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Chariot Oil and Gas Shareholders at Aim-listed explorer Chariot Oil and Gas have also expressed frustration with their company’s direction. The shares have tumbled 88 per cent over the past year after two deepwater exploration wells came up dry. The group has for a number of years pursued a strategy of “deepwater elephant hunting”, drilling high-risk wells in the hope of making major finds. But this has yet to pay off, and shareholders have accused management of “value destruction”. Werner Riding, an analyst at Peel Hunt, said Chariot was “regrouping” following its disappointments in a “torrid year”. Mr Riding said Chariot still retained cash of £14m, — 40 per cent more than its current market capitalisation of about £10m. This, he said, meant that while “the future currently doesn’t look as rosy as it could have done . . . they still have options and a meaningful cash base with which to progress their plans through 2019”. Chariot said: “Whilst we share investors’ disappointment with last year’s high risk/high reward exploration programme, we remain focused on delivering the next potentially transformational drilling opportunity.”
Struggling to think of what he may have on his agenda that’s the problem for me?! Larry is not a leader, I think he himself has established that he is not even a very competent Geo, at least recent times. it would be interesting to review the calls that he has made in the past but to be honest I’m more concerned about his future and hoping that it will be somewhere else. Them that really pull the strings at Chariot must surely be plotting to get rid?
I’ve held since before Nimrod so I know absolutely buying in the £’s and all the way down! Final kick in the balls (or at least I hope it is) was when we fell below Red Emperor ask price, I nearly launched the phone!! And Jinx is also bang on, I may as well declare myself a geologist, what the bloody hell does Larry look at to decide drill locations? He must be reading tea leaves 👍
I know goon! I made the mistake a long time ago and bought (and continued to average down) on sentiment.. a hard lesson learned! I will not invest further into any other AIM stock. My only current approach to this is to minimise any loss as much as possible, as I now have absolutely no faith in CHAR, the current board and their current portfolio. I will be out ASAP and will applaud those that have held from the highs to the lows and up again if there is reason to congratulate them! But I fear the worst.. I do not expect to walk away from Chariot without a few deep scars!
Salaries will be taken and BOGOF shares will be accepted and in the meantime price will trickle down! Brazil is the only potential saving grace! If you can wait until 2020 it might come good for new investors! Anyone with an average above 8pnis in Deep doh da! A highly accurate assessment of where we are believe it or not! Larry and the gang have shown themselves to be completely incompetent and my only hope is that this cloud never leaves them. I continue to catch this as it drops to manage my average by buying into tranches of 50-100k shares.. Current average is circa 15p... would be great to lose this incompetent team but not hopeful! Good luck