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I have just been revisiting the last corporate vpresentation which was from December 2022. We should have an updated one just before the AGM. It will be interesting to see how far the timeline has shifted. In the current version of the timeline for 2023 we have:-
- Gas Sales Principles (tick)
- FEED Completion (tick)
- Gas New Venture (is this the new onshore licence?)
- Gas Sales Agreement
- Debt Finance
- Production Concession Awards
- Strategic Partnering
- FID
- Contingent Drilling
- Seismic Acquisition
It is concerning that we are almost 2 thirds of the way through the year and so little of the timeline has been achieved. I appreciate some of the above could come in quick succession but at the minute its hard not to see how first gas doesn't slip until at least 2026.
Unless there are substantial developments in the next few weeks its going to be a pretty rough ride for the BOD at the AGM.
Hi Louis. Where can I find the article you refer to?
I think looking at the SP its safe to say most of these are sells. The question is why? I suspect some are people just selling their allocation for a quick profit but some of the sells seem to large to be that.
My money has been taken but they are not showing in my portfolio yet. I suspect that won't be until 3rd August
My god this board is depressing today... Can we please stop bickering like children. Its boring. If people want to be positive about Char let them. If people want to have concerns about Char let them. Ultimately we are all in this for the same reason.
Whimax I agree this isn't anything to do with the placing at 14p as that is yet to be ratified. I am intrigued by your suggestion that a shareholding of over 3% only needs to be reported once the SH has finished accumulating. How can it be judged when someone has finished accumulating? Not sure I fully understand that. Would buying 1 share a day be classed as still accumulating?
Are there any other thresholds that when breached require an RNS? Will be interesting to see next week after the recent placing is approved.
From Meridian Capitals website:-
"We invest in companies and people with a successful track record in oil and gas. Meridian Capital Limited remains interested in investing a portion of its portfolio in higher-risk opportunities with the potential for significant returns. We invest opportunistically in early stage exploration, helping growing firms to raise pre-IPO capital or fund it ourselves. We review key global oil and gas projects to ensure that they are economically viable and invest in quality teams and assets."
New RNS. Who is Askar Alshinbayev? Forgive my ignorance but does this mean he has purchased shares taking him over the reporting threshold or sold shares taking him under? My interpretation is its the former?
thanks
Nick
This is why its best to keep PRD chat on that board and Char Chat on this one. Otherwise things get confusing
Bringing the conversation back to Char. There seems to be a significant amount of buys today. Was the same on Friday. Someone loading up at relatively cheap prices?
Do we think this opportunity for onshore drilling has only come up very last minute and was an opportunity too good to ignore? If so I can understand and live with the fund raise.
The fact is though the RNS also says the money will be used for the other areas as well. Maybe the board thought it’s best whilst they are doing the fund raise to ask for a bit more to give them some spare cash capacity.
Or is the onshore drilling always going to be something they were going to bordered and it just makes a good cover story for the fund raise. It’s worth remembering the new gas project mentioned in the presentation at the end of 2022.
I really want to believe it was a last minute opportunity too good to turn down but I really have my concerns. Adonis needs to give us much more info what it’s costing. What percentage of the raise is going to that etc.
None of this was mentioned or even hinted at in the end of year results report just 2 and a half weeks ago
Exactly. I topped up today as well. A big part of that was the reassurance that we had enough funds until Q4 and likely we would get partnership financing with a big cash injection before then anyway. There was no hint of a placing in the last RNS on 21st June. Its hard not to feel misled.
Chariot told us just 2 weeks ago they had enough money to last until Q4 and hoped that they would do a partnering deal which would involve a cash injection? Something doesn't add up.
Page 23 of the Final Results 2022 "In the event that neither a partnering agreement or alternative financing is concluded, the group has sufficient cash to meet its corporate overhead until Q4 2023".
My use of the word confirmed might confuse matters but what can be implied is if there is no partnering agreement or alternative financing then they won't have sufficient cash to meet their corporate overheads post Q4 2023. Q4 starts October 2023...
Shouldn't be a raise as Char made that clear in their recent presentation although they also confirmed they are due to run out of money in 11 weeks...
ICB what's your positive spin on todays start? SP currently 16.30p...
NewKOTB would you mind explaining that in layman's terms for idiots like me. Thanks
So close to a Jimmy boom :-(
Good find Fraserd although interesting (concerning) to see what little impact securing funding has had on SOU SP. Of course could be many different factors not relevant to CHAR but does show securing finance doesn't necessarily result in an immediate rerate.