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Hi whimax,
It's just my opinion of course, with attempts at reasoning put forward to support such.
Trading and investment houses need certainties and calculated finance figures to work on.
The gas side is the only mechanism for income.
Watch this space on if /when they get some cash back from the gas expenditure its siphoned of on to the energy elephant.
I am also not against what they are proposing but imo they lack knowledge and expertise in both areas with only BENOIT GARRIVIER and LAURENT COCHE experience looking to being applicable.
Again all my opinions
Time reveals all.
GLA
Rgds Sft
I would like to see clear and separated figures for
All the best Sft
Hello all,
The gas prospect looks good and I have over the course of posts highlighted the potential that the BoDs have multiple offers and the resultant negotiation difficulties.
It also appears (thankfully) due to the potential on multiple offers that they are not going it alone (thank the lord, it was a negotiation tactics).
We are not out of the woods until all is signed but I feel positive that we will achieve the Gas results we all hope for.
To some extent I now ignore that aspect of the company as it will run a predetermined time line all things going to plan.....
IF some of you as investors ARE NOT concerned about financing the renewable elephant road that AP is marching us down then its a great opportunity and the share price is set to take off .......
I came in for the gas project but have started to see the other side of the business "arms" as they now call it getting ramped up and its lead by AP due to just his mining experiences and govement contacts.
If every one is happy with the renewable/ hydrogen path I could do with some one giving me numbers of cash required vs expected return...anyone?
Because all I am hearing is: Membrane technology's (been around in Norway and Holland for about 15yrs), South African power grid, project noir, mining renewables, water container company, risk, new technologies, massive investments but again no figures.
Are you not a bit concerned too, do you not think the ii's are as well: The drip feed of investment on share purchases came to a grinding halt 2 weeks before the fund 25mil fund raise in 2022 and its not returned since.
If your looking for a reason for a low sp imo it's because of the uncertainty of the other arms.
As to exit strategy with out clear financing for the rest of I will look at it after Sanction.
GLA
Rgds Sft
Char will continue to be regarded as a risky investment and largely ignored by the ii's due to comments such as (RNS):
From AP
The Business Opportunity- "As well as FINDING the projects that will provide material supply, another fundamental element is DEVELOPING the technology to enable the transformation and delivery of this energy = No definitive plan and variable costs
We successfully raised US$29.5m in June 2022 to progress the FEED for the Anchois project and for further development of our power portfolio (NO OBVIOUS BLUEPRINT OUTLINED), and I would like to thank the new (WHO WERE THEY) and existing investors that supported this raise."
"Whilst there are risks involved in these early stages, I believe we are leading from the front and reading the direction of travel correctly" = We are not specialists or have any back ground in energy supply but we are going to give it a go but it may fail, so be warned I told you it was risky.
From the CFO
"We are equally enthused by the progress being made in the Transitional Power and Green Hydrogen businesses with a number of world class projects already in the development pipeline as well as further opportunities that stem from our electricity trading platform in South Africa (OKAY ANY CASH GENERATION YOU WISH TO DISCUSS FOR NOW OR FUTURE)
We remain ambitious, to continue with this growth and development across our portfolio, but our priority focus is on getting to cashflow as quickly as possible through the development of our Moroccan assets= YES THATS ESSENTIAL BECAUSE ITS THE ONLY CASH GENERATION OPPORTUNITY AND HOW MUCH WILL BE SIPHONED OFF FOR THE OTHER NON FINANCED "PROJECTS"
General assessment as per ususal: Gas project is the only near term cash generator and that is aprox 2 years from realising production and cash flow.
That's my thoughts on why we will not see the returns that we are hoping for and the shares are not getting bought.
The gas side is the only area that can be costed out and returns calculated against.
No coherent policies in financing their "green ventures"..the new wild west, its all in corrupt Africa and headed up by AP = Let's put our pension portfolio behind CHAR 🤔
GLA
Rgds Sft
True but, AA's struggling with getting any good results recently:
1. Significant Drilling costs in the Dutch sector (Q11-B AND side track for Q10-A-04 required "evaluations" combined with a drop in production figures
"In response to the variable productivity of the reservoir at the Q10 area’s P15 platform, Kistos is pursuing REGULAR interventions to maximise production with a programme of side-tracks.......results: is undertaking a "detailed evaluation" last set of drilling resulted in less than expected
PLENTY "evaluations" going on!
