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Well GP, another RNS just issued today. Was rather excited but then disappointed as its just part of the recent deal that AP/ CHAR BoD's surprised us with and continues to use further dilution to fund.
It really is NO suprise that we only have 1.7% of shares taken up by institutional investors to date:
Ownership Breakdown
Institutions 1.7% 16,133,696 shares
Private Companies 8.9% 85,143,102 shares
Individual Insiders 9.6% 92,145,383 shares
General Public 79.8% 766,339,919 shares
Ref Simpley Wall Street CHAR report
As before Anchois/ Linux has great financial potential.
Still waiting on
1. The actual REAL sign off of the gas supply contracts. Not the time filler previous related RNS's.
2. The actual finance details for the build of the project?
A. Is it CHAR issuing bonds to a banking group or venture capital investors (possibly why we have no ii's coming in as a bond would guaranteed a return rather than investing in the shares)?
B. Will it be financed by a farm in operator partner (as before they could be in negotiations for Anchois AND also future drilling????? I still belive/hope/fingers crossed its TotalEnergies!!!!)
C. It would be ludicrous to consider issuing further share of such magnitude.
3. FEED must be close to completion and there should be a RNS issued stating this at some point. It could be accompanied with the commencement of FID BUT I would have thought points 1 and 2 MUST be defined before FID commences?
I still reiterate the BoDs have not disclosed any real finance plan costs and expected returns on the renewable arms of the business. That I find a real point of financial and business confusion.
Would any one invest in CHAR on just the renewable arms as its presented presently? I think NOT.
BUT that is not to say what they are doing will not be successful what is worth rereading is this artical back from May 2022...looking then to now
https://energycapitalpower.com/chariots-3-5-billion-mauritania-based-green-hydrogen-project-secures-european-export-route/
Clear and prudent financials is what everyone is looking for from the management team Adonis, let's get that delivered please.
Allspeculations and of course the same musings as a month(s) ago.
GLA
Rgds Sft
I know and was my point, they can of course by more blocks (not the 10%er left) and try Nambia again?
(AP was also part of the company then too)
But that means raising more cash (further share dilution again).
What do you think......?
Really makes me wonder about "investors" sometimes?!!!
https://www.namibian.com.na/99759/archive-read/Chariot-Oil-strikes-out-again-UK-BASED-Chariot
It costs a lot to drill and fail.
Sorry I am just a bit miffed, because I wanted funds for Tesla, am being too impatient (and worried about the BODs intentions on financing) on Anchois+ and lack of transparency on their renewable arms.
Rgds Sft
Hello ianfer,
You could also think he looks busy with all thoses other appointments, are we getting our $518k.
Company management and financing (the company suffered 50% share dilution) are rather important, that and not getting sucked into the opinions of bb posters, how ever knowledgeable they appear (or think they are).
As long as you actually do some research of your own.
I like to try and find out about the management team and what there history is like.
https://www.miningmx.com/news/diamonds/41033-petras-founding-chairman-adonis-pouroulis-steps-down-from-board-after-23-years/
AP also has an investment company that bought quite a few shares of CHAR also.
What could also be understood is that with such a high % of shares being owned by the "general public" and the largest share holder being AP (approx 9% not including the % via the private finance company) AP has a lot of control and is earning (salary) accordingly.
Not sure what he is earning from the other companies he is involved with?
But YES your comment is also very valid he had a lot of experience now.
The Gas project is a sure income stream that was the reason I invested. I am concerned about the renewable and Hydrogen arms of Chariot: I am not seeing sufficient information on where, how, how much and for what return put out by the Company.
All just my opinions, I can over do it on the negative risks
BUT
We do not have institutional investor support..maybe they have lost a bit of faith in AP since he has been involved in Chariot (and others) that AIM listed in 2008 and correct me if I am wrong but has it made any money ever? Not bad salary for living off the financing....maybe that is worth some considerations.
Again I AM NOT detracting from the significant opportunity that Anchois (CPR confirmed) and the Linux field offer CHAR.
