Member Info for marineclark

Strong bullish end to the week, friday close being the most important day of the week. In fact, its the 1st green candle in six weeks of falling red candles, ending the downward swing.The reversal pattern marks the potential for the start of the swing upward, back to the range highs of 19.5p in the coming weeks. Doesn't mean it will go up in a straight line, but there should be the general direction. I bought right at the bottom of the range as discussed in previous posts.

Now, when that farmout news comes, this will rocket. Hopefully, it comes in time for Santa. Good luck. DYOR.

For the last 12 months the price has almost never closed below 13.50p, which is acting as solidy strong support. There were only four days in the entire year when the price did close below 13.50p and onlysix days when the price droped below that intraday. Top of the range is 19.5p. Buying now act support is a good time to buy IMO. Just trading the range, buying at botom and selling at or near the top would give profits of 44 percent if timed perfectly. But factor in the pending farmout which should cause a rally , and if price closes and breaks above key reistantce of 19.5p, would target a price of 25p.

Good luck, and DYOR. I've had some shares that looked great investments but turned out eventually to be turds.

Nice one Gammer.

In the last five weeks, the price has remained coiled tight, in anticiaption of a explosive move . Thats' just how i like it. Hopefull we will get some news soon.

"Discussions ongoing on second farm-out of GBA project

Small first-half pre-tax loss of £2.9mn

Net cash of £5.6mn at half-year end

$9.4mn deferred cash payment due on acquisition of FPSO vessel

Consensus fair value estimates four times higher than share price

Saudi Arabia and Russia’s decision to extend their oil production cuts to the end of the year has not only taken 1.3mn barrels per day out of the global market, but it is adding even more fuel to the ongoing rally in the price of Brent Crude. Since late June, the benchmark oil price has gushed up 30 per cent to $93.50 a barrel, the highest level since last autumn.

It’s an incredibly favourable backdrop for energy companies, not that the share price of Jersey Oil & Gas (JOG:173.5p) is yet to reflect it. In fact, the average price target of broking houses Zeus Capital (702p), Cavendish (755p) and WH Ireland (684p) is more than four times Jersey’s current share price. That’s an anomalous rating given the progress the £56mn market capitalisation North Sea-focused upstream oil and gas company has been making......"

Does anyone have a IC subs who can paste the rest of the article?

Surety, I'm speaking more as a swing trader than an investor. I look to hold a position no more than a few months. For long term investors, I dont disagree with you. But based on the far fewer number of shares in issue and the smaller market cap, I reckon that JOG would rally bigger than Char in the event of the farmout news, but who knows.

The farmout is a major price catalyst, I would't want to be out before that is confirmed. By the sounds of it, the farmout discussions are in the final stages, so yes news could be any day now. But, yes that could also mean another six months fro now, and not being an insider, that is anyone's guess. The plan is take profits when the news comes, and then sit and wait for the next major catalyst.

Going back to 2011, when this was £3.18, the price was in a long term downtrend until march 2020 when it hit lows of 1.5p. SInce then downtrend has reversed, and there has been two major rallies each lasting 1-2 months. I caught the first one, and narrowly missing the second one. Since the lat major rally ended in April 2022, price has drifted down and the lat 12 months the price has been stuck in a range. When price is in a range, a major catalyst such as the farmout has the potential to cause a very strong price reaction upwards. I can see the price easily doubling back to price highs of 27p in April 2022.

I'm back in for a short term hold - a few months . Price is sitting near enough to the bottom of the range that there is no point waiting for the perfect entry that may never come, as the Farmout is "close to concluding" and could happen any day now.

"Around 40 companies are interested and Chariot has received multiple offers from significantly larger exploration and development (E&P) companies." according to IC.

Looking for a two bagger here on news.

Not sure which will explode first here or JOG, but in both so not fussed. I do think that JOG could multibag more, which is why I've put more in that.

My final top today. Waited for a little pullback which came today.

Just a matter of waiting for the price to double/treble now, once the 2nd farmout is confirmed.

