Member Info for jt2017

It seems upstream is the priority now. If the Etu Angola acquisition leads to other deals without further dilution, then I see that as a positive. Looks like they are keen to raise further cash by selling the renewables business, so maybe they have other upstream deals in their sights short term. I think any significant sp movement will only happen when a timeline to revenues is confirmed though. IMHO

I think a sale will bring in more cash in the short term than an IPO IMHO. Looks like they want more deals with Etu and Shell. Are they after pre-empting the block Energean are purchashing?

Fair play, they are going to have a Q&A session. I've submitted a few. Let's hope we get some good answers.

As ever, the devil will be in the detail regarding this deal. Unlike the previous bidders, we will not a share of the asset, so it's just a financial transaction / exposure. When we get the webcast, it will be interesting to know the pros / con of this type of deal.

Regarding the sp, I think the markets will hold off any revaluation of the company until they know more about the timing to cash generation for char.

No further news from ONHYM regarding becoming a public company, so I expect they still need to go through the motions of royal ascent before it becomes law. Let's hope this is the reason for the delay in news for any Anchois development plan.

The spa news seems to have been received positively:

https://www.thearmchairtrader.com/uk-shares/chariot-secures-angolan-oil-exposure-through-etu-backed-deal/

It will be interesting to know the timeline to cash generation for char, once the deal is complete.

Hi Surfit, good discussion. I must admit I've mixed feelings about the bod responses. At the agm I still believe they were asked difficult questions and answered them honestly. However, they have seemed to fall back into their old ways of throwing a curve ball e.g. the last raise. I think the reservoir estimate was brought up in the agm. I believe it is dependant upon the final development plan because they have to work out what sands are worth piping gas. It maybe more economic to just target the larger sands which will have a lower overall estimate. If anyone was at the agm, then please correct me, if I'm wrong.

Hi Surfit, I can't argue with any of that. The bod owe us an explanation for this latest mother of all fundraise. Let's hope we get the spa done and a Q&A webcast soon. I'm sure we all have plenty of questions that need answers. The Angola deal looks good A+, however, the shareholder dilution is a D- IMHO

Hi Surfit, my understanding is that AIM rule 26 binds a company to provide a list of significant shareholders every 6 months. Chariot uses Orient Capital to run an analysis of shareholding and they do not rely on TR-1 data for their output. It is up to the shareholder to declare a holding above 3% via a TR-1 and any UK based holder could be penalised if they fail to do so. If you're outside of the UK, then you're outside of the authority's reach. IMHO

Chariot used Haynes Boone for the raise. They specialise in placings for AIM clients to institutional investors, so I don’t believe the shares been offered to AP’s mates, but can’t rule it out. So this implies that there are a large number of institutional investors with a holding under 3%, which is also a leap of faith.

Updated

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

Looks like David Brecknock has a new job, so unlikely to be involved in any new drills in Anchois or Loukos

https://www.linkedin.com/posts/davidbrecknock_a-few-months-into-a-new-role-with-bw-energy-activity-7430702889917911042-NO0x

No other changes that I can see, except the heading has changed from "Proof of concept projects underway" to "under consideration".

Looks to me, that either Oort failed to deliver or Char pulled funding for the Electrolyser. Agree re-acwa mou probably had an impact.

I would like to see this Angola spa signed asap, as I expect Etu will be looking at blocking the Energean purchase too, which could possibly affect our deal with them. IMHO

I see that the paragraph mentioning the Green Hydrogen pilot project in Morocco with Oort & UM6P has been removed from the website. Is this going the same way as the water business?

I'm not so sure re- enog Angola deal. It wouldn't surprise me if Etu Energias pull another pre-emption on that deal, if they can find a way to raise the finance. They could do a deal with the two partners who were originally had the spa for the share that we are funding. IMHO

Https://www.haynesboone.com/news/press-releases/haynes-boone-advises-chariot-ltd-on-24-million-equity-fundraising

“It has been a pleasure to work with the Chariot team on this exciting opportunity for the group,” said Bines-Black. “As a result of the fundraising, Chariot expects to have significant economic exposure to cash-generative assets in Angola. Our team is delighted to have assisted Chariot as it accessed equity capital from both new and existing institutional investors, as well as from its shareholder base, which has shown strong support through the open offer.”

Not sure I agree with that last statement!

Hi Surfit, all I got from char comms was "Chariot will look to host a webcast in due course." Your guess is as good as mine, as to when that will happen!

Hi Surfit, they have to update the significant shareholders section on the website every 6 months, so we should see something soon.

As for the sp, I think if the webcast provides significant detail, a timeline to earnings and also answers our questions, then there is every chance that faith could be restored and the sp will move north. IMHO

Harry, unless you can supply proof of that, then you are making it up!

Hi Surfit, agreed. There must be a time limit on the pre-emption clause, so an announcement must be close.

Hi Marland, without knowing the actual detail of the contract, it does appear that once the shell loan is paid off, we will have a decent revenue stream, which is definitely a positive. Hopefully, all will be revealed soon. I just hope that if enog becomes the operator of the block, there are no nasty surprises awaiting!

It was an XOFF trade which means off venue (over the counter), so could be anything. Nothing to be concerned about IMHO

Reply from Char comms to my questions regarding enog announcement:

The Company won't be commenting on today's announcement but will update investors on the progress of its provision of acquisition funding to Etu for Blocks 14 and 14K in due course.

Today's announcement does not impact Chariot’s decision.