2. TotalEnergies has suspended production at Edradour, one of four gas fields in the Greater Laggan area west of the Shetland Islands, partner company Kistos said, as the UK gas hub shows signs of significant decline and higher water production.
3. Benriach Well a duster
4. Shetland gas plant need more production and its not comming soon unless so.e other operator strikes and ties in?
5. Walked away from its proposed offer to acquire British oil and gas group Serica Energy...
6. The WFT was a big kick in the .......but maybe all the above fails in drilling will give some tax breaks?
7. Mime petroleum: The consideration was $1, plus the issue of up to 6 million warrants exercisable into new Kistos ordinary shares, at a price of 385 pence each.
Mime will repay $75 million of its debt, and the enlarged group will assume the remaining $225 million.
A payment to Mime’s bondholders of up to $45 million in 2025 is contingent on certain operational milestones being achieved. The Mime debt being retained by Kistos equates to approximately $111 million.
8. No more mention of green credentials/ Aspirations and in fact AA " Not rolling anything out now as we have to"
Where's the good news Andrew? You have to get the Norwegian assets, financing and then actual income
from potential production generating cash...whe and how much is the finance deal going to really cost.
It's not easy out there at all!
I can not see much good news coming our way for a good while, we are looking a bit like a origami Tiger at the moment.
Rgds Sft
Hey Jim
A reasonable example: do the figures compare
Cove 463 million shares 2012
November 2010: £110 million at £0.76 per share
In August 2012, Cove was sold to PTTEP for £1.2 billion (£2.40 per share). It was one of 2012's most prominent public takeovers worldwide.
Ref Wikipedia
"Coves long-running takeover saga has finally come to an end after Thai state oil firm PTT Exploration & Production announced Friday that its $1.9 billion offer for the East Africa-focused firm had been declared wholly unconditional.
PTTEP said that it had received valid acceptances from Cove shareholders in respect of more than 463 million shares. This represents approximately 94.3 percent of the existing share capital of the company – well in excess of the 75 percent required for it to takeover the company"
CHAR 960 million shares at 15.28p
Not being a kill joy, hope fully cautious.
I did buy RockRose (Andrew Austin Company) approx 660p and even up to 800p was bought over at 1,830p but they had a working asset(s)
What I liked was the VERY low number of shares
Bought into Kistos (Andrew Austin Company 150p and averaged up....he likes to get bought over.
Also low number of shares.
Hence my fury (stong I know) how this board have rerated the share through dilution and (imho) inspired a lack of market confidence through....well you know my thought on there fiscal approach todate.
So I am not totally anti a take over but in this case if it is (imho) not anywhere near 70p.
BUT I most sincerely hope I AM wrong, I just would advise caution on (IMHO) speculative figures.
Respectfully Sft
Morroco a great project but let's see what AP secures for gas AND his other unclear money spending...the market will let us know soon enough.
GLA
963.69m x 0.75= £722,767,500.
Has any one got ANY examples of this sort of buy out EVER happening?????
I would like to hear of ANY example? Especially with a company with NO assets. AP needs to build rather than just SPEND
You could look at JOG and Buchan field?
https://www.google.co.uk/amp/s/www.oedigital.com/amp/news/505653-jersey-oil-gas-gets-buchan-license-extension-and-green-light-for-neo-farm-out
Or Rockrose (sold) or Kistos both ran by Andrew Austin
Sorry and respectfully....no buy out happenings.
GET deals done, projects built and gas flowing earns money...not buying "random" Water desalination containers companies.
The market values us to what they think we are worth NOT unfortunately what we think we are worth....which is a bit of a bugger (-:
Rgds Sft
Hello all, what might be worth considering is that an possibly influence on the SP is the fall in gas prices.
The market has allocated the price they think Chariot is actually worth with all the gas still in the ground.
No what ifs or maybe taken into consideration: Just the number of shared issued and a fire sale on an potential gas asset, no cash to last a year, no farm in partner and no finance deal announced = this is what we think your potentially worth, all you have is a licence and a discovery.
Note: Irrespective of the real potential once financing, FID and Sanction occurs of course.
So when gas prices slip the gas still not retrieved by Chariot slips too, also does not help that no one is buying as well of course.
