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Morocco’s hydrocarbons agency, Office National des Hydrocarbures et des Mines (ONHYM), has begun exploring funding options for a proposed US $25bn gas pipeline intended to link West African reserves with European markets, according to reports....

Note: Interesting point is Algeris is in competition to get a similar project off the ground (last paragraph).

The first leg as said before, is reported to be the Mauritania to Morroco (onward to Spain) first.

Will be intresting to understand timeline, financing and if Chariot can pick up financing for the Anchois development. I STILL know they need full A2 test first, so makes sense to Drill another location at the same time. Cost $20million. Will they liase with Murphy or as Murphy said they want to do a 3d seismic first?

Maybe Duncans showing them his "data"

As usual with Chariot lots of guessing, hopefully +June will get us an income ( depending on the unkown/ guessing repayment terms, as we will need cash again at somepoint).

Rgds Sft

https://pumps-africa.com/morocco-commences-first-fundraising-for-us-25bn-gas-pipeline/?amp=1

They have thier cash, and AP has all the control he (via family and tied investors) need to run it with out any voting issues. AA was the only one to get close at +7% by dilution ( and not acquiring more) he is down to +4%.

Still ONLY 1x TR-1 issued the others (family and panamanian/ Guernsey etc etc offshore companies) as there must be a number of over the 3% declaration threshold are not declaring ( wrongly under AIM rules).

Anchois ( the White Elephant) : IMHO still no one interested

Angola: 2nd half, +June or July or ?

Renewables: Getting the funding together for a consortium to pass on to one of AP Companies.

Nambia: Stalled as even TotalEnergies are not sure what the Gov are doing. But for us it's a so.ke n mirrors.

Lokous: Stalled waiting on sale of Renewables for $25-35million

Rissana, Stalled or waiting on sale of Renewables for $25-35million

RANT over: Keep calm, carry on 😁

Very best Sft

Hey Jt, re ONHYM's conversion: I hope your right, hopefully, if that's the sticking point, they, CHAR and another have every thing lined up and financing and or operator or doubtfully maybe the old Subsea Alliance ( that they were selling us in 2022) is push button ready...we will see. CHAR are being rather, unusally, quiet if that's the case.

Hey Obs, ChatGBT seems to have summed it up. If they are not ponying up it would probably be down to the licencing agreements or Angolan Energy Minestry type intervention...maybe?

Good posts cheers.

Rgds Sft

Hey Jt, all I could get from the link, not being a subscriber was:

"The politically well-connected Angolan junior seeks to strengthen its position by threatening to use its right of pre-emption if its stake in the operations on the licence is not increased"

Firstly they are talking to Energean, not Shell so that indicates (imo) that it's just about a bit more control over operations eg what Energean are planning for the assets and having some influence on when, what and how things happen.

That it's a threat does not lend much to a strong play to use the pre-emption rights I.e. that if the could have they most probably would have 🤷‍♂️

Indicating they either do not have the cash or maybe the experiences ( or both) to go for full acquisition?

I still want some news on the current Angolan deal (all though we are still not into H2)🤷‍♂️

Anchois: All very quiet, unless the sale of our Renewables is part of addtional offshore ops, including drilling in Rissina and onshore OBA-1 plus others 🤷‍♂️ I.e. 35million required

Renewables: why was the ACWA MOU signed? 🤷‍♂️

Note: Worth considering, If the renewables are signed and Chariot do not use it on on OFFshore / ONshore Morroco ops that sends a VERY important indicator of the reality.

IMHO

Rgds Sft

Eni seem to be finding the stuff not huge but let's see how quickly they develop?

Egypt

https://finance.yahoo.com/sectors/energy/articles/eni-strikes-gas-egypt-energy-161149412.html

Libya

https://finance.yahoo.com/news/eni-strikes-over-1-tcf-215948470.html

1 tcf very comparable for Anchois BUT they already have a refinery (CPF) which we do not. As others have said before now Anchois has been down graded does the CAPEX still work or do they need another find? 🤷‍♂️

Rgds Sft

Thank you for posting Obs,

The last 3 paragraph holds the encouraging part imo:

"....Furthermore, the Minister emphasized that the transformation of ONHYM into a public limited company does not constitute privatization. It is a new model designed to increase efficiency and strengthen the capacity to meet the investment and risk management challenges specific to this sector.

She also stated that the primary beneficiaries of this reform will be tens of thousands of families and workers connected to productive sectors, particularly industrial activities and natural resource processing.

