Member Info for jt2017

If only one of those Anchois targets had come in, we would be having a different conversation now, but it is what it is. The license area has proven gas, so it has value. Remember Namibia was a dead duck a few years ago and no hope of oil, but look now.

I don’t think ENOG will walk away, but clearly Anchois is no longer the short term golden goose for CHAR. There is no debt, but excessive cash burn in the past. I would like to see them more transparent on the other pillars, rather than jam tomorrow statements. Also, what does AA think of all of this. Does he still hold a significant amount of shares? He can’t be happy and must hold some influence on the future path?

IMHO JT

Hi Ian,

Good to see you back. Was it you who said that you would buy the company yourself if it went to 1p? If so, make GP your CFO. I'm sure both of you could do a better job than the current lot.

On a serious note. If they scale back the costs and take a good look at the assets, there is a lot more value than reflected in the current SP.

IMHO JT

They haven't given up on Anchois, but clearly now kicked down the road. When do we expect the power business to provide income? I can't believe we can continue to fund projects with no generated income in sight? There will be a sale, but take your pick on what it will be.

IMHO

Makes a change for an RNS not to half the share price!

So presumably, it is no longer a close period, now that the H1 results are out.

Will the Directors dip into their pockets and buy?

I think it is on the move to Tangier

Hi Surety,

I agree, I don't see ENOG walking away after just one drill failure. They bought into more than just Anchois and there is still upside in the license. However, timing is not on CHAR's side. I think they were naive not to raise more last year at a higher price. I still don't understand why they left it so late to raise this year.

Did you go to the AGM? If so, did they have much to say on the other operations?

JT

Does anyone know the distance between A3 & A2?

Hi Fernan,

It would be nice if the company would confirm that! The comms is terrible, perhaps they are all hiding under a table.

AP must be sitting on a huge loss, even accounting for his free shares. He will not want to go out short changed.

I expect Loukos testing has / will be on hold while they conserve cash going forwards.

Typical lack of any positive comms from the company in defense against the price crash.

Will be interesting to see if the significant shareholders bought or sold during this crisis.

Hi Surety,

I tried to ask in the last meeting, why did they not raise earlier and for more because they must have foreseen the cash problem earlier this year. It did not get selected / put to the board.

JT

Hi Fever,

What is your opinion on the flow rate? Do you think they drilled in the wrong location, or is the field just poor quality?

thanks, JT

Hi Jimmy,

I think the pilot hole is for the footwall sands and the North flank is drilled via the main borehole.

JT

£10.6 per share, so £30M

So they don’t expect to have to fund the new Namibia venture from cash flow after the initial $2M, so hope that’s true.

Not sure if I’m convinced that the Loukos on-shore discovery will be commercial. They didn’t seem too excited about it, but the area still has potential.

Good news, in that it seems cash burn is going to reduce and if the Anchois drill does not find extra gas, it just means development upsizing put on hold, not the project cancelled.

So I don’t expect a collapse in SP, but still looks like jam tomorrow / next year.

IMHO

I'm trying to work out what oiltdr was alluding to regarding the raise being a lot lower than expected and the answer is in the RNS?

Hopefully, we will know more tomorrow

Bubble,

From the RNS:

Any funds raised though the Open Offer will be used to supplement the Group's working capital. As at 30 June 2024, the unaudited cash balance of the Company was US$3.5 million.

Hi Oiltdr,

May I ask, what convinced you to make an investment in char via the book build? Do you see short term or long term value? What is in the RNS that convinces you that more funding will not be required again next year?

Thanks

Hi Surfit, Padfoot,

I don’t think it would be Loukos because they have to test before they can be sure it will be a producer IMHO. More likely, they have an idea of what the interest the power business brings in terms of cash and how that might drive share price higher. Or it maybe they just don’t have a clue and are making it up as they go along.

I suspect the bookbuild will close quickly, as it has probably all been arranged behind closed doors. Maybe then we will know which paragraph is correct and how committed the BOD / Managers are.

The timing of the raise still seems strange to me. It was always going to be at a low price after the published results. Also, why commit to spend proceeds on another project, instead of trying to cut operating costs. If the BOD etc do take up a significant amount, then maybe they do know something regarding revenue streams. Maybe it will all come out in the AGM. Keep the Kaiser Chiefs song on standby, just in case.

Am I missing something, as it says in the RNS highlights:

As part of the Subscription, certain Directors and senior managers of the Company intend to subscribe for New Ordinary Shares for approximately US$1 million (£0.8 million), of which Adonis Pouroulis intends to subscribe for approximately US$0.7 million (£0.5 million).

Then in the detail:

Adonis Pouroulis, Andrew Hockey, George Canjar, Julian Maurice-Williams and Duncan Wallace the "Participating Directors") have indicated their intention to invest approximately US$4.6 million (£3.6 million) in aggregate for 8,124,552 New Ordinary Shares pursuant to the Subscription at the Issue Price.

Those figures don’t add up?