Member Info for Surfit

Once again we have creep down, but why? In theory there has been (another) share placing to for (another) enhancement to the company.

BUT having announced this "enhancement" as

1. "Secure Chariot's stake and participation in wind generation, gas and new upstream assets

2. "Strengthen the balance sheet to execute the updated strategy and enable management to demerge the Renewable Power pillar in order to realise value and allow further growth of both businesses"

This has come after the failed A2 drill that "did not matter If the found gas or not" stated bu AP in July 24 webcast, A3 drill failure in September 2024, share price continued collapse...when do you think that Chariot knew that Energean were not going to proceed after that.....i.e. about +1month for data review. October 2024....remember they driiled OBA-1 May 2024 and completed a (another) share placing in June to flow test it (planned for Q3 2024, which is july/August/ Sept) but they never did it after the A3 drill September.....why because in the recent webcast they stated they needed to save money....SO by September 24 they knew something was up?

This last raise has come and gone and there has been NO terms, conditions or clear definition on WTF they are actually doing....unless the market has just now got wind of something...or the lack of clear and prompt information has triggered the late entry bottom speculators to exit?

🤷‍♂️🤔

Rgds Sft

Once again we have creep down, but why? In theory there has been (another) share placing to for (another) enhancement to the company.

BUT having announced this "enhancement" as

1. "Secure Chariot's stake and participation in wind generation, gas and new upstream assets

2. "Strengthen the balance sheet to execute the updated strategy and enable management to demerge the Renewable Power pillar in order to realise value and allow further growth of both businesses"

This has come after the failed A2 drill that "did not matter If the found gas or not" stated bu AP in July 24 webcast, A3 drill failure in September 24, share price collapse,

Q: Why buy at the share placing price

A: Wait a bit as it always goes lower.

Rgds Sft

Hey Ianfer,

It's now a complete gamble...I try to balance the speculation. The reality will eventually be revealed, I unfortunately lean more towards HC camp than any others. IMHO the BoDs are complete 🤡 's: how after 17yrs can you NOT generate an income, my own Ltd has more money in the bank and has generated more turn over than these guys. That they got a Kazakhstan billionaire (AA) to invest is the only success they have achieved. Although being a billionaire it's such a low % He might not care 🤷‍♂️

It's going to be interesting, just imagine if Morocco actually does have any gas.

Chars re-entery into Nambia is beyond embarrassing...if Morocco does not work they will fold the O&G company, it will be reputational broken beyond repair (or self finance) imo.

Untillthen lets 🥳 like its https://m.youtube.com/watch?v=rblt2EtFfC4

If BIG IF, they secured the financing and sanction to develop Anchois it would be a massive success for the company that alone would rerate us to (IMHO) up to 10p as a minimum, add on a farm out to test OAB1 and THEN, subject to results, secure a drilling campaign for Loukos could add another 5p. This would provide validation to the company.....until then the data remains in doubt and we will continue to suffer from lack of trust in the potential of Morocco's gas.

The challenge is a potential partners belief in the field(s) data and Chariotsecuring the right finance structuring. We are really back to Jan 2022, the initial find, less negative A3 results that indicate a smaller field. IS Anchois all that Morroco has????

It's a blow that Energean walked with out further seismic, this could have been due to their asset sale collapse but for a company to walk away from a development prospect has definitely undermined trust in Wallaces data or proven what the do have is not there in quantity but why not do a survey of other prospects in the Rissana area???

Does any one know the extents of Repsol original surveys????

Rgds Sft

MM's desperately trying to hang on to 1.4p, with no news its probably going to drop sub this soon.

Limbo until the O&G team deliver anything, well anything positive I must reiterate. That of course has not happened since the ONLY (EVER) two RNS to trigger perfomance enhancing rises

Jan 2022 - Completion of Drilliing at Anchois

https://www.lse.co.uk/rns/CHAR/anchois-engineering-and-design-update-bhleu7ujn8hp7q5.html

And

March 23 - FEED update (Deceptively stating FEED completion)

https://www.lse.co.uk/rns/CHAR/anchois-engineering-and-design-update-bhleu7ujn8hp7q5.html

Pretty much directly after there is a fall as more fund raising/ share placings/ dilutions are announced, followed by surprise renewable investments, exposure to further risk or the revelation that a previously target has not been fully realised.

The failure to achive objectives therefore any returns , constant dilution and the inability to secure financing has destroyed the companies reputation to a but those LTHs locked in and the rock bottom speculators.

The BODs have had since the END of the 1st FEED (above) , the begining of the farm out process and then revelation of A3 to develop a gas plan for Morroco. They just after all this time have nothing concrete to offer prospective development investors.

Despite what the company has sold to Energean, the billionare investor AA and the Moroccan goverment since 2022 we are at 1.4p 🤔

With 1.57 billion shares in issue those at 1.4 average could see a 10x return (IMHO) IF Anchois is developed.

