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This will be like seascape - dipped bizarrely on the day and then in coming days post the board video it went 600pc

Incredible that they have managed to retain 30pc - seascape have a mammoth and only managed 10pc. The convertible can effectively be converted post drill at much more reasonable valuation

I don’t think shareholders have quite understood the extent of the word “materially increase” that the board have discussed in terms of scale of the business this year.

There’s a lot of activity

Agree with Jimmy and my prior posts. Chariot have nothing to do with any reversion of the license save for the fact they will get a proportionate share returned.

Can’t realistically sign a gas sales or complete an FDP without a DST /flow test.

You can’t sign a GSA until you know the developable gas volumes and what investment the other party will need to make if anything. Pricing a will depend along with margin on volumes and over what period. Why a DST is important

That’s not how it works Fernan- it’s between Enog and the government who approved the license. Enog will pay its share of costs until a transfer is made.

There isn’t really a negotiation between Enog and chariot save for professional courtesy and respect. Enog will obtain approval to relinquish and there will already be terms dictating split of costs

Have to wait for regulatory approval. It’s Africa.

They 5000pc have the funding agreed on a conditional basis.

I guarantee you that as soon as the condition of the funding contract is satisfied they will announce the funding package

Industry partners rather than formal farm

In

Phillipines yes

Chudditch - not heard anything for a few weeks

They have been in the data room for another interesting prospect but that won’t be near completion yet

I only began positioning here in late November - I’m not sure how much of a leaky ship this has been historically but I suspect news of phillipines will be known to some shortly let alone chudditch.

Hopefullly post the tariff noise!

I don’t think they’re in a position to do that. Equally they are charging most of their management time to the sub so g&a isn’t as much of a problem. That said the cash pile isnt a bottomless pit.

My guesses:

- chariot been working on an industry funded development and appraisal campaign rather than farm out.

- commercial but not enough return on capital so for Enog to stay

- farm out later this year onshore but with commitments for wider drilling;

- some further announcements on renewables

I haven’t a clue on Namibia - and I have really tried to find out more on this but drawn a blank.

My guesses:

- chariot been working on an industry funded development and appraisal campaign rather than farm out.

- commercial but not enough return on capital so for Enog to stay

- farm out later this year onshore but with commitments for wider drilling;

- some further announcements on renewables

I haven’t a clue on Namibia - and I have really tried to find out more on this but drawn a blank.

This is no different a proposition to seascape - everyone invested for their principal asset by their license awards are highly lucrative and near term.

There is a question with these assets versus seascapes as to how much appraisal required but they have the benefit of all the prior data from pre drill and drills.

Chiditch is a politically exposed asset and as such things will take longer .

Sunda have been in the data room for another little gem also recently. Whether they pull it off is anyone’s guess

I’d beg to differ actually - the lead time to production on those assets (like with Seascape) will be far quicker than Chuditch. They’re also free with finance relatively easy to come by in the region. I see it as a huge value driver - shame it’s falling in the middle of a trade war!

I’m told by a shareholder at Triangle who met management recently that the delay was due to nailing down the initial committed work programme for the block with the discovery and surrounding acreage where there are other high value low risk upside optionalities. As such sign off was postponed. I understand that it’s expected in the next few weeks.

The next 4-8 weeks may be the last opportunity shareholders have to pick up shares at these levels.

The recent financing was an unexpected bit of good news