Natural Gas prices chart
https://www.macrotrends.net/2478/natural-gas-prices-historical-chart
Just my opinions/ speculations as usual
GLA
Rgds Sft
Hello Adamski70,
Do you have a link showing that connection, I struggled to find such. I think I found a investment website that stated a connection (a while back, and that is what piqued my interest) but have not been able to find/ remember where/ it since.
Rgds Sft
Hi DB,
My concern was the time line on the DROP from 23p to around 17.8p. This drop happened over two weeks before the suprise 18th May 22 and closed 25mil fund raise, offered at 18p. Completed the next day 19th May (RNS Number : 0750M).
Who funded that raise? That has NOT been disclosed....that I can find.
Highly suspicious imo.
On the same 19th of May RNS ther was then an open opportunity for existing share holders of US$4 million.
Of course I accept we needed the cash to get us to this position BUT the dilution was significant and eroded a lot of the SP gains.
That was a back room deal and imo some one leaked it hence the drop...and its affected us since.
The further raises (buying a new start desalination company) again using shares has added further dilution....did we have to buy it so quickly, why.
As before there is no financial transparency on the renewable/hydrogen funding.
Hence my concern over what's happening in management.
How many shares do Westward Investments Limited own or who are they buying them for???
Rgds Sft
Hi All the thing is an RNS confirming the contract on gas and financing (farm out or bonds or loans) could pop any time...for me both of these 2 aspects are dragging on (imo) longer than I would expect.
But there is a bit still to do...so they are in the FID Stages now?
This is a helpful read
https://www.google.co.uk/amp/s/oilprice.com/Energy/Energy-General/The-Complete-Guide-To-FIDs.amp.html
Or
https://www.blackridgeresearch.com/blog/what-is-fid-final-investment-decision#:~:text=FID%20stands%20for%20Final%20Investment%20Decision%2C%20a%20crucial%20phase%20to,decision%20about%20the%20final%20investment.
I am away at moment so can not view this on utube but the title from the petroleum institute looks like it my be helpful? Although may be wrong.
https://m.youtube.com/watch?v=r311PGk36EM
May be I am being unfair to AP...but surprise share issue/fund raises, with resultant dilution has NOT benefited us (private investors) and the drop back (last year) to 18p from 23p REALLY stank of disclosure of privileged information (imo).
So on that aspect I (and maybe the market too) am suspicious and this possible tie in with the likes of the oveseas company Westward Investments Limited is blurry and difficult to chase down.
Hope the reads may be of interest whilst we wait.
GLA
Rgds Sft
Finance deal / farm out: Need to know how they are going to pay to build the project too.
Projects generally have all of that arranged or at least presently prepped before FID....if people / companies are keen they that is.
My best guess is AP is trying to go it all (most) alone, to maintain maximum control and income / wages/ divi/ expenses....as is the case presently...through his shares and his other investment companies.
If you bring an operator in you have an outside partner you are accountable too.
He has already muted the possibility of Schlumberger running the operations side of thing for a period until they can train people up.
Plenty of Russian money out there that is just sitting in the Caribbean tax shelters
Have chariot Energy been recruiting any more personne/staffl recently, you would have thought so?
If ii's do not like / trust the person running the show...
Rgds Sft
Ps you may guess the way I am starting to lean...
Share price drift down MOT up and STILL waiting for the gas contracts price and signed?
Could the two be related? It would not be hard to imagine that the BoDs may be involved in very tough /hard negotiations with buyers/Gov representatives on this final price. It would have been all smiles and hand shakes when signing the Gas contracts MoU but now CHAR are in deep, FEED complete and looking to fund project either through bonds, investors loans or farm out the gas price recieved vs payed out would be the time Morroco dropped its smile and brought in the unpleasantness.
Does any one have any experience (other projects) where the sign off of the gas sales contract has been left so late?
This, I SPECULATE, is where we may be at presently.
Rgds Sft
Hi Speculiar,
When you say start up venture are you referring to the renewables side....if so: Fully agree, we can see a clear path on the gas side....up to a point I.e. further field development tbc.
AP when asked at the QnA (not the previous, but one before) verbal confirmed he/they will not ring fence the gas returns. So that indicates CHAR side of it will probably be partly used in the renewables/hydrogen arms?????
