Member Info for marineclark

I missed this so I'm guessing many here have too.

https://www.chariotoilandgas.com/wp-content/uploads/2021/06/Final-Results-2020_Chariot-Ltd.pdf

Building an African focused Transitional Energy Group
• Strategy updated with new mission to have a positive impact on the environment, the countries and the
communities that we operate in.
• Name changed to Chariot Ltd and rebranding under the strapline Chariot Transitional Energy, with a focus
on Africa through the twin business streams of Transitional Gas and Transitional Power.
• Transitional Gas holds the Moroccan licences Lixus Offshore, containing the Anchois gas development,
and the soon to be formally awarded Rissana Offshore, with operatorship and 75% working interest.
• Transitional Power, a second business stream, launched in Q1 2021 with the acquisition of African Energy
Management Platform (“AEMP”). The recently completed acquisition, initially looks to transform the
energy market for mining operations in Africa, providing a giant largely untapped market with cleaner,
sustainable, and more reliable power.
• Recapitalised Company through successful placing, subscription and open offer, raising net US$18.8
million in Q2 2021 with a further US$4.2 million underwritten by Magna Capital LDA (of which Adonis
Pouroulis is a substantial shareholder); funded to progress both business streams.
Transitional Gas
• Anchois appraisal drilling planned for Q4 2021 with 3 distinct objectives: (1) reconfirm the original
discovery A&B sands; (2) provide a producer well location to be suspended for future use; (3) potentially
drill the additional prospective sands and potentially establish a larger resource base for longer term
growth.
• Rig tender process underway; assembling key team members from the 2018 drilling campaign that
delivered a well on time and within budget.
• The Anchois gas development’s 2C base case resource has a net NPV10 of approx. US$500 million with
an IRR in excess of 30% yielding expected annual revenues of up to US$200 million.
• Reprocessing of 3D seismic data across Lixus completed; Upgrade of audited total remaining recoverable
resource to in excess of 1 Tcf for Anchois, representing a 148% increase (comprising 361 Bcf 2C
contingent resources and 690 2U prospective resources).
• Expression of Interest Letters to debt finance the development received from African Finance Corporation
(“AFC”), a pan-African multilateral development financial institution with over US$6 billion in assets, and
a major multinational investment bank, which is a leading provider of finance in the energy sector.
• Key terms agreed on new Rissana Offshore Licence, Morocco, with formal award expected in 2021,
capturing prospective acreage surrounding the core Anchois development.
• Collaboration agreement with Subsea Integration Alliance signed in February 2021, a developer of
offshore gas projects, to progress the front-end design, engineering, procurement, construction,

I think you were right about them all along Growler. Also had no issue with Jinx, until he/she started the name calling :)

It would be illegal yes. I suppose its just harmless speculation, but some discussions can lead to useful information for buyers or sellers, such as some of the discussions here. I've looked at ADV and its full of chat. Its too quiet here, and I dont doubt the Telegram has contributed. Its a competitor site anyway, so I think it may be breaching possible terms and condition of posting here. I'll need to check that.

They have 90 plus members now, many taken from here i believe. There was info about possible rig selection delay I heard, but it was kept private by them. Although any news that could affect the share price hs to be reported publicy via a RNS.

Its seems that the Telegram group while it may have good intentions is in effect poaching discussion away from this site, and as this site has greater public visibility, is harming the service this site provides to new and potential buyers. I therefore do not support the telegram group in any way shape or form. IMHO.

My financials are a bit rusty. Any accountants that could explain it better. The NAV(assets minus liabilities) figures are I believe post fund raising as it came from Investor chronices, the fund raising which the article specifically mentions. Their figure came from the brokers valuation. I wish I could see the breakdown of those figures.

The NAV doesnt include 300-500 million in the bank from the two lenders because that isnt in the balance sheet yet.

NPV net present value relates to future income valued today based on time and risk. NAV is net asset value which is value of current assests, not income. Risk factors in risk in the value.

Sorry my explantion relates to NPV, not NAV.

As long as there is no cheap name calling, than I'm happy to debate issues here.

My understanding and feel free to correct me if I'm wrong, but NAV is basically if you were to value future income today how much would it be worth. And taking into account risk, e.g exploring ADDITIONAL deepers sands. So Risked NAV of 25p is going into the appraisal, post fund raising, the share price is valued at 25p today for Anchois only. The unrisked 325p, once all sands are flowing and tested but the covers the lixus license, anchois is part of lixus. So thats 325p is pretty far off. Its the 25p risked nav that is what we should be looking at today. Clearly the two dusters of exploration wells Char has had has affected sentiment, but the recent reserve upgrade and EOI has fired the share price this last year. The placing obviously took some wind here, but nothing that a low risk appraisal wont fix soon enough. I think Boom.Boom char had the figures of the number of new shares issued etc...

I'm a bit funny with private chats thanks. I stick with this one.

Given the numbers I gave below, I'm confident now to derisk less into the drill results.

