Member Info for Surfit

Thank you for the AEW post Jt.

So it's an obvious push to get the Rissian exploration progresses and only a 3d seismic. Which would fit with the licence time line concerns.

Interestingly this seismic was what Energean had contractually signed up to do as part of their farm in but were allowed to walk away from.

That was a pity.

No pitch for Anchois or Loukos so hopefully, maybe, possibly those have firm discussions underway.

What's the cost of a offshore seismic: Vessel, team and equipment $70 - 100k a day, time 3 to 4 weeks: $1.47 to $2.8million..very rough guess with a wide range, the lower end might be more accurate.

No idea on processing costs.

It helps that Anchois has found gas, it's better that if some one approaches them that they can say privately they are in advanced stages for commercialisation of Anchois.

Note: Although as we know that can not fully true as there remains risk for FID/ Sanction due to A1 needs an A4 drill and a flow test to final prove the Anchois flow rates and there for extent and size of CPF, pipelines and subsea assets ( IMHO, DYOR).

Still depends on a a operators appetite, at the moment Egypt is getting all the offshore attention and funding.....I would have prefered to see DW in the UEA....although someone has been there or was ACWA Power in South Africa before the issue of the MOU???

All speculations on my part 🤔🤷‍♂️

Best Rgds Sft

His job Fernan.

When they do split I can't see AP continuing to bale the O&G side out. His attention has shifted to the future and the renewables.

If they can't "sell" Morocco it's done for.

They can't split BEFORE a Gas deal is signed as the they are done for,

If / when they get a farm in, the deal will be scrutinised to see if it can then get any part of the company do production.

If not it will be another attempt at dangling a carrot: Maybe that will be Loukos, maybe Nambia or maybe a new investment idea on an existing (dud) asset that will magically bring in review revenue, but we just need to raise a bit to invest in this field called Unicorn.

All very intresting stuff, although surprisingly, I remain negative and am sharpening a taller spike in preparation for Duncans usual tactics of snatching defeat from (ANY potential) victory. Its Clown ally out there and he remains the head giggle.

When a Morocco deal does come the market will quickley let us know if its any good.

On a lighter note: Appreciate the information feed Suret and your specific attention to what's happening in SA: It will be intresting to see what the ACWA Power intent is with Chariot, is it the free wheeling, what else's has, as Fernan considered (about gaining access from a company on the ground), does Chariot have that could possibly interest ACWA with the announcement of their target area of Southern Africa? Mauritania and Morroco are NOT in Southern Africa?

SO what is there?

As usual: GLA, best regds Sft

Hey GP, I got it. Hence my attempt at humour.

CHAR has been a challenging investment. Let's hope that H6 'lesser' watch has been sitting in the garage all along. CHAR BoDs have certainty been comedy gold, it's just not been as amusing viewing.

GLA

Best Rgds Sft

Nice one Rodney

ObsCure, I read an artical on Micheal Burry:

https://cybernews.com/ai-news/michael-big-short-ai-revolution-bubble/

Your thoughts could be on point.

Rgds Sft

CHAR is a hard lesson for those that enter by just beliving the company story's.

Caught out many a speculator jumping in on the big falls with the belif of gains, I don't think anyone has escaped without a loss.

Some of those we have been listening to, will quietly exit.

🙄

Rgds Sft

Well that's the first time the bid price has dropped below 1.7p in a while. Disappointing, but still remains above the 1.4p share (23rd May 25) and the subsequent all time low of 1.31p (13th August 25.

Time and the lack of real news on the company's ability to deliver fiscal security by generating any meaningful income.

Furfilling the company main directive in being an exploration/ development O&G company in it only asset base is as usual disappointing share holders and the markets.

A GOOD DEAL is required Duncan Wallace or resign.

I am actually starting to belive the 1.68p is now getting attributed to the cash left in the bank and the PRESENTLY meager opportunities in renewables.

Let's hope several deals are concluded on Anchois/Lixus, Rissina and the "fast track to commercialisation" ( see previous RNS's) of Loukos....." IMMINENTLY"!!!!

GLA

Rgds Sft

I agrees Starbanker1: The thing is with CHAR they need to make something of ANY MOU's they sign, previously we can look at: VIVO, Project Nour, Total Eren, Port of Rotterdam, Mohammed VI Polytechnic University, Oort Energy...just as a quick memory recap.

ACWA does sound good but it seems that it looks and sounds good, especially when promoting an image of being a energy ( Renewables, Hydrogen, Gas or Oil) player.

They actually need to do there jobs and generate income. Yes they can be a billion dollar player but as said before there are a lot of companies that have done considerably better than 1.58billion shares, 4 million in cash runway and a 1.7p share price.

