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Morocco still very much headlining with Anchois from a successful reference standpoint

https://medias24.com/2025/09/08/fact-checking-la-decouverte-de-petrole-a-dakhla-une-realite-selon-nabila-mounib/

Growthpoint’s innovative e-co₂ solution will deliver certified green electricity at cost-saving fixed escalations directly to its tenants at 10 of its Sandton office buildings next month (October 2025). It is anchored by a 195GWh power purchase agreement with Etana Energy, signed in 2023, drawing on hydro, wind, and solar supply equal to 32.0% of Growthpoint’s energy consumption for its 2023 financial year.

https://sareit.co.za/growthpoint-exceeds-upper-end-of-distributable-income-per-share/

News due this week / next week on Etana

Surfit - FWIW I'd be very surprised if Char are the operator. I dont think they will want the risk, and I suspect with the cuts and lay offs they referenced at the AGM they will have even less expertise now for ops I would guess (eg the drilling manager doesnt look like he works for them anymore for instance). If Duncan is part focused on Namibia, and other producing assets it will be difficult to be spread across ALL.

I wonder if Onhym will step in with a Moroccan player, or a smaller international third party and go at it that way - taking 75%, and using the other party to operate - perhaps leaving Chariot with 25% but a free carry to first gas which is then repaid out of early production.

In any scenario I struggle to imagine it being Char - but I also struggle to imagine them putting themselves at the mercy of a sole third party again (ENOG). I cant see Onhym allowing that either

IMHO

Obscure - is that recent?

Hi Klein

On Harry's well researched and presented point - I thought they alluded to hoping to announce something later this year re Loukos? I may have imagined that though..

IMHO

Https://energycapitalpower.com/from-concept-to-capacity-mauritania-scale-up-green-hydrogen-projects/

Agreed Surfit - will be fascinating to see if they make this their first 'act' in new-co so to speak. That would send a pretty strong message.

Comments last week appreciated

Interesting on the Onhym assumption front Jimmy. Fully appreciate it's an assumption, and no more, but what's your thinking on that front? Assume that you're thinking that a publicly listed ONHYM has access to capital through the markets and the government want the security that the development will go ahead (after their experience of Enog presumably trying to strong arm them above market norms on the gas price?)

Interesting theory....

IMHO

They are good for a year if they do nothing. Quite from last webcast. Message from AGM was clear - get to first cash quickly. It’s clear from their body language and the AGM narrative they think that will happen

Thanks Jimmy

Https://www.investorschronicle.co.uk/content/b092758d-6592-49be-abcb-45998726ad72

DYOR

Be good to get your take on that JImmy, alongside Duncan talking up the Anguille prospect as part of the Anchois development ..

AP promised the coffee will be better next year!

I agree JT. The Q&A was really open and people were asking questions which the bod in a fairly relaxed, upbeat way were taking time to answer. They made clear up front they had the time and were prepared to do it. I think Andrew Hockey has had a really good effect on them.

Comparing to 2022 and 2024 it was a much lower attendance. AP acknowledged this, as JT said, and indicated the family / private investor point. They also took time to answer all Q&A. AP also highlighted he felt it was a mistake to not be interested in chariot at this stage (words to that effect) which was in reference to the lower attendance / lack of interest. He did that in a positive way.

Me too 🙂

FWIW I think we're good

Time will tell

Gooner - FYI some of those forecasts referenced are not updated. Cavendish are around 6p risked, with unrisked at 40 odd. Peel I think are around the same

I think JT's summary is good

Few adds from me.

I liked the fact that the chairman (Andrew Hockey) opened up, he's just under a year in. Introduced himself, and set the scene. The tone immediately felt different. Hockey is very clear they need to accelerate to first cash - that came later. It's a major priority. They know they cant dilute the Topco again. They arent saying they wont ever, but the future will be because they have a major opportunity that is price accretive.

They made clear the sombre mood last year was that they knew the early drill results from the pilot hole, but couldnt comment due to PLC restrictions. I left last years event feeling like there was a clear issue. This year was totally different. Agree with JT on the contrite point. AP also acknowledged the room was the quietest they'd seen it. I was there in 2024 and 2022 and it was much busier. There was a confidence (not arrogance) in AP this time around - and AP even stating that investors not present have got it wrong.

They made the point that they punch above their weight on access and emphasised the strength of the Namibian relationship - as they really kick started the majors interest following their activity back in 2011. I think that Namibia is probably a given. Again, there seemed greater certainty. When they get the licence Duncan will be out the next day selling, etc

On Anchois, the bit of interest beyond the initial 2nd well is the find is Anguille prospect at an estimated 500BCF which can be easily hooked in to the wave 1 development. They have both Moroccan and Major interest which they havent had to chase. I think they will announce something on Loukos in the coming months (there was a throwaway comment).

The Wind update is weeks away (if that) and is currently closing. They clearly think that will further help the read through value with the minority equity investor interest.

Nour is on the back burner due to limited Hydrogen interest, but they are 50/50 with Total and keeping it moving.

They made clear they are through doom loop, with a reference to things looking very different next year.

They are clearly open to selling the power business (as well as an IPO), and have had interest. They will only do it for the right value.

Adonis made a clear point in response to a question with a message of 'stick with us'

For what it's worth It's the best I've seen them in the three AGMs.

I'm not ramping, I'm talking it up, simply relaying what I heard and saw. You can all make your own minds up.

I will sleep much easier tonight

Surety out!

Thanks Surfit - I'm not happy clappy on this either, but given I've invested (and put more in, as I think you did a while ago) I'd rather stick to the stockdale logic of believing this will prevail in the end - otherwise I should sell now. I'm simply trying to share information with everyone. I post what I find - and try and share links with this Board that I think are both responsible and useful. I am not trying to guide you toward an opinion. We will all make our own minds up in the end. I'm just trying to make sure the material is there to read.

Smyth - You have completely missed my point. I'm not critiscising Surfit for 'keyboarding' - simply that he should share his views in the room. Some of the questions would make for interesting conversation and might illicit a response from management. It's the only point I'm making

I'll be there tomorrow - and will listen and may ask some questions. I'm genuinely interested, included in the responses/questions from some of the city folk in the room.

Respectfully too.

DYOR

I assume you are going to the AGM Surfit?

Better to come along and voice it, rather than 'keyboard' it in my view..

IMHO