Member Info for Jimmy23

In July there was a placing of £1m of which £150k was for ordering perforation equipment for mou1 and 4.

Now, no mention of testing either in the latest update.

Jimmy

Donalb,

You are now delusional.

I do not use two accounts.

Jimmy

GRH

The 30 meters of gross reservoir below the jurasssic carbonates were water wet, and were not Triassic.

The rns stated.

MOU-5 was suspended for potential later re-entry and side-tracking updip to further evaluate the Domerian carbonate bank and helium show and for potential deepening to the untested deeper Triassic structure beneath MOU-5.

Jimmy

It’s now four months since the preliminary results of mou5 were announced.

The 30 meters of reservoir below the carbonates were reported as gross reservoir, and good quality. So probably15 to 20 meters of net reservoir. No mention of oil shows in the rns,

With regard to the age of the reservoir we just know it’s older than the jurrasic carbonates, but no age was specified.

As GRH says, it’s his opinion that oil has been found in Triassic 30 meters of reservoir.

Jimmy

More rubbish Donal.

Jimmy

Mr jinx.

I am not wind in the willows.

Jimmy

Explains why there is a pause in Morocco and focus on T&T,

They want their money back.

Reinforces my view that another fundraising is being planned.

J

The equiom website at

https://www.equiomgroup.com/

Says they provide private wealth and family office services , this includes wealth management.

No conflict of interest arises for assistance to raise funds provided any conflict of interest is disclosed.

Still think it’s a route for more equity fundraising.

J

One further thought to reduce initial capex, get the farm in partner to fund the cost of a large pipeline with payment to be made from production cashflow. The moroccon state have already agreed to fund the pipeline connect from the processing facility to the major pipeline to the power stations and Spain.

This reduces initial capex and makes a smaller development economical.

As more reservoirs in the area are proven up, it just takes incremental capex for a bigger processing plant, which was designed to be modular anyhow.

This looks really interesting.

J

The feedback from the Agm which I got was that substantial cost cutting measures were taken last year, both in personnel and salaries, so that chariot is well funded till it disposed of the renewables division. The directors are focused on getting to early cashflow .this helps to remove a major uncertainty affecting the share price, risk of more dilution.

The analysis of the anchois 3 drill results show that the field is slightly smaller to the east than anticipated, but anchois 3 found 24 meters of gas bearing reservoir, modelled to flow at 50 mmcf per day.

Chariot are looking at a smaller initial development, however this will most likely require at least two production wells to guarantee contract gas volumes. It seems to me we are looking at a phased development starting small and increasing pipeline and processing capacity funded from initial cashflow. To get financing will require a state guarantee of gas prices.

The results of the anchois 3 well surprised everyone, particularly the presence of an intra reservoir faulting to separated gas bearing reservoir in the no 3 well from the nearby pilot hole that drilled anchois north and was dry in the a and b sands.

That information has allowed the 3D seismic to be recalibrated so that gas bearing reservoirs can be identified more confidently than previous. Interesting that in the July presentation the anchois slide shows anchois west B sand reservoir as proven gas.

A redrilled of anchois 1 as a production well could also test the deeper reservoirs that are still prospects and drill a pilot hole into anchois west , low cost ways of increasing proven gas.chariot report that nearbysatellite prospects have 500 bcf potential. In addition, the Anguilla prospects, four clustered prospects in shallow water close to shore are also highlighted as having 500 bcf potential.

This is enough to farm out again , my guess is to onhym.

J

The appointment of new secretary with international connections most likely to secure new equity investors, as pg typically equity fundraiser before each new drill.

J

Interesting that 23 meters of gas reservoir in A3 has been modelled at producing 50 mmcf per day. There is another 150 meters of gas reservoir in A 2, so a two well production system could easily produce 150 mmcf per day.

There is another gas price in Morocco is currently$17 per mcf, so if they could secure a guaranteed price of say $10 per mcf, then that unlocks project finance and the field could be produced. Perhaps a farm out to onhym would unlock a guaranteed price and get the project started.

I will look at Anguilla later.

J

At long last we will be getting an update to morrow.

It’s over a year since the application for the Namibian licence was announced, got to get an update to morrow.

J

Interesting how mentions of chariot on this forum are followed by a discounted equity fundraise.

With regard to the mud weight hypothesis, has every reservoir with gas shows in five wells drilled to date had such high porosity and permeability that the mud drilling weight caused reservoir damage that has prevented the wells from flowing gas in three different perforation attempts covering multiple reservoirs ?

Tincan.

The pre drill valuation potential of mou5 has no relevance. No natural gas logged intervals were reported and no reservoir properties of the jurrasic carbonates were reported.

Prd did indicate potential up dip but it requires 3D seismic and they plan to get a partner, so several years before it’s drilled.

Mou 5 prospect had an independant report chance of success of 12% , there is no new information that would justify revising that independant chance of success.

J

Keith,

I do not share your analysis.

Yes both chariot and prd have made mistakes. In particular chariot has failed to follow up on flow testing its onshore discovery and it was very late in cutting costs, particularly its executive remuneration. The investment in renewables, while well intentioned is structured in such a way that shareholders in chariot could not tell if it was generating positive cashflows or not, or could tell when it would repay its various project debts.

On the other hand chariot has a strong track record of farming out which prd does not. In addition while chariot has substantially diluted its shareholders in recent years and should have focused on generating production cashflow far earlier, yet chariot Directors have been strong supporters of the recent fundraisings and in general it provides its shareholders with the opportunity to subscribe for shares at the reduced placing share prices. Prd has not offered its shareholders such participation and I don’t believe that recent prd fundraisers have been supported by prd execitives.

I am lucky here because after Lonny posted that question of “where is the gas” I sold most of prd investment and made a small profit.

Other investors have suffered as excuse after excuse is offered after each flow testing its failure, followed by a ramp and an equity fundraise.

I am particularly disappointed in the prd management style of raising funds for particular activities and following through in a timely manner or at all. Examples, complete the logging of mou2, swabbing mou3, flow testing mou4 etc.

Yes, I highlight these issues, and suggest that something is wrong when five wells drillled and three programs of flow testing and not one mcf of gas has flowed.

Jimmy

If investors have comments about chariot, discuss on the chariot board, otherwise it’s just another distraction from prd failure to flow and prd repeated failures to do what it said it would do with shareholder funds.

Still waiting on the final results of mou5 !

J

If there is not another placing due, then Directors should be buying this share on the market given the value that some attribute to this share.

Says a lot.

J

Brv,

There are no bookable reserves in guercif, because no gas has flowed from five wells drilled to date.

I don’t doubt that there are gas mature source rocks in guercif , but because this is a basin that’s undergone inversion, and there is clear evidence on seismic of gas clouds indicating gas migration and seepage, the issue remains as to where the gas is actually currently trapped in reservoirs that will flow.

The nuetech log analysis was qualified that their interpretation of logs was subject to validation by flow testing. That in turn would proove whether the wireline logs were picking up isolated pockets of residual gas or indeed were gas reservoirs.

This is still very much exploration .

The past performance of pg would strongly suggest more equity fundraising before the next well is drilled.

The shallow gas in mou3 not flowing was a real surprise, however it should be noted no wireline logs were run on the interval when drilled originally, so unless the well cleans up soon and actually flows gas, then mou6 remains an exploration well with associated risk,

J