Member Info for Surfit

What share holders need to know is:

1. What is the Anchois field now worth?

2. What needs to be done to confirm the new FEED for the revised project : a) do Chariot confirm that the A1 needs to be redrilled for production purposes, if yes why were share holders not informed when the Stena Don worked the site? What are thier plans to re-drill and where. b) Do they need to drill a third location in Anchois? c) do they need to flow test A2 or any other (new) Anchois well(s).

3. What is the reavaluated net present value (NPV10) of the Anchois gas field development

4. How do Chariot intend to finance the new drilling and flow testing

5. Are the trying to find a partner to to take on both the pre development work required as above and the development costs.

7. What is the status on the Rissian licence as the extention has now as per last communication expired in Nov 2025. a) How many companies are taking to Chariot regarding seismic survey work on the Rissana area? b) Why was Energean not held to the farm in contract to conduct the survey.

8) What are Chariot doing to develop Loukos, as this was repeatedly sold to shareholders as a "quick to commercialisation project" as per RNS's. a) What is the status of the business development with Vivo as per RNS's.

9. What is the status of the Hydrogen Electrolysis pilot project in Morroco. If not started what are the plans on when to do so? a) what are is the status with TotalEnergies partnership I.e. what work is ongoing or has funding been halted?

11. When will the company split, separating Oil/ Gas and Renewables be undertaken.

12. What assurances will the Directors be giving to shareholders that either company will be left in a financially viable position to continue operating?

13. Once the companies have seperated, WILL the two companies directors start to produce and issue costing requirements/ financing on ANY of the "proposed" projects they undertake?

Rgds Sft

He's not coming back, Duncan Wallace dobed him in to Sally, ONHYM 's mission controller:

https://youtu.be/7mGr4Uc7ebA?si=S9TmWB6PU82K6PNF

Hey Surety, I have but its in a attempt to reduce my average, further.

It's not a game I can recommend (to others that are not prepared to lose the lot) as IMHO it's a significant gamble.

I have now reached a rather large limit.

"Kiplings if"

Sincerely Sft

Hey ObsCure,

Thank you for the extra check. It may have got a bit complicated for the shorter in that if a % of those borrowed shares go into the renewable company it maybe changes the thoughts in the short?

So they could be saying "We have made our money, the model has changed, so let's exit"

Of course the positive hope for perspective is that they now model an end or bottom to decline and the risk of share price growth is too high a risk?

🤷‍♂️

Either way I am sure they have made tidy returns so why risk more?

Let hope they have found out that Anchois is about to get signed on excellent terms. Not holding my breath on that, even with surface supply 😂

Hey Fernan,

I have not done any research on Eco, have they found anything, I see the terms mention exploration.

That looks like a farm in based on no drilling, just seismic data?????

Anchois does have something it's just not been correctly tested for understanding production (I belive, NOT a driller or reservoir Eng. I stress).

Obviously the terms of the farm in indicate the precieved risk...hence Energean did not commit to developing Anchois, hence the market saw it, saw the doubt in the data and A3, despite AP's silly words before hand ( refected his and DW's real O& G credibility and business accume 🤔).

All my limited opinions of course.

I just have no idea how this is going to pan out and am around 10 to 20% in confidence.

Best Rgds Sft

Hey ObsCure, wish I had put 10% short on, that's for sure!

Just a thought but would you have to close a short when a split/ demerger is pending?

Not knowledgeable on that (any I am starting to think) side of things.

Rgds Sft

Hey Fernan, see JoshW7 post below, he posted a link from the PRD bb.

I have copied it

https://www.lse.co.uk/profiles/keithoz/

It's pretty much what we knew from the time of the Energean farm in.

So its nothing new, but the analysis is just coming from someone else. Probably retrospectively of course.

I knew it at the time; that farm in was so bad. The nail in the coffin of course was A3.

Seems we have also lost a few of our newer guests again.

No idea how this is going to pan out, I just can not see them pulling this off, it's too much risk especially as we need as a minimum another drill to replace A1 and a flow test....its my firm opinion no one believes DW's data or they can see too many holes (empty one's at that) in it all.

Best Rgds Sft

PS I also added a small amount (12:41hrs) to CHAR today, to continue to reduce my average.

It remains a RISK but I am in too deep now anyway 🤷‍♂️

GLA

Rgds Sft

Hey Josh,

Keith analysis on CHAR is unfortunately accurate imho. Especially the reasoning on the 40 prospective partners and the reality of the Energean deal.

I have not looked at PRD with regards potential reserves and even how far they are along.

I have looked and made a small investment in SOU..they are close to a small production and have what looks like a decent partner....but SOU carry a decent debt and face issues on balancing income vs debt and carry repayments and operational costs.

For CHAR as ever still carry high risks: Cash, drilling / flow testing at Anchois, finding a partner/ finance for development.

Finding partner / finance for Loukos AND Rissana if anything is actually there?

Splitting company equitable.

So much hangs for success, on the reality of DW's data and financing.

The markets, and I, have lost a LOT of faith in CHAR BOD's perception of truth, skills and abilities.

