Member Info for preciousmaj

The SP has performed well over the last few weeks but I get the feeling the next update will have a substantial impact. It's been 2 months since the company said that it has developed a Diagnostics Kit for COVID-19, it will be interesting to get some sales numbers and volumes. Recent updates have neen pretty conservative probably due to the sensitive nature of the pandemic but they will have to share results at some point.

I'll give you my opinion when I get a response to my email but Simon Thompson had a 60p target before the covid-19 pandemic, this target should be revised higher now.

Does anyone have the contact details for IR?
Do we send emails directy to the company at info@batm.com?
Has anyone made contact with the company lately?
The website is not very clear tbh

BATM Advanced Communications Limited
Full Year Results 2019
http://www.batm.com/media/1385/batm-full-year-2019-results-2019-040320.pdf

I invested a couple of weeks ago, the investment case is very strong . The damage that covid-19 is doing is really sad but it represents an opportunity for the company. Zvi Marom stated in this interview that they carried out a lot of work and spoke to the leading producers of ventilator to design and produce their ventilator before the pandemic started and now is the time to make use of this research and development.

3:15 "we have all sorts of other surprises under our sleeves" in preparation for a second wave
05:45 preparing home kits for "maybe a second wave"
06:50 will start taking orders for home kits "in around 3 months"

It's worth noting that 2019 revenues were $123.4m, this $31m order from a European nation to produce 1,000 ventilators is substantial. I think they will get more orders “This is a significant order, which we expect to expand".

This isn't the news that we were expecting, I think most were expecting an update in regards to the test kits but this is outstanding news along with the ramping up of deliveries of the coronavirus diagnostic kits for use in medical facilities. The home test kits will be completed within the next three months as well and I expect substantial orders for these too.

According to the article below, the kit for hospitals is “in production and ramping up”. The article was dated March 19th so this will be at an advanced stage now as they were expecting to ship the kits in a few weeks. I'm surprised the share price hasn't reacted to the news. The home kits were expected to take up to 4 months so will be at an advanced stage as well. Lets hope we get an update from the company soon.

https://www.israel21c.org/israeli-rapid-covid-19-lab-diagnostic-kits-in-production/

ollycromwell this is not the first time that you've come to the defence of these posters - I wonder why you keep getting involved as your name hasn't been mentioned by me. I'm not going to go back and get in to what was said and don't need to justify myself to you either. You weren't here when the personal insults and abuse was going on. They gang up together and try to control the board by bullying anyone that has anything positive to say, you're obviously helping them with your defence. I don't know about recent posts as I have them filtered but they have never been able to articulate any valid research and argument. I have them filtered because this is the Chariot discussion board, they don't like to talk about the company but like to focus on individual posters instead. They can say what they want to but I don't want to hear it as it's boring and repetitive, they comments usually result in a back and forth, which I would rather avoid.

Morning Barneythebold,

I see you're having fun on the bb. I agree with whimax, these individuals are disgraceful and add nothing to this board. I'm up for having debates where you look are the pros and cons of an argument but this shouldn't entail personal insults and abuse. Posters can have a positive or negative outlook if they're able to back it up but anything remotely positive seems to annoy the likes of Goonerpete, Growler and Mr Jinx. They have never contributed in any conference call but will attack those that have made the effort. They will usually go in to hiding when there's a dial in and come back straight after to carry on where they left. My advice to you is to filter them, you don't need to engage with and answer any of their questions.

If you're making the deramping comment towards to me then I don't think you've come to the correct conclusion. I wouldn't call it deramping, just contructive criticism. If my concerns were being addressed then I wouldn't have an issue. I am not looking for insider information when I contact the company, I've said on my emails to them that these issues need to be addressed through the correct channels.

You say that you're basing your opinion and judgement on the facts as you see them today but being ignored by the company is current, it's not in the past. I welcome your presence on the bb and hope that you will continue to contribute but debates need to be balanced and fair, you can't justify the company ignoring shareholders so please don't attempt to as it doesn't bode well when you're already being accused of being a ramper.

I agree with you that the investment case for new shareholders is fantastic - the company has cash in the bank, is debt free, the share price is near enough equivalent to cash in the bank levels, it has a diversified portfolio, it has a low risk gas appraisal opportunity that will generate cash in the near term, the company has reduced overheads and has no remaining commitments but you cannot ignore previous mishandling, lack of accountability, dilution, failed drills, free shares for board members & excessive salaries, lack of shareholder engagement, failed partnering, failure to attract institutional investors and missed deadlines if you're going to do serious due diligence before you invest.

