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It will be interesting to see how this is funded… it was a topic that AP seemed keen to avoid at the last webinar. It might explain why they haven’t signalled the commencement of the drill in Loukos until

they know ..

IMHO

Worth noting that Neo, and Jog made the FT today with a significant piece.. This can only be helpful to the medium term..

There is a lot of time for government adjustment between now and 30th October..

https://on.ft.com/3APHZjb

DYOR

Https://ukinvestormagazine.co.uk/chariot-limited-near-term-production-long-term-scalability-analysts-value-at-seven-times-current-price/

Nothing new, but useful reenforcement....

DYOR

Jim. Always grateful for your perspective after major updates, if you're happy to share given the materiality of your investment

I am assuming that much of this (in your opinion) is posturing ahead of the main event in November.. and whilst delays are frustrating you're still a believer in the base case, albeit a slightly delayed one

DYOR/IMHO

It will be interesting to see how they play the announcements, as ENOG fully control them and have a FTSE 250 audience to consider. They also havent announced the drill in isolation..

DYOR

Thanks for sharing..

Reflecting over the weekend, I am really encouraged by Enog's last RNS. They are mid drill and making statements like that about Morocco... They are clearly confident

It says quite a lot..

DYOR

Where was the additional Oak Bloke commentary about increasing his stake, Gardie?

It barely impacted their share price though, and in the scheme of their market cap it doesn't look a big deal (0.06%)! Also of note is that this is likely multiple sellers/buyers participating and not a single entity participating - hence the UT.

I also agree with this..

@Jimmy / ICB

Would be grateful for your thoughts on NewKOTB's view

Https://www.atalayar.com/en/articulo/economy-and-business/morocco-moves-towards-energy-self-sufficiency-with-new-gas-projects/20240826141145204506.html

Good that we rank 1st from a gov potential perspective..

DYOR

I could be wrong … and am clearly ever the optimist… but I have a few years of char under my belt now …

If the drill goes well, ENOG take the 10 percent for the full carry and the 50m + 15m is available, the Namibian licences are awarded and they fund power .. it’s not inconceivable that this could rocket. 9x is a market cap or an acquisition of ~$850m. The Anchois NPV alone is $500m (at about 1TCF) before you touch the broader Rissana area, power could easily be worth $100m and then Namibia at $200m+…

It’s definitely possible…

DYOR

Agree Sasa.. if Anchois is super successful re the drill, they fund power and secure the Namibian licences you can see the valuation of the business shifting significantly upward re value if a bid were incoming ,,,

AA is a significant shareholder in Enog… will be interesting which way he encourages their board on the 10 percent….

DYOR

Yep..

APs response is confusing when asked twice about the SP. He defaults to ‘we don’t really know why’ in other words ‘we have a strong view.’ And then seems to laugh that the price is lower than before the Anchois 2 discovery…

Perhaps he thinks it’s simply about the drill and the funding. If Energean exercise the option they are home.. if Lukos comes good they are home ..

Either that or he’s lining up an MBO with the other main shareholder at 2-4x the current price ..

It’s bizarre..

The question is by whom .. and more importantly why ?

As much as I hate to say it, it feels like this is being held back. I wonder if someone knows it’s going to come good.. is pinning it and then immediately post drill hits us with a takeover.. the same buyer who approach with a whole company offer during the farm out? Discuss?

Have stated that the Anchois drill in the most significant drill anywhere in their entire coverage…. Reiterating 7.5x on todays price….

Https://on.ft.com/3WQBe88

Ian. I agree, something odd has been ongoing here since December …

It will be interesting to see what happens when someone show their hand. I assuming Askar took place in the raise otherwise he would have to declare his reduced share holding as a result of dilution..

All very bizarre!