Member Info for schlemiel

Funding's a no brainer. The question is in what form will it take and at what cost?

As an aside, short covering taking place, I suspect

fandg

He works for the Chancery Division but I doubt if you would be able to email him directly

For Day to offer to buy the option back from NCM is either gamesmanship or a genuine and sincere move to flush out NCM's reasoning on this matter.

More interesting is if Day did indeed make such an offer then from which funding source would GGP access to finance the option buyback? I would argue it could be the same funding source that might step up to fund GGP's development costs for Havieron cos that funding's gotta come from somewhere in either the form of an equity placing or debt assuming GGP don't cash in another % of the 25% that will still own

Yes, the 25% is the real deal clincher. That is where the real value of GGP truly lies as it is now becoming evident to even the most naive muppets (I include myself in such a category) is to be found. Havieron is massive though at first no one truly knew just how large it would turn out to be. It cannot be denied Newcrest are the real beneficiaries here. GGP simply didn't have the liquidity to argue the toss and had to accept Newcrest's offer if Havieron's true potential was to be realised

The uncertainty of the 5% issue can now be put to bed so the market can move from this

Nice work Haggis.

It stinks to high heaven that certain members of the board should head down such a disreputable and questionable route to grease the company away from its shareholders.

Maris knows people are watching his every move and what he does next. There is no way he'll be able to pursue a strategy similar to the one that ended up at the High Court

'Chariot (CHAR) today announces a big increase in reserves at Anchois-2, its offshore Morocco gas prospect. There has been hardly any effect on the share price, now 20.7p.

Curiously, its broker, Cenkos, whose staff I respect, have today opined a 63p “target price”. This seems wrong to me. Surely they mean that the valuation which applies right now is 63p. The fact that the price has not danced up to meet this figure is through market conditions.

It remains possible that the price will go far higher. Such a figure should be described as the target price.'

https://masterinvestor.co.uk/evil-diaries/evil-diaries-erroneous-market-valuations/

The world’s biggest crude producer has less capacity than previously anticipated.

During US President Joseph Biden’s trip to Saudi Arabia, the world was so focused on how Crown Prince Mohammed bin Salman would respond to his plea to pump more oil immediately that it missed a bombshell: the level at which Saudi oil production will peak.

It’s a lot lower than many anticipated. It’s lower than the Saudis have ever intimated. And with the world still hungry for fossil fuels, it spells long-term trouble for the global economy.

For years, Saudi oil ministers and royals have sidestepped one of the most important questions the energy market faces: What is the long-term upper limit of the kingdom’s oilfields? The guesstimate was that they could always pump more, and for longer; if the Saudis knew the answer, they kept it secret. And then, almost casually on Saturday, Prince Mohammed broke the news, revealing that the ultimate maximum capacity is 13 million barrels a day.

https://www.bloomberg.com/opinion/articles/2022-07-20/saudi-arabia-reveals-oil-output-is-near-its-ceiling

nm

there are reserves and then there are reserves. Some reserves are crap and some reserves are top notch depending on location (country and physical location of the find ie onshore and offshore deep or shallow, geology, cost of extraction, nature of the discovery (sweet crude, quality gas or waxy crude and poor gas requiring high cost processing), political risk etc

Chariot's discovery is Saudi crude quality. Some discoveries are Venezuelan quality ie not so great

https://www.energyvoice.com/oilandgas/428236/uk-north-sea-to-lead-global-charge-on-major-subsea-projects/

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'Last legs' my 'airy ass, as it were

*******'On FID we would expect the 2C resources to be converted into 2P reserves.'******

? Valuation – We have updated our model to incorporate the increased gas resources across Chariot’s portfolio. We increase our target price to 63p, 3.2x the current share price. Given the Company’s significant discount to our target price we reiterate our BUY recommendation.
We value the c478Bcf of net (75% working interest) 2C resources at Anchois at US$507m or 44p (using a conservative 50% risk weighting), unrisked this valuation increases to US$1.0bn or 87p. At 44p, our risked valuation of the 2C resources at Anchois alone are 2.2x the current share price.

https://www.cenkos.com/research-portal/?#/portal/cenkos-securities/research/39_39e78f83-4ba2-4ba9-8025-c3b3ee55d605

Additional Lixus Prospects:

-- Updated assessments on two key undrilled prospects (Maquereau, and Anchois West) with improvements in both prospective resource potential and probability of geological success and the newly identified Anguille prospect, which are all part of the same tertiary gas play as the Anchois gas field

-- Combined, 2U prospective resources of 838 Bcf with an estimated probability of geological success ranging from 30-52%, with closely related additional targets in the areas surrounding the prospects

-- The total remaining recoverable resources (2C plus 2U, comprising audited and internal Chariot estimates) in the entire Lixus portfolio stands at approximately 4.6 Tcf

Rissana Offshore:

-- Early assessment of the areas covered by 3D seismic, provides a total 2U prospective resource of over 7 Tcf, combining a high-graded prospect 'Emissole' within the lower risk Anchois tertiary gas play and multi Tcf prospects in a higher-risk Mesozoic play, inherited from Chariot's legacy Mohammedia Offshore licence area.