The Minister added that this reform is accompanied by parallel initiatives, including a review of the legal framework, the launch of structured projects, the modernization of management mechanisms, and the digitization and simplification of procedures".

END

Rgds Sft

Hey Fernan, I pressed them on that (as you had alerted us) the repayment terms, the detail on the covenants and expected net pay to Chariot, all the vigilater said "what will be the NET pay" and thier reply was details will follow.

I also pushed DW on whythe partial DST done on A2, what amount of flow testing will be required asinine the North Sea its a mandatory test as it is required for financing and FID on any project, what do the revised figures indicate and has failure to fully flow test affected farm in partnering ( as I know it did/ does).

They completely ignored it.

You know they have access / can read all that was sent in to the webinar, I can imagine them all going "DON'T READ THAT OUT!" 😂🙄

The issue I have with selling off the renewable will be the price, it will be sold to one of AP's subsidiary companies for minimum and they will separately develope that on the cheap rather than us benefitting as was the sold plan.

I hope I am wrong and it's sold to ACWA for $100 million, but my fantasy days of trusting these guys are long gone.

I stress I remain OPEN to being surprised, but....am grounded in reality.

Best Rgds Sft

Hello Gardie, my concern remains that ETANA is sold off to one of AP related companies or connections, after the CHAR shareholders have paid for its development by placings and dilutions, just when:

ETANA: Financing. The company is fully funded through to first revenues, with significant financial backing from Standard Bank, Norfund, and H1 Holdings.

ETANA INCOME GENERATOR: While Etana is expected to be a key future revenue driver, as of early 2026, the parent company, Chariot Limited, has been focused on securing interim funding for its broader operations.

Note: AI search utilised on the above.

IF there was a ridiculous price associated with a sale fair enough, but if it $35 million, well the like of Wallace can blow that on a few failed drills.

$10 million on two land drills and OBA-1 flow testing

$20 million on 1 Offshore A4 (or a Rissina exploration drill) and A2 flow testing.

Approx calculation.

Rgds Sft

Good find Jt 👏,

"......The legal tension of this transaction centers entirely on the pre emption clock. Partners including Etu Energias, Azule Energy, and Sonangol P&P hold the contractual right to match Energean’s $260 million offer......"

Will the partners want to step, but as AP stated on the comment why did you not get a loan to finance the deal, rather than a 46% sell off (to his family and contacts, at rock bottom pricing), replying "they did not have the time" 🤔

Rgds Sft

I asked Google Ai:

Similar situations where gas projects were downsized or re-evaluated after disappointing appraisal results and subsequently, or in the process of, being successfully re-farmed out or developed include:

South Africa Block 11B/12B (Luiperd/Brulpadda): 1.3.1 TotalEnergies discovered massive gas reserves, but the projects faced complex logistical, regulatory, and market challenges, leading to delays and structural re-evaluations (similar to the need for a revised plan at Anchois). 1.5.7

Other projects in the region have sought new partners to manage these complexities.

Bahr Essalam South 2 & 3 (Libya): 1.5.5 Following earlier unsuccessful or low-volume, high-cost results, ENI was able to bring in partners to develop satellite fields with a rapid tie-back strategy, similar to the proposed subsea tie-back approach for Anchois.

Cameroon/Namibia Thali License (Tower Resources): 1.5.7 Similar to Chariot, this junior firm struggled to move a project forward, resulting in a long, but ultimately successful, negotiation to farm out a 42.5% stake.

EG-08 Block (Equatorial Guinea): 1.5.4 Antler Global, having identified a key prospect, signed a farm-out agreement with Fuhai (Beijing) Energy in late 2025 following a period of re-evaluation, demonstrating that downsized or phased projects in Africa are attractive to new partners.

These examples show that a "right-sized" project that fits regional demand (e.g., Morocco's need for domestic gas) is often easier to farm out than a larger, speculative one

🤞🤷‍♂️👍

Rgds Sft

Hi Surety, using the Ai search on Google I asked it the question what income do the blocks generate for Etu Energias:

"Etu Energias' portfolio (Blocks FS, FST, CON-1/2/4/6/8, and 2/05) generates significant income by targeting production of over 40,000 bopd in Block 2/05 and over 10,000 bopd in FS/FST, with 2024 operations boosting reserves 2.5-fold to 106 million barrels. As a key operator in Angola, they utilize these mature blocks for high-margin, low-cost production"

Of course this can not be taken as a deep dive research and Energean are a worthy operator but one would guess if the offer was a good one, the local company would certainly be considered?

Does anyone know for sure if they have thrown their hat in the ring, sorry if I have missed a confirmed artical proving such.

