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Wallace will probably buy a empty reservoir and then realise we are liable for all the decommissioning costs.

😂

Please, No more acquisition; want we need is SANCTION and development.

Kindest Sft

Good find Surety, ETANA is presently Chariots only USP.

If there was sucess with Oort Energy and the patented polymer electrolyte membrane (PEM) electrolyser systems that could be another USP.

We have seen they have abandoned Djibouti desalination which ACWA are rather proficient at already SO what about Electrolyser

(AI) ACWA partners with and utilizes technology from specialized electrolyser companies, such as the Australian firm Hysata, to deploy high-efficiency systems in its projects.

Sft Q: Is Hysata's patented capillary-fed electrolysis technology commerically proven

(AI) A: Hysata's patented capillary-fed electrolysis technology is NOT YET fully commercially proven at a large industrial scale, but it has been successfully demonstrated in the lab and is in the process of commercialization and real-world field testing.

We have, due to budget, paused the planned onsite testing of Oort Energy system in Morroco. We remain in the dark as to if TotalEnergies have stepped into pay for that.

To develope project Nour (Mauritania) we need wind/solar, desalination, electrolysis leading to the hydrogen production.

Similar for Morroco and the ammonia / fertiliser production and of course GAS. Wknow that the VIVO tie up was only for transportation and distribution.

It's all very intresting, but gas and cash remain of primary importance in the short term.

As we know AP formed Chariot in in 2007, with no return to date from the O&G side, AA has lost a significant sum he owns about 7%.

If only DW can get ONE project across the line, I could then see they then go for raising by corporate bonds??

Speculations only?

Rgds Sft

My thoughts and prayers to you and your family's loss Ianfer.

Kindest Sft

Hey KnC, intresting perspective thanks.

Rgds Sft

16/12/25 ACWA Power and AfDB seal $5 billion Africa energy and water cooperation

Worth a read:

https://smartwatermagazine.com/news/acwa-power/acwa-power-and-afdb-seal-5-billion-africa-energy-and-water-cooperation#:~:text=The%20cooperation%20will%20focus%20on,security%20and%20promote%20green%20investment.

It's IMO its important to try and understand a potential partner. It seems to me that their focus is NOT in developing O&G fields but:

Renewable Power, desalination, hydrogen and ammonia/ fertiliser production.

Example 2023

https://ammoniaenergy.org/articles/headway-in-acwa-powers-renewable-ammonia-projects/#:~:text=Project%20underway%20in%20Uzbekistan,in%20Uzbekistan's%20bright%2C%20sustainable%20future.

Again as a large and experienced company where does really Chariot fit in ???

Rgds Sft

True Marland, looking at his vast mining contacts in Africa, that is a advantage.

Rgds Sft

It's your fault Surety you got the ball rolling 😂

All very good questions and discussions whilst we await ANY positive news.

Brainstorming continued...

I see the potential for ACWA using the gas in Nambia as supplied before i.e. green ammonia (using water Electrolysis) to fertilizer?

Nambia would be the ideal location as the infrastructure can be developed from scratch and due to its green Co2 credentials be ideal for international and supportive funding.

Not sure how Chariot fit in, as ACWA seem to have all the renewable technology and knowhow already..... and cash.

ETANA is Chariots ( imo) ONLY USP, so to me that's the only synergy?

Thoughts???

Still Chariot has stated "...We continue to follow our interests in Namibia where we hold a 10% back in right and are looking to secure a larger acreage position........"

In that aspect I remain SOMEWHAT doubtful for the reasoning I have stated (too many times, I know 🙄) before.

Still good and thoughtful discussions. I enjoy it.

GLA

Rgds Sft

May be though the ETANA model

Zero Routine Flaring by 2030

Remember of course no find in Nambia has been sanctioned yet? The only one close is the Venus project (TotalEnergies) FID possibley 2026

So how far they go to setting up any such infractructure or how its transported or managed could a few years away?

Could they set up wind and solar project for basic energy production in Nambia before hand...yes.

As Chariot are already working with TotalEnergies in Morocco, having a JV along with ACWA could be the first....I do not know about what sort of gas content Venus could have as part of the hydrocarbon inventory?

Best rgds Sft

Hey Surety,

I was aligned fully with ACWA and the Chariot renewables as AP had set in his RNS related comments but as pointed out and clearly present is the gas aspect ( NOTE its not stated as hydrocarbons but gas) so that presently fits more with Morroco?

BUT

O&G companies do not burn excess off the gas nowadays from the mainly OIL producing reservoirs....so that gas off could be used in Nambia for grey then through the use of renewables and hydrogen blue ammonia ?

This is maybe what the partnership is considering and aiming to get funding for, including being first to market in Nambia?

This is quite a informative read by the IEA on the Ammonia Technology Roadmap

https://www.iea.org/reports/ammonia-technology-roadmap/executive-summary

Just thoughts, but it does fit?

Best regards Sft

Hey KnC, missed that! 🙄 Cheers.

Makes it interesting and validates your, Gardies and Surety thought process.