Duncan Wallace, Technical Director of Chariot Limited, commented:

"This independent assessment report confirms that following the drilling of Anchois-2, we have a growing resource base from which we can fast track our gas development towards material cashflows and provide gas to meet Morocco's growing energy demand.

These resource upgrades across our Moroccan portfolio are a significant step forward. As well as confirming the increased scale of our discovery at Anchois, this independent assessment has also corroborated the multi Tcf opportunity that sits within the basin in our Moroccan licences and served to de-risk a number of high potential future targets in Lixus.

We remain fully focused on bringing Anchois into production as quickly as possible and are working hard across all aspects of the development plan required to reach FID. We are committed to realising the value of this gas field as well as continuing to prove up the significant scope of our wider resource base from the Moroccan portfolio."

Investor Presentation at the Annual General Meeting

Management will provide a detailed overview of this resource upgrade at the AGM, which will be held on 8 September 2022.

These resource upgrades underpin:

-- the Company's decision to fast-track its field development plans;
-- the associated exploration programmes to deliver further growth from the portfolio; and

-- Chariot's focus on developing a significant energy resource, prioritising the growing demand within Morocco's domestic market, and potentially supplying surplus gas to Europe.

Anchois Gas Field:

-- 82% increase in 1C contingent resources from 201 Bcf to 365 Bcf
-- 76% increase in 2C contingent resources from 361 Bcf to 637 Bcf

-- 49% increase in 2U prospective resources to 754 Bcf in three undrilled targets with an improvement in the probability of geological success, now ranging from 49 to 61 %

-- Total remaining recoverable resource at Anchois (2C plus 2U) now stands at 1.4 Tcf

WOW

Material Increase in Gas Resources Offshore Morocco

Increase to 1.4 Tcf in total remaining recoverable resources (2C plus 2U) at the Anchois Project

Range of targets de-risked in a basin-scale exploration portfolio with multi TCF potential

Chariot Limited (AIM: CHAR), the African focused transitional energy company, is pleased to announce the results of Independent Assessments on its gas resources offshore Morocco, incorporating the results of the recent successfully drilled Anchois-2 appraisal and exploration well. The Independent Assessments have been made by Netherland Sewell & Associates Inc. ('NSAI') on the Anchois Gas Field and further selected exploration prospects in the Lixus Offshore licence ('Lixus') and the adjacent Rissana Offshore licence ('Rissana') with material resource upgrades reported across the portfolio.

https://uk.advfn.com/stock-market/london/chariot-CHAR/share-news/Chariot-Limited-Material-Increase-in-Gas-Resource/88627771

Slick operators
Two small-cap oil producers offer investors a compelling investment opportunity
July 19, 2022
By Simon Thompson

My oil and gas plays have delivered some eye-catching gains this year: Chariot (CHAR), Jersey Oil & Gas (JOG) and Parkmead’s (PMG) share prices are up by 174, 75 and 42 per cent, respectively, in a weak stock market environment.

rest is paid subs -

https://www.investorschronicle.co.uk/ideas/2022/07/19/slick-operators/

'HALLIBURTON CO CEO SAYS OPEC SPARE CAPACITY IS AT HISTORICAL LOWS, THE STRATEGIC PETROLEUM RESERVE RELEASE IS UNSUSTAINABLE, AND THE RISK TO RUSSIA SUPPLY REMAINS HIGH-CONF CALL'

https://twitter.com/DeItaone/status/1549380909970989059

Top stuff jimmy. those without your working knowledge are grateful for your contributon

The order book and price action thereof can be a mystery and trying to read each trade without knowing who's on the other side of that trade is a pointless exercise

I believe today's news was 'priced in' and what the market really wants to see is confirmation of bond retirement and a detailed forward plan of action ie P8 producer well to expand Lancaster production

''good investment opportunities ahead'' = P8 producer well which I bet has already been planned as per April 2021 RNS