Member Info for Jimmy23

The good thing about corrib south is that it’s near the corrib infrastructure and could be connected by way of a sub sea completion to the corrib infers structure, so it’s very environmentally friendly and requires limited environmental impact.vermillion the likely farm in partner.

On the other hand rams head requires a deep pocket partner and if successful would require a lengthy approval process and based on environmental groups threats to barryroe would be legally challenged all the way, despite the economic merit,

I put more hope on corrib south.

Jimmy

Surfit,

You are correct that the onshore drilling program was directed at early cashflow, which is something chariot should have done many years ago to avoid ongoing dilution, but better late than never.

There is a funding gap between the next payments by energean and current cash, which is why onshore is so important.

I am patiently waiting for news of the net reservoirs to be flow tested. With 200 meters of gross sand in the latest well the net sands should be pretty good and will surprise to the upside . Onshore capex to be funded by vivo,

With regard to flow testing, chariot did not have the money to flow test the anchois 2 well at the time. However, they did extensively sample and log the well which would have been sufficient to build a 3D reservoir model which in turn has identified a reservoir problem as to whether two of the B sands are in pressure communication or do they need to be completed for production seperately, hence the flow test.

I believe that a three well production system at anchois is capable of producing 200 mmcf per day, which will generate huge cash flows for chariots 20% and all capex funded by energean.

This share is due a substantial re rate and the sooner that equity dilution risk is taken off the table the better.

Jimmy

Alan,

I have quoted the mid case recoverable gas volumes attributable to prd 50% interest in the licence.

I believe the volumes you quoted are gas in place and the most optimistic high case volume estimates.

Jimmy

The competent persons report states that the net prospective resources for predatorfor corrib south are 68bcf, which is before a farm out.

The success risk is 44% which is pretty good for exploration and its development would be most likely a sub sea tie back to corrib.

As there are effectively only one party to farm out to, I expect a farm out will be a carry for 20% on an exploration well in respect of predators 50% , so net prospective resources is circa 26bcf with an option to convert to a net royalty interest of 5% of 26 bcf.

Jimmy

$105 k per year for 10 years net to chariot, a good start

Needs to be corrected will try again

Snott,

Power is not my area, but I will give it a go.

If the wholesale price is $100 mwhr I am guessing they will make at least $5 mwhr margin, most likely a lot more.

There are 1 million mw hrs in 1Gw so 43 million mw hrs is the contract at $5 per mwhr = $$215 million or $105 million for chariots 49% , for 10 years.

I would welcome others to check these calculations

Jimmy

Ajc.

Please see page 11 at

https://chariotenergygroup.com/app/uploads/2021/08/Proactive_Investors_Presentation.pdf

The galp discovery is directly to the south of the block, note the giant prospects in yellow.

In addition, chariot suggested potential reserves of 10tcf for the AO prospects. However such prospects are near oil generating source rocks and are in a stratigraphic trap, which is where the giant oil discoveries have been found. Apparently, the giant discoveries in Namibia have a distinctive seismic character, but I don’t know if chariots huge 3D data set has identified such prospects.

It’s in a good place for a giant discovery so should be getting farm in interest.

Jimmy

Snott,

Insomnia, after a late night coffee.

J

Chariot have a 10% carried interest in Namibian block 2714, which is north of galp energy block 2814 in which 10 billion bbls of oil in place has been found.

See.

https://www.offshore-energy.biz/another-significant-oil-discovery-springs-up-offshore-namibia/

Might be some value left in Namibia for chariot after all.

Jimmy

Fernan,

The Sou deal demonstrates that if a company with a good gas discovery is a long way from a pipeline and is in negative cashflow, it negotiates from weakness.

Hence, urgent chariot progress the onshore gas discovery as the quickest route to cashflow.

Jimmy

Jt,

The next stage is for chariot to announce the net reservoirs from its 200 of gross reservoir and the net reservoirs to be flow tested in q3.

