Member Info for preciousmaj

whimax - if you don't know already, I'm expecting an equity raise LOL. This needs to be finalised before I decide to add to my small holding. I think it will be more favourable if I add after a raise is announced but concede that this could work in my favour or not depending on the price and level of dilution. It will clear uncertainty though.

Great timing Malcy.

MGW mentions commitments of around £1m for Rissana. He also talks of "exciting new ventures".

The unaudited cash balance as at 30 June 2020 was US$5.8 million – annual overheads are $2.5m so reduce this by $1.25m for 6 months and you arrive at around $4.55m as at 31 December 2020. I’m also expecting the company to pay a signing fee for the new licence.

If you minus the £1m ($1.35m) expenditure that Malcy forecasts for Rissana and cash for new ventures, it gets to squeaky bum time.

If seismic data is not acquired straight away then it adds extra time to the events that I highlight below, which won’t appeal to the Board as they will want to move the project along as quickly as they can.
1. Equity Raise
2. 2d seismic acquisition in new block
3. 2d data interpretation
4. 3d seismic acquisition in new block
5. 3d data interpretation
6. Resource upgrades
7. Farm out of Lixus and Rissana
8. Drilling
FYI the above is how I see things progressing, others have their own views.

It was nice debating you Ladies and Gents but this is getting tedious now.

I have work to do but GL to you and no hard feelings. We all have the same goal, I feel like I have learned from the past and am doing the right due diligence to suit me and others will no doubt be trying to do the same.

I urge you all to look at things objectively and not through rose-tinted glasses.

"preciousmaj, as I have answered all of your questions, I was wondering if you could answer a couple of mine. How many shares did you sell and at what price?"

None of your business - why shall I justify my actions and why would you believe me after I tell you this personal information when its clear that you don't believe me now? You wouldn't be asking otherwise.

"It's not facts though is it preciousmaj. $5.8m 6 months later or even $4.55m isn't $2.5m."

Who said it is?

Where have I said this?

I am talking about a cash injection in the next 3-6 months - its pretty clear what I have been saying.

Apologies for gate crashing your ramp fest SC.

The comment about acquiring seismic data hasn't even been factored into my calculations. Its not difficult to do the calculations - please do them yourself.

Are you all seriously not doing any due diligence?

Hi SC,

"One more thing, the SO is moving on ( albeit slowly) from your last sell prices, you may have sold higher in your first tranche , but as you advised , you sold again few days ago ,when SP was struggling to hold on the 8s I believe."

Are you saying that I'm unable to buy more shares than I sold, which is the statement that I made earlier? FYI I sold MOST of my holding at the higher price.

"To end, yes alternative finding will most certainly require to be looked at in 3-6 months if partnering is not completed that brings in funds."

That is all I was saying and you've now agreed LOL.

"All you are achieving here is bit of noise my friend , trying to vindicate your position and your belief ,which of course you rightly are entitled to."

Yes I am entitled to post and express my views like everyone else but I am not trying to vindicate my position. Again your insinuating that I'm regretting my decision, which is an absurd comment to make after I have expressed my views. Many, including you have been ramping over the last few months making comments like the "tide is turning" now and ""MMs are holding this back" but no one has mentioned the low bank balance once. When questioned its natural instinct to attack the man not the argument.

BouncyDeadCat, the $2.5m cash in 3-6 months is a real possibility. The unaudited cash balance as at 30 June 2020 was US$5.8 million - reduce by $1.25m for 6 months overheads and you arrive at $4.55m. I would also expect a signing fee for the new licence. Please try answering again as facts have been provided to back up my statement. Do you think the Board will allow the company to trade with less than $2.5m in the bank, which is a real possibility in the next 3-6 months? Also bear in mind that they will have to acquire seismics as they now have work commitments.

BouncyDeadCat -
Please address the low cash balance.
Do you think a deal will be finalised by Q1 2021?
If not, what other options are available to the Chariot board?
Do you think the Board will allow the company to trade with less than $2.5m in the bank, which is a real possibility in the next 3-6 months? The figure of $2.5m is equivalent to Chariots annual overheads.

"why incorporate the other blocks with Rissana? Incorporate them as part of a bigger 25 year+ strategic gas supply project with the full support of the Moroccan government.

What benefit have the company gained by doing this? Secured acerage as part of a long term strategic gas project. Add more reserves over time.

How long have Kenitra and Mohammedia been marketed for? Doesn't matter. Small acerage now incorporated into much larger block containing greater number of prospects.

Why has the Board been unable to partner on these blocks? Don't know. Maybe in isolation the reserves contained within Kenitra and Mohammedia don't make sense as independent projects, but do when tied back to the larger overall project.

What is going to change in the future around these prospects? Looks like they are being consolidated into the larger project."

Your answers tie in nicely with what I'm saying LOL - data will be acquired covering Rissana and this will be incorporated with Lixus.

BouncyDeadCat - well done, now please address the low cash balance. Do you think a deal will be finalised by Q1 2021? If not, what other options are available to the Chariot board?

