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That’s a big drop to 350! Anyone got any idea? Barclays/Lloyds both up. Result are due tomorrow..

Stone X @ 95p!

Keith,

Couple of questions:

-Field infrastructure costs, who pays for these?

17.12.2025 RNS

-Snowcap 3 “targeting stabilized initial production of up to 400 bopd.”

-Forecast up to 1,000 bopd and 5- to 10-fold increase in monthly revenues by end 2026

-In your calculations you have “1800 Bbl/day by end 2026”

Those broker price targets clearly haven’t been changed for a long time!

At the low estimate of 18.6p target that would equate to a market cap of £772m (let’s not forget the added dilution of all the warrants at 2.4p etc)

Current market cap = £36.4m

Performance has been absolutely woeful. Where is the value creation??

Interesting to see the Energean deal for Chevrons ownership of 14/14K. Did Chariot know about this? Any impact? Umm

The constant need for working-capital fundraises has destroyed most of the potential upside here. Year after year shareholders have been diluted while management has continued to take significant salaries and expenses despite very limited delivery. AP may have supported the raises, but plenty has still been extracted from the company along the way. Any residual faith has gone

How many wells onshore Trinidad have produced a stabilised 1000 bopd? Seriously!

Thoughts?

Helios have owned this for around 10 years, which is a relatively long investment horizon for a private equity backer. Maintaining the status quo doesn’t really look like a credible option for them anymore.

That effectively leaves two possible paths:

1. Attempt to flush out a higher competing bid.

The timing of their announcement was notable — with the put-up-or-shut-up just days before results. That sequencing creates momentum, brings clarity on performance, and potentially pressures any interested parties to act once the numbers are public and a formal offer framework is established.

2. Use their majority position to push a deal through.

If no rival bidder emerges, they have the shareholder weight (50%+) to drive a transaction themselves, likely at around the £1 level.

It’s hard to see them allowing the company to remain listed with the share price stuck at these levels. Gradually selling down in the open market isn’t realistic, and institutional investors remain cautious following the troubled IPO and the subsequent decline in the shares.

Any sign of that swabbing kit for Mou3?

5 dilution stages of Chariot:

1)Namibia Exploration years 2008-14 – equity raised C£142m (50m shares – 325m shares)

2)Post Namibia survival years 2014-2017 – equity raised C£28m (325m shares – 450m shares)

3)Morocco pivot from exploration to development 2018-2020 – equity raised C£13m (450m shares – 650 million shares)

4)New Chariot 2021-2025 – equity raised C£50m (650m shares – 1.2b shares)

5) Angola oil acquisition years 2026 - ? equity raised so far £14.8m + (1.2b shares – 2.3b shares)

How much confidence can you have on the latest pivot?

KnC, sorry yes stand corrected on that.

Shell get paid first that’s $170m before Chariot see anything. Don’t think that sorts the cash flow issue short term.

As at 31 December 2025, the unaudited cash balance of the Company was US$1.2 million

Even worse than feared.

1.4 billion more shares!

Proceeds will also be used to“ Provide additional corporate working capital”

I don’t think they could have got away with another fundraise with the existing asset base.

Shocking how much has been spent on Morocco. Surely this can’t continue, north of $50m on Morocco in 4 years. At the next AGM resolutions on further ability to raise capital needs to be voted down.

13th was the deadline for submission which hasn’t been extended.

44% average premium for bids for UK companies so far this year

Helios bid represents 21% premium..

Better known as insider dealing. No institution would do this!

Fernan, spot on. They seem convinced of the value of Morocco but the market seems to have a very different view. Too many raises where fund have been “repurposed”.

By May, Chariot will probably be running on fumes. Absent a genuinely transformative breakthrough in the gas business, another capital raise looks inevitable. It’s difficult to see how the current trajectory is sustainable for much longer. The renewables division has made meaningful progress and clearly carries value, but the Moroccan gas strategy has drained the balance sheet.

The data rooms appear to have generated little real momentum. It’s now nine months since Energean handed the assets back — and realistically, the company would have known that outcome was likely well before it became official. Loukos has been searching for a partner for around two and a half years with nothing concrete to show for it. Any financing or JV on Anchois is likely to come on punitive terms, and prolonged delays have already driven heavy dilution. All the while, the cost base remains far too high.