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It's a heck of an outsourcing, back before Energean they had the Subsea Alliance with comprised of Subsea7 and Schlumberger, Schlumberger being relied on to possible deliver the CPF and possible be responsible for operations.

It's, practically (I belive) unheard of that a unproven company is given a production licence, normally new sart entry point is to buy into an existing facility.

This type of outsourcing COSTS a lot.

So if ONHYM can broker financing I.e. via gulf state funds (for example) and over see all the procedural criteris red tape for the development I think that Chariot still has to find another partner with proven experience to oversea development AND production.

Just my thoughts I.e. its not just about securing the finances, I can not see Chariot being allowed to be sole operator.

Thoughts Jt / Surety ?

Rgds Sft

If ONHYM are to invest, who do you suppose is going to be the actual operator? Chariot? With all their years of operational production experience 🤔

I would say if people opened a short 2years ago, it would have been obviously the correct move to keep it open or open a new one (after this last raise) would be on the wrong side of risk unless they have inside information 🤷‍♂️

Rgds Sft

Hey Surety, it's for exactly that reason why ONHYM have changed from government to a commercial company.

Rgds Sft

JT, thank you for the addtional information and inparticular the "Unsolicited" i.e. that it was a early initiative from a third party is a positive.

I still find it strange that only now A1's downhole suitability has been fully determined (I.e. can't fit production tubing) AND announced: 🤔 they must have changed out the drilling engineering support (or learnt something from Energean). It just (IMO) there skills and experience level.

Still the news could be considerably worse, and we remain in the game.

Again thank you and Surety for sharing, greatly appreciated.

Rgds Sft

Annnnnnnnd sleep

Thank you for the attendance and feed back Surety.

Best Rgds Sft

Hey Jt, many thanks for attending and reporting back.

Intresting that A1 ca not be a producer. I am guessing its due to the condition of the existing casing? Surprising that it has now been announced.

With a new drills being required adds further risk but is required. IMO they must budget for two (new drills) and if the first is okay use the asecond for reservoir flanking or exploration. 🤷‍♂️

"Unsolicited interest" sounds like their wording which is very vague and why was an "unsought" approach made, what have they actually been promoting regarding Anchois 🤷‍♂️

No word on Loukos's, which has OBA-1 and onshore development I.e. Vivo?🤷‍♂️

Hydrogen: If there is no news, my guess is that the pilot electrolysis test in Morroco is not going or gone well or they have simpley not started it due to costs 🤷‍♂️

It's understandable as they need to build up on the solar, wind and Etana plays, financing stability and actual working experience before seriously attempting to moving forward with Mauritania bids. Still no comments about the Hydrogen partners (including TotalEnergies) is disappointing.

Wind / Solar/ Etana let's hope for good news.

Very good to hear you left feeling hopeful Jt, again thank you for the attendance and kindly reporting back.

If they actually make an income from something over this next year, It would be nice to attend in 2026.

Best Rgds Sft

MM's already trying to provide a false narrative: spreads at +16% 😂.

Wonder how many people voted against DW continuation on the BoD's 🤔

Rgds Sft

Hey Smyth111, I think we are fully aligned.

I do though respect Surety positive posting, and can also appreciate his frustration with my seemingly constant pessimism.

I have posted some positive sentiment (too rarely maybe) with regards to the renewables, but have consistently lost faith ( as I have averaged down with the falling share price) in the companys REAL LACK

of ability to succeed (18yrs of what???) in anything.

I am beginning to think AP is using it as a tax write off, whilst getting £500k + perks a year.

Still we live with " The Forlorn Hope" that something may actual work....I do see the potential but now belive they are not actually good enough.

Appreciate the recognition, and genuinely hope that my pessimism is completely undone and the positive bb posters can deride me throughly.

I do not see it though.

GLA

Very best Sft

Hi Surety, In my opinion (for what it obviously vewied with as worth) I will not; the reason being, AP's worth if you look at some of the Internet, evaluations is around 90 million and is not concerned or intrested in private investors historical concerns or opinions...unless of course we galvanised all our voting powers.

If challenged on there processes he would only deflect: For example at the last AGM they were fully aware of the Energean status (drilling) and what was going to happen...they said nothing.

The "Keyboarding" is a platform for honest interpretation of there actions and subsequent results of such actions. I do not belive a word they say.

But I look forward to your analysis of your discussions with them.

Respectfully Sft

All the articals I seem to find on Morrocan energy development none mention (ANYMORE) withany substance the natural gas home resource developments....

It is my opinion that the moroccan goverment are starting to belive that they are the Sweden of the North African Continent???🤔

June 2025

https://thearabweekly.com/morocco-advances-gas-infrastructure-plan-boost-energy-security

Hence their SIGNIFICANT commitment to LNG IMPORT and the potential for a NIGERIAN Pipeline. These are MAJOR investments that CLEARLY signal they do NOT believe that there are local (therefore cheaper) gas resources available.

I have said the above before, but coupled with still finding it strange that CHAR have not found any investors to place further financing on addtional drilling.

