Member Info for jt2017

Agreed, the model appears to have worked for the Etana valuation, though not yet reflected in char's sp. Like you, I don't have a problem with further raises / dilution as long as shareholder value increases. It would be nice to see some earnings though, instead of jam tomorrow. Hopefully, this will happen within 12 months.

Hi Surety, AP indicated that the O&G business will be funded at the sub level like the power business (etana) in the next 12 months. We already have separate subs for Anchois (Chariot Offshore Gas Ltd) and Loukos (Loukos Energy Morocco Ltd), plus the Nambia sub (Enigma Oil & Gas Exploration). I suspect they will create a new sub for O&G production assets too. They will probably offer chunks of the subs to investors, as per the Etana model. AP also said that they "hope to attract new shareholders into both businesses", so that implies, a further raise in each top level business IMHO. What are your thoughts?

Hi Fernan, I suppose funding at subsidiary for O&G means selling a stake, as per Etana?

Does this also explain why Oiltdr was suggesting that there is a reason they have only raised 1.5M for general working capital?

Sounds positive, but the devil will be in the detail regarding any shareholder dilution if new investment is part of the plan for the two public companies. IMHO

Hi Oiltdr, I think some were questioning the amount capitalised in the subsidiary and the fact ENOG were committed to fund the 3d seismic in the license, as part of the farm in agreement. It seems high for just one well drilled, even allowing for an ENOG management charge. IMHO

Hi Oiltdr, are you inferring that the low capital raise is because a deal on Anchois is close?

Same here re-Jimmy. There seems to be an influx of posters of late, who seem to lack the intellect to discuss any points raised they don't agree with and just resort to name calling.

I wonder if he bought a bucket load yesterday, as he suggested last week?

I just hope that all the "not so good news" is now out and it is all good from now on!

If any money has been transferred via the ENOG sub, then I would have thought that it would already be assigned for seismic costs etc for Anchois. IMHO

Hi Oiltdr, so do you believe all the "not so good news" you previously predicted is now out and we can expect positive news from now on? It would be nice to look forward to (rather than dread) the next RNS! IMHO

Well Oiltdr, that answers my previous question. I hope you are correct, but time will tell. At least the raise removes the cash flow risk for the short term, but let's see how the market reacts on Tuesday.

Hi Fernan, IMHO, I think the failure of A3 made the bod re-assign any money intended for Loukos testing and change their approach, hence the farm out. It also reduces the risk, because with a partner, more wells will be drilled. Suppose we tested alone and the OBA well failed to flow, we would need to raise more to drill elsewhere in the license. My issue, as per others, is the lack of clarity from the board regarding the forward plan and how we get to income generation. It seems the power side is now the best hope in the short term. It is time to for the bod to provide answers to the long suffering shareholders.

Hi Oiltdr, I think you previously thought that char had enough funds to last until Oct, so were you surprised by this raise and the amount / dilution?

Agreed Ian, they must have been planning this for some time and had some investors lined up. Maybe they needed the funds for the forward looking statement (risks for going concern) in the upcoming 2024 final accounts . If there are any funds received from ENOG, they could be locked in the sub for use solely on Anchois development / seismic obligations etc . They have previously mentioned investing in renewable projects, so a raise for that kinda makes sense. Problem is, they don't always use the raised funds for their reported purpose, as history shows. The RNS does provide some initial earnings projections from the power business, but we really need them to disclose more detail regarding their forward plan and when they expect to see some short / medium term income. IMHO

Hi Oiltdr, do you still believe it will be an industry funded development for Anchois rather than another farm in, with Soc gen no longer involved?

Don't forget the 2023 partnership agreement with Vivo Energy for the offtake of some of the Anchois gas. I wonder if that is still active?

Yes, the oil & gas square is new.

Hi Fernan, neither is right or wrong. All you can do is listen to all views and form your own opinion. I'm sitting on the fence for now!

Hi GP, I think time will tell regarding Oiltdr's predictions. He may have connections and if you look at his posting history, he does claim to have an impressive O & G background, but I'm sure you could say the same!

That said, he did mention that he believed that it would be an industry funded development next for Anchois, rather than another farm in (How about Vivo Energy???). Anyhow, I note that the reference to SocGen on project financing on the ops page of the web site has now been removed, so maybe something has been happening in the background these last few months. IMHO

I'm not so sure. Remember $10M was given to Char at the farm in. Not sure how much A3 costs were for both ENOG & CHAR but don't think it adds up to £57M. I thought there were similar write down costs in ENOG's accounts. Might just account for total costs, compensation, committed seismic costs on license? IMHO. Anyhow, the fact that something is happening now can only be good for us.