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I think that is probably correct, especially when you read it alongside Char's rather defensive comments in response about the results needing evaluating. This response makes more sense if Char were indeed referring to the B sands rather than the footwall prospect - because the latter was purely exploratory, and there is nothing really to wait for there in terms of evaluating the results, whereas there would be with the B sands if the volume was deemed less than initially thought?

"Enog can't talk down good flow data. Data is data."

Exactly this. Both sides will have access to the same data and independent analysis. The only lowballing strategy that I can see would be for ENOG to stall and delay moving through the JV, and maybe wear Char down that way into accepting less favourable terms for the project at some point the future. If they did, you can see Char caving in because they are probably too 'fatigued' by Anchois to want to put it through a plan B if it came to that.

However, I'm more inclined to think that IF ENOG are gaming here, it's more likely aimed at securing better gas prices, rather than trying to play Char here. But are they even gaming, because the footwall prospect failed, and so that is a negative outcome, not negative spin. So maybe it's just the market's (over) reaction, rather than ENOG gaming in any way, which has caused the significant fall in the share price, and we are overthinking it. This is AIM after all?

How would/could ENOG force Char into accepting a low ball offer?

"ENOG however imo have set their stall out in how they are going to publicly air statements on their view of these volumes, to the detriment of chariots SP. They wanted A3 to prove up 1.4 tcf, + looks like anything less than that they are going to put a negative spin on for clear and blatant gamesmanship reasons. Time for AP to step up and act like a real CEO."

I guess it depends on their motive. If ENOG are 'underplaying' results to secure more favourable gas prices from the Govt, then that will also benefit Char, in which case Char might 'go along with it'. But if they are doing it to low ball Char, then of course that's a different matter and Char should correct this. Maybe it's both?

Jimmy 23 - do you have any expectations around what the timescale for FID is likely to be here on a best case/most likely scenario?

Zahra - give what a rest? I'm not the only one who has raised the topic. This is a BB for discussion about Char. A few have raised the issue of cash. Others have provided a response. Don't see what the problem is?

Maybe you and the Bold should stop trying to police the BB. In any case, you should both know that I will post whatever and as often as I want. Have a good weekend!

"right onto the shots now with the girls" 🤣 Yeah right..... and you call me a dweeb!

That's why you feel the need to respond is it?

Hi Arch - my answer to that is YES and i've been mostly in cash the last two months, with a handful of pre-existing positions which I have maintained (but which have come down) and only one new position entered (which failed).

Is the outcome of this meeting the big issue though? It doesn't relate to the flagship project and I would have thought the bigger and more important news will be drilling permit and Rig contract for the big December drill?

Isn't that the big event and this other stuff secondary to that?

As I say, there are too many uncertainties, such that even at these lower prices, the share price isn't bouncing back! ENOG's comments (whether misconstrued or not), coupled with the failed pilot hole, have basically put the cat amongst the pigeons here in terms of sentiment and nerves.

Char is going to have a BIG cash call here no matter what the results of this drilling. The only question is whether this BIG cash call is going to be filled by:

1) The traditional and favoured route of a discounted placing.

2) Monies coming in from FID - hence why timescale for FID becomes critical.

3) Monies coming in from sale of TP - where again timescale is critical as is the amount of any sale?

These are realities that can't be ignored, whether or not dismissed as FUD by those who don't want them aired or discussed.

The market won't ignore them, and who can argue and beat Mr Market?

The Bold - I've never proclaimed to be nor am I an expert trader who gets everything right. But we all know the bs that is spoken on these BB by the majority. We all know that when folk on here talk about the upside from Anchois gas and then Lixus, Loukos, Namibia oil etc, the vast majority of these very same people are NOT going to stick around to actually see that upside. They will be gone well before any of these events actually occur, and so in that sense, everyone on here is being false. We are all traders here, the only difference is our intended holding period, whether hours, days, weeks, months, or for the rare few, years!

On AIM, I never look too far ahead - there are simply too many twists and turns to reliably base any investment decision across a much longer horizon imho. Just ask LTH here.

The market is not going to like any delay to FID, and so will sell off any rise from a successful drill, if it knows that a placing is likely to follow, because FID is going to be delayed. That is just how AIM often works. So no poker face needed, as I've already declared my intentions, which is that my holding period would be determined by whether FID is likely to be delayed or not.

Char's finances and need for cash are not something that any trader or investor should ignore, unless they are a complete idiot. All imo and GLA

It's also important in considering whether any money added now should be a trade or a LTH! For me at least...

Thanks for the sensible responses. The Bold - get over it, my questions are aimed at working out whether to buy more Char, and the risks of doing so.

Surfit - that was my thinking exactly, but didn't want to say it to aggravate the emotional reaction of the likes of The Bold. Any delay to FID creates the equal and corresponding risk of more near term dilution. Char is a very expensive outfit, and the £6 million isn't going to last through any delayed FID process.

I don't take issue with what others are saying about the gas and likelihood of success from remaining drilling. But if FID is delayed, then that creates risks, such as dilution and Char being forced to "pause" its operational activities such as Loukos etc. Hence why I am asking about the TP sale?

The timing of FID is a critical issue here and so important to discuss!

Yes, they can't actually contract and mobilise until they have dates in mind, which they can't commit to until the deal is concluded.

On a related question, are we sure it will only be for 800m of drilling. That doesn't seem very cost effective, but is it because this is all that is necessary to achieve the current objective, and to achieve the next drilling objective at Pepas would incur much higher and unaffordable cost?

In all recent presentations that I have heard from Char, they have talked about the importance of "moving quickly to FID". The "quickly" part is actually really important, and not just getting to FID, given Char's finances and near term operational plans. If ENOG want to negotiate more favourable gas prices with the Govt, whether because of the results or in any case, then will this delay FID, or is any negotiation of prices with the Govt already built into the the existing "moving quickly" timescale envisaged by all of the relevant parties?

In any worse case scenario where FID is delayed, then what consequences does this potentially have for Char in the near term? They have hinted at a disposal of TP side of business, which would bring in a decent amount of cash, but not really given any specifics or timescales for this. What would be the plan B/consequences for Char if FID is delayed?

Dr R - I doubt any Rig will be mobilised until they have the deal concluded?

Dr R - Bhargav has run out of new things to say, which means that even he must appreciate that his posts are now repetitive warnings about BG, VIPs, and attacks on "muppet club members".

Hopefully, he's not like this with his new girlfriend Alexa Siri, and will spend more time with her than he does on here.

Imp - depends very much on the broker and the appetite in the city. Hopefully, won't be anything like HE1's who have them over a barrel each time they raise.

That's the thing - it has all become a case of timing and navigating through the twists and turns. At the moment, it's anyone's guess whether and which drill results will land first and whether or not Heron 1 production issues will have been sorted by then. The downside risk is negative drill results and/or delay with Heron 1 are the next major share price moving news.

Because the share price is not really doing anything, I guess waiting becomes easier and the right thing to do?