If ACWA will participate in Oil as Well as Gas then it's a possible play. It goes against there previously stated direction but since Russia / Ukraine and then Trump the rest of the world ( many countries) and companies have changed or delayed there Co2 aspirations.

I will have a deeper dive on ACWA but they were indicating as NOT wanting to being involved in hydrocarbons.

If they did step in with Chariot it would indeed be VERY "spectacular turn around" for the SP

Rgds Sft

That's an intresting consideration Surety.

From the 30th Oct 2025 RNS the MoU between the two

Section 2

"Initial target countries include South Africa, Botswana, Namibia, Mozambique, Zambia and Tanzania"

From AP's comments "......talks about Southern Africa, ACWA reach across the energy spectrum, common vision to harness Africa's resources to deliver competitive, accessible and sustainable power BUT comments "...also represents an important step as we advance the proposed SEPERATION of the Chariot Group into two distinct entities"

When asking AI about ACWA powers involvement in Oil and gas production:

"ACWA Power is not involved in oil and gas production; it is primarily focused on renewable energy, water desalination, and green hydrogen. The company has a stated strategy to move away from oil and coal and become a net-zero energy producer by 2050"

The MoU clearly states Nambia as being part of the target countries.

When asked (AI) about ACWA Powers involvement in Nambia:

It mentions the MoU with Chariot and "Pan-African Financing Framework: ACWA Power signed a $5 billion cooperation framework with the African Development Bank (AfDB) in December 2025"

Addtional it includes:

Strategic Objectives in Namibia

Green Hydrogen Leadership: ACWA Power views Namibia as a critical market for the global energy transition, particularly in green hydrogen and ammonia production for export to Europe.

Long-term Expansion: The company has identified Namibia as a core target market since as early as 2009, with a long-term goal of building a multi-fuel platform of 4,000MW to 5,000MW across the Southern African region.

Water Security: Leveraging its position as a global leader in desalination, ACWA Power is exploring opportunities to enhance water security in Namibia's arid climate through green-powered desalination plants.

AI search reference material, Nambia is pulled in via this link.

It is WORTH a READ imho. BUT ITS FROM 2015!

https://www.meed.com/acwa-power-builds-up-international-portfolio/

Good post, certainly got me thinking and digging, but I do not see from the above points it will be O&G ( as its going against ACWA 2050 stratagy but

1. Never say never 🤷‍♂️

2. definitely has a potential for hydrogen and renewables for our 2nd Pillar.

All the best Sft

Hey Surety, thank you for the post.

Is this "geminis" perspective the Google chrome AI?

Would be intresting to have a link or the question posed? I really need to improve my AI search abilities.

I do note such search results generally include reference material and have I been caught out, on my very limited abilities, when cross referencing that source material that the AI picked up different company data...not saying this is the case in this instance but something to be conscious of I.e. cross check.

None the less the 10% back in for zero cost is currently what we do know remains in place for sure.

Best rgds Sft

Never put much stock into Chariots implied future aspirations in Nambia. They state they are bringing data from past experiences, which were how NOT to find anything. Shell, TotalEnergies, BP and Galp Energia have found hydrocarbons so IMHO their data analysis processes would be more relevant.

What do those more positive belive is Chariots value add? DW is stating its thier history in the region, but the reality its one of failure against those that have succeeded.

Chariots proposal of buying into existing infrastructure is a good idea for generation income, but they do not have any operator experience so there are pitfalls in that direction I.e. buying into the wrong asset not withstanding how the finance themselves into such a position. I appreciate they have stated it will be at a "subsidiary" level.

It will be intresting as to what, where and how this will be achieved.

2026 is, IMO, a make or break for the O&G side. They, although thought it before, must have exhausted share placing as an option for raising more cash.

It all seem to hang on what ONHYM can do for Anchois, Lixus, Rissana and Loukos by way of galvanising investment.

GLA

Rgds Sft

"...theoretical efficiency of the mill blades is 59.3%. We could either look back or go through the analysis again....."

🦬💩 🙄

Also thank you Jt for the reminder on Loukos states from the AGM.

Seems Vivo then, from the July 2025 MOU, are not going to fund a flow test or further exploration, the MOU was about " if you deliver it, we can process and shift it"

All the best Sft

Hey Surety, thank you for the clarification. Agree with the sp valuations, although I think 30% is hopeful, I am expecting 20% (25% max).

With 1.58billion ( currently) shares in issue it is going to take a lot to shift it up much.

Wonder if anything will come from the MOU with ACWA Power? Fernan pointed out that they might be using Chariot to work in Africa? A Google AI search "acwa power projects in africa" indicates ACWA have a several projects ongoing in the continent already? So maybe its as the MOU identifies a specific / named 6 odd countries and only just those countries?

With the main target being identified as ".......to explore the creation of a southern African sustainable energy business."

Chariot already have a % of ETANA and ACWA already have (in SA) the Redstone Concentrated Solar Power (CSP) plant.

It will be interesting to understand what ACWA are aiming to develop?