Rgds Sft
So AP is still on the board of a few other "enterprises"
CHAR Ownership
Ownership Breakdown
Institutions 1.7% 16,133,696 shares
Private Companies 8.9% 85,143,102 shares
Individual Insiders 9.6% 92,145,383 shares
General Public 79.8% 766,339,919 shares
Again from Simpley Wall Streets latest report
I think the general public ownership may have actually gone UP???????
THAT ROAD SHOW REALLY WORKED..hopefully still sitting in the wings .?..?.?.?.?.?
Rgds Sft
Adonis Pouroulis
Co-Founder
US$518.00k
Julian Robert Maurice-Williams
CFO & Executive Director
US$410.00k
Duncan Wallace
Technical Director & Executive Director
US$410.00k
George Canjar
Independent Non Executive Chairman
US$138.00k
Andrew Hockey
Independent Non-Executive Director
US$50.00k
Christopher Zeal
Independent Non-Executive Director
US$50.00k
Note Mr Pouroulis is also the Founder of Pella Resources Limited. Mr. Pouroulis worked in the natural resources sector and has an extensive experience in the exploration and mining sector and a wide network of industry relationships across the African continent. He served as Non-Executive Chairman at Desert Lion Energy Inc. and served as its Director since June 2017. He was influential in the founding, development and listing of a number of other natural resources companies including Chariot Limited that floated on AIM in May 2008, Chromex Mining and Mukuba Resources.
He continues to work with a pipeline of other early stage private companies such as Benzu Resources Limited, Alufer Mining, Centrale Oil and Gas, Helios Oil and Gas and Rainbow Resources. He serves as Non-Executive Chairman of Alufer Mining Limited. He serves as Chairman of Benzu Resources Limited. He served as a Director of Petra Diamonds Limited since March 1997 until May 1, 2020.
Addtional info
Below Fair Value: CHAR (£0.16) is trading below our estimate of fair value (£2.54)
Note: What is the Fair Price of CHAR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Reference: Simpley Wall Street
Rgds Sft
Google says:
https://aim-watch.com/project/price-monitoring-extensions-explained/
Hi GP,
I live in hope that the BoD are actually still in negotiations with Total (and others) for a farm in. This is by far (imo) the most prudent and realistic way forward for a company that has NO history of being an operator. It will work me if we do not accept a less than ideal deal. Again if we are using their established "expertise" in the other arms why not this near term (leading into long term future) cash generation area?
My hope remains that the sticking point is the negotiations on future development of both Anchois AND the rest of the field/blocks? There could be sticking points on % and timelines.
Again as I have previously questioned Total (or another operator) would bring the whole package if experience, expertise in both operations, environmental and safety not of which CHAR have.
As to buying out, we'll that would be an easy return for a short term investor (nothing wrong in that btw) but realistically not going to happen. I am not seeing operators snapping up in that way much now, but as its purley a gas field it's NOT impossible.
I belive we need some fiscal security ASAP.
GLA
Kind rgds Sft
Oil and gas giants, France’s TotalEnergies and Italy’s Eni, have completed the transfer of a partial interest to Qatar’s QatarEnergy for two offshore blocks located in Lebanese waters.
https://www.offshore-energy.biz/qatarenergy-joins-totalenergies-and-eni-on-two-exploration-blocks-in-mediterraneans-gas-rich-waters/?utm_source=offshoreenergytoday&utm_medium=email&utm_campaign=newsletter_2023-01-31
I still expect (hope) that the BoD do the sensible thing and get Total onboard, I am though beginning to have my doubts. They seem very willing to partner on the clean energy side, so why not in the Gas side?
Are the dragons asking for too much of a percentage? Remember AP we have NO income at the moment NOR will we have for ANOTHER 2 YEARS!
Rgds Sft
Hello All
I agree on the face of it the acquisition fit very well with the company's Chariot Transitional Power requirements.
Financial security and how the time line on that progress in the 2 arms with regards to that side of business remains of some concern/unknown quantity
What are we really getting from this company? It maybe that their containerised technology is of significant value. What are their financials: do they have debt, what are the addtional annual operating costs, are the profit making already?