"You have been under the same illusion for months now convinced that a CR is imminent, it didn’t happen at 12, 11 or 10 here we are a month later at 8 and it’s still not happening.
You have sold the majority of your holdings based on this and you are here defending the decision now."

LOL I don't need to defend my decision, I can buy back a much higher number of shares if I wanted to. I didn't say a raise was imminent, look at my posting history and also look at the hype LB was creating months before the last raise.

You're completely ignoring the need for a cash injection SOON - its getting really close to crunch time and a raise is inevitable if a "deal" cannot be concluded in the next few months. Surely you can see that right?

You're not answering my questions BouncyDeadCat

Why are we talking about the North Sea - it has no relevance to Offshore Morocco?

You need to address my points. How about answering this question:
Do you think the Board will allow the company to trade with less than $2.5m in the bank, which is a real possibility in the next 3-6 months? The figure of $2.5m is equivalent to Chariots annual overheads.

"If after all the deal making the percentage share of the project looked something like this:

25% Chariot
25% ONHYM
15% Drill/Appraisal partner
10% Financial Institution"

Maths not your strongest subject BouncyDeadCat

I have made my opinions clear BouncyDeadCat - why incorporate the other blocks with Rissana? What benefit have the company gained by doing this? How long have Kenitra and Mohammedia been marketed for? Why has the Board been unable to partner on these blocks? What is going to change in the future around these prospects?

Hi SC,

"I am suggesting there are clear options to do many things now with multiples of partners and the make ups of those partners"

So why relinquish Kenitra and Mohammedia?

You can see a map of Kenitra and Mohammedia here:
https://www.offshore-energy.biz/chariot-to-add-new-moroccan-licence-to-portfolio/

You can see a map of Lixus/Rissana here:
https://www.offshore-mag.com/regional-reports/africa/article/14188955/chariot-oil-and-gas-building-offshore-morocco-license-position

Anchois is nowhere near the Kenitra and Mohammedia prospects and it would have been sensible to keep them separate to allow farmouts and recovery of costs.

The Board have been unsuccessful in farming these blocks out.

Kenitra and Mohammadia no longer exist - the company have 2 licences in Morocco now that are called Lixus and Rissana.

No dispute that parts of the previous blocks have been incorporated into Rissana.

Hi SC,

You said the below yesterday:
“Mohammadia and Kinetra have not disappeared from chariots portfolio the parts of the blocks that were not seen as prospective have, , fact.”
This is not a fact, the text that I copied from the RNS states that the blocks have been relinquished i.e. disappeared from Chariots portfolio like you put it.
Are you really suggesting that farming out the prospects in these blocks is an option?
The Board have been marketing the entire blocks for such a long time and there were no takers and you’re insinuating that there’s an option to farmout prospects only.
What company would want to invest in a prospect when they could’ve invested in the whole block?
I said that the company will not recover any monies from Kenitra or Mohammedia and this is a FACT because the blocks have been relinquished. I stand by these comments and to add I also believe that single prospects will not be farmed out IMO, the focus will now be on realising value in GREATER LIXUS, which has ESG credentials and proven resources.

I was invested in Xcite Energy and am familiar with the North Sea but Offshore Morocco is not the North Sea. It’s also a totally different market now remember – the North Sea is not doing great and those with exploration portfolios like Chariots are doing worse. ESG credentials are pretty much essential in the current climate – Lixus ticks this box.

Chariot are trying to sell a “new Chariot” with a “Young, Fresh, Dynamic Board”
What do you expect AP to say when you speak to him?
Other buzzwords have been dropped like putting a “sizzle in the share price” and the share price has reacted to this. When I spoke to the Board, they said that they failed to communicate effectively with shareholders in the past yet they haven’t acknowledged my emails. They’re not going to spell out they’re intentions anyway.

I have not fully sold as your response suggests, still have some shares in case there’s an open offer. Yes I actually do believe my BS and have put my money where my mouth is LOL.

You have to adjust your position if you feel that events will have an impact on your equity. I have assessed the situation and made a decision and we will see whether I’m correct in my assessment. It’s not really about the Board, it’s about the assets and the only asset that I am recognising in the portfolio now is GREATER LIXUS including the new Rissana block. Its irrelevant how much time I gave LB or the “new board” as you like to call them (the same board IMO). The share price has increased from around 2p to around 12p, I accumulated a lot of shares near the bottom and sold most near the top.

We have both made predictions in recent posts and can look back at each other’s posting history to see who made the right call in a few months. However if you hold your position, I don’t think you will lose out in the long term (if you intend to hold that long) but I feel you’re sentiment could change in the near future.

ALSO

Posters are forgetting that Adonis is the founder of Chariot and has been on the board with his significant shareholding since IPO in 2008.

The company was never under Larry’s control, AP was making the big decisions then and he’s making them now IMO.

The new members to the Board bring in marketing appeal but have no real control IMO.

Having said that I do believe that AP wants to create LONG TERM value - my concerns relate to the path that will have to be taken and the impact this will have in the short to medium term.