I am really hoping that they do actually present at some point VERY soon a clear plan both development and financial (costs and then raising) for that side of the business.
This is (imo, as per broken record usual) the reason why we do not have ii getting onboard (yet?). An investment manager/broker has to see numbers and returns other wise they would be liable for mismanagement of funds.
CHAR management have not given any as yet, have burned investors money since inception, not made a return on any investment since inception and significantly diluted the share price by raising funds or buying other new and small African "companies" along the way.
CHAR would be dead in the water if one of the team (not sure who) had not bought the gas assests.
So as per above, we need to know ( as we are all aware of course) the numbers for the gas contracts and development, type and cost of capital/fund raise that's for just the gas side. Then of course the renewables/hydrogen side (as said) thas has not been financially presented accurately enough for the ii's
So hence imo the sp is assessed to be where it should be by the market....untill the market get the accurate information and contracts signed.
GLA
Rgds Sft: Standing by to stand by
NO # of Trades 42
Vol Sold 3,928,461
Vol Bought 111,93
I am actually rather concerned, something must be up.
This should be on a slow RISE post FEED RNS 8th March and as per AP's accompanying statement:
"We have made excellent progress across all aspects of our planned development for Anchois and detailed discussions on partnering, gas sales agreements and project finance continue concurrently as we move towards Final Investment Decision"
No idea why this is heading south, as its well below the last share placements at 18p, so even if they are stupidly planning another (can'treally belive that), the only drag down would be on further dilution resulting from such. Then buy back in after?
Time will tell???
GLA
Rgds Sft
Good find Gz, look to be close to the known distance: "The field, which is situated in shallow waters and approximately 40 km from the Gazoduc Maghreb Europe (GME) pipeline that used to export Algerian gas to Europe until late....."
They have to do surveys still to find the right landfall location, I would have thought? Unless a vessel sneaked out there as part of FEED? BUT it does fit...possibly?
They have to start getting the orders in soon for procurement lag.
Again good spot.
GLA
Rgds Sft
Maybe Westward Investments Limited (Not the UK registered company (dormant accounts) but the oneof these entities in the British Virgin Island, or Cayman or Gib) know more?
https://www.datocapital.vg/companies/Westward-Investments-Ltd.html
Rather hard to find any data on the overseas ones, unless you want to pay.
This is not bad from Yahoo finance, detailing investment info:
https://finance.yahoo.com/quote/C62.F/insider-transactions/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvLnVrLw&guce_referrer_sig=AQAAAFqcC4_bLu9L_8Dh8fouBT38xXoLh5TjkZpCSyv4Ba79KGBSMfTUnXZnVZB8xHEwXlBxALBfHqy9KDj934kFjSmmKpwEf2QmttLjLR1i6zK9Tw7RAQowhIEmG1xRbt-0deraDkD20Qptv7HfDVkTDGPskb5IHZh0TdlnQKuK3vHX
BUT ALSO Reference:
Golden Rim Resources Ltd (ASX:GMR)
https://www.listcorp.com/asx/gmr/golden-rim-resources/news/change-of-directors-interests-pouroulis-mackay-davies-2639208.html
And the following (read section Part 1)
"Nature of indirect interest(including registered holder)
Note: Provide details of the circumstances giving rise to the relevant interest.Westward Investments Limited, Principal Nominees Limited, Sommer Consulting Limited, BNP Paribas Noms Pty Ltd.
AND in particular......
Custodian holdings/related parties of Adonis Pouroulis"
Rgds Sft
Institutions 2.0% 8,764,874 shares
Private Companies 8.8% 85,143,102 shares
Individual Insiders 9.6% 92,145,383 shares
General Public 79.6% 766,055,426 shares
Note AP owns: 9.09%
Also AP is involved with Westward Invest.ents Limited which has 7.62%
Also AP has "established no less than eight mining companies"
https://www.google.co.uk/amp/s/stockhead.com.au/resources/a-vast-swarming-gold-system-successful-mine-builder-adonis-pouroulis-on-why-he-joined-the-golden-rim-board/%3famp
Remember AP is earning $500k salary and expenses just from his Chariot role. No idea the income from the other companies. Busy man.
The Jury is VERY MUCH out with regards to AP, for me...awaiting a verdict.....and conformation of share holder and financial prudence.
Just for information and further awareness.
Rgds Sft