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Somewhat paradoxically Surfit, I think it actually might be alright - as ENOG somewhat publicly have confirmed that they beleive there is Gas there that would suit a smaller development/developer.

I am less worried about them finding a partner on that basis. I also think they will be able to access funding - potentially with Morocco's help.

My main reservation is short/medium term cashflow. If they have cut the burn and Power (Etana) G&A is now covered then that is helpful - but they still need a mechanism which doesnt mean dilution. IMO they need to get the Onshore farmout away on this.. unless there further sub level enhanced equity play (that they reference in JMWs interview) in power can give them some form of short term return

IMHO/DYOR

Any further perspectives oiltdr?

I think it looks worse for Enog personally, an expert ftse 250 gas specialist who clearly did thorough data room analysis and assessment

The big question is who are they transferring to?

Looks like it happened early March

https://www.bracewell.com/news-events/bracewell-advises-iamgold-essakane-s-a-on-acquisition-of-essakane-solar-sas-in-burkina-faso/

Conclusion

Fair value estimates look to be broad ~$15-40m range split between both parties .. maybe more like $1-2m to char net of debt.

While the main drivers were likely cost savings and operational efficiency, the security situation in Burkina Faso likely influenced IAMGOLD’s decision. Controlling its own energy source makes the mine less vulnerable to supply chain disruptions, fuel shortages, and external control.

I know they have form JT 🙂. I think recently they are behaving differently though, and attempting not to over promise which I personally suspect is the influence of the new chair. Agreed on Power, JT. Re Namibia it is 6 months at the end of April from application close end October 24, so I think news anytime in next 6 weeks. The rounds traditionally take 4-6 months to confirm the outcomes looking at namibias petro history. They keep talking about it every time they update, which makes me think it’s probable they’ve got it. Assuming cash is tight then they may be using the solar sale to help buy in ….

Let’s see …

DYOR

JT. I haven’t heard JMW say shortly recently. Even with Power from December, he said between a couple and a few months. I believe news very soon on the O&G and new venture side.. they must believe something is about to enable them to speak openly about activities …

Purely speculative, but If it was worth $5m (Auctus at 1p share for char) then say $1-1.5m outstanding debt netted off it could be worth $4m ?!?

IMHO

Either that or it’s part of a bigger announcement due ‘shortly’, that JMW refers to yesterday… (tomorrow? Given Enog update). They must have learnt the lesson on overpromising by now… their recent silence implies that.. so by ‘shortly’ I assume he means tomorrow or within the next 7 days.

@Fernan you are right re debt and interest netting off any transaction. I am hoping that some of this has been serviced from proceeds so far?

DYOR

Gardie - FYI Auctus have the 500mw pipeline valued at 8p per share unrisked.

Interestingly they have tharissa (ref the below) valued at 1p to chariot….

DYOR

I think Chariot has/had 10% of the equity... but not totally sure

In November 2017, the Banque Internationale pour le Commerce, l'Industrie et l'Artisanat du Burkina (BICIAB) provided $16.5 million in financing to EREN Renewable Energy for the development of the solar power plant. This funding supported the construction and advancement of the project, which aimed to reduce the mine's fuel consumption by approximately six million liters of diesel per year and lower its annual carbon dioxide emissions by around 18,500 tons. ​

In March 2025, IAMGOLD Essakane SA acquired 100% ownership of Essakane Solar SAS from Total Eren and Chariot Transitional Power France SAS, thereby taking full control of the solar PV unit supplying its Essakane gold mine.

Intrigued as to whether Char becomes a more serious takeover target if it regains full control of Lixus/Risanna. Fully accept the A3 result has changed things, but even Enog have said there is a commercial development for a smaller operator. Char received a full company offer during the original FO process which they confirmed in Dec 2023.

Power is underway which is also a step forward - with an interesting prize looming with Namibia if they can pull if off..

Seemed to be broadly as many sells as buys yesterday.... the music continues, no doubt waiting for the main event... SHORTLY

DYOR

I know, Surfit 😅

Thought this extract from SP Angels note earlier sums it up best…

While progress on Chariot’s transitional power and green hydrogen portfolio have added the development pipeline, we think that resolving the path forward for the Company’s proposed Anchois gas project towards a final investment decision remains a key near-term value driver for investors.

If we can get clarity on that without dilution, and preferably ex Enog in my view that we should see a proper rerate… Namibia in my view is the other big value driver … in terms of story telling. I know it’s a potential distraction but it could add material price upside if they farmout quickly

IMHO

I have a feeling they wouldn’t have given you the interview Ianfer 🤨

Building on Jt's and Surfits earlier comment....

https://uk.investing.com/news/analyst-ratings/energean-stock-holds-underperform-rating-gbp8-target-by-jefferies-93CH-3984359

The big question is what does 'shortly' mean ?!? and dont say 'imminently' 😬

DYOR

Both Auctus and Cavendish have updated notes this morning

Auctus have moved their target price from 8 to 10p a share. Cavendish are at 8. Auctus only have 2p for Anchois within that which is based on the ~350bcf factored by chariots current share factored by 15 chance of success. Unrisked they are at 43p with Anchois at 15 on the 1c. There is nothing for Namibia.

I’m not ramping or saying this will happen. Just sharing to info

DYOR

JMW used the word shortly .. surely he’s learnt the imminently lesson …

I wonder if we have an update coming Thursday in line with Enog

DYOR

Agree again …. But - Ironically Surfit, I think the price could rise if they bail.. depends on the fall back plan I guess

I’m not sure the Morrocans will be able to meet Enogs gas price needs … it sets a tricky precedent ..

However it’s seems fairly clear Chariot are continuing here …

Not long to find out you would think ….

IMHO

Surfit - agree with you … but it may simply not meet their ROI needs. They have already said they think it’s commercial for a smaller player. Hopefully our BOD have been using their time to think about who the next partner is

DYOR

Jim

Saw PRD update today.. anything relevant to Chariot in there ?

Appreciate very different ..