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"with domestically produced oil and gas being replaced with imports from Qatar and the US, sources believe the Treasury is anxious to allow projects to move ahead to protect the more than 200,000 jobs that rely on the North Sea sector, and the billions in forecast tax revenues the industry generates.

“Within the Treasury there is a desire to interpret the manifesto commitment loosely,” a second industry source said. “If there is an existing licence related to a field which means it might not be considered a ‘greenfield’ site then perhaps an expansion of that area could be acceptable.”

The North Sea contributes £25bn in value to the UK economy each year, according to the trade group Offshore Energies UK, which is more than five times the contribution of the UK steel industry and twice the contribution of the UK car industry.

“I suspect there will be some difficult internal rows about what counts as a ‘new licence’ between DESNZ and the Treasury - but I suspect that ultimately the Treasury will win this battle, with support from No 10,” the source added".

"in less than a year the government has bent to the backlash against some of its most high-profile policies on benefits and winter fuel allowances, stoking speculation that its position on the North Sea might be the next to crumble.

Industry sources believe ministers may be poised to give the green light to new North Sea projects from this autumn. The Guardian understands that senior government advisers have told North Sea investors that new drilling could still move ahead despite the election promise, provided the projects are close to existing pipeline infrastructure and do not extend into “greenfield” areas.

One energy investor said advisers in the Treasury and No 10 had “quite openly” signalled that the door would be left open for new oil and gas projects to proceed despite climate commitments. “Myself and a number of colleagues have been told that the government is moving towards the idea of allowing new licences,” the source said.

Even the lefties at the guardian newspaper are now reporting that the treasury are putting the pressure on labour to u turn on the O&G stance

Sounds like they are softening up the narrative to ease the path for starmer to make some announcements around 'securing our energy needs' to try and suppress the groundswell of support reform are receiving in Scotland.

Back into both today as looking like Labour will U turn on O&G policy over the summer.

ORCA still on watch list, but it's illiquid, moves quickly. (In both directions)

You can search up the licences on here

https://minedex.dmirs.wa.gov.au/Web/tenements

Attempting to put that floor in.

Got to be all over these swing /recovery trades

Certainly not a set and forget

TUN getting the move today with their RNS this morning as anticipated

EU critical minerals approval today.

RNS on GROC mid session.

Should see RNS for TUN tomorrow?

*paste

Remove the full stop after vox

https://www.vox.markets.co.uk/rns/

Then just past that into your browser and should work?

Blimey Dai,

You could have even thrown some cash at that first thing and have sold up by lunchtime for a nice trade.

LSE RNS feed being down seems to be happening more frequently recently.

Seen lots of posts complaining about it.

Can't be helping their subscription service much!

Looking strong so far today

Some highly volatile daily SP movements over the past week.

The last raise in March for £700k was @ 0.10p

It churned in around a month and then quickly shot up from that level to 0.27p.

If that 'test run' was anything to go by, I think whatever level they raise at should see a fair bit of interest and it may go on to see a much stronger rally north this time for the following reasons:

A) There will be less concern about another placing in the near term

B) Those that sold for a quick 20% last time may well decide to hold for much bigger gains this time around

C) Those that either missed the last run up or are on the sidelines will probably want in this time around.

D) If they raise sufficient cash to take the risk of another placing this year completely our of the equation I think the shares will find their way into much stickier hands than just the swing traders.

Difficult to know precisely when they are due to comence drilling or indeed if they will announce commencement of drilling first and then raise or raise first and then get the drilling underway and all the updates that should follow on

Personally, I'd like them to get any further funding sorted sooner rather than later as it gives a longer period for any flippers to be cleared ahead of all the drill updates.

No one trusts the management here, but they are in the right post code and as much as it will make some of the more irrational GGP holders have a full on meltdown at the prospect of a JV with Wishbone Gold, if they hit anything like a mini Telfer type deposit GGP would be the natural fit to come in to parter in some kind of capacity as the main processing facility at Telfer is a mere stones throw away and has plenty spare capacity.

But that's getting way to far ahead.

If they prove up the dome structure, the present m/cap will look silly.

I remember when GGP was just £5m market cap and constantly called a dog of a share for years and years.

One or two decent drill holes and all that can change

GGP now valued at 1.8 billion.

RNS update

Good news that the collars are in good order and access tracks clear to get the rigs.to site with heritage surveys completed.

Market is expected another fundraise at some stage

If they do a sensible placing I think it would be viewed very positively and I'd expect the volume to return and SP to kick on as they move towards drilling at Red Setter.

Thanks Dai / LW

It's on the watch list

Could it be a placing being forward sold?

What news is due in the next few months?

Updated Cavendish research Note

'We update our valuation following the placing and subscription, and we also assume a fully subscribed retail offer to raise an additional US$1m. We update our target price in line with our risked exploration NAV at 5.9p (previously 8.9p), a 3.1x premium to the current share price'

Zoom out over 5 years on that chart.

Price has pulled all the way back to the 2020 lows.

BB has gone extremely negative atm

The BoD have subscribed for 50m of the 322m new shares.

I wonder what their next few news releases are likely to be?

Be strange for them to take them new shares then start putting out negative news?

> Quick placing after hours.......

23 May 2025

Result of Oversubscribed Placing and Subscription

Chariot (AIM: CHAR), the Africa focused transitional energy group, is pleased to announce that further to the Company's announcement released at 4:42 p.m. on 23 May 2025 (the "Launch Announcement"), the accelerated bookbuild has closed and the Company has conditionally raised net proceeds of US$5.5 million (£4.1 million), comprising gross proceeds of US$6.1 million (£4.5 million) less expenses, through the successful Placing of, and Subscription for, 322,751,322 New Ordinary Shares, in each case at the Issue Price of 1.4 pence per Ordinary Share.

In addition to the Placing and Subscription, and as set out in the Launch Announcement, the Company proposes to raise up to a further US$1 million (£0.7 million) by the issue of New Ordinary Shares pursuant to an Open Offer to Qualifying Shareholders at the Issue Price on the basis of 1 Open Offer Share for every 23 Existing Ordinary Shares held on the Record Date