If I only heard of the company today, I would probably invest as well but I would want the board to address the issues that are being highlighted by existing shareholders. If the existing investor base has grievances then it would be best to look in to this before investing. As a shareholder, I want to see positive sentiment and admit that I am contributing against this but I have every reason to question the actions of the board. If I am being ignored in private then I will have to make my grievances public, I may be causing harm to my investment in the short term but addressing my concerns will be more beneficial to my investment in the long run.

Thank you for the response Barneythebold.

I don't understand your point on backwards looking, if the company has a history of missing deadlines, ignoring shareholder communication, lack of PR and IR, losing institutional investors like Richard Griffiths, Sprott, Standard, Life, etc then you cannot ignore that and focus on what they will do in the future. The phrase throwing good money after bad comes to mind. You can go back and search the video of the CEO saying that the focus for the company is to PARTNER, PARTNER and PARTNER, which was conducted at least a couple of years ago as an example.

I am invested in other companies and can assure you that I've not had the need to send more than 2/3 emails to IR before getting a response. I have sent emails to multiple individuals at Chariot but haven't had a single response, I don't understand how you can possibly attempt to defend them. How much money are we paying Celicourt and do you think we are getting value for money?

It's interesting that you mention SOU in regards to communication as there were comparisons made between SOU and CHAR in regards to their valuations last year. There was a large discrepancy that was highlighted in Chariot's corporate presentations as well. This time last year SOU was valued at £215.90m and CHAR was valued at £16.31m, a few of us highlighted that CHAR was undervalued in comparison but it actually turned out that SOU was overvalued hence the correction.

When I asked you the question about partnering, I specifically added the words "any of it's licences" so that the focus is not on Lixus. They have failed to partner on the other licences, Prospect S was first marketed in September 2013. No one buys the excuse that oil exploration has gone out of fashion, if you look around deals are happening elsewhere. If we don't have a deal maker in our team then changes should have been made years ago.

You insinuate that Lixus partnering could be close but the recent updates from the compant tell a different story. Please look at the April 2020 corporate presentation and also the strategic update of 9th April:
https://www.chariotoilandgas.com/wp-content/uploads/2020/04/Corporate_Presentation_April_2020.pdf
https://otp.tools.investis.com/clients/uk/chariot_oil1/rns/regulatory-story.aspx?cid=351&newsid=1385236
These documents clearly state that further work is needed to satisfy potential farm in partners and also to facilitate access to debt financing. How long will this work take to complete? Why was this work not completed before marketing the licence to potential farm in partners?

I hope that LB pulls a rabbit out of a hat but I will only believe it when we get the RNS to confirm. No amount of ramping will bring any positive sentiment here IMO, too much damage has been done. We just need the conclusion of the partnering process and hope that the farm in partners are credible enough to bring back some positivity to Chariot.

Hi Barneythebold,

I'm not following the conversation that you're having with others on the bb as I have most of them filtered. The posters have nothing to add apart from personal insults and misinformation. I think a balanced approach is needed, which these posters do not offer.

I would like to ask you 3 questions though:

1.) Why are the company not communicating with shareholders? I have sent 16 emails since December and haven't received a single reply.

2.) Why has the company failed to partner on any of it's licences for 4 years?

3.) Why are there no credible institutional investors on the share register? Most have sold out.

You say you're a buyer, did you consider the lack of communication, lack of progress in regards to partnering and lack of institutional support when you started buying and what do you make of it? Does this not worry you?

https://www.malcysblog.com/2020/04/oil-price-chariot-igas-pantheon/

Chariot Oil & Gas

A strategic update and response to market conditions from Chariot this morning who say that their corporate strategy is to focus on monetising the potential of the Lixus licence and maximise value for investors by developing a Moroccan gas business. All this is to be delivered with continued focus on capital discipline whilst retaining key players, operating capabilities and a continuing reduction in annual running costs by c.45% from $4.5m to $2.5m.

