Member Info for marineclark

Time is ticking closer to appraisal drill.....:)

From Investor Chronicles Jun 2021

Chariot Oil fundraise to accelerate Moroccan gas project
US$23m net proceeds to turbo charge Anchois gas development.
Directors participate in equity raise.
Drilling to start in fourth quarter.
Aim-traded Chariot Oil & Gas (CHAR:5.5p) has raised £11.7m through a placing and subscription including £2.4m from the directors, and proposes to raise a further £3.5m through an open offer (one-for-six at 5.5p) to turbo charge its Anchois gas development, offshore Morocco. It’s a huge resource with an estimated 361bn cubic feet (bcf) of 2C contingent recoverable resources, and 690bcf of 2U prospective resources.

The net proceeds will be used to drill an appraisal well at Anchois to confirm the discovery; progress work programme on the acreage surrounding Anchois for future development; integrate transitional power team and existing project, and fund near-term power project. Chief executive Adnois Pouroulis is underwriting £5.57m of the fundraise through Magna Capital, a company in which he is a substantial shareholder.

Appraisal drilling will start in the fourth quarter at a cost of US$20m to test the discovered sands and explore deeper targets, an important requisite to progress gas sales and project finance ahead of a 2024 start-up. Chariot has already received two development funding approaches from institutional lenders to fund the capital expenditure (US$350m for Anchois A and B sands) to bring the project on stream in mid-2024.

House broker finnCap has a risked valuation of US$216m (23.4p a share) on Anchois contingent resource (A and B sands) after applying a 50 per cent chance of success, and US$3bn (326p a share) unrisked valuation across Chariot’s Lixus licence which includes the Anchois projects.

I included Chariot in my 2017 Bargain Shares Portfolio and highlighted the potential last autumn when I rated the shares a speculative buy at 3.79p (‘Priced for profitable outcome’, 12 October 2020). I view the sell-off from last autumn’s 14.4p high as a repeat buying opportunity and would take up the open offer. Buy.

From Investor chronicles Nov 2020

Chariot primed for further share price gains

¦ Non-binding expression of interest to fund the Anchois gas discovery.

¦ Offtake discussions ongoing.



Aim-traded Chariot Oil & Gas (CHAR:6.48p) has received two non-binding expression of interests to provide development funding for the company’s Anchois offshore gas discovery in Morocco. It’s a huge resource with an estimated 361bn cubic feet (bcf) of 2C contingent recoverable resources, and 690bcf of 2U prospective resources.

The fact that two highly regarded institutional lenders – African Finance Corporation, a Pan-African infrastructure institution, and a well-known multinational bank – have endorsed the project underlines its quality. It’s also significant given that capital expenditure of US$300m to US$500m needs to be funded to bring the development on stream. Chariot is also engaging with potential off-takers both within the domestic Moroccan gas market, and through the Maghreb-Europe pipeline to the European gas market.

Investors have reacted positively to the news. In fact, the share price has surged 70 per cent since I highlighted the buying opportunity three weeks ago (‘Priced for profitable outcomes’, 12 October 2020). If Chariot secures both an offtake agreement and the development finance, as seems increasingly likely, then the share price could easily treble or quadruple given that analysts’ risked net asset value of $153m (£118m) for the Anchois gas field is five times Chariot’s own market capitalisation of £24.5m. Buy.

Anchois is worth 23.4p risked to Char, and unrisked(across Lixus license inc Anchois) is worth 325p to Char, Char being a small cap as such. Who cares how much is was worth for Repsol. They are multi-billion market cap, as such, wasn't worth it as much to them, I suppose, share price wise.

Nice one Lowbow. Good luck.

I saw the breakout on adv and was tempted but too late now for me, as I dont chase rallies. With Char I expected some resistance at 8p and then a pullback which is what is exactly what happened, and was another opportunity to add more.

GKP did go above £10 pound, I think about a decade ago. Maybe is it was a share consolidation, but I do remember watching it went it was 1p and thinking should I or shouldnt I.

These days, billions of funds are moving into cryptoes, which means less money in shares. I just started trading it in fact, and if you like volatile than thats the place to be. Up 50 percent in my "investment" so far.

Maybe in another 10 years I can retire, no chance now.

Show me the money...

https://www.youtube.com/watch?v=FFrag8ll85w

I had x orignally. now i have 1.3x :) we could go on?

Hehe, not much :) I dont have as mcuh funds as used to, but my trading has improved 100 fold since then , so plenty ot time to rebuild the pot.

I wont be sharing that info my friend, as its no ones buiness except me own.

I remember the good old days when I had huge amounts in Falklands oil and gas when they were doing exploration drills, not realising at the time that the chance of failure in those was 90 percent, and waking up the day of the results to see a gap down of 50 percent , and half of my holdinds with it, but also back then AIm oilers would ten bag all over the place, such as GKP at 1p, when it went to 1000p a few months later, and ten bagger from xel etc... I think the reason why Aim companies in oil and gas, dont go up much as this used is simply that the demand is not what it used to be.

I increased my holding by 30 percent. I still have a long way to retirement gooner, unlike yourself I'm sure.

Why would partners sign on the dotted line before the results of the appraisal drill? Char have already been approached by two parties to fund the development to oil. Btw, If char goes to nil then it goes nil, I use stop losses so makes no difference to me. I've got the feeling that some long termers might need to sell the house if that happens though. But I do smell the money so I'm in and I increased my holding today.

Happy to load up and just hold until mid drill. Not fussed about 10 percent profits. I like this share precisely because of the volatility, it means when its cheap I load up, and then when it goes up 100/200 percent i sell. Sure it possible it the share price will do nothing until drill, but given the volatility here I doubt it. DYOR.

There are other chat rooms/groups. I check advfn from time to time(dont post), but this chatroom is the more active one. All chats groups are entertainment only, a place where you can brag when you win, and whine when you lose.

Next leg up happening... Looks like I might be getting my 2 bagger much quicker than thought.

25p risked. 325p unrisked.

This went from 1.65p to 14p in two months last september. The telegram group werent here back then so while that group have been buying recently(I take that on trust), don't underestimate the demand from everyone else.

Thanks J. Feel free to share a few good ideas with the rest of us if the group allows.

Dot forget it could be our good friends the telegram group. Did notice some early price spikes upwards when they came on the scene.

Breakout with volume, those are my best. Where was it confirmed that II's we buying?