BUT

Untill the doors are closed we can live in some small hope.

GLA

Rgds Sft

No trying to be the harbinger of more negativity, BUT...

What happens to Oil & in particular Gas prices once Trump forces Ukraine to take the knee....how quickly will and how many European countries abandoned US LNG vessel imports and revert back to Russian supply routes, such as they remain?

It's an interesting game that Trump is playing, as all I can see is American exporters loose out: the US became the world's largest LNG exporter in the first half of 2022 and 2024.

The games afoot and Trump will firstly find benefits for him and his family (Maybe that's why Jared is comming along) but how will it benefit the US ???

Sft Note: Of course I would wish for a GOOD peace for the Ukrainians above ALL personal interests.

Also of note the very biggest single oil producer that has been effectively removed from the world markets is Venezuela, although effectively sleeping due to gross negligence from Chavez and then Maduro but Trump is currently attempting regime change there, whilst playing peace broker elsewhere?????

Anyway just speculations (as usual) as we wait for the Anchois suprise party 🤔😬😂

GLA, rgds Sft

Will all this have an impact on our little project 🤔

Also interesting is the potential entry of:

In July 2024, Esso Exploration (ExxonMobil) signed two reconnaissance contracts with Morocco's ONHYM for offshore areas near Safi-Essaouira and Agadir-Ifni.

https://www.energycircle.org/news/onhym-and-exxonmobil-sign-offshore-licensing-contracts-in-morocco#:~:text=In%20a%20significant%20development%20for,and%20Agadir%2DIfni%20Offshore%20areas.

There is no information I can find as to the commencement dates of those offshore operations.

GLA

Rgds Sft

As discussed previously and taking in the valid considerations put forward from "some" posters, should Chariot have advised us (RNS) accordingly with regards to Rissana?

"...........The offshore Rissana license spans a vast area of 8,488.60 square kilometers, stretching from Asilah in the north to Kenitra in the south, and includes promising gas reserve sites. It is adjacent to the Lixus license, which contains the Anchois field known for reserves of around 18 billion cubic meters. The ministry has decided to extend the initial exploration period for Rissana UNTIL November 18, 2025, while shortening one of the complementary phases and modifying the technical program....."

https://www.assahifa.com/english/morocco/morocco-extends-chariot-energys-loukos-and-rissana-gas-exploration-licenses-to-2026/

ONHYM will of course be a bit busy with the 2026 development plans, the question we should consider is how much is Chariot depending on ONHYM assistance in Anchois?

ONHYM Plans for 2026 ( apologies if this has been posted previously)

https://www.japantimes.co.jp/country-report/2025/11/17/morocco-report-2025/onhym-contributing-reliable-energy-future/#:~:text=Benkhadra:%20The%20African%20Atlantic%20Gas,well%20as%20operations%20and%20maintenance.

My guess is very little for Rissana, as DW was still doing the rounds recently at the London African Energy Conference and as for Loukos; Vivio do not seem to have seen a business opportunity (as yet? flow testing/ more drilling??? we of course have not been advised as Chariot have gone very quiet on the "quick to commercialize" spin.

Rgds Sft

Weldone Marland. Very good.

👏

Rgds Sft

PS I see Sound Energy are near onshore production (Phase 1 micro LNG plant at Tendrara) with there 20% share, post farm in, possibly generating $6 mil P/A) at gas sales contract at just over $8. Then Phase 2 (new pipeline for potential at $90 million @ 20% = $18 million p/a under FEED ( FID end 25) and a additionaly to P2 a further 2 exploration wells operator Mana Energy.

Solar project and even a attempt at drilling for natural helium deposits?!

So if the assets can be "Proven" as commercially viable there is some cash out there.

20% could be an indicator as to what we can expect IF we can find a partner the offshore costs are of course bigger.

Note: Sound Energy have also around $37 million currently of bond debt.

https://joshthompson.co.uk/investing/sound-energy-moroccan-lng-hydrogen-half-year-2025/

🤔

Twas the night before Christmas, when all through the house, Not a creature was stirring, not even a mouse;

The stockings were hung by the chimney with care,

In hopes that St. Nicholas soon would be there;

The children were nestled all snug in their beds;

While visions of sugar-plums danced in their heads!

Kinda sums it up for us 😂

Kindest rgds Sft

Interesting I was looking to purchase some shares in MAST via Interactive Investor and can not as they have restricted all buying "This is a sales only investment" but you can hold or sell on the platform?

First time I have seen that?

Rgds Sft

Ahhhhhh one of the ADVFN lot. Unfortunately no moderators over there, and the individual share chat bb's generally gets taken over by a unsavoury set that have been previously banned from LSE.

So at least he has to keep his posts clean, if not mature or debatable on LSE, if not he will face the same door.

As he is not reporting to bad language, it makes me think he has been ejected from LSE before, hence hanging out on ADVFN.

🤔🙄

Cheers Klein57, true a new farm in partner would be ideal. I just can not see anyone stepping in until after the new 1 or 2 drilling / Flow testing results. With the A3 results and Energean pulling out (irrespective that it "may" well have been down to comination of A3 and failure of the sale of their assets) I think confidence on the Anchois has reduced and there now remains higher risk than what was presented at the original farm in.