Part of this process involves the board seeing a cash reduction in fees and salaries by 50% and being replaced by shares, an important, meaningful cut to an already lean G&A figure. Chariot has cash of $9.6m in the balance sheet, no debt and no work commitments which mean that this is a realistic cut and because of the flexible nature of the company with no obligations outside of their control.

This is a response to the changing risk profile required from investors, the development of the Moroccan gas business in general and Anchois development specifically is all about capital discipline, focused risk and delivery of Lixus whilst preserving cash. Anchois has a total remaining recoverable resource of 423 Bcf and the company has performed a PSDM on legacy 3D data which has materially improved the dataset and has already highlighted additional potential within the Anchois area including identifying the additional, deeper target the ‘O’ sand. This may have best estimate (2U) prospective resources of 159 Bcf taking the total to 582 Bcf with the addition of the resources assigned to the O Sand to the NSAI 2C estimates for the discovered A & B Sands and 2U estimate for the undrilled C Sand.

All this shows that the project has the potential for near-term, substantial returns and strong partnering interest, whilst somewhat modestly delayed by COVID-19 is very much on the cards as Chariot shares the risk. The company appears to be most impressed by the breadth and width of the potential partners who appreciate the opportunity to join with a company with access to a top quality Moroccan gas business with strong ESG credentials, not to be ignored nowadays.

Finally, it must not be forgotten that Anchois has ‘additional running room’ in the Anchois satellites and additional prospects which would gain from the growing Moroccan gas market with its attractive gas pricing. To me Chariot has addressed the situation and is moving as fast as is possible to be a Moroccan gas market player whilst reducing the overall cost base of the company.

“Corporate strategy to focus on monetising near term potential of the Lixus licence and maximising value for investors by developing a Moroccan gas business. Organisation restructured to deliver this strategy with a continued focus on capital discipline.”

RNS:
https://www.investegate.co.uk/chariot-oil---gas-ld/char/strategic-update-and-response-to-market-conditions/202004090700022626J/?fe=1&utm_source=FE%20Investegate%20Alerts&utm_medium=Email&utm_content=Announcement%20Alert%20Mail&utm_campaign=Chariot%20Oil%20&%20Gas%20Ld%20Alert

Corporate Presentation:
https://www.chariotoilandgas.com/wp-content/uploads/2020/04/Corporate_Presentation_April_2020.pdf

Hi OC, hope you're keeping well.

They should have bought a stake in a producing asset a long time ago, I have reminded them so many times.

I am not overly concerned about the licences as they should get extended due to the unprecedented situation with covid-19 but the lack of communication is a major concern to me. They shouldn't be ignoring communication from shareholders, the owners of the company.

The oil price has plummeted but this doesn't mean that the demand for gas has decreased in Morocco, a case could actually be made for local gas prices going the other way as a result of the pandemic. The development costs relating to Lixus may have substantially reduced though, which is positive.

Management could surprise us all by finalising an agreement but looks unlikely due to the silence.

It's not looking good out there, I hope everyone is trying to keep as safe as they can.

The current situation with Covid-19 and the oil price war between Saudi Arabia and Russia has most likely given the company more excuses. Chariot management must have known about Covid-19 before anyone else because they’ve been self-isolating for the past 6 months :-(

I have sent 15 emails since December and have received 0 replies, the least they could've done was acknowledge communication by a shareholder but I have received NOTHING.

All of the following have been copied in my emails:
Adonis Pouroulis
Larry Bottomley
Julian Maurice-Williams
Kelly Nunes
Mark Antelme

There's clearly no sign of conclusion to any partnering processes, the least management could do would be to buy some shares instead of being GIFTED them. They won't comment on it but doesn't look like we're in a closed period.

Along with criticism, I also asked some valid questions in regards to the expiration of licences that are not being addressed.

"I am reliably informed that Peterborough based Creightons (CRL:37p), a UK manufacturer of beauty and health care products and a constituent of my 2020 Bargain Shares Portfolio, has just opened a second production line to meet the surge in demand for sanitant. The company is clearly performing well, a fact that a forward PE ratio of 7 fails to reflect. Strong buy."

Someone please post something positive

Good post Michaelhighbar but you should look at the timeline that I posted on the other bb from early 2016 to see the full extent of failed timelines:
https://www.ii.co.uk/discussion/t/exploration-costs-net-book-value-us-76m-16p-sh/1150895

I have contacted the company as well but there has been no response but I agree with you that we need to carry on asking questions.