Member Info for Surfit

Hey Wiggly, was writing the above before you posted, so did not see until I hitt send.

I think some money needs to be spent on FEED again can't fully complete that until (imo) A4 and flow test confirmed.

I do not agree that its fully derisked, the safe bet is will be drill right next to A1, but the flow test needs to be done, I do not belive CHAR have Fly confirmed production flow rates, so have they confirmed to offshore pipeline size, hinted but not confirmed.

I agrees the markets do not trust small caps, especially after 18yrs.

I agree I am pessimistic ( very) once I see the deal and A4/flow drill test results, and gas contract we can start to see any potential income generation....that's going to be aWAY off....we need more cash before then.......

Kindest Sft

The reality as before is we need money to:

Anchois Drill an A4 and flow test.

Then if A4 is drilled in the right place AND the flow test confirms the resevoir production rates - is this from a new operator partner or secured seperate financing?

We need the gas contract prices confirmed.

Then do we sign a new farm out partner or secure consortium financing the project?

If we secure a consortium we will then need to sign them AND OneSubsea

Money for working on the new FEED, as prices will have changed. Lead time on equipment (onshpre CPF, Pipelines (on and offshore), 2x subsea Trees, 1x manifold and vessels (Rig, pipelay and seperate construction ROV vessels)

Then Sanction

Then move into development.

My guess is that 3yrs

We then need money to keep the OnG going for that time.

Money for Loukos, Nambia and these "other" already up and running "ventures" they are talking about????

Then of course we have supposedly raised the cash for separating the two companies.

Will they sell or split 🤷‍♂️🤷‍♂️🤷‍♂️

It's all very uncertain how they will do this and benefit LTH share holders????? 🤷‍♂️🤷‍♂️🤷‍♂️

Rgds Sft

Hey GP, I think they have had to address the real fact of over 18yrs the company finds itself with 1.58billion shares, worth 20million and a SP of 1.7p.

So they are spinning it as an evolvement, rather than abject failure, its still to be confirmed if Anchois (2 wells maybe) will get to production, chances are it will, but Lixus, Rissian and Loukos 🤷‍♂️ we do not know how good the data really is. The reality is NO ONE is biting thier hand off to get in....that's a BIG indicator.

I, as usual, think that the markets have zero trust in them.

NO broker would advise any investor to input into any of thee venture because it all sits on no base of income.e or proven fiscal success at ANY time 🤔 ?

It MAY change but no one is seeing the great gas deposits to build a secure base from or fiscal clarity or professionalism. IMHO.

Rgds Sft

😂 very good Ianfer.

C&W guy hey, this is my current favourite song at the moment, and the kid has got more control than I now have on this investment 😬 😂

https://youtube.com/shorts/1hpvz5jlpno?si=qwDoxTctrcRpYa2B

Always open for a suprise Wiggly, just sick of all CHARs bad ones.

🙏🤞GLA

Best Rgds Sft

Hey GP, I am afraid I must disagree with that very inflammatory comment: "They are providing next to zero support to our floundering SP?"

GP IMHO it should read "they incapable of knowing how to run a company and are directly responsible for our destroyed SP" 🤔😂

When you think in those terms the actual reality of the situation and why we are like this, sits clearer.

Kind rgds Sft

Very minor, but interesting point was Chariot having posted that artical on LinkedIn had 17 likes. One of those "likes" was a gentleman called John Richardson, who's title is "Early Engagement Global Manager at OneSubsea an SLB company"

https://www.onesubsea.slb.com/

🤔

Rgds Sft

Good find Gardie.

It probably does not hit the price sensitive threshold that an RNS demands:

IMO it's a bit subjective but the good news from ETANA will not materially influence the finances of the company, on this occasion?

Google search results:

"An AIM-listed company must post an RNS (Regulatory News Service) for any information that could be considered "price-sensitive" and might have a material effect on the company's share price. This includes events like a fundamental change in holdings, a major contract win or loss, or other inside information, as well as periodic reports such as half-yearly and annual financial results. Companies must notify the market of substantial transactions and related party transactions exceeding a certain threshold (TR-1) without delay"

Rgds Sft

Good info Jt. Thank you.

I did hear 1 for 1 before but I was thinking that would be assuming each new company was of equal value, I am guess that there would have to be an independent valuation placed at a certain point and then as close as possible allocation relative to the valuations.

I will try and do some Internet searching for anything similar that has happened before.