What other plans do they have, to me it still seems rather open-ended and I to not see a clear map forward on what is required, what it will cost and then what are the expected returns....am I missing something?
The Gas project seems to be a clearer path both in finance (apart from if they intend to farm out or self finance and then repayment terms).
Again...the Chariot Transitional Power side seems to be unclear? We are getting plenty of suprise RNS's, costs, timelines and again where is the clear business plan/path???
Is it normal for a company to be this vague?
Sincerely Sft
Can anyone confirm:
1. Where the $1 million worth of shares are comming from?
2. A bit more news about the new company would be good to:
https://www.eneowater.co/
https://www.companies.sg/business/202008794Z/ENEO-WATER-PTE-LTD-
Pity we keep spending share holders money, when there seems to be lots of potential investment out there?
Rgds Sft
Following on for clarity from Fraserd post regarding Predator's well drill issue:
"Predator said this was a result of encountering “extremely stick clays” in a formation over the Moulouya Fan primary objective............
The prudent and safer option was to suspend the well and leave it in a state to re-enter once a better understanding of the mud programme required to drill this particularly complex interval efficiently and cost-effectively.”
This is “not the result we wanted”, he said, but the “pre-drill objectives and potential resources remain unchanged"
https://www.energyvoice.com/oilandgas/africa/ep-africa/478057/predator-drilling-suspend-mou/
Rgds Sft
Last company published made on Namibia was in the 2021 Final Results
Published on Wed, 22nd Jun 2022 07:00
Reference RNS Number : 7104P
https://www.lse.co.uk/rns/CHAR/2021-final-results-s84jhdzz4j6jifk.html
"Other licences
· Whilst fully WRITTEN DOWN, Chariot has retained its interest in its licences in Brazil with NO WORK commitments going forward and will host datarooms for interested parties as required.
The Central Blocks in Namibia have expired but Chariot retains a 10% back in right in the Southern Blocks as a low risk FUTURE option"
END
Best forget about the Namibia "adventure" (imo)
Rgds Sft
Good summary BDC, and thank you for including the RNS information as reinforcement.
It's moving forward and as you and AP comments make clear it's very important to Moroccan energy to get the project details completed but so all parties feel the right deal is struck. CHAR are already getting a notable tax break as incentive.
Best Rgds Sft
Courtesy of Freshair from KISTOS bb
https://moram.eu/the-great-shift/
No mention of CHAR but they do consider North African supply as important for Europe as LNG supply increase will take time I.e. vessels building facilties.
Any one else agree that the delay on signing off on supply price must be down to "delicate" negotiations:
CHAR what it for as high and long, Moroccan Gov (Country supply, Budgeting, elections, growth) will want it as low as possible...they MUST have influence in ALL negotiations.
But as a partnership (ONHYM 25%) it could be tricky as will ONEE (Office National de l'Electricité et de l'Eau Potable) have some or even significant influence or control on the final price or is it another i.e. power station company...either way that probably a minimum of 4x interested parties (people) in a country that has been known to be susceptible to grease being needed to smooth the way?...?.?
Let hope AP's experience helps on the way very potentially tricky way forward????
Pure speculations and musing only.
Still a bit too much for ii's just yet i.e. with out the finances for the project assured they need AT LEAST a contract FULLY signed so all numbers are known and assured.
SO the SP is not going anywhere until real proving RNS give real clarity.
Just standing by for now. But somthing MUST give soon as delay in signing means a further exponential risk in equipment supply, build and of course production delay...and that not good for Morroco.
Rgds Sft
Does the actual traded price indicate if its a buy or a sell?
16.90 was recorded as a buy
16.75 was recorded as a sell
So 16.95 could indicate a buy??? Still none of it is accurate
The sp price will give us a clue tomorrow. Need a lot of those numbers every day.
Rgds Sft
When I saw the end of today number of Trades, I thought well things are up a bit...but looking at the trade prices most look to be SELL's! Doh.
Road show worked then????
Fundamentals remain as ever very good but no consistant buyers yet.
So it looks like the private traders still think/know/bet there is plenty of time to keep taking their %'s until we get firm news on the financing and more assurance on time scales?????
GLA
Rgds Sft