Member Info for KissnCuddles

Wiggly

Energean have operations in Egypt don’t they? Egypt is in Africa. IMO this conference participation by Energean has got nothing to do with Morocco.

Wiggly

Just to be clear, ONHYM owns 25% of the license. Chariot will own 75% (not 100%) if ENOG transfers its ownership back to Chariot.

I agree on your other points. Seems likely that we will get some cash compensation as part of ENOG's formal exit. That means a raise is extremely unlikely at these levels. Very exciting.

“Opportunity to commercialize the Anchois gas field after its commissioning”

It reads like commercialization is a foregone conclusion. Very interesting.

Wiggly

Re. Funding, any of those scenarios are possible. I really think a fund raise at these levels just to keep the lights on is not going to happen. So yeah, funding by other means.

My hope is that we get some sort of recompense from ENOG due to non fulfillment of their farm in commitments. And that plan B on Anchois development commences shortly after. Could provide us with enough working capital to see us through to first revenues from Etana.

Wiggly

Chariot’s economic interest in Etana reduced to 34% as a result of the recent financing deal.

The Bold

Luckily for us this Namibian adventure has got very little to do with our faith of lack thereof in Duncan. The gas and oil has already been proven. We just need to get our hands on a license at mates rates for old times sake and farm it out to one of the many partners hungry to get into Namibia. Easy.

Great that the expected placing is now behind us. The dilution is not too much. Gives me hope that the company believes the GL is close.

I expect the SP to briefly dip below 3p, then begin to grow again on positive sentiment.

GLA

Sharebel filtered

Good luck to every genuine shareholder. My average is 2.5p, and I'm more than happy to hold for gold now. There WILL be a share placing, most likely at a higher SP than today. But the downside impact is minimal considering the massive triple-digit upside when we get the GL, or before that when we get the mining contractor RNS.

The reason given for the collapse of the deal is 'failure to obtain all regulatory approvals' (paraphrasing) I wonder is it because some countries didn't want to see their assets sold off to a vulture fund like Carlyle? If so, perhaps ENOG's reputation is screwed, as countries realize its devious ways.

Makes me think we have dodged a bullet in this case. ENOG were never going to be a good partner for us. It's great that we can try again with another one.

BTW I don't believe ANYTHING ENOG says about the lack of commerciality of Anchois.

Exactly Oiltdr

The renewables cost centre will have taken the lion’s share of G&A over the past several months. A cost centre which is now fully funded.

Ha lube!

Nice research Surety

If the impairment relates to the write off of capitalized expenditure then to me it sounds like any potential penalty fee is not included here. But it could be booked as a legal provision, with an amount based on legal expert opinion.

We’ll only know whenever the license is transferred.

Surety

Yes the impairment is a non cash accounting entry, but the amount impaired refers to the total capitalized costs incurred by Energean on their Morrocan business. And these costs relate to cash payments to Stena etc. I don't think they actually spent (and capitalized) $65m on exploration, farm-in, 3rd contractors etc., so perhaps there's a penalty cost included in the total impairment charge? A penalty payable to Chariot?

ENOG are a bunch of devious chancers. They would have sold Anchois to the Carlyle group for a quick buck if they'd bothered to develop it. And the reason why they decided not to is because their deal to sell existing assets to Carlyle has failed, nothing whatsoever to do with Anchois lack of commerciality.

We're better off without them.

A breakage penalty would be nice! And I do think it's plausible in this case.

These 800k shares are for employee bonuses. Nothing more to it than that imo. ENOG retains a stock of shares in order to grant share awards to employees as part of their long term incentive plan. The shares will be awarded to employees over several years.

IMO if ENOG walk away from Morocco, due in part to their deal with Carlye falling through, it'll be very good for Chariot. They would have walked away (having spent millions on it) because they can't take on the debt for Anchois CAPEX i.e. nothing to do with Anchois commerciality or lack thereof. Incompetence on the part of ENOG.

And I'm beginning to believe that plan B for Anchois, involving Chariot receiving debt funding Morrocan banks and possibly Morrocan IIs investment, supported by ONHYM with a long-term gas price guarantee, is already in the works.

We've already spent the last few months working on plan B, which is a debt funded smaller-scale Anchois development, backed by the Moroccan governement in the form of a long-term gas price guarantee. We already have FEED remember?

If ENOG have left the building due to being tied down with these assets they wanted to (but couldn't) offload to Carlyle, rather than because Anchois is a duster, it's a very good thing for us. Shows that ENOG can't get to Anchois FID due to its fumbling of the Carlyle deal more than anything else.

Be gone! And allow CHAR to get on with Anchois development.

Stas20

I reckon we'll need to farm out 90% of the business to our $15bn friendly mining partner. We certainly can't raise that kind of money by ourselves. But even a 10% stake in a business worth multibillions $$$ would give us a SP in the pounds. And remember, the SP would most likely we weighted for annual dividend payments too. I know it's hard to see it now, but when we get the GL, and when we formally sign off on a farm out agreement (giving away 90% of the business for a $15bn investment) I can see the SP going north of £1.

Https://www.linkedin.com/posts/energean_ceraweek-iea-director-birol-says-there-is-activity-7305183198282469377-bu9z?utm_source=share&utm_medium=member_desktop&rcm=ACoAACI3lO0B05AcF7nY9XPJ0GGKMWFDZmiuNUw

Bullish statement from ENOG on gas investment. Perhaps it's a teaser for an announcement on Morocco? Or an indirect jibe at ONHYM to come back with a better gas price?