IMHO by splitting the company if there is no gas in Morocco it saves AP from losing his whole investment.

The renewables have quickly demonstrated they can secure some financing, the only worry is will our 1x development project and any of the other mining projects turn out to be REALLY commercially viable.

Will the Hydrogen pilot actually work?

I can (IMO) see what they are trying to do I.e. gain a foot hold in Africa on the large potential and slowly build experience and assets in real wind and solar projects. If that works AND then the Hydrogen pilot is works, their suitability for the Mauritania money opens up. 🤷‍♂️ lots of risk here still.

But the Anchois could rerate the sp IF the get the right deal, that the flow test is good and the financing is there and a partner to run it all....lot of ifs here too.

Risk, risk and more risk that has only increased since January 2022 A1 A2 drilling, whilst massive share dilution and the undermining of Wallaces data has increased.

Rgds Sft

"The board legitimately earn their salaries and extras through an agreed remuneration contract"

If you do not like what the BoDs are doing then use your share ownership to vote against such. Not that they will display the % that vote against. I belive the majority of shares remain in private hands.

The Billionaire investor Askar Alshinbayev upped his % on 10th April 2024 to just over 7%

https://www.lse.co.uk/rns/CHAR/tr-1-notification-of-major-holdings-frjb0s32qg62rkc.html

Possibley averaging down from his initial investment of 6% at 14p a share in July 2023.

I wonder what are the communications between him and AP like?

+7% gives him some clout, but with AP's 2x recent personal reinvestment of his 500k salary and his free shares allocation, coupled with the separate investment vehicle Westland, he retains voting control of the board.

Still casting your votes from now to September can send a message to the BoDs. I am pretty sure if AA wanted to affect greater influence he would make himself known at an AGM.

Use your VOTE.

Rgds Sft

Surety,

I do not understand your questioning and placement of hope towards a stranger, who has only expressed VERY CRYPTIC information?

Oiltdr has intermated insider knowledge but with no objective indepth validation or even any supporting speculation.

Very dangerous IMHO.

Respectfully Sft

Hey Surety, of course as was one of the issues with Energean, we can assuming no free carry and costs (+plus % intrest) will have to be repaid, plus operating costs, plus G&A costs.

Still there could be a return, and it gets interesting as you indicate IF there is more gas out there.

I continue to remain very intrested in DW current take on Loukos's data.

A point of note to remember is that the Southern North Sea has produced significant quantities of gas for the UK and NL...although none of that gas was found ONshore in the UK. So if it not there its not there, its just getting that damn OBA-1 flow test completed for knowledge...

Rgds Sft

Markets not going crazy for Chariot just yet:

No. of Trades 25

Vol Sold 2,542,442

Vol Bought 216,481

Still when the Anchois or Lokous deal lands, maybe then.

Rgds Sft

Hey Jt,

My problem is I now struggle to belive literally ANYTHING they say or distribute.

All the best Sft

There certainly is value, its just fully determining the costs for Anchois 1-2 as a stand alone project.

Which having already done FEED for the whole project with the previously abandoned Subsea Aliance, then it should only be a matter of adding on the risen costs, subsea equipment and CPF equipment procurement lead time lines, Rig, pipelay vessel, construction vessel and onshore contractor availability and then selling it.

They have had since September 24 to prep for it, as it would have been part of a professional O&G teams contingencies.

Of course it would be difficult to sell ANY of that with out the results of a flow test...so I guess they are trying to sell some sort of speculative package...not quite sure how they can bundle it???

I might email them to ask when that was completed and what the feed back has been from all the previous farm in bidders.

I also wonder how many other exploration targets they have for Anchois, then Lixus and in Rissana as a whole?

Onshore would be a bit easier as they have already completed a feasibility study with Vivo so one they complete the paid for but squandered flow test costs for OBA-1 ( find someone to pay for that again)

They could actually use OBA-1 to help fund further onshore drilling.

So there is potential for deals to be signed quite quickly.

That would be good. Although if a deal was signed we could see a SP change as good news always seems to leak from Chariot.

Reference 14th April 2022 when the peak SP fell from 23p to just above 18p in time for the 18p share placing in 18th May 2022.

Reference SP fall 2nd December 2023, 5 days before the Energean Farm in Partnership announced on the 7th December 2023.

Let's keep an eye out for another SP move......

Rating: Speculative and hold. How speculative is speculative?

Historical share price values since since conception and 2013 onwards. Why.

Number of share in issue. Why.

Expected exit point ((% gain) or long term hold for dividend

Cash reserves of company. Why.

Loans with in company. Why.

Profits of company. Why.

Dividends issued. Why.

Managment investment. Why.

Read, list and check RNS'S to understand objectives, made achiements, still to complete.

Equals= DYOR.

