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Does losing the footwall prospect make such a big difference to the development? Does it justify his comments that it won't be a major development, and that there is less gas than they thought. After all, it was meant to be an exploratory prospect with the potential to deliver some (bonus) upside, rather than one of the proven and core targets? And there's a lot of drilling to be done, and even then, this is just the Anchois prospect. So how can ENOG come out and be making such statements?

Some of these are the points that perhaps Char should me making, and it doesn't necessarily need to come in a RNS. It's being left to other sources and discussion on here to unpick and make them, which is not ideal.

None of your business whether I am or not. I don't answer to you!

Fair enough, the ENOG CEO might be commenting prematurely, but the two companies should really be aligning when it comes to their comms, and ENOG arguably shouldn't be making any comments about commerciality and how much gas there is, when they are mid drill. The fact that they have, whether or not it has been misused by poor journalism, it has impacted and is impacting, and so it would be great if Char could come out and say something. Not because they need to respond to every piece of poor journalism, but in these 'sensitive' circs.

The Bold - no MO, I'm just commenting and discussing the latest developments in the same way as you and others.

You say they are trashing Char's share price, which is not really befitting of a JV partner, but why aren't Char fighting back?

Also, the Govt are not stupidly going to negotiate with ENOG based on the statements being made by their CEO about the viability of the project based on the results. OHNYM are state owned and also a partner to the project.

Therefore, it is a concern if ENOG are suggesting that Anchois is only commercially viable dependent on getting a special gas price. IF any of this is based on reduction of volume or flow rates, then it must be significantly lower in order for it to justify this kind of stance? That's the concern/question.

It might all end up as FUD and gamesmanship on the part of ENOG, but do you not think that Char should be counteracting any such antics or in any case saying a bit more than they have?

Dai - we will wait to see, but maybe he didn't foresee the issue with the construction permit or the regulator getting involved with the PC deal. It seems like one of those funny and unpredictable jurisdictions. But otherwise, it's a solid show of commitment from MB!.

I'm going to wait for these drill results now before touching MATD, unless production news comes in beforehand. Too risky otherwise.

Problem is that he does clearly say that there's not as much gas as they were expecting! For him to raise this as an issue, the concern is that the gas volumes that will be reported will likely be significantly under previous estimates for him to be talking like this, and for any development to now be dependant on gas price negotiations with the Govt.

Sharetrader - we don't know if they have called it wrong about a raise pre drilling. We will only know that once drilling commences. So it's still a live question and we wait to see what happens.

Also is it possible that BG is not buying shares on the market because he will will take them in the placing?

I don't think it's AI, or a total fabrication. If it is, even more reason for ENOG and/or CHAR to come out and say so, because it's quoting them both and materially affecting Char's share price.

So let's see what the response is from both companies tomorrow and if they distance themselves from the article. You would certainly expect Char to and also ENOG if they are being misquoted.

Think its best to wait to see what Char (or other sources) come out with. Too much smoke and mirrors...

Would expect something to be said tomorrow by someone!

Agree with BDC - it's the combination of article headline and wording ("duster", "derailed") together with the quotes from the companies. Presumably each would have been told what the article was likely to say, and so you would have expected a much stronger statement from Char, to counteract what the article was suggesting.

But when the other CEO is already saying "no major development" and "commerciality", you are left wondering whether the initial results, pre-evaluation, have indeed been very bad. For example, other water bearing areas and lower gas volumes, which have been debated on here based on info put out by ENOG.

So only Char can really clear this up... all imo and dyor

Maybe the gas volumes are also well under? Maybe nothing has gone to plan in terms of the results and they think Char have overcooked them. But what doesn't sit right is the CEO of the JV partner coming out with such statements whilst the other JV partner is saying they need to be evaluated. All imo and dyor

Maybe ENOG are genuinely miffed at Char, and don't feel gracious in the process?

Jimmy - I don't think its the figures in the article that's the problem, rather the statements quoted in it by the respective companies on the drilling outcome.

Share price is taking a hammering - gone back into auction.

Needs a response from CHAR. Clearly, ENOG are putting out statements which are materially impacting Char's share price.

To simply say "further detailed work will be needed to understand the impact of these results" does sound rather meek and almost tacit acceptance of what ENOG are saying.

Are they going to trash talk the project in public, and then make a TO offer for that same project? It's a FTSE 250 company, not the mafia?

It does seem very unusual indeed. Their CEO is making strong statements to the press already saying there will be "no major development" and raising doubts about "commerciality".

With the article saying the project has "derailed badly", surely there will need to be some comment from Char, esp if this is totally inaccurate and all pre-mature?

I do fear that this is not going to end well for Char. Even if the other results and flow rate come through, the statement from the CEO suggests that ENOG are not going to move quickly to FID. This is going to leave Anchois up in the air, and that delay and uncertainty is going to harm Char's share price. Whether this delay is done tactically, or more sincerely by ENOG based on the drilling results and legitimate concerns they have from the results, the net effect on CHAR will be the same - delay!

"CLEARLY, we don't see upside we were hoping for that would justify a major development."

Bold - this tends to reinforce my thinking, which is that if they continue with Anchois at all, it won't be on the current terms.

Hi Bold - will the value of the project, and hence what ENOG are willing to pay for it, not change for ENOG, if the results are significantly different to what they negotiated on? If so, would they not want to renegotiate things like what an extra 10% of the project is actually worth to them and what they are willing to pay for it post results, and would Char not feel compelled to agree to that if its own data and calcs were shown to be significantly overstated by this drilling?