Member Info for jt2017

Not sure what this means, but ENOG Morocco has just increased their share capital from $10M to $67M:

https://find-and-update.company-information.service.gov.uk/company/15285671/filing-history

Is this to cover all costs regarding Anchois before their exit? Maybe things are starting to move. IMHO JT

And Morocco last week:

https://eage.eventsair.com/first-eage-atlantic-geoscience-resource-exploration-and-development-symposium/panel-discussion

ENOG comment:

We will be attending Invest In African Energy Forum in Paris 13 & 14 May, with CEO Mathios Rigas speaking on a panel "Seizing Africa’s Untapped Market Opportunities" - where he will make the case for Africa's opportunity to enhance development through to production, which in turn underwrites both #energysecurity & #energyaccess and therefore regional prosperity

https://www.linkedin.com/posts/energean_energean-ceo-confirmed-to-speak-at-iae-2025-activity-7326578985679613952-7ZZf

Is that the opportunity that he is allegedly walking away from?

I think ENOG are due a trading update this month as well. So maybe Anchois will get a mention if we're lucky.

From the PRD board. Anchois gets a mention:

Https://medias24-com.translate.goog/2025/04/24/gaz-naturel-les-premiers-details-de-lami-relatif-au-developpement-de-linfrastructure-gaziere/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp

Hi Surfit,

If it's any help, Chariot did use an external law firm for the the partnership deal:

https://www.ashurst.com/en/who-we-are/our-news-work-market-recognition/ashurst-advises-chariot-on-its-partnership-with-energean-in-morocco/

I don't think Energean are in a rush to vacate the license, or could just be usual ONHYM delay.

When Char say news in the next few months, you normally have to double the time! IMHO

Looks like DW has been to the NIEC2025 held last week in Namibia.

https://www.linkedin.com/posts/alice-carroll-614a1573_reflecting-on-the-most-incredible-week-in-activity-7322933391916457988-vqMx

Hopefully news soon.

Hi Surfit, I think Char believed that the data for A2 was enough for farm in interest and a flow test was not needed at that stage. It was explained in one of their presentations. According to them, the flow test is more about the development design , rather than proving gas will flow. Enog did not flow test A3, as it would have been a waste of resources because not enough sands contained gas.

As for the financing, they did have Socgen lined up to provide finance for their share before, so I expect they can raise the funds with the support of an external partner. The only thing that concerns me is how they cover the risk, as no development project is risk free. IMHO

If Anchois goes ahead with either a new farm in or industry partners, then they need to cover the financial exposure / risk. With Enog as a partner, I think Char only had to pay their share of development costs if the project was successful. We need something similar, if possible, IMHO.

Hi Surety, I believe good news on gas should re-rate the sp, but short term revenue is more likely going to come from the renewables IMHO.

What is your take on JMW mentioning Char taking an equity stake in renewable projects at the subsidiary level? Is that likely to be an Etana investment? Would be nice if they would provide some future projected revenues / timescales too.

The Namibia ministry has just announced that exploration license applications remain closed until further notice due to ongoing admin processes. I did ask Char IR last year if they had already applied for the license, or were waiting to apply, but did not receive a reply from them. Either way, looks like news on this front will be delayed. Let's hope for some news on other pillars to arrive soon. IMHO

Hi Oiltdr, you previously mentioned we should expect 1 bit of good news followed by 3 bits of not so good news.

Is all the news out, that you were expecting, or is there more "not so good" news to come?

Or could be the ex - chairman George Canjar?

There has been extra shares issued since the last update, so this could account for AP's reduction.

Was listed as 5.9% on 30/9/24. AP was listed as 8.2%

AP down to 8% & AA up to 6.7%

Looks like AA still holding:

https://chariotenergygroup.com/investor-centre/aim-rule-26/

On a positive note, we have gained invaluable knowledge from the A3 data at ENOG’s (free carry) expense, which should help to re-map prospects in the license. We will never know how much, if any, the collapse of the sale of ENOG’s assets influenced their decision to exit, but if oiltdr is correct about the license interest, then there could be another partner waiting in the wings.

The success of A2 enabled the raise of funds to build the renewables and green hydrogen pillars, which many were questioning at the time. In hindsight, it looks a good decision to me as O&G exploration always carries risk. If A3 had been a success, then I’m sure the OBA1 discovery would have been tested, but we are where we are! I don’t agree with others regarding DW, as I’m don’t think there have been many successful oil & gas explorations in Morocco to date by others.

The Etana funding gives me confidence going forwards that G & A can be managed and any progress with onshore / offshore gas is a bonus. I haven’t ruled out a further fund raise if the SP recovers, but can see light at the end of the tunnel regards future earnings albeit from renewables before gas. IMHO

Maybe CHAR has been sounding out potential new partners in the background in the last few months IMHO.

To be fair to DW, he did get a success on A2.

Now that ENOG has shown their hand, I assume CHAR is free to comment?