Member Info for HenrySinclair

Hello Ian

How do explain less than 15 months to first gas yet the company is going to spend the next 18 months evaluating the onshore prospects to speed up development to first gas?

How do relate to the shares being cheap? Do you mean relative to anyone buying at the 18p placing.

Bubble

I’d prefer that Char deliver not on the onshore deal but rather on the offshore deal as the requisite of THEIR previous fund raise/s… less than 15 months to go before first gas (production) according to the Char website… no concerns

Next update could well be in ref to the company securing a licence for pan Africa fish and chip shop franchise…. The synergies !

Hello ICB

Thanks for reply. Not as informative as I had hoped for. If you could expand on what it is Char are closer to. I’m still confused how the latest raise was offered at 14, more than 20% less than the previous raise in May. My inexperience as an investor would suggest if the raise in May was developing as proposed by BoD, then this last raise should have been at a higher price. Are you suggesting a further raise below 14 is a positive investment case?

Hello ICB

I struggle to see where Char have delivered what they say they would prior to the 18p raise.

What is it that caused you to participate in the offer at 14 after participating at 18 ?

Jimmy

As always thanks for reply.

I’m not buying their story. And that is what it is. It has been that since the the successful upgraded drill. The lack of substance since is tge concern. I was lead to believe they had world class finance group prior to the drill results. They had lead me to believe up until the leaked arrival they they were working on the development. If the resource and return on investment was commercial in 2022, why the change to unknown on shore prospect development. I’m not attempting to talk down the sp. I’m struggling with the change in what I was lead to believe to be a world class investment case. They are not being responsible for their previous statements.

No more from me as I don’t wish to appear negative

Hello Klein

Thanks for reply, appreciated.

I have not sold but certainly not participated in the last two (anticipated) fund raise.. yes it’s speculation but based on past experience in this char story. I speculate that 30p is ahead based on story line expectations. Sprott managed to work the price to touch 25p

I struggle to see a major investing in a process plant on Anchois as a stand alone. I’m guessing they would expand the surrounding prospects before development and bank the reserves.

GL

Jimmy

At the risk of appearing to be creating negativity.

Replay Jan 2022 webcast. DW / MW quoted late 24 for comp of prod facitity. AP contradicted stating 2025.

I sent 2 x Q, both replied in webcast and neither gave me reassurance. They played the mkt. fund raise to finance Soc Gen. previous finance group never mentioned. Then the leaked meeting late last year, as if it the first time any development had been proposed. They only then creating a working group. This latest raise to finance on shore development quicker than previously stated. What do they intend.. hand pumps and barrels onto a Foden truck??

This is fairy tale stuff. No major is going to buy into operation from the current field and they are not going to let Char dictate. It’s all window dressing. I don’t blame them but their credibility is shot. Mr 6% is along for the ride and will exit in profit leaving PI’s watching and waiting.

For many a year I believed I was speculating in a oil / Explor company. Elephant hunter. That then market itself as oil and gas multiple plays. Evolved into multiple energy co. We have listened to the spin of PW. LB and DW. None of them have fulfilled their “promises” yet I’m convinced they have achieved the needs of AP… I now accept that this is one big marketing company. It’s the same format. Brokers come and go. Targets remain fixed regardless of not fulfilling proposed developments /deadlines, dilution. The BoD dismiss any previous plans. How do they account for Soc Gen and lack of financing.

I laugh when I read AP is aligned with private share holders.

SB

Not intending to be negative or any agenda except to say that it’s wearing thin the continued story that repeats with each new chapter. Much is written here as if it a first time event in the long history of Char.

As my 3 posts can read as negative, they only offered in balance to the positive comments based on hope.

Ever hopeful

Henry

Could be repeat of Sprott Uk - entered circ 8p from memory, managed to get the sp to circ 23p on the back of more jam before disappearing.

AP is a Serial fund raiser… Tapir. Mohammedia. Lixus.

Char need to stop the BS

Before the drill results, they said they had a group of financiers. Post drill they advised via live webcast that operations commence 2025. 18p raise on the back of that advise from the BoD…no updates the SP slips and then advise they have a design finalised. Yet more BS.. now they say a new op and faster route to production. They have never advised any supportive administrative expansion to support either development or operations.. until such is in place, it’s all hot air. Yet the pay drain continues. Time for the company to stop the BS. It may be good for survival but does nothing for their credibility.

I struggle to see Char holding on to more than 20% of the licenced area and will be happy if they do as long as terms include commitment to operation date. This is far better than being held to ransom by bond holders. I can’t see anyone acceoting the risk to finance and develop the field without having controlling stake, their upside would need to be proportionate, regardless Char having taken the initial risk, there still a massive gain for char and confirmation of increases in volumes will offset such. Chariots webcasts to-date give me the impression of a remote computer screen monitoring the gas flow and each Friday checking the EFT payments. They have not demonstrated any development of administration to support the the development and operation. It’s all been third party (consortium) akin to the visions of 3rd party engineering consultants validating a proposal. Char have been very loose with time frames yet talk the talk as if it all just a case of dotting the i’s..

Not taking away what has been achieved but believe Char’s position is much as they originally presented themselves to be, early field explorer and as such much like specialist gold mining explorers that build a portfolio on realising upside through royalty’s. Char have much to gain by farming out for a reduction in licence share. Q is how long to first production. I am not negative the investment case although weary of broker targets. Their notes assume uplift in prospects yet the costs of such remains constant. Continuing to hold in hope

Jagua

My comment related to Jimmy’s consideration of what share Char may hold. Given 25% is already taken I don’t see Jimmy’s circ 40% to Char, as that would not provide a controlling % to any 3rd party.

Jimmy

I am guessing Char will be left with much less. (Not to be negative). Any single entity taking up the liabilities will want control. Given 25% already taken. A major/operator likely would want controlling share which would leave Char circ 20% plus cash.

Anyone previously invested in Sirius Minerals could offer a different outcome. Resource, MOU”s. Construction progress. ROI industry standards. Main FTSE listing. All appeared to line up. No finance.

Hi BDC
Agreed. But those were not the facts at time of placing. I’m not judging AP for placing.

Sft
The Jan 22 webcast was indication that Char was being careful not to offer definitive facts and timelines. It was their “ambition”
There was no reference to the previous “in discussions” with finance lenders. They gave the impression they now in the box seat. Yet they had not indicated any plans/ licensing agreements with landowners or environmental, funding for mitigation. It all very much a concept. They then presented the engagement Soc Gen as a leap forward, yet I believed this would have been part of earlier discussions of finance. This was telling that the company still had ambitions. Further proof was the third party (the opinion of the author) info indicating Char was only then commencing a Govt working group.
IMO AP tried to take advantage of the drill results by increasing funding through placing and now paying for this.
The SP is not a reflection of lack of progress, it’s more a reflection of what what the implied plan.

Jimmy
Char presentation :
Focus on trans’ energy
Page 10 schematic includes:
“Seismic Survey 2023 De-risking recently identified targets in new plays”
Are you aware of commitments to above statement note 2023 or should this be altered ?
Regards

Gday Sft jimmy
I speculate that char was considering mid tier operator to partner and free tge result of the Dec drilling they may be reconsidering that road. Will a different option of partnering a major shelve their ambition to build and operate for tge route to bigger prize. Only speculation on my part and not a negative idea either way.