Thanks SHC. Pity I havent joined.

Also, digging more in to the numbers:

..."It’s a huge resource with an estimated 361bn cubic feet (bcf) of 2C contingent recoverable resources, and 690bcf of 2U prospective resources." IC.

For Anchois sands A(114bcf ), B(247 bcf) . 114+247 = 361 bcf.
Anchois Remaining Recoverable Resource = 1051 bcf.(2C)

For Anchois deep C,M,O, Footwall(O) sands = 1051-361 = 690 bcf(2C)

so COS of Anchois deep is (64+38+37+46)/4 = 46. Or round to 50 percent.

SO with the appraisal there is 50 percent COS of hitting finding gas in Anchois deep. Note Sands A and B are already discovered. Now I havent worked out 2U yet, but from 361 estimtates to 1051., that atabout 200 percent increase in reserves.

https://otp.tools.investis.com/clients/uk/chariot_oil1/rns/regulatory-story.aspx?cid=351&newsid=1411844

In case you missed this RNS, at the bottom is a table of the Gelogic probability of success(GPS) Anchois discovery, higlights below:

For Anchois sands A,B and contingent resource, the GPS is N/A. That is its proven so it doent apply here.
For Anchois deep C,M,O, Footwall(O) sands the GPS is 64%,38%,37%, and 46% respectively.

Fo the low risk appraisal well , it will be testing discovered sands(I presume flow rates etc?) and exploring the deep sands, which would explain the COS figures above.

Note that Chars' interest and operationshop in Lixus, Anchois is in Lixus, is 75 percent. Thanks to not needing a farm in for the appraisal , the Return in investment will be quite nice thanks.

LW, its going to be exciting few months ahead. However, a derisking strategy is always sensible, no matter how good things look, something can always go wrong.

JInx, a defensive cliche is just that a cliche. I give it to you that even though your posts have zero useful trading content, it does have some entertainment value, not much, but worth a glance at least to chuckle at.

Lol. you can do better than Jinx. I havent read much of your past posts, but from the few that I have read, they offer zero useful trading information, but plenty of consipracy theories and delusions. Given the zero value, I may as well filter you.

THanks for your post SHC, as someone not fully up to speed on drilling matters, your posts have been very helpful in this regard. As for rig news, if we a re little late I personally wouldnt mind that much, but I can understand why some would be upset.

LW, I was reading up on some articles relating to char previous exploration drills by Char, the one where a farmout was secured but left Char with only 10 percent equity interest in the license. This made sense because drilling costs run to 20-35 million dollars and one failure would have been game over for a small oiler like CHAR. Still even with that 10 percent the upside was still material given chars market cap at the time. Imagine the upside with this appraisal drill with a much higher equity interest without the dilutive effect of a farm in for appraisal drilling. Sure the placing caused dilution, but a short one I'm predicting. However, we definately need fundng partners, because 300-500 milion is too much CHAR on her own Im afraid. With two interested parties already, when funding is secured well you just an imagine the material effect on the share price. And when gas sales commence in mid 2024. Risked NAV is 25p and unrisked is 325p.

I dont fully understand the risks of an appraisal drill but the risks are low. SHC has explained it in his previous posts. I have already outlined trading strategies for whether you want the maximum reward or a smaller reward but with less risk.

I wouldnt want to speculate on what the board gets up to in realtion to seeking farmin partners. Its irrelevant now anway. I agree with SHC, that given the low risks involved in the apprasial they most likely didnt need one.

jinx, also it seems odd that you say you havent been proven wrong at any stage? As a long term holder, just looking at the share price history, except for the last year, I would say that your growing loss proves you wrong practically at every stage. Luckily for you, we are at a turning point here, and things can only get better. It it doesnt I wont whining with every opportunity I can get or blaming every Tom, dick and Harry.

A farm in partner would be good to have for exploration drill to share in the risks. With an apprasial drill I dont see the point, as the risks are low.

But your peddling of the idea the audit wasnt independant is delusional. If you believe the data is fake, I'm suprised you are still holding here, any one else would have sold as soon as possible.

Your posts offer little in the way of useful knowledge.

Jinx, I'm diasspointed in you. Im not here to protect egos, however fragile. Netherland Sewell & Associates are a reputable organisation from what I can see, to say that because they were paid, they are in Char's pocket is nonsensical. Your linking paying for a service and the failed drill is even more nonsensical. Almost Trumpian.

I'm here because I see the current price as an excellant risk/reward trade. I dotn mind beingwrong ,my ego cnd take it, As for funamentals of oil and gas , I'I'm still figuring this stuff out. And there are many knowledgeable posters here, who can fit the bill.

I was talking more about supply overhang, not placing overhang, which is a subset of supply. Supply overhang is basically anyone who bought above the current price levels, as psychologically they will tend to sell at break even to define aresistance level. Once we break out of the 10p range we will be hitting new year highs. The large price swings in the last 3 months, shows that 10p+ is doable. it will definately be interesing to the see the price reaction on the rig news.