Anchois...maybe

Lixus 🤷‍♂️

Rissina 🤷‍♂️...exploration extention required

Loukos: Vivo 🤷‍♂️...too quiet. Seems a fail on the "quick comicialisation" as they did not waste money on a flow test OBA-1 or more exploration. If there was REALLY good results they would have self raised a 5-10millon loan.

Hydrogen Nour 🤷‍♂️ stalled ( 2030 was a number mentioned)

Hydrogen Morocco 🤷‍♂️ stalled no update on electrolysis pilot project...means: probablely not started.

Good points Etana and Djibouti but what ever is left after costs is not paying for anyone's wages...even the cleaning company looking after the London office.

It as ever hangs on the reduced "possible/maybe" gas side, which is 3 years from any form of production, then we would have to probably repay the carry, its obvious there is no free carry comming our way.

They keep spinning the plates but untill they serve a meal, they are still only spinning. IMHO.

GLA

Rgds Sft

Hey Fernan, thank you for the information and background.

When explained the way you have, it looks even more interesting. ACWA power have every thing Chariot want and need.

🤞

GLA,

Best rgds Sft

A MOU on its own, especially after the many that the BoD's have signed over the years, BUT what we should consider IS WHY would such a large organisation consider CHAR? I do not understand that at all?

I will just park it and wait.

What remains our concern is cash flow and developing suitability.

We need an RNS on Anchois or Loukos!

Rgds Sft

Hey Marland, I recommend caution on numbers, pulled by out of the either or proposed by Chariot

AS NEITHER

OBA-1 or Anchois-2 have been flow tested.

If my simple google searches are correct they can flow test up to a month onshore but try and reduce that time offshore, a week according to such searches.

I think the Drill Rig (Semi) Stena Don current costs are around $400 to $500k per day.

We do not know what Chariot requires to determin the extents of Loukos's reservoirs, you woul dassume they would need more onshore drilling.

We must also consider, why have chariot not tried to commercialize OBA-1 immediately IF there is a secure guarantee of income? It may be that they have been pushing for the best gas rates, or they are too uncertain on the flow rates and due to low cash run way do not want to risk it.

Anchois: After both Energean, a seperate review (CPR) and Chariot own data reviews the farm out only catered for another single drill for the Anchois reservoir, after that was below expectations Energean dropped it, again there could of been other factors such as Energean failure of offloading planned assets and/ or combined with not getting the required gas rates, they would I assume have to be lower than LNG gas imports.

So much remains unknown to us.

What does look to be apparent none is biteing Chariots hand off to get in on the party.

BUT

It may all be going well, but even at that last African conference 2025 it seems to me they were still trying to promote the onshore Loukos/and Circles LAM-01 field geology.

Time will tell, all useless speculations really when Chariot will eventult let us find out.

GLA

Kind rgds Sft

not sure what The extent of the resevoirs are not fully mapped, again

Hey Marland, there are no flow rates for OBA-1 but doing a Google AI search posing the question, this is what came up:

"The OBA-1 well has not yet been tested, so there is no official daily production rate. However, preliminary analysis indicates potential gas pays, and a flow test is scheduled to determine its productivity. A separate agreement for a separate project outlines initial volumes of up to 3 million cubic meters per day (m³/day) of gas from the Loukos license area.

OBA-1 Well: The OBA-1 well is currently being prepped for flow testing, which will determine its productivity and resource potential.

Potential Daily Flow: There is no confirmed daily production figure for the OBA-1 well yet.

Related Agreement: In a separate agreement for the Loukos license area, Chariot has a heads of terms to sell initial volumes of up to 3 million cubic meters per day to a CNG business, but this is not a confirmed flow rate for the OBA-1 well...."

End

You really would think if OBA-1 had the potential they would flow test, even if it was for a week?

Rgds Sft

I wish I had offset with short these last 3 yrs 🙄

😂

4.33% spread a few chunky buys on the lowering, looks like Harry's picking up a few more today...🤔........😂

Rgds Sft

Well Harry, I am known for being a touch pessimistic but I am assuming that Anchois is commercial other wise the directors would be misleading share holders and "In the UK, directors of an AIM-listed company who mislead shareholders face serious civil, regulatory, and criminal consequences, including fines, imprisonment, and personal liability. Shareholders and regulators can take action against both the company and the individual directors involved...."

So I am not sure that your sentiments stand up.

I think that Nambia is a long shot and Chariot have yet to prove their abilities to accurately assess geological data, I do not think people have a lot of confidence presently.

I am also a bit concerned regarding Nour and Morroco regarding the Hydrogen/ Electrolysis situation. Again if TotalEnergies have decided to shelve the partnership (or their commitment to it) the company BoDs are duty bound to inform the market/ Share holders.

My thoughts are that Chariot have ran out of money and not even started the pilot project....hence "its been paused". Which is typical of Chariot I.e. under reporting what not been done.

