Member Info for jt2017

Yeah, looks like another Groundhog day for the sp!

Yes, would be nice to know the reason behind those trades. Are they trying to mask the larger buys as sells or vice versa, or just hold / walk down the sp? Definitely, strange behaviour. JT.

Hi Surfit, I've not felt the need to vote on the resolutions in the past, but that may change this year because of what has happened with the sp. I use Barclays, but not sure if they have that ability. Will probably find out nearer the time.

I see that Mathios Rigas was quoted as saying at the latest Egypt Energy show "For operators: move faster – don’t just sit on reserves. Drill, develop, produce". I hope he takes his own advice! IMHO JT

Hi Surfit, in the past Char has published the significant shareholders on the website earlier than the 6 month AIM limit, so could be updated soon. In my communication with the company last week, I did mention that the BOD should show confidence in the company by purchasing shares at the current low sp, rather than share awards. Time will tell though.

I still think Enog must have signed up to more than just Anchois, so all still to play for. IMHO JT

Hi Surety, I expect that they would like to delay funding / partial sale of the power business for as long as possible. This pillar is now entering a growth phase and will become more valuable as time goes by. We have Tharisa being completed in Q2/Q3 and I assume we will get projects from the Etana funding soon. Maybe they are holding off in the expectation of news on Anchois or Loukos negotiations. That said, we could see an RNS drop next week, as their "focus on concluding power financing in a couple of months" statement last year is now up! IMHO JT

Hi Surfit, although TR1's should be issued as standard for each 1% increase / decrease above 3%, they are rarely notified straight away. I suspect AA is based outside of the uk, which means he does not get told off by the FCA if he doesn't issue a TR1. That said, Char will have to update their website with the latest significant shareholders by the end of March, as per AIM regs. For the record, I emailed IR regarding a number of issues discussed here and the silence from the BOD. They have confirmed it has been passed on to Chariot. Not sure I will get a reply though! IMHO JT

Good one Ian, could be AA increasing his stake!

Does anyone have an idea of what's behind all those £10 trades?

Hi Surfit, just my suspicious mind, but normally those awards are not exercisable for a few years after being issued, so why issue so many in a short space of time. I hope there is not going to be a low ball takeout of Char (I think awards are then exercisable, subject to the deal)? Probably just me making 1 + 1 = 3! IMHO JT.

It looks like they have issued over 20M shares in the last 3 months, presumably for the Long Term Incentive Share Scheme. I think we deserve an explanation from the BOD, as to why? JT

I see the number of issued shares has increased again:

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

JT

Hi Surfit, I'm not a fan of them elephant hunting in Namibia either. I could be wrong, but I think AP sold it as just the license cost for Char, so I assume they think they can get a free ride with any partner. As for Hydrogen, apart from Project Nour in Mauritania, we still have that agreement with Oort Energy and I believe they are testing their Electrolyser now before delivering to Morocco. So all still to play for. IMHO JT

Hi Surfit, I too, would like Char to be more open about the power side of the business. It does seem to me that a lot of the existing contracts are with companies where AP has family ties. Hopefully with Etana getting that recent investment for renewable projects, then Char power would be first in the queue to win the contracts. There doesn't seem to be any panic from the BOD at the moment, so hopefully they do have a plan, but it would be nice if they let us know what it is! As for comms with the company, I asked last year if they had already applied for the license in Namibia or were waiting for the window to open in April. I did not get a reply. IMHO JT

Chariot have to publish the significant shareholder list every 6 months for AIM rules, but can do it sooner, especially if there has been a TR1 notification. If AA reduced significantly, he should have informed and a TR1 notification issued, but it's not enforced for overseas investors. IMHO JT

Thanks Jimmy for the explanation. If they can remap the local prospects, then that is a positive. The following (from an article last year) talks about the poor results of A3:

"The Anchois-3 well was part of a campaign aimed at confirming resources in the Gharb Basin, where turbidite sand formations serve as the primary reservoirs. Although these formations were identified as potentially gas-rich, the test results were inconsistent. Petrophysical analyses showed insufficient porosity in some layers, limiting production capacity. Moreover, the exploratory targets beneath these formations mainly revealed aquifers, further reducing the overall potential of the field. The lack of sufficient hydraulic connectivity between the reservoirs also complicates the establishment of an effective drainage system."

The fact that ENOG have not yet pulled the plug on developing Anchois is encouraging and there must be other potential local prospects in the license which gives us some hope. IMHO JT

Does anyone have an understanding of the seismic data and the impact of finding water wet target reservoirs in both the Anchois A3 and Loukos RKZ-1 wells? Does that water bearing data allow them to establish / change the COS of other targets in the local area, or is it something that cannot be determined that easily in 3D reprocessing?

Hi Surfit, I expect ENOG wanted to re-assess / recalibrate the data after A3, rather than jump in and drill the option. I agree with Bold, in that there are other prospects in the Anchois area (Anchois east and Anchois north) that they should be interested in and could potentially increase the resource if drilled, plus there are other prospects in the Lixus license. I would have thought ENOG bought in for more than just the existing gas, after all they wanted some of Rissana too. I think it has now moved down the list for next Char news though, as Surety stated. IMHO JT

I think the surprise was the thinner sands plus water in the lower sands in A3 rather than the failure to find more gas. They probably weren't expecting the gas resource estimate to reduce. If those sands were the same as measured in A2, then we would probably be at FID now. IMHO JT

Hi Surfit, yes, always good to refresh the memory from some of those investor meetings Q & A. It looks like the plan (assuming A3 was a success) was to test Loukos with the aim of it being the short term cash generator in 2025, while Anchois gets developed. With A3 being a disaster, they have to shut shop and look for plan B. Hopefully good news soon on power and Loukos farm out. Good luck with emailing them, as I have always had mixed responses from them in the past. JT

Hi Surfit,

Listen to that Q & A session on the investor presentation last July. Duncan responded to a question regarding the state of the A1 well and he said A1 is not suitable and another well would need drilling along side. So it depends if a smaller development can use just A2 or needs A1+. IMHO JT