Best rgds Sft

They have history as an operator:

Etu Energias fully operates several hydrocarbon assets in Angola, functioning as the largest private, 100% Angolan-owned oil and gas operator. As of mid-2026, the company operates both onshore and offshore blocks, including Blocks FS, FST, CON-1, CON-2, CON-4, CON-6, and CON-8, plus offshore Block 2/05.

I would guess it comes down to the money.

Rgds Sft

I recently used the high estimate of 32p as a potential but I then thought how has that been defined so I decided to as the Ai Google search

"what value on the share price does the reduced (2 well) anchois development mean to chariot energy"

And then adjusted the wording to suit other assets:

Anchois: "Following disappointing results from the Anchois-3 well in September 2024, broker analysts (e.g., Auctus Advisors) slashed their risked NAV for Anchois, with estimates placing the asset's value closer to 2p a share (risked), compared to much higher previous estimates."

Angola: Cavendish has reinstated a "buy" rating with a target price of 7.2p, factoring in the Angola transaction and the current high-oil-price environment (Brent over $100/bbl).

Sale of ETANA: Valuation Impact: The equity investment in Etana implies a "read-through" valuation of ~$34 million for Chariot’s 34% stake. This alone covered roughly 86%–100% of Chariot’s market capitalization in mid-2025/2026.

Future Cash Flow: Etana is expected to generate significant cash profit within two years of operation, helping to transition Chariot from a cash-consuming explorer to a cash-generating business.

Hydrogen Project Nour: NO VALUE GIVEN

"Project Nour is considered a "world-class" scale project, with the potential to be a significant contributor to Chariot’s long-term valuation, with projections targeting up to 10GW of electrolysis capacity, as noted in the Project Nour case study by the OECD"

OECD ( appears to be a Chariot document, not sure how old) Source: OECD https://share.google/CvUI1WFpLNfmxJU7p

So the reality could be 9p IF Anchois EVER GETS developed.

We should ALSO watch with INTEREST what Chariot does with both Etana and Nour.

NOW that the gas funding through raises has been fully exhausted on the Anchois and Loukos developments and significant sums redirected to develop the " Renewables Pillers"

My bet is IF ETANA is not sold to the Saudi ACWA company ( that would probably pay more by factoring a few years projected earning) then it goes (for face value) to one of AP (or his family's / Friends) Companies 🤔

With regards to the Hydrogen project Nour ideal for ACWA as before, I would like a % kept with in Chariot as a free carry as the investment and technical requirements are beyond Chariots abilities.

WHATCH WITH INTEREST.

Regards Sft and speculations.

Hey Marland, I have to hold myself back at time, like Dr Strangelove talking about emerging out after the nuclear winter.

AP talk on NVP10 on 2C resevoir quantities is NOT 1C estimates....I.e. testing and thats why its a struggle to get any takers imho, the CAPEX costs for Anchois at 50% LESS than expected may not square the circle to investors, especially after A3 results....it may take Murphy to be involved. I hope that's not the case as they may not drill for years. I just feel they must flow test to confirm the financial for a FID (Final Investment Decision) on at least 1 Well either A1 and A2, but that's requires ANOTHER rig visit which for a a few days to a couple of weeks. It was a BIG mistake to have not done at least 2 days back in 2022 ( IMHO).

Still let's see, the hope remains that ONHYM REALLY want it to happen, as it would REALLY encourage other operators to come and drill and potentially open up the offshore industry. There are thoughts that's its there but just under tried in exploration and discovery. The other flipside is due to geology the reservoirs are a lot thinner? Proving Anchois a commercial success could be viewed as crucial gateway for further exploration and commercial developments.

Chariots also needs it for reputational reasons, the industry( and markets and investors) has seen their to date "successes".

Fingers crossed, if ( big if) Anchois and the Angola deal come off it COULD be that upper value of 32p a share, which a few of us would be happy with 😁

Kindest sft

Hey Marland, depend which part of Chariot attempts in Nambia your thinking of?

Failure to find Rig

https://www.lse.co.uk/news/wheels-come-off-as-chariot-fails-to-secure-drill-rig-alds4sxlf5er75z.html#:~:text=Chariot%20Oil%20and%20Gas%2C%20has%20failed%20to,%22Whilst%20it%20is%20disappointing%20not%20to%20have

Tapir South (2012): Located in the northern license area, this well was deemed dry after failing to find commercial hydrocarbons. The result was considered a major setback, causing Chariot shares to fall by nearly two-thirds.

https://www.namibian.com.na/chariot-abandons-tapir-south-well/#:~:text=Chariot%20Oil%20and%20Gas%20has%20announced%20that,and%20will%20now%20be%20plugged%20and%20abandoned.