CHAR, due to this observable time scale, since the failure of A3 (September 2024) is CLEARLY struggling to secure investors that are willing to trust their field reservoir data ( including A1/2 AND OBA-1 DST's)

There needs to be more testing to provide confirmation of any potential reservoirs. DW tried to sell it on the cheap(A1/2 drill from the Stena Don, Energean clearly had their doubts that why the farm in did not confirm the Anchois development.

The management know its failing and are scrabbling to protect the renewables which MAY (only Djibouti is generating a 80k GROS, not net,income) be easier to secure / bluff investors.

September AGMwill be like last year's, full of BS and knowing deceptions.

IMO/DYOR

Rgds Sft

Wiggly's Bat Signal:

https://youtu.be/eu2gAqn4I2A?si=kJtMoSINsGRLPwkQ

Interesting post.

Thank you for passing it on ObsCure.

Rgds Sft

# of Trades 26

Vol Sold 1,918,553

Vol Bought 991,294

🤔

😂

Hey, I can not disagree that my approach may seem overly negative but the share price bares out my pessimism (I.e. I am not alone in my reasoning) and I belive my reasoning has validity.

Yes it may happen but the % odds are VERY low. The fact that Anchois MUST be developed or Chariot (O&G) is finished is "our only hope OB1" 🙂

Back yet again to the flow testing, IMO how can you complete FEED with out it? Enogean intended to flow test A3 for that very reason.

DW tried to save cash on the Stena Don A2 drill, the man's an idiot. IMHO.

Respectfully and genuinely hoping I and the market are wrong, kindest Sft

The worst that could happen to Shareholders is that they actually package and sell the renewables/ hydrogen off (on the cheap) to a subsidiary set up by AP and friends.

I am becoming more and more convinced that the gas is a fail. The main issues look to be:

Post A3 (Anchois) all of the data reflects badly on the rest of Anchois, Lixus AND Rissana.

THE PROBLEM IS: It's Impossible for US to know is what the data, post the latest reevaluation, is REALLY INDICATING.

With Energean just walking that looks really worrying...

BUT

WE MUST consider that the failure of the sale of Energean assets COULD well have been VERY influencing. Remember Energean is carrying quite a bit of debt AND Energean have to possible look at investing in those previously up for sale assets? 🤷‍♂️

Intresting point is Algeria, Morrocos neighbour, oil/ gas has ALLbeen found onshore.

I think that Charior having used Repsols old data on Anchois-1 built confidence after Anchois 2 to over sell the potential ( no flow testing!!!), Energean were not convinced of the data and only committed to 1x drill: A3. BUT were they REALLY seeing opportunities in Rissina? Or did Chariot build that in as an option if A3 ( which made Anchois commercial) came in????

It's REALLY ALL ABOUT THE LATEST DATA and if they can convince some one else to spend.

IF they can that indicates some entity DOES BELIVE in DW revised data 🤷‍♂️🤷‍♂️🤷‍♂️🤷‍♂️

If that happens then there would be an imediate boost to the SP...tailing off to just before the drill results.

How much Chariot has to give away is the next question.

Any thoughts on what our cash runway is now...1 year 🤷‍♂️🤷‍♂️🤷‍♂️🤷‍♂️

Rgds Sft: out of ideas...just hoping on someone believing in DW data.

PS Imo no one will be intrested in Chariots Nambia data as they lack any proven commercialisation.

All the best Sft

Hey Surety, e hydrogen and Project Nour

1. CHAR need to publish HIGHLEY successful results from the pilot Hydrogen Electrolysis project in Morroco, if that does not go well they will either be looking for another partner (too much to ask that they have another already lined up) or more time in redevelopment.

2. Water desalination via Djibouti. Scaleabiliry for Nour?

3. Solar via Etana partnership via the Du Plessis Dam Solar PV2...to wait and see if the project is a commercial success?

4. No Windfarm experience.

So although there is opportunity for Project Nour Chariot themselves have stated 2035: 10 YEARS AWAY if they can bring it all together with out running put of cash????

Note: I belive Conjuncta/Infinity Power and GreenGo Energy are PRESENTLEY ahead of the curve.

I think would be good to hear about the status of the pilot project (Morocco), possibley that they can run water desalination at a profit, although they are not using it for hydrogen development purposes presently. In addtion what is our partner TotalEnergies doing for Nour, we just do not know????

Despite the identified risks, if Chariot managment could demonstrate that the renewable arm could be self financing it would help.

The gas as WE know, was meant to fund (Alothough it become obvious so many % of raises towards it have been doing so) the renewables "future" ....is it really present in commercial quantities?

The markets, institutions, operators and possibley the Moroccon goverment have IMO lost faith in Chariot and we will MOST probably lose Rissina and maybe Loukos (unless the flow test OBA-1 and/ or successful drill and find more ONshore gas).

IMHO it's looking after this amount of time there are no takers...Remember they judged Energean as the best option, with out securing a guarantee build of anything AND lied to the market and share holders that A3 results did not matter!

Anyone buying in is purly gambling on a positive announcement from the gas or insider info.

AIMHO.

All the best Sft

Haha, no Ianfer, I wrote out a further 4 lines of text, but it would not take, tried two further times then gave up🤷‍♂️

..........