Jimmy

Source of net to gross.

https://www.reddit.com/r/PredatorOilandGasPRD/comments/xqaeza/prd_the_sleeping_giant/

J

Chariots second well in the onshore loukos basin encountered 200 meters of gross reservoir with 70 meters to be the focus of a flow test in Q3

The average flow rate in the rharb basin is 1.1 mmcf per day per meter of net reservoir.

Chariot have not announced the net reservoir encountered with high gas readings. However wells drilled onshore and offshore have the following net reservoirs, and at average flow rates are as follows.

Well N:G

Anchois-1 60% loukos 70 meters = 42 net meters = 46 mmcf per day flow rate

Anchois-2 67% loukos 70 meters = 46.9 net meters = 51.59 mmcf per day flow rate

GRF-1 58% loukos 70 meters = 40.6 meters = 44.66 mmcf per day

MOU-1 27% loukos 70 meters = 18.8 meters = 20.79 mmcf per day

I expect chariot will net $4 to $8 an mcf so for their 75% and 60% net to gross it’s worth $138k to $276 per day

Now that’s not in the share price.

Jimmy

Ps source of net to gross

Sound were in a weak negotiating position after the tax mess in Morocco.

Chariot have a good plan to get into cng production asap , strarting with flow testing of a gross 70 meters of gross reservoir..

The onshore geological model has been proven , four way dip anticlines with seismic amplitude anomalies work, expect updated follow on prospect mapping from reprocessed 3D seismic.

Still expecting flow rates of circa 37 mmcf based on 37 meterS of net reservoir.

Transformational for chariot followed by increase in reserves offshore to over 1tcf , all happening in Q3.

Jimmy

The Sou deal was done from a position of extreme weakness.

Prd can put itself in a stronger position by getting into cng cashflow asap, once in positive cashflow it has bought time and hence future financing options, that’s why I did not want to see any further delay in sand jet perforation .

Mou 5 is an interesting 50% chance of success drill, for after flow testing.

Jimmy

The bold.

Sandjet perforation was selected by prd after the drilling of mou 1 , now three years ago, as the best way to get a flow from thin sands wire mud invasion damage.

With regard to GRH, my understanding of his enthusiasm for guercif is based on data from a remote sensing company that he is involved in.

My target of 20 mmcf per day, is well below the prd estimate that sandjet perforation could identify reservoirs to flow at the cng upper target of 50 mmcf per day. I selected this to allow for some zones not to work and also because the initial cng market in morroco is unlikely to be more than 20 mmcf. The importance of a flow test is that it validated the logs which are not conclusive as well as providing cashflow to fund opex and some more drilling without constant pump and dump equity dilutions, which the market has moved away from in my view.

Jimmy

Zebra,

The current market valuation is heavily discounting a flow rate.

So if the flow rates are successful, more than 20 mmcf per day which I expect, then I expect a re rating upwards above 20p at least and then I expect prd to fundraise ahead of mou 5, at least as contingency funding.

There certainly appears to be a difference between GRH view of the guercif potential as super giant reserves and the technical competent persons reports most optimistic assessments.

The good news is that if prd has data to support the supergiant reserve potential it will need to disclose such price sensitive information, particularly if pg is to get shares to repay his loan or buy out the balance of equity in corrib south.

Then all shareholders will be up to date and treated equally.

In the meantime, I am looking forward to a successful sand jet flow tests.

Jimmy

The information in the various technical reports issued by predator do not suggest a super giant discovery.

The mou 5 prospect would need to be highly fractured and high porosity in its entire trap area to yield high tcf gas volumes, which if found will require a high density drilling program.

Which. Is why getting to cng production cashflow is such a priority.

Looking forward to sand jet flow testing soon.

Jimmy

Turtle wax,

The last rns stated.

“ MOU-5 will commence drilling upon entry into the First Extension Period”

The 1st may rns stated.

PRD is pleased to confirm that Petroleum Agreement Amendment #4 has been ratified and that preparations for the Sandjet rigless testing programme can now be progressed as planned.“

Jimmy