Renewables is imo part of building a portfolio of experience, alongside the Djibouti desalination project: Hydrogen, wind, solar and water desalination as I see it are all required (not in different countries) to fit to get Nour feasible? Correct me if I am wrong on my understanding of Nour

It is my opinion that Chariot, IF they get the cash, see that as a significant company....they of course are a long way behind the curve in that there are specialist companies out there that are way ahead if the curve.

The question is WHAT are the two ex AEMP men: Laurent Coche: Green Hydrogen CEO, Benoit Garrivier: Transitional Power CEO trying to really achive.

Chariot project big ambitions in the renewable area but how they intended to achive it in 5 years ( CHAR have stated the project Nour in 2030....not sure what they mean by that: i.e:. ready to tender, ready to sanction or operational is anyone's guess 🤷‍♂️.

They are good at the talk but to date very very short on delivery.

Rgds Sft

Hey Surety, thank you appreciate your thoughts.

I must say )again) thank you for going to the AGM and your feedback. Obviously we need real news on one of two the gas assets to materialise, but it will be interesting, to say the least, on how they bel8ve they can generate sufficient income for the +7million in outgoings.

Did not think about them not listing the renewables through the London AIM market, as its Africa focused it may happen but would that restrict loans, exposure?I.e. AIM although loose is UK centric. Good point.

I was hoping it would remain in AIM and then share spilt according to each company value, and reduces our total number of shares in each company...not 1.58 billion in each.

But it's all very much of an unknown, and until then they would not get any institutional or larger investors committing?

Still hinges on the gas for cash.

I would like to here more on the Hydrogen, I see JCB have put out for production their 1st H engine.

Have you had the annual report through the post yet? Last one I had was 23's report waiting on the 2024 report. I like the auditors review in the back pages.

Rgds Sft

Hey Surety, I am hoping (and think) that Chariot will hang onto their renewable interests, after all they diverted funds to buy in the AEMP team and try and develop the large investment opportunities renewables and Hydrogen pillars.

I belive Adonis was the main driving force in this direction, once he stepped up to CEO and realising the consistant "issues" with the exploration side and the African opportunities (needs/ requirements) in developing alternative Energy via the relative cheapness and ease of development via renewables (Wind/ Solar).

As we appreciate it just been made significantly more difficult to develop following the poor farm in and A3 I.e. no real free cash cary and no income STILL.

GrowthPoint I can see that ETANA could look attractive to GrowthPoints direction (there investment in energy development) especially as its all been set up now. Just depends if the think it's easier/ cheaper to set there own wheeling enterprise up or wait and see what happens with Etana?

I still do not see how Chariot are going to manage the cash flow and G&A out goings with still no income??

Question: Have you found any examples of a company that has split into two in AIM or LSE?

Its going to be imtresting to see how the share split allocation would be done, as there seems ( as said by others) there seems to be no value placed on the Renewables / Hydrogen side of the company.

Rgds Sft

Ai overview search on LAM-01:

The LAM-01 well, a gas discovery on the Lalla Mimouna permit in onshore Morocco, was drilled by Circle Oil in 2015. The well was successful, with the primary target flowing gas at a stabilized rate of 1.9 million cubic feet per day and the secondary target flowing at 1.1 million cubic feet per day. This initial discovery provided positive results for the company's gas exploration efforts in the region.

Location: The LAM-01 well is located on the Lalla Mimouna Permit, in the central part of Lalla Mimouna Nord, onshore Morocco.

Operator: Circle Oil PLC was the operator of the well.

Completion: Circle Oil completed drilling at the well in June 2015.

Results: The primary target flowed gas at a stabilized rate of 1.9 million cubic feet per day, and the secondary target flowed at a stabilized rate of 1.1 million cubic feet per day.

Significance: The success of the LAM-1 well was considered very encouraging for expanding Circle Oil's portfolio of gas fields in Morocco.

Subsequent activity: Other wells were drilled on the permit, but with mixed results; however, a later well (LMS-2) showed similarities to the LAM-1 discovery, and testing was planned.

Addtional search on commercialisation:

The gas discovery at the LAM-01 well on the Lalla Mimouna permit was not commercialized; the company that drilled the well, Circle Oil, noted the discovery but did not go on to commercialize it. Subsequent drilling and development on the permit have been associated with different operators and discoveries, such as SDX Energy's LMS-1 and LNB-1 wells, which were successful and are in a developing region for gas in Morocco.

Rgds Sft

Bid price has actually dropped a bit from 1.74p to 1.70 but the ask due to the spead (+15%) has been pushed up +1.8p ( at time of posting)= MM play. IMHO.

Rgds Sft

Nice find Jt, reference the photo: Wonder what the LAM-01 discovery is....thought it was OBA-1?

Rgds Sft