Member Info for preciousmaj

Great question for the conference call, you should dial in and ask Larry at 12pm today.

Dial in number: +44 (0)330 336 9411

Why don't you call in tomorrow and request some concrete answers from management?

You won't get them on a public bulletin board.

Yes you can just listen in if you like, if you want to ask questions at the end you just dial * 1

Interim Financial Statements – Investor Conference Call
12 September – 12.00 noon (BST)
Dial in number: +44 (0)330 336 9411

Please dial if you have any questions.

I don't expect any of the keyboard warriors who have been hanging around in this chat group for the last 100 years to make any sort of contribution.

They'd rather moan on a anonymous bulletin board.

There's no point insulting other posters - if you're genuine shareholders, pick the phone up and vent your frustration at the management of the company.

https://www.ii.co.uk/discussion/t/offshore-morocco/1144018?u=preciousmaj

You said that you are happy with 10% as long as our share of drilling costs is covered, our share of drilling costs has been estimated by finnCap to be $15.6m. So, yes if 55% equity was sold for $15.6m then it would be a give away and a robbery. The well is actually FULLY FUNDED, we have around $30m in th ebank and if you take away the $15.6m drilling costs and a few more for G&A costs then we still have plenty of funds. The next major event would be drilling the Moroccan acreage, hopefully there would be more appetite from companies to farm in to this acreage.

If management are able to conclude a farm out agreement then we will most definitely have more than 10% equity, I would be disappointed if we had anything less than 30%. To suggest that management would give away 55% equity away for their $15.6m share of drilling costs is absurd after they have spent millions more than this on acquiring seismics. I'd rather that they not farm out if that was the case.

10 to 15% would be very poor, this would be much lower than Pancontinental’s equity position where Tullow are drilling Cormorant-1. Our prospect is much larger, we have a better chance of success and we have more follow on potential yet are unable to finalise a deal to farm out. Somethings broken somewhere and needs fixing. Seven deals have been concluded in Namibia over the last year but none involved CHAR.

Morning Henry, I remember having similar conversations with you previously and I respect your views. On this point, we will have to agree to disagree. I have posted an example of a producing asset that would have been a ideal fit on the other site: https://www.ii.co.uk/discussion/t/petro-victory-energy-corp-completes-acquisition-of-producing-oil-assets-in/1143993?u=preciousmaj

Henry, I have been discussing buying into a producing asset with the company for many years. The management have agreed with the idea and have never ruled this out so I don’t understand why you would suggest that the company is not a producer. Will we continue to raise funds through placements, let the “market” determine the price that they pay at the time of the raise and completely ignore the share price, dilute existing private shareholders and offer massive discounts to large institutional investors - is that a strategy that you’re happy with? A producing asset is the only thing that will stop this.

I want to use my 1000th post on LSE to ask you to get a move on. Seven deals have been finalised over the past 12 months in Namibia but none involving Chariot. Why are management failing to secure a deal?

You seem to have designed this scenario in your head but it contradicts the company strategy, I'd love for Larry to run this plan by me next week.

Ok so from your comments, I understand that if Cormorant fails then it has no bearing on us because Prospect S is a different prospect type to Cormorant-1 - independence of risk but if it succeeds then it will help us recover extra farm out proceeds. Sounds great :-) What can go wrong

The Cormorant-1 well was never part of the partnering strategy anyway so don't know why you would assume that management are waiting for the results of this well before they farm out the Namibian acreage. The rig will move to drill Prospect S straight after completing Cormorant-1, which gives no time to conclude a farm out, recover funds and commit to Prospect W back to back (is S is successful) as part of the company strategy.

If the Cormorant-1 well is a success then it would be positive for Chariot and offshore Namibia through follow one effect.

However, if Cormorant-1 fails then what is stopping farm in partners from withdrawing their offers?

Why would management want to take the risk?

https://twitter.com/AIMissionary/status/1036979287306498049

''#CHAR's Prospect S will be drilled straight after Cormorant-1. There's up to 4 wells expected to be drilled in #Namibia operated by @TullowOilplc, Chariot, @Total & @Shell. Prospect S is a different prospect type to Cormorant-1 - independence of risk --> Cannacord Genuity Report.''

If Cormorant-1 is a different prospect type to Prospect S and has independence of risk then how would the result there affect us?

It would be a very brave move going into this call without concluding a deal. I hope that we hear of something between now and next Wednesday.

This is the 5th conference call this year, there has also been the Oil Capital Conference and the interview with Proactive's Andrew Scott. Plenty of PR already this year but quiet lately especially with it being so close to drilling a potentially transformational well. This conference call is very important, we should all make the effort to participate and ask some tough questions on the farm out process.

http://www.chariotoilandgas.com/investors/events-and-financial-calendar/

Interim Financial Statements – Investor Conference Call
Dial in number: +44 (0)330 336 9411
12 September – 12.00 noon (BST)

I hope that everyone speaks up about their concerns unlike the previous 3/4 conference calls.

Up another 10% today, it was trading at $0.004 in early July and is at $0.011 today in anticipation for the commencement of drilling