"§ Cash position of approximately £5.6 million, with no debt, as at 30 June

2023. Further cash receipts due on satisfying Buchan re-development

milestones - $9.4 million on execution of the FPSO acquisition agreement and

$12.5 million on Buchan FDP approval"

Think I read in IC that the FPSO acquistion agreement is expected by end of year?

there was that other chap, can' remember his name, but he seemed to know a lot about the industry, think he was in it, i recall he bought a ****load when it was around 2p... hes probaly retired enjoying the girls and sea right now:)

Oldhebriddean, I'll be in both. I had a great year trading last year, but got sloppy this year and started putting too much in to one basket instead of spreading the risk out more, and paid the price. Had to take a 3 month break to get any thoughts of revenge trading out of my system, otherwise would have been out much much longer.

I've always liked Char, especially at 2p. Glad you long timers are still here. One day thw wait will be worth it. Good luck.

Yep, just read up on IC last write up last month. Farmout is close, which could double the price. Equity raise at 14p where price is sitting at currently.

Sounds like I'm came back about the right time. Waiting for funds either tommrow or the day after. Price is currently consolidating in a rectangle of 13p -19p.

So plan is some in JOG and some in here when funds arrive. JSE also looks good to me. I might split roast all three.

Iv been out of this for a while, whats the latest on the first gas news? And how much cash is left in the bank... only $2.7 million?

I'm up almost 10 percent from my buy last week. Got the timing spot on with the upswing. We are going to need some good news about the 2nd farmout to send this rocketing. Could also get some news on the 1st farmout payouts as more conditions are met, which should push the price higher over time.

No worries, I four bagged ish on here a few years ago. Then missed the second big rally six months later. that could have 5 bagged if bought at the pullback lows. For the last 18 months though this has done nothing but drift down from those highs and is now stuck sideways.

Anyone interested in quick 2/3 bagger check out JOG - Jersey oil and gas. The 2nd farmout is expected any day now and price target is 4 times current price.

Its been while since I've followed Char. The charts show its stuck in a range since a year ago. I reckon news will hit JOG first, then once that doubles I'll take another look at this.

Tesa, I had a look at British bulls. Just beware that bullish and bearish engulfing candlesticks should be ignored when prices are moving sideways i.e in a range, or else you end up overtrading and losing. Best to use them when prices have trended up or down for a while. IN Jog's case, price has fallen or drifted down for the last four weeks, so we are due for a upswing.

Nice one Tesa. Anyone shorting this needs there head checked as this could double in a day two when 2nd farmout news comes and I have a good feeling that it won't be too long a wait.

Agree that down swing looks to have ended or at least slowed right down and now would be a good time to buy IMO. Only problem for me is that I bought a second tranche last week but still waiting on a transfer of funds for a third tranche. So hope it doesnt rocket just yet.

By the sounds of it, one man's multibagger is another's breakeven, or even still a loss. Clark as in Kent my boy. Good luck.

It rallied to 330p in 2 days then 360p in another 2 days when the farmout news came out. The best way to play this is to buy and then wait for the 2nd farmout rather than trying to time the bottom, because the rise will be sharp and sudden when the news breaks. This time however, we could be seeing price break above 360p. But who knows, as no one can predict where the price is going to go.

I'm waiting for some more funds next week, and will be buying some more, so don't mind if it drops a little more before then. I reckon 2nd farmout is news is around the corner now. The current oil price and higher is simply unsustainable to western ecomomies in the long run, and so they will have no choice but to fast track new sources whereever they can get.

I bought back in last week after a few months break from trading. Sure, it's always another share that we are not in that is going up and that feeling of waiting here for an eternity before anything happens. Thing is, you cant bet on every horse, well you could but then the losses will exceed the wins. So we concentrate our bets on the ones most likely to give us a win. And then hope we get lucky.

The price target here by 3 broking houses is 4 times the current price. Should see at least a two bagger when the 2nd farmout is done, which surely can't be too long now. With strong oil prices for the forseeable future, the chances for succesful 2nd farmout can only be higher.