Ic19 Nov 2020 12:25
Rather than your deramping nonsense I think investors will prefer to read Simon from IC: Chariot primed for further share price gains â– Non-binding expression of interest to fund the Anchois gas discovery. â– Offtake discussions ongoing. Aim-traded Chariot Oil & Gas (CHAR:6.48p) has received two non-binding expression of interests to provide development funding for the companyâ€?2;s Anchois offshore gas discovery in Morocco. It’s a huge resource with an estimated 361bn cubic feet (bcf) of 2C contingent recoverable resources, and 690bcf of 2U prospective resources. The fact that two highly regarded institutional lenders – African Finance Corporation, a Pan-African infrastructure institution, and a well-known multinational bank – have endorsed the project underlines its quality. It’s also significant given that capital expenditure of US$300m to US$500m needs to be funded to bring the development on stream. Chariot is also engaging with potential off-takers both within the domestic Moroccan gas market, and through the Maghreb-Europe pipeline to the European gas market. Investors have reacted positively to the news. In fact, the share price has surged 70 per cent since I highlighted the buying opportunity three weeks ago (‘Priced for profitable outcomesâ€T82;, 12 October 2020). If Chariot secures both an offtake agreement and the development finance, as seems increasingly likely, then the share price could easily treble or quadruple given that analystsâ€T82; risked net asset value of $153m (£118m) for the Anchois gas field is five times Chariotâ€?2;s own market capitalisation of £24.5m. Buy