IF you want the opinions of strangers on investing your money...Why not seek the advice of a professional?

🙉🙈🙊

IMHO

Kindest Rgds Sft

Added OFFSHORE for clarity:

......which means more drilling ONshore and for OFFSHORE the flow test, production tubing installation and probabley ANOTHOR exploration / appraisal drill.

Its all bull coming form DW and AP (IMO)

Hey Fernan,

What is also important to consider are the water depths.

I am not sure what CHAR 10% blocks 2.714A and 2.714 B are.

I belive Shell location was 2000m and TotalEnergies 3000m. (AI search)

Namibia within PEL 87, has a water depth ranging from 420m to 3,200m (AI search)

GEO exploration seem to have been fortunate to find at PEL 94 4.31 billion barrels, represent a 23% boost over the 3.52 billion barrels announced on March 27, 2023. GEO’s share on a risked net basis has grown by roughly 32% to 429 million bbl. The water depth is around 750 meters at the location of the identified leads.

https://www.offshore-energy.biz/oil-resource-uplift-comes-to-light-in-namibian-offshore-basins-sweet-spot/

The quantity, quality and mix gas vs oil all pay a crucial factor but the water depth can also be a driving factor for fid due to the significant increase in costs of retrieval.

Some massive changes in seabed topography out there.

How Chariot O&G find there way back into affording a % of a ultra deep drilling campaign.

They stated several times that there value is added by operations and previous data experience....not quite sure how that can beat the likes of Shell and TotalEnergies on operational experience or data from others that found product.

Those statements by AP and DW just exasperate the bull they are telling investors and O&G companies will not belive what they say and do.

UNTILL they get Morocco confirmed...which means more drilling onshore and the flow test, production tubing installation and probabley another exploration / appraisal drill. Its all bull coming form DW and AP (IMO)

Rgds Sft

I do stress, that it's my opinions only and that if there is actually gas in Anchois that makes economic sense AND they can secure financing AND the subsequent flow tests at A1 and A2 prove the flow rates over a period of time it will be a step forward to a positive outcome.

But as previously posted my doubts are based on what I have observed and the resultant and current share price that the market has allocated to the company and why that maybe.

I reiterate I have very limited knowledge on drilling and reservoir engineering.

I am only applying what I have learnt over the years of in working on subsea development projects for professional and large companies. That experience has not been at a snr management or project Engineering level.

I am not an expert and am expressing my doubts based on what I have observed since invested in Chariot.

No investment decisions should be based positively or negatively on what I have expressed.

The very classic DYOR applies fully.

I really hope the Chariot O&G team can deliver what they have been trying to do, for what seems many years.

I agree with you it is probably quite pointless to express doubt to the directors or managers as they may be doing what they belive is there very best.

I just question if after such a long period "Their" best is good enough. 🤷‍♂️.

Genuinely GLA.

Rgds Sft

Hey Klein,

My approach is risk based assessments. The input being RNS's and what the board say and display (presentations or websites).

The risk level being based on accuracy of information, likely hood of achivement or not achieving (based on historical precedence industry or company.

My mistake was not doing enough research on company history and believing in the the companies official statements RNS's.

The company could be low on cash runway but a good product coupled with a reliable managment team can generally secure financing.

I started to realise that the presented information was not reliable, that the managment team history was less than favourable, that left the product, gas prices at the time were very much on the ascendancy and local demand excellent.

My first crack was the lack of flow testing during the Stena Don drilling campaign, the second was the rapid increase in share placings, followed there after by the slight of hand on O&G raised funding into secondary pillars, then there was G&A costs vs actual investment into company development cost and the inability to raise third party financing I.e. over reliance on share placing. My theory being AP history with creditors, they outed him from Petra Mining.

The share placing when coupled with the share incentives helped negated the dilution effects on BODs investments.

My exist was going to be the farm in deal they went for, if I could break even I was out.

The deal was that bad and the reintroduction of risk obvious to all, especially the O&G market. I also questioned Energean's ability to finance the deal they brought into due to the financing structure at the time. Several on here at the time only saw continued pessimism...to me it was use of risk assessment.

That Energean announced the sale of some assets was good to hear as it adjusted thier Moody rating and allowed them to borrow sufficient amounts after paying off old debt and negotiating more/ different terms. Just what lenders/ creditors like.

The farm in though was so bad as stated via new risk, IF in the farm in they had actially secured building Anchois and left the size of the development being dependent on A3, would have been a very very different reception from the market.

The market saw what the BoDs had done and exited accordingly but to compound it with only one drill was very illuminating, in that it was all or nothing. One of the most bizarre farm in deals I have seen.

The price dropped so much it was obvious to all, that AP stated it did not matter about the results of A3 was truly astonishingly, but maybe he and Energean knew better and he was reassuring us according to that knowledge. Well he was either lying, told a lie or really ignorant to the risk???? You decide because he is not going to tell us. That sums up Chariot O&G team in my opinion.