We just do not know how potentially new partners are looking at the post A3 re-evaluation of the Anchois resevoir and costs, irrespective of the very generous tax breaks being offered.

So much is now going to be down to the newly (a big suprise) required replacement drill of A1 and possibley another required well AND flow testing. All now so very crucial. Again it's just added more unwanted risk to the project.

Also we still do not know definitely what the gas contract will be?

The shame is although; by looking and using A1 searching about the amount of hydrocarbon forming rock being presentin Morroco, although in thinner layers than say Algeria, there "could" be a LOT more hydrocarbons out there.

A 3d Seismic survey of Rissina, would have been a good thing to have got completed but it was not enough for Energean.

I really hope it was down to the failure to sell their assets and used A3 as the excuse and not that A3 undermined the whole block...DW knows but we don't but as we have not immediately secured another partner, its concerning.

Time is stretching out again and as money is, as ever, in short supply for operations, its so very frustrating.

One day I just hope we might get a good RNS on Morroco.

GLA

Rgds Sft

AI Overview

As of its H1 2025 results (published September 2025), Chariot Energy had a remaining cash balance of US$5.6 million.

Administrative Expenses: Other administrative expenses for H1 2025 were US$3.2 million, a decrease from US$5.0 million in the prior period, reflecting cost savings.

We have a while but we will need to see some type of input soonish.

The assumption is that ONHYM and Chariot will be securing financing from a presently unknown source and maybe using OneSubsea to build and operate?

Still the first part is down to a 2nd or even 3rd Anchois Well and flow test before FID/ Sanction?

Searches revealed NO confirmed rig bookings for 2026. There must be quite a bit of work and re-evaluation for where, what is the best way to structure and how its going to be financed?

AI search on question for any planned drilling in Morocco 2026

"In summary, while specific drilling rig contracts dedicated solely to Morocco in 2026 have not been announced following the Anchois-3 results, the development of the Anchois field remains a key priority, and drilling is an essential component of bringing this field into commercial production. The exact timing and scale of drilling will depend on the finalization of the new development plan"

Financing options:

1. A new strategic partner

2. Project financing from institutions...previous option was Africa Finance Corporation (AFC).

3. Government backing/financing

4. Equity investment/Capital Markets

All of the above is nothing new to us LTH's derisking the project will require the as said the 1-2 x drilling and flow testing so it's most likely that ONHYM will take that up and IF it goes well, then secure seperate derisked financing from such a source as the AFC or UEA led investors?

Unless they do find another farm in partner...not looking to good, especially if the can not get any takers for a seismic survey even ( Rissana).

Sunday musings only.

Rgds Sft

Foxtrot Oscar fella, we know and have done for several years.

Well that's the bid price now heading down to the most latest share placings price of 1.4p.

Us LTH's knew with out firm news from the O&G this was inevitably.

Still trying to find investors for RISSIANA, we are ASSUMING that CHAR have a deal in the oven for Anchois, Loukos ( the quick commercialisation) c/w VIVO MOU/ Business tie in all empty words, New "VENTURES" empty words (or another fund raiser project) and of course return to Nambia with our duster finding data analysing system's on hold.

What does this amount to Chariot BoDs used the promis of Morrocan GAS to fund wages and the renewables Arms at the cost of addtional drilling and flow testing to fully prove what we had (or did not have) in Anchois/ Rissian and Loukos.

Terrible farm in crashed the fragile ( Markets had no trust in BoDs) share price.

AP knows the game is up with the O&G are, will try and get it across the line with Anchois then see him switch to CEO of " NEW" renewables company. To spin there.

What a disaster the O&G company has turned out to be...investors have been IMHO actually been deceived as to where raised cash will be spent and led by men that are inept.

Rant over

GLA Rgds Sft

PS have a good weekend folks.

Hey Gobb,

It is rather concerning, DW has been flogging this for years now!

I suppose the other point(s) to considers is Chariot are, as from the African Energy Conference, STILL trying to get ANYONE interested in doing a Seismic Survey on the "clock is ticking" Rissana

Which obviously confirms that who ever is comming in to finance is ONLY looking at Anchois. This of course is understandable considering there is at least one more *well (added risk again) to be drilled and flow tested to fully prove Anchois for FID/ Sanction.

*Note: Remember share holders were not informed that A1 was in such a poor condition there would be another well required. I also wonder if our lot actually knew this as they had "reportedly paid to complete FEED on Anchois? At a guess it was Energean that looked at the gathered Stena Don well data and found that out, combine that with A3 "results" or Chariot, knew and just did not disclose the information to share holders. Either way another nail in the coffin of incompetence.

One point of potentially positivity is this (below) 2021 artical on Morroco and it gives decent information on the geology both on and offshore and speculation in the summary on why the area has not been fully developed.

Work a read:

https://geoexpro.com/productive-petroleum-basins-of-morocco/

As usual DYOR

Rgds Sft