The share consolidation is something that has worried me once they started going over 250 million shares, if not before. When raised before (bb) it was voiced by other posters that it would also cost AP.

If we split aprox 1:1 it would it would possibley negate this but even at 750million its a ludicrous number for such a small company('s).

Still good to hear regarding AP, one has to at least respect his commitment, if not his salary or selection of personnel.

My personal hope is you do not have to jump to my side of the fence and I end up on your side and talking about future opportunities....🤔🤞

GLA

Rgds Sft

Cheers for information Fernan, my reply to Jt covers your comms too...I think.

While your both here, do you have any historical knowledge on how shares are divided out when a company splits into two seperate ones, as our BoDs are "proposing"

I have not experienced this before, and am looking for any past examples?

Best Rgds Sft

Hey Jt, many thanks for the direct conformation and actually asking the question directly to BoDs at AGM.

I think we might have had this conversation before, at least the concern over licenses expiration, it's just that with no RNS being issued about this extention and the time periods it's another oversite on communications on a rather important point I.e. Other company's notify of licence extentions and termination dates. Then renewal and the time period.

It does remain interesting that Rissana licence contract ends 18th November, one WOULD expect that they WOULD granted a further extention to Rissana, but it was only extended by 6 months WHY? Loukos was granted the year, if I remember correctly.

I belive its the Ministry of Energy Transition and Sustainable Development (MMEM) who grants exploration licenses in Morocco (not ONHYM), so (thinking on WHY) let's hope that another company has not approached them with money and a time scale for exploration...my guess is that MMEM want CHAR to pull their finger out and work hard getting exploration actually happening.....IMO

My faith in when AP says "not to worry" is not possible the same as yours ( I respect that when you said it felt positive at the agm), he said the same about A3 😬.

Again thank you for some assurances, but my faith in these people is rather low and will only be changed AFTER they actually deliver a contract of real value and that one that can cover G&A costs 🤔 and even operation cost too.

All the best Jt, rgds Sft

If you can find more accurate information, please post, your / any input is always good to cross check with.

Kind regards Sft

Klein57,

Information taken from link, hence the reference

I checked before posting for a specific RNS from and forward of the artical date.

That's all I have to go on 🤷‍♂️

Rgds Sft

The sickening thing is, they will still need MORE money soon enough..there was already one raise for the "rapid commercialisation" flow testing OBA-1but that went into feeding the rest.

The CFO, Julian Maurice-Williams (Chariot since 2012, CFO 2015, and Duncan Wallace ( Chariot 2013 and Tech director 2020) are some men.

Even if they managed to get Anchois and an SP up to 12p with out income its another raise of the deceptions on another highly speculative Loukos.

If Loukos was looking really any good it would have been picked up by now.

My guess is the market and operators do not trust the data that Chariot and the CPR have issued.

We loose Rissina on the 18th November 2025!!!!! and Loukos 2nd March 2026

Reference:

https://en.7news.ma/chariot-energy-wins-extra-year-for-loukos-and-rissana-gas-exploration/

We must have missed the RNS letting us know that 🙄

What happens to the SP then? 🤔

Rgds Sft

Rgds Sft

Rgds Sft

18yrs of trying to be an O&G exploration company with a SP of 1.75p and 1.58 billion shares issued 🤔

AP has to realise at, some point, the team he recruited are not to good at the job.

He was forced to step into the CEO position (rather than just founder and director) to try and salvage the situation after the last Nambian duster, was promised Anchois and Morroco was the one, they negotiated a farm in from the "40" contenders that resulted in a one drill gamble, with minimum cash injection, with no secured build of Anchois, did not hold Energean to the contract (Seismic survey's of Rissiana), no penalty protection / insurance, the hand back does not seem to have secured a revist of obe of the "40" probably due to funds for flow testing and "discovering" A1 is not fit for production therfore requiring a 2nd drill

( reintroducing risk again) and it now looks the only party intrested in the white elephant is ONHYM?

Rissiana, possibley few months left until the lease, after not being subjected to seismic or exploration, expires ( only a 6 month extention granted)

Undefined amounts of cash raises (raised on the back of Anchois/ CPR/ farm in/ Loukos will provide imediate commercial returns) smoke and mirrors diverted to the renewable projects that AP sees and sells as the new black gold. ( but neglects to time line and cost).

It does feel that these guys are snake oil men, working in industry's that they are not very good at.

IM (and the whole market's )HO.

I feel even if/ when these clowns announce a deal it will be a bad one.

