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This is absolutely a major step forward for Phulbari and for GCM. Wouldn’t be surprised if they release an operational update or something to that effect off the back of this news.

Honestly this is just sad. Today is not a day for rocket emojis.

Finally it's in.

Now the FOMO begins.

That's two articles on Anchois in two days. Interesting.

Perhaps 18 months is possible if they get a scaled back & simplified development plan finalized before end of year.

Exciting!

Don’t forget about onshore Morocco too. They have a discovery, and just need a few more similar discoveries to make Loukas commercial. A farm out process is underway to do just that.

NCTrade

I don't deny or dismiss the post of X. BUT to add context, he posted it on 'international environment day' trying to Mr popular, and he also used it to bash the opposition. It's a product of electioneering, and nothing more than that. I would take the BNP's election manifesto more seriously.

He also stated that he'll plant 50m trees if he gets elected, while posing for the camera planting a tree! Politicians eh!

What if Polo decides to buy enough shares to take GCM private?

Booked!

‘Millions of shares’ 🤑

Fair play to those who did. I feel like your gamble is about to pay off big time.

Donalb

I'm sorry for your loss! Yes, I too sat through the webinar and felt rather underwhelmed after it ended. AP did mention that 'Moroccanisation' of Anchois with regards to its development. And honestly? I'm totally fine with it. I can understand Morocco's frustration with dealing with the likes of Rigas. Partners all come with their own agenda, baggage, preoccupations etc. and Morocco it appears has had enough. Me too!

It means, of course, that we are completely tied to the ONHYM timeline. And they will now decide how much of Anchois we need to give up (which will be a lot IMO) I see a new Moroccan entity being created, with 25% owned by CHAR, 25% owned by ONHYM and the remaining 50% owned by these new Moroccan investors. It'll be funded at sub level (including debt funding) and CHAR will probably remain as operator.

Think the journo just took the information from CHAR'S recent webinar.

Obscure

I read that as £4.7m of nominal shares @ 1p each meaning they can issue 470m shares.

It's all coming together.

Teesta will be the sweetener to make Phulbari approval more palatable to the locals, government, environmentalists etc. Might even hear politicians say 'Phulbari is a necessary evil in order to get the Teesta project delivered.' etc.

Oultdr

Regarding AP’s comments about CHAR searching for near production assets…

Perhaps it’s their intention to make a like-for-like swap, exchanging a % of Anchois for a % of the new asset. It’d mean the new asset was ‘funded at subsidiary level’ like AP said. What are your thoughts?

AP wouldn’t have invested a year’s salary in this latest raise if he believed the situation is hopeless. DW and Julian also invested material amounts.

Klein57

Seeing that they raised for the stated purpose of securing participations in new renewable energy producers in SA , news on that front should be first IMO. If we hear nada on this front soon it means they effectively lied to us.

And I agree with you that news on Loukas should come very soon. Morocco onshore is the quickest route to sustainable revenues which will reduce/remove the risk of further dilution. That should help boost the SP.

And when news of offshore Morocco development and Namibia lands the SP will get back to double digits (especially considering there’ll be less shares in insurance on the oil&gas entity after the demerger)

Fernan

Read this

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

Scroll down half way. They specifically mention the inclusion of that pipeline in the National Gas Infrastructure Development Project.

Fernan

Pwrhaps Rigas pulled out in part because he knows that some of the infrastructure required for Anchois development will now be funded via the current open tender (due to finalized in July this year)?

Why take on all that debt to fund a 40km pipeline when someone else will do it?

And i also agree with the other points. Start small and use the fcf to develop the license are. They could even decide to sell first gas to Europe at a higher price to help fund further exploration.

On thinking about AP's comments '...hopes to attract new shareholders...' (paraphrasing)

Perhaps he meant that he hopes to see new investors, including Institutional Investors, buying CHAR shares on the open market once the demerger as well as sub-funding is completed? We know that some IIs cannot invest in O&G businesses due to sustainability/ethics etc. so maybe when the renewables business is demerged these IIs will be able to invest. And as for those IIs who can invest in O&G but have so far not bought CHAR shares because of the zero revenues and risk of dilution, perhaps they will now be inclined to take a position in CHAR? (some ETFs are forbidden to buy shares in loss making/zero revenue companies)

The above sounds a lot better than simply further dilution. Thoughts?

Potter

ENOG made their intentions known many many months ago. The recent transfer of the entity containing the licenses was expected, and CHAR has been working on plan B for some time already.