Hope fully it will be of more value than the Nambian, Rotterdam port, Total / Eren, VIVO, Water and Energean partnerships formed since 2020?

Thank you for your input. Let's see what 2026 bring us.

All the best Sft

Hey Marland, I must admit I have not checked their website for a while, so they may be providing updated figures following further analysis from the two Wells drilled.

Very true AP has put significant cash in but he is also drawing $500k + pension, free shares and expenses and offsets tax liabilities.

We are a long way down the road of them selling

a quick to production Anchois. Hopefully ONHYM will secure financing for it. I still just wonder if Morocco actually has much gas? But it would be good to strike something big, but their best targets are not super. Remember Repsol found Anchois A1....Duncan Wallace has not found a thing using his "special data interpretation" that they say they have.

Still plenty to hope for, but 18yrs does seems long time to draw wages and never see income for a company.

I have more faith in the two new guys🤞.

The market needs to see a lot of change and income before any broker would let a company jnr invest ( as yet) in these characters.

GLA

Best rgds Sft

Continued...

Surety, If I remember correctly reported, when the BODs were questioned was that Loukos was on "hold"

Or was that the Morrocan Hydrogen project OR BOTH?

I have surmised before ( as have others) that as Loukos was sold to us investors as being "the quickest opportunity to commercialisation" and as drilling and flow testing ONSHORE is significantly cheaper WHY has it been put on "hold" over Anchois whisky also needs flow testing and another drill to prove for production.

This is what some of us share holders AND I think the market find "concerning"

The RNS and figures stated in the VIVO RNS is IMO typical of how Chariot present themselves to the market but there is significant doubt over there proposed but UNTESTED figures. This, a history of failed exploration and redirecting cash into u disclose parts of the renewable arms has led to a lot of mistrust .

I and many others fell for the OnG narrative but following the Energean farm in the T&C exposed a lot to the markets, and the SP continued to fall there after . With certainly no boost once Energean exited and returned the %

Still it's not over until they run out of cash or find no partnerships or no financing for Anchois OR LOUKOS OR NAMBIA.

All my opinions and of course DO YOUR OWN ACCURATE RESEARCH.

Kindest Sft

Hello Marland,

The only known figure for Loukos is from OBA-1 the second of 2 onshore drills.

RZK-1: (Gaufrette prospect) results from drilling: "....reservoirs are largely interpreted to be water-bearing and therefore are sub-economic.

Pre drilling OBA-1 (Dartois prospect) 20th May RNS 2024 "Dartois target has Best Estimate recoverable prospective resources of 12 Bcf"

https://www.lse.co.uk/rns/CHAR/commencement-of-drilling-operation-onshore-morocco-f2sq4w4xsagsn39.html

Post Drilling OBA-1 results RNS 28th May (See link below)

"......200m gross thickness, corresponding to the pre-drill targets; and within which an APPROXIMATE 70m gross interval of primary INTREST has been identified containing elevated resistivities coincident with elevated mud gas readings, indicating potential gas pays, with no water-bearing reservoirs identified.

· Further post-drill analysis will be conducted in PREPERATION for well FLOW testing which WILL determine the well productivity and the gas resource POTENTIAL of the discovery....."

https://www.lse.co.uk/rns/CHAR/gas-discovery-at-oba-1-well-406w2ydvrvvbb04.html

What should be understood no flow testing has been completed, despite a share placing specific to funding such. SO CHAR has only had the ability to compare pre seismic data and build in to their model the OBA-1 and RZK-1 results.

"........We will now integrate the comprehensive data we have obtained from both the RZK-1 and OBA-1 wells with recently reprocessed 3D seismic data to understand the resource potential of the Dartois area (SFT NOTE NO MENTION of the Gaufrette prospect) , to confirm the optimal future work programme on the discovery and the impact on wider prospectivity across the Loukos licence..."

Ref above RNS and link

VIVO coloboration: There was an RNS detailing a collaboration and business viability assessment with VIVO for Loukos

"....has signed a Heads of Terms agreement with Vivo Energy regarding future natural gas offtake from the Loukos Onshore licence ("Loukos") in Morocco (Chariot, Operator 75%, ONHYM, 25%)...."

AND

"...Chariot intends to sell initial volumes of up to 3 mmscfd to the midstream CNG business under a long-term gas sales agreement from potential future production from Loukos;

· Additionally, Vivo Energy intends to design, fund, construct and operate a CNG plant and virtual distribution network to transport natural gas from a number of sources, to existing and new industrial customers in Morocco; and

· Finally, this midstream CNG business would be operated through a special purpose vehicle ("SPV") in which Chariot can participate in up to a 49% interest.

https://www.lse.co.uk/rns/CHAR/agreement-signed-with-vivo-energy-in-morocco-gywrnbf9x3zlvld.html

Which SOUNDS good but (IMHO) to finalise anything realistic as with offshore there needs to be (AS WITH OFFSHORE) a FLOW TEST..

Since then nothing has been reported and I belive those that went to the AGM were told its on "Hold". Surety may ad