Member Info for jt2017

Hi Surety, I think it is a given that they will raise in the power company as part of the demerger process. At least with the renewables, there is light at the end of the tunnel as regards to earnings. The O&G side still carries risk, but hopefully some of this can be offloaded with farm in / partnership. I see that ONHYM is restructuring too, though not sure if that will affect char in any way.

They blame the increase in 2024 admin expenses on financing Etana. Either way, I agree admin costs are too high and not sustainable for a company with very little income. I would like them to indicate when we should see income generation in the webcast.

Hi Fernan, the forecast overhead expenditure for the next 12 months in note 2 of the accounts total $5.4M, so unless I'm missing something it should be lower than $15M going forwards IMHO. Still too high though for a non-income generating company (excluding water)!

What's everyone's thoughts on the results?

I found them underwhelming and a bit vague on progress. Let's hope the webcast later this week will shed more light as to what is happening behind the scenes. IMHO

Hi Oiltdr, would you expect them to drill again before fid, or could the decision be made upon current data?

If we get an early fid, that should trigger a re-rate.

#Chariot Recalibrates Moroccan Gas Strategy After Partner Exit

#UK-based energy company Chariot Ltd has successfully restructured its approach to #Morocco's Anchois gas field project following the unexpected departure of partner Energean. The strategic recalibration presents new opportunities for the offshore development in the Lixus license area.

Chariot CEO Adonis Pouroulis confirmed the company has completely restructured its development plan for Anchois, focusing on a more efficient production model with daily output targets projected between 70 to 100 million cubic meters of gas. This streamlined approach is designed to reduce complexity while enhancing economic viability.

"The aim is to start with a technically and financially sound model that supports Morocco's growing domestic demand for energy while allowing for flexibility and scalability," Pouroulis explained.

Beyond gas production, Chariot is diversifying into power generation, viewing this as a natural extension of its regional operations. The shift toward integrated gas-to-power solutions aligns with Morocco's energy transition goals and regional development priorities across North and West Africa.

With front-end engineering and design studies advancing and financing discussions underway, #Chariot remains optimistic about reaching final investment decisions in the near term.

Hi Harry, I assume you will be attending the Sept AGM to express your concerns?

Got this bit before it cut off:

According to its CEO, Chariot is now seeking a profitable formula based on 70 to 100 million cubic metres of gas produced per day from the.

Correct me if I'm wrong, but I believe AIM rules say that the latest date for results is 6 months after year end reporting. Char are definitely leaving it late this year, as there only 3 working days left. I can't believe it will be a financial issue, as they have just successfully raised. Perhaps, they are waiting on a deal or progress that they can announce with the financials? IMHO

Perhaps all will be revealed with an update in the 2024 final results, which are overdue, Maybe an RNS this week.

Hi Oiltdr, are you still bullish for char long term? It's just that I detect some frustration with the char bod from your last post.

Hi Oiltdr, I think he wanted your view on what you think is expected next, news wise from char, i.e. Loukos news, Anchois, or renewable investments?

Hi Surety, it looks like DW, JMW & AH have approx doubled their holdings via the placing. Although not a massive investment, it is better than them not investing at all. AP has added 47M, which leaves around 250M unaccounted for. Maybe AA has increased his holding, or we may have new significant investors. Anyhow, hopefully the worst is over and we will re-rate soon with some positive news. I do feel quite optimistic for the future, mainly because I don't think there is any bad news left to batter the sp (famous last words!). IMHO

What's everyone's thoughts on the next news from char?

I think it will be news on char's investment in renewable projects first. It looks like the renewables side is moving faster than the O&G side, although we are only just a month away from oiltdr's prediction of a revised plan for Anchois. I'm not sure any Namibia news will be a significant short term price driver and is probably still months away. Not sure about timescales on Loukos either. I would like to see some indication / forecast of cash generation though. Anyway, getting closer to Sept AGM, so I'm sure there will be some news before then. IMHO

Harry, have you ever thought about applying for a job with Chariot's Investor Relations?

I wonder if we see some TR1 RNS's announced for any existing or new significant shareholders?

I would be happy if the sp just breaks out of this current range. As for RNS's, I hope we get news on current progress soon and not more radio silence. We can at least be assured that the next RNS will not be for another raise! IMHO

Hi Surety, you should always check out posters previous history, which helps show any motive for posting and be wary of new posters. FWIW, I hold both char and prd, but I avoid the PRD board, as it's a bit like "Lord of the flies"! There are many on there that do not appreciate Jimmy's straight talking, which is why he gets attacked over there. While I like to see all opinions posted (without the name calling and vitriol), I would not like to see the char board going the same way as the prd board IMHO.

Oiltdr, are you still confident of your previous timeframe prediction for a plan for Anchois?

Hi Fernan, according to Oiltdr we should see a forward plan for Anchois within a couple of months. I believe any announcement would probably follow with a presentation including a Q & A session, as they have done these before. So I expect the questions you have regarding A3 results will be answered in due course. IMHO