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The bit I am most interested in / perplexed by is why at current burn levels, they think another £1.5m is sufficient to sure up the balance sheet.

OILTDR - I think you gave a nod to this on Friday. They either have money in the Energean sub that has been transferred, are about to sign an onshore deal with back costs - or are claiming back costs from Etana

This is the bit that doesnt make sense to me

DYOR / IMHO

I meant for the big announcement, Surfit - it would make sense IMHO to complete one big update inc Loukos - which I suspect relates to their cash position, and how they comm that

I am still interested to see how Chariot reveal their cash position and where things now are - which as someone else pointed put may simply be a function of their year end update.

As I mentioned before their twitter feed remains abnormally quiet re the licences.

Lets see... IMHO

I suspect they are waiting on Namibia... one way or another an RNS is coming in the next 21 days..

Lets see..

IMHO

Dont disagree on timing, Gardie. I think it will be before or in line with the June financials at latest IMO

Whilst I agree overall Coolmax, on this particular specific point I am going to give them the benefit of the doubt.

I think they have signed up to something, that whilst it may have given them a level of financial protection - (was clearly not a good commercial deal) it has forced a media blackout and a cash conservation excercise on Loukos testing as Energean drew things out, and held back funding, which in turn held back their comms on Loukos.

Surfit - to your point, I suspect this has been watertight until now leak wise, as Enog are a FTSE250 operator and have threatened Chariot.

I'm not excusing the agreement to the partnership in the first place, that is an entirely different point - but in my view the above potentially explains the comms position

For me the question is i) do we have an update tomorrow or next week now the gloves are off and ii) where is Namibia in all of this; have chariot conveniently stalled the licence award news to tie in with this, or is it about to break favourably and they are trying to line that up into one massive update that contains news that they are also about to start testing Loukos with directional timings on Anchois and a half decent cash position that removes near/medium term dilution risk

All IMHO / DYOR

All - reposting this, as I think it's important

TODAY in their trading statement, Energean have told the market

· Group net debt as of 31 March 2025 was $3,079 million, a 4% increase versus 31 December 2024 due primarily to the close out of exploration-related payables in Morocco and Egypt (North East Hap'y), the start of corporate tax payments in Israel, and an increase of receivables in Egypt.

· Energean's interest in the Lixus and Rissana licences (Morocco) transferred to Chariot Limited, removing further liabilities or obligations in the country.

Now that they have 'formally' released the news, it will be interesting to see how quickly Chariot move - and what they now can say

IMHO

Also

· Energean's interest in the Lixus and Rissana licences (Morocco) transferred to Chariot Limited, removing further liabilities or obligations in the country.

DYOR

· Group net debt as of 31 March 2025 was $3,079 million, a 4% increase versus 31 December 2024 due primarily to the close out of exploration-related payables in Morocco and Egypt (North East Hap'y), the start of corporate tax payments in Israel, and an increase of receivables in Egypt.

Lets see what happens now...

IMHO

Goon. I agree generally, but on this one I don’t. Their twitter feed has captured all recent Etana and analyst comms. Auctus are very quiet . Let’s see what Energean say in the next 24-48 hours and how quickly the chariot update does or doesn’t follow ..

imho

When Char got the Lixus and Risanna licences back from Energean they didn’t post it on their twitter account. They have posted all other news on there .. including an IC article. The only update was the RNS. Articles that have featured in the press have featured quotes from there. There was no proactive interview. There is definitely some form of media restriction currently, which IMHO means Energean need to say something first (ie tomorrow or Thursday in their update ). Let’s see .. but there is definitely something holding Chars comms back otherwise the twitter feed absence makes no sense…

DYOR

Https://www.rigzone.com/news/chariot_regains_interest_in_moroccan_offshore_assets-20-may-2025-180563-article/?rss=true

Enog's trading statement is due out on Wednesday/Thursday if it follows last years profile. Again, it may be there is something that Energean need to formally communicate to the market before Chariot can be specific about what was trasnferred in the sub.

IMHO

What's holding back the comms on the forward plan. They are free to update now, I think (?) subect to what was agreed with Enog - whatever that may or may not be...

Is Namibia about to be confirmed... It's the only piece they arent in control of now (to the best of my knowledge) that would warrant a delay in terms of updating on next steps on everything.. ie they can talk about Loukos (re the comments below) .. the only real remaining unknown in my mind is Namibia..

IMHO/DYOR

Https://www.financialfortunemedia.com/mauritania-courts-private-sector-to-fuel-its-green-hydrogen-drive/

OilTDR. Care to elaborate on the 4 weeks nuggets? Namibia?

Wiggly - it's not so much the back in rights - they are known knowns, it's more what chariot have applied for in the licence application which closed in October LY and the results that are due in the near term (hopefully by end Q2)

A number people on here (inc me) think it's probable that they have applied for a greater share of the afore mentioned blocks where they hold the back in rights..

DYOR

Short extract from Friday's new

Chariot has regained operatorship and a 75% working interest in the Lixus and Rissana licences, offshore Morocco, following the transfer of Energean’s working interest. Having completed the transfer of these licences, Chariot is planning to re-define the Anchois gas development based on the discovered resources. The commercial fundamentals of a revised development remain solid due to the robust gas market fundamentals in Morocco, with strong gas demand, gas prices and fiscal terms. Estimate that a c300Bcf development with a 70MMscf/d production plateau and a gas price of US$10/Mcf could generate a NPV10 of >US$500m

DYOR

Has anyone else noticed in the 3 header squares on their website, the middle square says 'offshore oil and gas exploration'

It may always have been there - there is nothing in the subtext regarding oil...

https://chariotenergygroup.com/operations/transitional-gas/

Have covered in their Friday summary - very short paragraph just acknowledging the offshore interest return

They normally have very detailed coverage on char..

Definitely more to come

Only really Cavendish. Upbeat, no change to 9p target, no reference to cash but a reference to chariot having identified potential tie back prospects

Nothing from Auctus yet .. nor from the IC. As per Julian MW’s last update I imagine they are waiting for the broader update that’s to come ..

DYOR