I have been involved in Subses IRM 5 yr contracts that were worth $1.3 billion and we watched every dollar!

Thes guys are real amateurs.

The ma

Hey Klein, you make a good point, but its a bit like a Paxman or Hardtalk questioning it's not breakfast time.

We see the results of their actions and they need to defend them.

1. 18yrs of no Commercial success

2. Reason for SP collapse

3. The subsequent questions indicate why 1 and 2

As a share holder we are with in our rights to be looking for justifications.

Do you see a better line of questioning. I for one am rather angry and feel hoodwinked over the objectives stated in issued RNS's and what was forfilled. I am not specifically talking about drilling results of RZK-1, OBA-1 and A3 but the the surrounding actions pre and post.

I belive you are a LTH so, along with GP have followed this company a lot longer than I (Me as an relatively FNG joined directly AFTER the results of the Stena Don Anchois 1 & 2).

So I would welcome the perspective of a LTH and some one who has possibley came in at +8p (2017) and may have traded in and out up to the peak of 23p (2022)

Very canny if you have.

I of course recognise no one put a gun to my head but feel the BoDs are at best opaque and less that clear on what they say they are going to do and what they actually do.

Are you a trader or a LTH? If you do not mind me asking.

As a LTH it's a lot of luck to be in up by using what is meant to be significant market notifications that are RNS's

Let not forget AA the Kazakhstan investor that came in at 18p and again in declared an increase in April 2024 TR-1 notification. I think he has +7% now aprox.

Summary any advise on posing forthright and exacting questions to confont the boards 18yrs of failure would be appreciated.

Kindest Sft

PS I know how I will be using my votes when it comes to keeping DW on the BODs. Time for him to go, I belive he has had more than enough time in the company to prove his abilities and enhance its future.

I have sent similar (not quite so aggressive) to the BoDs before and never seen a response, would be interesting to see if submitted these were presented and even answered.

The reality is they, of course, would have to deny or like politicians, skirt around such and redirect.

It's impossible for them to own the reality, it would make the culpable to aligations of mismanagement.

But a dose of "We can ALL see you" never hurts. We might even get AP to feign anger and push back with the team have been doing a fantastic job under difficult circumstances. If he does that you can be assured that is the last resort of a cornered board.

Either way they will have time to craft their riposte.

What's the concensus on licencing award status and dates for the next play I.e. Nambia.

What's your thoughts on Onshore? It's been out for farm out for a while, I think it was Jt that saw / posted that nugget 4 months back?

There is IMHO, no way Anchois is a go until Onshore has been confirmed viable 🤷‍♂️

Best guesses Sft

So what's the conclusion? :Was the 2 million spent on addtional % for Nambia, squandered/ redirected / lost or is it not known as we have wait from the Nambians.

What's the time line? If you do a www search AI pulls up "with submissions due by April 15, 2025, and contracts awarded on May 29, 2025. This effort aims to streamline exploration opportunities in the country's most promising basin"

I am not sure how accurate that is as when I chase the sources the last date stating contracts awarding looks to have been extracted from an artical regarding Algeria?

I still belive Nambia is another distraction (Loukos step 1) from the underachievement of Offshore Morocco and DW's and consistant data failures. They are spinning it, as that's the last place they got data from and cannot afford a new opportunity.

Does anyone know the water depth of the blocks they are now wanting to reprise? Deep water or Ultra deep?

They (O&G) have NO credibility for financing EVEN at a "subsidiary" level. Hence the split, of course.

Questions to the BoDs have gone beyond polite enquiries at this stage. The questions tequired can only exposes their ineptitude, which of course they will not field.

1. How can you justify 18yrs with no commercialisation of a single project.

2. What do the BODs belive is the reasoning behind the continued share price collapse. Note You don't know is not acceptable and a lie.

3. What confidence is there on Duncan Wallaces and teams data analysis and project decision making. Remembering question 1 and no flow testing Repsols Anchois with the Stena Don, no flow testing OBA-1, two primary target confirmed fails, not completing the onshore objective drilling number of 4 wells.

4. Was Energean the best Farm in partner available and why? Considering the % give away for 1 drill only and 10 million, the market saw the reality of the terms and this resulted in the subsequent share price fall, once the terms of the farm in were realised I.e. the reintroduction of risk, that single drill A3, that on 8ts own lead onto the share price rout to the present levels.

5. Why was a single drill negotiated and nit further targets allocated?

6. Why was there no financial penalty clauses built in to the farm in agreement. The return of assets should not be looked as a win but expected.

7. It appears that the offshore data looked so poor, hence the poor farm in T&C and the allocation and subsequent 1 drill fail was enough to lose an experienced operator. Why would other operators step in based on Wallaces data.