🤷‍♂️

GLA Rgds Sft

Comprehensive and positive reply Wiggly.

All we need is VIVO to agree, nothing has come of Lokous since Chariots data been out there for some time and the last official data about it was in June 2024.

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

When you were at the AGM, I belive they did not give an update on status? Hopefully it's going well.

Time line for an announcement regarding Anchois and any partnership anf development plans could drop any day. Hopefully it's going well.

We are under a time line to hand Rissana back if it's not subject to exploration.

My personal hope is following success on both of the above, they do not sell the renewables and we get an equal split (or options on % allocations).

It would significantly help with the amount of shares in issue and in theory, if split 50/50 we could, IF having gained farm in on Anchois and Loukos also benefit from instantly going from 1.58billion shares to 754million shares, which would also have a significant impact on both 2x new companies!

What are your thought on options on share split for the two companies?

Rgds Sft

More on Egypts investments in drilling:

"Egypt aims to drill approximately 480 oil exploratory wells with investments exceeding $5.7 billion over the next five years, Minister of Petroleum and Mineral Resources, Karim Badawi, said at the World Energies Summit in London.

Oil & gas exploration plan

Badawi said that this is part of Egypt's plan for oil and gas exploration and research over the next five years.

Egypt plans to drill approximately 101 wells in 2026, with 67 wells in the Western Desert, 9 in the Gulf of Suez, 14 in the Mediterranean, and 6 in the Nile Delta. Badawi added......."

https://www.forbesmiddleeast.com/industry/energy/egypt-to-drill-around-480-oil-wells-with-investments-exceeding-%2457b

Is Morocco missing out as investments head to a proven area.....

Again the questions we must consider are:

1. How does the rock strata look for reservoir formation?

2. How much of the identified areas of potential has been subject to Seismic Survey.

3. Why has Morocco prioritised a LNG port and pipeline infracture build.

4. What does Chariots re-re-re-evaluated data indicate for Loukos, Anchois, Lixus and Rissana.

5. If Chariot secure a partner for Anchois A1 Redhill (i.e. an A4) and flow test will there be further exploration.

6. Why no news on the onshore Loukos: OBA-1 "Rapid commercialisation" What's the data indicating. After all onshore is SIGNIFICANTLY cheaper to explore, appraise and develop than offshore. Obviously Anchois has been CPR and CHAR reported as holding significantly more reserves. BUT what has happened to the VIVO RNS reported collaboration?

Answers maybe via Chariot but they are not saying....(yet 🤞) why? Is it because negotiations are ongoing, previously a lot was banded about regarding "Data rooms". Now it's radio silence as the last raise was to fund a separation and not an OBA-1 flow test.

Thoughtfully Rgds Sft

More gas exploration drilling in Egypt

"BP has signed a contract with Valaris, an American offshore drilling contractor, to drill five new natural gas wells in its Mediterranean concession areas at a depth of 300-1500 meters, utilizing the Valaris DS-12 deepwater drilling rig. The agreement marks the next phase of bp’s new drilling program in Egypt. This follows a preliminary Memorandum of Understanding (MoU) signed in September with the Egyptian Natural Gas Holding Company (EGAS) in London to implement the program...."

https://ogv.energy/news-item/bp-uses-valaris-deepwater-rig-to-drill-5-new-gas-wells-offshore-the-mediterranean/

If only A3 had been a big strike, still the more thats getting done in North Africa, the more it keeps Anchois relevant and us in with a chance of getting some one interested 🤞

GLA

Rgds Sft

Interesting to see the latest news from Shell single gas well asset: Victory

Wonder how ALL the stats (development costs, time lines, sizes) fit when compared to Anchois. Obviously we are a bit bigger having two production well/ trees and are required to build our on CPF but maybe worth doing some comparatives?

https://www.shell.co.uk/about-us/news-and-publications/media-releases/2025-media-releases/victory-gas-starts-up.html

It would be very intresting what they plan for the next rig visit....just the one well (to replace A1) and no other exploration drilling squeezed in?

If they did ( +1 drill) that would be VERY exciting but not sure how long (costs) a flow test takes offshore to satisfy FID/ Sanction criteria?

Thoughts Fernan/ Surety/ Oiltdr

Rgds Sft

Fair point Ianfer, I suppose it could be his way of holding the shares I.e. under Westwards

If his holdings are also identified as 9.1% under the "chariots directors holdings" as well its highly unlikely Westward would have matched exactly 🤷‍♂️

Rgds Sft