Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
@gooner a buy out would be a nice surprise, but I just can't see it this side of the AE drill and results. Who would buy an asset knowing they are not in control of its destiny? Moreover, it would significantly delay proceedings I would think with ONHYM - something neither Chariot nor Energean want at this stage.
However, after the drill, Energean might well make a play to buy out the whole thing - especially if our market cap looks attractive vs Anchois NPV. If FID is taken, any number of other investors might look to buy us out at that stage. Everything hinges on the next drill/flow test.
Thanks KnC. I trust Energean's timelines significantly more than Chariot's!
Hoping they upload a webinar recording to their page here (https://www.energean.com/investors/calendar/) like previously. I thought the CEO spoke very enthusiastically about Anchois on the January update (from about 18mins 30 into the call if anyone missed it).
@harrycarter when you say hsfinch made a 'plausible bear case' are you talking about this peculiar and incoherent rant from a couple of days ago? you have a low bar for defining plausibility.
"the **** show (continued)ap - how about this. frenchy takes control of the gas pillar and jock stays on as chief technical officer. frenchy - d'accord. jock's a geek. i'm a businessman. jock - will i still get bonuses ap. ap - indeed if you earn em. julie - thats a win win. we have an extra pillar and i get to keep my sneaky peeps up jock's kilt. ap - fellas here's the problem. we've got 5 million in the bank. thats only gonna last us a year. and we aint gonna see any free cash-flow from anchois before 2032 at the earliest.frenchy - d'accord. what about the next tranche from enog. thats 15 million. ap - only if they take the optional 10%. we cannot rely on that. and dont forget hydrogen. if total cash calls us, we're sunk. julie - i thought anchois gas was coming in 2028. ap - it is but our share has to pay back the enog carries. its gonna take 4 or 5 years to clear the debt. frenchy - oooh la la. i was hoping to retire to st tropez in 5 years. what can we do. jock - thats where i come in. ill find more gas and black stuff. think new frontiers, gushers, ten baggers, big bonuses. there's nothing to worry about fellas. ap - thats the spirit jock. and we get rid of the hydrogen thing, the generator rental thing and the onshore sdx cast-off thing. weve gotta pull our horns in and focus. julie - i'm sure malcy will spin that in the markets if i show him a good time.ap - great fellas. let's go down to harrys bar to celebrate."
Fwiw I think Keithoz is spot on with his thoughts around thebold, having had a lot of previous interactions with him. The sad thing is he spends most of his time accusing others of the very thing he is guilty of - multiple aliases and lies about being a shareholder.
I echo others’ thoughts about him taking time away from social media. It’s not good for mental health.
Congrats to those that bought yesterday. I posted this back in Feb "....buying when the fear is highest, if Loukos does disappoint, then that could be the real opportune time to buy."
I believe we'll be double where we are now before the AE drill, regardless of what happens with Dartois, and 5x where we are now if Energean takes FID and exercises their option with us. My uneducated opinion only.
Agreed Surety. Let's hope Jimmy is right about the 1 TCF.
Duncan hardly even mentions the deeper prospect in his most recent webinar though. I would think if there was even an outside chance of a discovery of that size, it might have been mentioned. It's not like chariot to be overly cautious/pessimistic with their outlook.
@ianfer - the brokers give the chance of success for each onshore drill at 35%. So surely the 'worst case scenario' is also the most likely scenario. And this scenario would also mean cash gets depleted, and Anchois becomes the only string to the Gas bow.
I guess my definition of worst case scenario and @whimax's differs quite a lot.
@whimax I may have misunderstood your thesis then. I thought it was that a large seller was offloading and therefore that was suppressing the share price, or keeping prospective buyers away, and when that selling ceases there would be a big bounce. So I was wondering if that seller had stopped or not because the share price still seems to be struggling.
I know you think that a massive re-rate is coming any day now but I really don’t think the onshore drill will do much for the share price. Even if it comes in as chariot hopes (excluding Jimmy’s 1 TCF estimate), there’s just too little near term upside to cause much excitement, and frankly there’ll be more questions about where exactly the financing will be coming from.
I am more excited that the Energean share price is doing well. The stronger the position they are in financially come AE results, the more likely they are to go through with their option to acquire the extra 10% from us.
@whimax - any update on the large distressed seller?
2 weeks ago you said:
"Well, whadaya know!! Looks like the distressed seller has just cleared.
If anyone wants me to pass on any apologies to anyone, just let me know!!"
Is he still around, or has he cleared and there's just no interest in Chariot at the moment?
Yeah agreed GP and Ianfer. In my mind, there's really only one thing that really matters this year - and that's whether Energean exercise their option for the additional 10%. If yes, I think there's no reason we shouldn't climb to 50p or more - especially if AE results offer more upside. Obviously if they don't exercise their option then either the results were bad and they don't want to take FID (worst case scenario), or they do want to proceed to FID but don't want the extra 10% - this scenario would be problematic for Chariot I think.
I can't see onshore moving the needle much this year - the volumes are too low. Unless Jimmy turns out to be correct and they find 1 TCF down there. That might even be problematic for Energean and a buy out could be on the cards. But given that I haven't seen any real mention of this possibility outside anonymous internet forums, I'm not hanging my hat on it.
@Bankrupty - if you read through the posts here, it can be put down to one of 4 reasons:
1) It's those damn MMs
2) Someone is forcing the share price down to profit on their CFDs
3) Covalis is deliberately forcing the price down because they are about to buy us out
4) There is an anonymous large seller who was due to stop selling 2 weeks ago, but is having so much fun he is continuing to sell.
Importantly, you will note that in all 4 cases, it has nothing to do with the underlying company. And definitely nothing to do with the 4 months and counting it is taking to get the farm-in agreement signed off by Morocco, and the subsequent delays, costs and uncertainty that is causing.
Thankfully, a few members of the mythical telegram group drop by the '"Cesspit" (as thebold refers to us as) here occasionally, and feed us a few 2nd or 3rd hand rumours to keep morale up. I'm not sure what I would do without that.
Seems there has been a number of erroneous posts here lately - invisible website updates, imaginary Director buys, typos of TCF v BCF.
But I suppose it's not beyond the realm of possibilities that Chariot's next RNS is the announcement of a hydro-electric project in Bangladesh.
Still, a good week for the chariot sp. I'll take it.
I'm old enough to remember when Chariot stated that the NPV for Anchois was north of $1B, before promptly selling 45% of it for $10M and a few promises. Applying the same 2.5% RCF (Reality Conversion Factor) to this part of the business should result in net proceeds of $4.2M.
Anyone offering odds on AP and/or related parties making up a large part of the new owners?
Thanks for clarifying. Strange that there has been no mention of such a large potential discovery. I can see SDX did announce the successful LNB-1 drill but declared mid-case estimates of c 10BCF. Any idea what Chariot think as to why/how SDX overlooked such a resource?
Alright no problem. Just thought that because you took the trouble to post a supposed comment from him then you might have a view on what you were posting. Obviously not then.
And no I'm not a PRD holder, but I wish I was. They are up 5% in the last year. We are down 50%.