to your post. The government will take the license back and re-advertise it. They will be determined to award it to a company with the ability and resources to deliver a deep water gas project. I’m sure that Duncan Witless and Peter Raillard are “working tirelessly behind the scenes” to keep the license. Why wouldn’t they be? Their crazy pay and perks wages depend on it. But the government has had enough and wants to see new faces across the table after 6 six years of listening to Witless and being wined and dined by Raillard. Just saying.

Right now, Chariot is struggling for cash but it knows it cannot use its listing to raise cash...for obvious reasons. So what is the point of its listing? I think AP will take it private. PIs losses will be crystalized and AP and a few pals might possibly be able to recover some of their losses. This outcome has been rumoured for a while.

Enog has left the building. But they’re gonna sell all the furniture. And they will try and find a mug to pay a few quid for the building too. They’re business men . And they don’t like losing money. Unlike the folks at Chariot who simply want to keep the gravy train going. Problem is…license expiry and the desire of Moroccan government to get a solvent player involved. Think about it from the government point of view and tell me what you would do.

I’d bet my last Tullow share if I had any that I know more about modern history than you do.

Not for technology companies at this point in the cycle. And DEI hires are a wrong at every point in the cycle. USA showing the way. Avoid this dog.

Would you prefer to see the slaughter continue to boost your portfolio? If so, you are the idiot…orange or otherwise.

Mmm…look at the BoD…generalists and DEI hires. Doesn’t inspire much confidence.

Look pal face this:

There will be no gas produced from Anchois in the foreseeable future.

There will be no gas produced from Loukos in the foreseeable future.

There will be no green hydrogen produced in Mauritania in the foreseeable future.

The solar panel rental business in Africa will deliver little or nothing to PIs.

Chariot will run out of cash this year.

Spin it any way you want but you heard it first from the likes of Bantamboy and Finchy on the other board and few on here.

Meanwhile siren voices like yours described a dream that has turned into a nightmare.

Just saying.

My version of the truth??

I was speculating.

I’m sure Enog wants out. I’m sure AP wants out. I’m sure Witless, Williams and Raillard want to keep the gravy train on the rails. I’m sure ONHYM and the government would love to see the back of Chariot. I’m sure cash is running out.

Over and out.

I’m pretty sure that both ENOG and Chariot want out of Morocco.

Both want to get a bit of cash out of it. Ideally via a sale to big player if any is interested. But I doubt very much if they’ll find somebody.

And don’t forget ONHYM and their masters in government. They want to see something happen after all the promises. They know beyond doubt that Chariot will never deliver. They know Enog don’t like the asset. They would go along with a sale by the current JV to a big player. But also likely they are sounding out others themselves. With a view to awarding the expired license to a proper oilie. One that has a chance of drlivering. And might even pay a small signing on fee.

And that’s why none of the parties are saying anything. Coz it’s tricky.

Meanwhile the clock is ticking. And loudest in Mayfair where to compound the problem, Chariot is running out of cash.