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Hi Surfit,

You write a lot of good stuff on here, but have been increasingly negative of late - understandably. Respectfully, I'm not convinced you are right on the gas front. The Moroccans need it developed, and have been quite vocal about it publicly recently, Rigas has actually said there is gas that would suit a smaller player (why say that - other than perhaps Enog credibility, better for him to say it's a fail). I think Onhym will find a way to make this happen - even on a much reduced scale with Chariot. The data they have is clearly valuable - and may point to credible future upside. Loukos has also been extended licence wise, why not just hand it back and even bother with the current farmout.

On the renewables, lets see. Du Plessis and the recent Growthpoint blockhain play are both interesting. Even 'on the cheap could be 2-3x today's current market cap' when you roll in Nour on prospect value.

The Namibians have talked about getting on top of the applications they have - let's see where that goes. They appear to have referenced this at the recent conference.

This has much further to run in my opinion.

IMHO

This has had a lot of media attention in the last week, latest is below:

https://www.mediaupdate.co.za/marketing/159765/growthpoint-properties-launches-green-energy-initiative-with-fuel-switch

Https://www.blackridgeresearch.com/blog/latest-list-of-largest-biggest-green-hydrogen-h2-projects-plants-in-the-world

I think Nour is slated at 10 GW, but nonetheless its of significant size and scale from a potential standpoint

DYOR

Https://www.esi-africa.com/news/democratising-renewable-energy-certificates-in-south-africa/

https://africannewsagency.com/growthpoint-partners-with-fuel-switch-to-launch-africas-first-blockchain-enabled-renewable-energy-certificate-exchange/

Https://www.bizcommunity.com/article/a-new-benchmark-in-the-global-green-economy-that-opens-rec-markets-for-sa-inc-624041a

Https://energycapitalpower.com/how-mauritania-is-harnessing-green-hydrogen-for-export/

Https://www.assahifa.com/english/morocco/morocco-extends-chariot-energys-loukos-and-rissana-gas-exploration-licenses-to-2026/

Little bit more. Given the exploration is extended to March 2026 - it doesn’t give them long at all to partner, advance exploration plans and drill. I can only assume they all know something and on this one news is expected…. Same point though as before though - it’s all speculation until it isn’t

Tick tock on the AGM

IMHO

Not to speak for them, but certainly in Jimmys case I imagine he is waiting for news.. until we get that it’s all just speculation ..

The recent licence extension in a good example : on the one hand you have a short time line and a last throw of the dice; on the other you have a government that have trusted Chariot again to lead the charge on their main recognised Gas asset which is of major strategic importance to them. You can look at it both ways depending on your perspective - until we get news though that’s all it is!!

DYOR

Https://www.msn.com/en-xl/money/general/chariot-reclaims-anchois-gas-project-after-energean-exit-eyes-fast-tracked-moroccan-rollout/ar-AA1J1oSw

Has surfaced in MSN in the last 24 hours as an abbreviated article..

DYOR

Https://medias24.com/2025/08/10/petrole-et-gaz-au-maroc-quel-est-le-potentiel-du-maroc/

DYOR

Agree JT, it is definitely slightly odd they didn’t update on that - unless it relates to something else they are about to announce - as you infer. The extension period isn’t that long for exploration I think ?!? (I’ve only glanced it) which makes me think they will announce something shortly here.

The other thing of interest is the Onhym conversion to PLC. It’s been approved from what I can make out but not yet formalised/listed. There was a nod to it in the Q&A at the webinar. I imagine Onhym will be able to move faster and potentially access capital once this happens.

Only about a month to the AGM now, and as Klein hints ,the Namibian conference starts next week.

News could land here in three potential areas : Loukos, Namibia and Etana before the AGM.

Https://medias24.com/2025/08/08/gaz-naturel-chariot-obtient-une-periode-supplementaire-de-recherche-pour-ses-licences-loukos-et-risana/

I think we've seen a version of this already...

https://northafricapost.com/88982-chariot-revives-moroccos-anchois-gas-field-with-pragmatic-approach.html

Https://www.barlamane.com/fr/rabat-valide-un-avenant-prolongeant-de-douze-mois-la-periode-initiale-de-laccord-petrolier-loukos-onshore/

Rabat Approves Addendum Extending Initial Period of Loukos Onshore Petroleum Agreement by Twelve Months

The Moroccan government has approved an addendum to the Loukos Onshore petroleum agreement between the National Office of Hydrocarbons and Mines (ONHYM) and Loukos Energy Morocco Limited.

This addendum extends the initial exploration phase by twelve months, while reducing each of the two additional optional periods by six months. The decision was published in Official Bulletin No. 7428 on August 7, 2025.

Legal and Contractual Framework

Dated July 10, 2025 (14 Moharram 1447), the decision is based on Law No. 33.01 on hydrocarbons (enacted October 4, 2002) and its implementing decree No. 2.04.372 of December 29, 2004.

It also refers to Joint Order No. 2393.23 of September 22, 2023, which approved the original agreement signed on July 31, 2023 (13 Moharram 1445) between ONHYM and Loukos Energy Morocco Limited for the Loukos Onshore area.

Key Provisions of the Addendum

Addendum No. 1, signed on February 28, 2025 (29 Chaabane 1446):

Extends the initial exploration period by 12 months.

Shortens each of the two optional additional periods by 6 months.

Adjusts the minimum work program attached to the license.

Article One of the joint order formally adopts these changes in full.

Article Two orders the publication of the text in the Official Bulletin.

Signatories

The document was signed by Nadia Fettah, Minister of Economy and Finance, and Leïla Benali, Minister of Energy Transition and Sustainable Development.

Purpose of the Addendum

By approving this addendum, the government confirms the adjustment of contractual timelines and technical obligations for the exploration phase in the Loukos Onshore area.

Annex No. 1, attached to the addendum, sets out the new deadlines and revised work program details, thereby strengthening the contractual framework between ONHYM and Loukos Energy Morocco Limited.

Lots of things happening...

Https://www.engineeringnews.co.za/article/licensed-electricity-traders-see-nersa-rules-process-as-opportunity-to-bolster-certainty-2025-08-08

Https://energynews.pro/en/nigeria-a-green-hydrogen-project-to-boost-the-west-african-market/

Https://futureofenergy.co.ke/south-africas-private-sector-steps-in-to-power-the-grid-as-state-struggles-with-ageing-infrastructure/

Some good commentary on Etana, and provides further validation of the opportunity for both Etana and Chariot of getting this right..

IMHO

I think on balance this is positive on a medium term look forward basis, worth a read. Definitely would have been known at the time of the last update from Chariot

https://www.engineeringnews.co.za/article/licensed-electricity-traders-see-nersa-rules-process-as-opportunity-to-bolster-certainty-2025-07-24

DYOR

Https://www.openpr.com/news/4122278/morocco-oil-and-gas-market-report-2018-2032-field-wise

DYOR