Kabeljou (2012): Following Tapir South, this second well also failed to yield the expected results.

Prospect S (2018): Drilled in the Central Blocks, this well was deemed unsuccessful after encountering water-bearing reservoir targets instead of oil.

https://www.oedigital.com/news/442591-no-oil-find-in-namibia-chariot-oil-gas#:~:text=The%20well%2C%20which%20was%20operated,currently%20in%20the%20exploration%20phase.

Or Brazil:

Voluntary Exit/Relinquishment: By 2021-2022, Chariot had "fully written down" the value of its Brazilian assets and held them with "no work commitments going forward," indicating an end to active, high-cost exploration efforts in the area.

Morroco 2018

Chariot failed in drilling in deepwater Morroco in 2018, with Eni and Woodside on the Rabat licence:

https://www.offshore-energy.biz/eni-comes-up-dry-at-rabat-deep-well-off-morocco/#:~:text=Italian%20oil%20company%20Eni%20has,now%20be%20plugged%20and%20abandoned.

Currently we have Anchois of course but as we know they seem to be having a "BIT" struggle with that AND ONSHORE OBA-1 if course: NO FLOW TESTING! to PROVE the " 2C" reserves

Note 2C =2C (Best Estimate Contingent Resources): This is the "best estimate" of the quantity that will actually be recovered. It is considered the most realistic scenario, with a 50% probability that the actual volumes produced will be higher, and a 50% probability they will be lower.

🤷‍♂️

So there move to aquire small % in a proven BUT MATURE basin will keep the lights on ( pay the wages) and hopefully push the SP up to 7p

SO you will have to forgive my scepticism on trusting Duncan and team from commiting ANY cash into the VERY VERY expensive deepwater Nambian location....what should be remembered is that you may find hydrocarbons but if its ULTRA deep water the problems of getting it out are HUGH and in an equivalent order of magnitude on costs.

A 10% free carry is good but anything else, as Shell ( 400million written off) demonstrated is IMHO for the the big operators.

RANT OVER 😂

Kindest Sft

Worth a read for all the Nambia fans:

https://www.linkedin.com/posts/ryanchristensen814_shell-wrote-down-400-million-in-namibia-activity-7454495848958181376-d1NC?utm_source=share&utm_medium=member_android&rcm=ACoAABgvi_cBBkedcLvasPnWi6C0FNjmvOeKz98

Rgds Sft

Nice finds Gents, thank you for posting.

That is a long awaited vote of confidence (IMHO).

All we need now is good news on Anchois 😁

Rgds Sft

Hey ObsCure, they have never done so on all the other share placing; it's been a talk with other investors then a sudden announcement, then we get a open offer after....probably just as well 😂

They will IMHO never do anything for existing share holders benefit. They do not need to 🤷‍♂️

Best rgds Sft

I stress below is my attempts via Google AI search.

So very open for better input from the bb

Best rgds Sft

Hey Jt,I am not sure how much Market capital will affect the SP as search indicates "Market capitalization does not directly determine a company's share price; rather, the share price determines the market cap"

There have be various broker forecasts put out there and I was trying to determin how the got there:

To determine the required income (Net Income) for a company with 2.8 billion shares issued to reach a share price of 32p, you must estimate the Price-to-Earnings (P/E) ratio, as market sentiment determines how much investors pay for earnings:

P/E Ratio Scenario Rqd EPS Net Income Rqd

10x Low growth 3.2p £89.6 million

15x Average low 2.13p £59.7 million

20x Average high 1.6p £44.8 million

25x High Growth 1.28p £35.8 million

EPS= Earnings per share (EPS) is calculated by dividing a company’s net income, minus any preferred dividends, by the weighted average number of outstanding common shares. This formula, (Net Income - Preferred Dividends) / Weighted Average Shares, determines the profit allocated to each share of stock, indicating a company's profitability.

Obviously we do not have dividends and we have Warrent share to add in the mix.

Also NET income is VERY important hence I asked such on the webinar for greater detail on the deal rather than what AP was stating on NVP 10 at 100million.

They just said detail will be supplied later.

Still despite the fact AP has got his family and full voting control in for cheap if the deal go through its a start....Anchois is still pivotal for reputation and pushing up the income and therefore share price.

H2 remains a way off yet, let's hope they announce a pivotal move in Morroco 🤞🙏

Rgds Sft