Member Info for Starbanker1

Harry

you are working over time here and even posting negative posts during week end.

you are only interested tp get a lower entry point 1p?

or

you are acting on behalf of a party who wants to put a low bid.

Surety

I saw these bubbles also.

check the bubble for power is same time as results of Anchois well. are you days away for the power business?

If you divorce your wife you have to pay unless you have a prenup.

makes no sense for Energean to walk off at their own discretion without any penalty.

the penalty here is $23m

I just checked the volume since 16 sep.

volume traded is nearly 700m. this is like 75% of free float.

no holdings RNS?

hard to believe all those shares sold were acquired by Pi.

most likely 1-2 parties have accumulated. could AA be back or Energean took a 10% share. 10% share will only cost you $2m.

Management had to chance to raise more at 6.5 p. they only raised $9m despite informing the market 1 month earlier than they may fall short of cash.

FID was always going to take time up to 6 months and they could not say for sure whether Energean will go ahead or not.

for CHar they had already identified that a likely cash event was coming any time soon and did not raise more.

I am very comfortable with the cash.

for me the FID cash of $15m is not an option and so is the $7m.

so Total cash is $10m+$15m+$7m=$32m.

a lot of people sold without realising this.

This looks like to exit Energean will need to pay $15m + $7m for the seismic which should be peanuts for them and also they saved money in the drill by stopping earlier.

if this is not the case CHAR management must be idiots as they get only $10m for a trh efforts out in and giving a 3rd party access to such a valuable asset. thr more you look at it they more you realise that ENOG cannot just walk like that for free. there is a penalty to pay which is $23m.

Bouncy

this is helpful.

worst case If Energean does not go due to the project not meeting its IRR requirements, can they sell this to a smaller party who will proceed with FID immediately . by doing this they can recover some of their costs and keep good relations with Morocco.

In the presentation of July there is the option of a 2nd drill for Anchois.

can this option still be triggered before Energean makes a final decision or this is off for now?

Harry

you are wasting your time here.

this is trading at cash and is unlikely to go down much on no news.

on the other side any news will bring this up to 3 to 5 p.

the upside from here is huge.

Gordon

why are you here on a weekend to post negative comments. waht kid of excitement do you get to post speculative negative posts.

Are you short or are you working for a party to facilitate a takeover or are you looking for a 1p entry point?

A few month ago, management was going on like this was the busiest period in the company's history, there will be regular updates etc.

now we are in a weak position with cash needed to be managed , Morocco looks like will be exited with hopefully some cash and the company in real need of an exit to avoid cash issues. a failure to execute will most likely lead to CHAR being taken over on the cheap.

Fernan

Loukos will be sold. who knows they have an offer already which they cannot refuse and this will bring some much needed cash in short term.

If they are in the process of acquiring the asset in Nanibia the asset will not be there forever.

on the other side if management is not involved in any takeover they are now at risk of someone putting a 5p bid. this can be any of the 40 companies who had access to the dataroom.

what do management do then?

move quickly: sell one of their asset and do a deal with Namibia.

my bet is everything will happen in October. GLA

The assumption was Namibia would no longer be possible given that CHAR has about $12m cash.

Char is still keen on Namibia meaning they have already secured some further cash through asset sale or refinancing.

this is my take on the RNS.

With asset sale followed by gaining a key asset in Namibia we should be confident that share price should be between 5-10p soon.

Fernan

this is what I think they will do also. sell onshore and offshore for $30m+ and use it to acquire asset in Namibia whilst at the same time looking for funding for the energy business. this strategy will keep them in business for the next 2-3 years at least.

they have been doing this for the last 15 years and it worked. they produce nothing and just roll over to the next asset.

Fernan

there are 2 reasons on Loukos

1. they are selling loukos to vivo

2. this will use the cash and unless they sell another asset this cannot be done for now.

Bouncy,

having read the RNS, I feel they have made a decision to exit Morocco both onshore and offshore when they talk of taking stock.

they are keen on Namibia. the cash be reinvested there.

they will keep the energy business where they should get financing soon.

green hydrogen is long term. they will continue to fund it.

Gardie

most likely loukos will be sold to Vivo. I think someone mention this on this board few days ago

The main take of this RNS is to state where cash is and to basically say that news on any of the asset sale asset purchase or financing is imminent.

news can come any time. this is the main takeaway from this RNS

Management had to respond today.

makey cap was close to cash. there was a risk of a low ball takeover.