Member Info for Surfit

Thank you or the IC post Nordell, as I and most do not have access to the subscription its appreciated.

Rgds Sft

Error, should read:

B. Will they try another EXPLORATION drill offshore?

Hey Fernan,

It the only real sellable option as FEED has been previously completed but as they have to

A: Do a flow test first A2, then a production casing drill for A1, then a flow test for A1.

How much is that going to cost, $20million? Could they sanction before flow testing. No I would guess, as its not done when the Stenna Don was on location before, surley they have to get that done before project sanction??

B. Will they try another extraction drill offshore?

Will anyone pay for A and or B...Char can not afford it, can they get a loan, against what all assets?

So why not Loukos are your thoughts on why not flow test or drilling further onshore.

Surley OBA-1 is in the same untested position as A1 and A3.

Obviously the data is NOT showing the same reserves as OFFshore but if we belive what they have stated in RNSs and Vivo tie in it cheap investment for quick returns???

Reference RNS's

OBA-1

https://www.lse.co.uk/rns/CHAR/gas-discovery-at-oba-1-well-406w2ydvrvvbb04.html

VIVO (Latest RNS 24th June 2024: indicated the focus was on Loukos and OBA-1)

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

Note: Before ENOG farm in they were trying to tie VIVO in with Anchois ref earlier RNS)

Why did AP not state anything with regards to Loukos on the latest proactive video interview?

Markets as well as us (definitely me anyway) are guessing as per usual 😂.

Rgds Sft

Hey KnC, I belive its so they can salvage the renewables side. DW, gets left to spin Anchois.

Let's see if anything comes of it.

As before if there is gas, ONshore its the cheapest way to get income. If they do not develop this, to me it indicates that after RZK-1, OBA-1 and A3 which were all new and primary target locations, and all the re-analysis of data, Energean not doing further seismic or drilling but walking, it looking like the old Repsol location is all there is.

Wallace has never found a thing.

Hope I am wrong, as before the biggest and first tell will be what happens or does not happen with ONshore.

All IMHO.

Best Rgds Sft

It is rather telling that the ONLY and EVER "find" that Chariot have had in 18yrs of operating is at the old Repsol site.

If you look at AP's face in the last proactive interview he knows the game is up and the interviewer knows it too I.e he can hardly stop from laughing.

ObsCure IMO, Keep that version and see what turns out to be accurate.

You could do another after the financial update.

It's more risky relying (or believing) in company RNS's and or what the BoDs inform us.

If we look at their statements and webcasts what has EVER been delivered as stated ....only Etana and that's from the renewable new boys.

The O&G "Exploration" team really do not know what they are doing. I would not be surprised if the split was a prudent escape from bankruptcy as O&G could drag the whole house of cards down.

Pessimistic yes, if there is no announcement supporting the Morrocan GAS scheme soon the money MUST run out.

GLA, rgds Sft

But fortunately as you have kindly advised this board Oiltdr, we have two bit of good news to look forward too.

So I really should give up on these speculations for now until they are realised.

It just muddies the waters when AP throws more assets into the ring when we are so far away from income generation and have not realised the reported potential of our existing assets 🤷‍♂️

I just find it bizarre that, they are in data rooms looking for more assets, just reinforces the impression in what they in Loukos and Anchois, Lixus Rissina is of little value or not worth further exploration?

Unless they are selling the whole lot??? Which would be at a distressed price.

Also co sidet who are we relying on to determine which new assets have value: Duncan Wallace who's success rate is......

I am starting to feel the O&G side is starting to unravel.

Wonder is AP is going to stay as CEO or move across to the new Renewables company.

https://uk.marketscreener.com/insider/ADONIS-POUROULIS-A08GX3/network/

Never say never Oiltdr. I thought that the last time and the time before that.

IMO, IF Loukos is NOT in the mix for flow testing OBA-1 and further drilling they will just start selling the new story by saying:

"Anchois is getting reworked" for years and try and get DIStraction from Nambia and these new surprise assets.

I always suspected Loukos was a gamble taken during farm out negotiations as they knew the farm in was not going to supply enough cash.

Remember the selection of these new assets and Nambia will be down to Wallace and his data interpretation.

Whos going to trust them, even at a subsidiary level, if there has bever been a real win 🤷‍♂️

Maybe the Morrocan goverment can call on the Gulf States or a KSA type fund to step up 🤷‍♂️

No one has found anything near a large gas field ....yet.

Is anything really there, there has not been enough drilling to confirm. And DW's data analysis is in serious doubt. IMO.

Who out of interest were the "institutions"?

Hey HarryD,

Just watched it again, no he is definitely indicating the intent to buy existing "near production or existing producing" assets., as you say he states the purchase of such is at the "subsidiary" level.

Interestingly no mention of Loukos, which may indicate DW data is now unsupported following the duster RZK-1 and the "successful" OBA-1.

I reiterate as per my previous post and agree with Fernan) that as they used OBA-1 flow testing as a part reason for a share placing and to drill AND onshore is significantly cheaper it must be the primary objective.

NOW if they do not then they must be held accountable as directors:

Why is OBA-1 NOTbeing flow tested. Was it not successfully if not it was a false statement with intent to deceive the markets.

Why are they not pursuing onshore is following data reprocessing, it now deemed uncommercial? If so why were share holders not informed.

If that is the case what has the revised reprocessing indicated for Anchois, Lixus and Rissana?

The bankers are still smoke and mirrors (IMO) and they are adding to it with Nambia and "other near and existing assets.

Are we renting on Duncan Wallace reservoir engineering skills next to tells us these other assets are any good.

We and the O&G market need clarity (and honesty) on the existing the Morrocan assets.

I still state DW is incompetent and will lead the company into further financial losses. Who they can get to lend them cash is beyond me....they are not TO DATE and oil and gas exploration....18yrs and todate nothing taken to commercial use.

They can fool some of the people some of the time...but the markets have realised they are not good at exploration nor making sound operational and fiscal decisions. Hence 1.4p and 1.57 billion shares.

None the less tail still wagging for the two bits of good news comming...that's exciting 🤔😂

Use to be a saying offshore back in the day about operators and management: "If their lips move they are lying".....Chariot BoDs seem to have reinvented that wheel again.

GLA, tail wagging Sft

Ps HC is looking more on point by the day.

As per the original Subsea Alliance? I remember when they indicated that if they could not get a farm in they would have Schlumberger running it.

Even more scary. These guys could not run a free tuck shop at school (Reference: 18yrs of O&G operations)

The Enog deal was so bad it killed the SP, quickly enhanced by the A3 drill, which we should assume was DW best shot (Unless secret agents sabotaged it).

Now that Enog are out and A3 was "not commercial" it has to be Loukos first 🤷‍♂️, as DW's data needs to be proven in a cheaper way first (if not GOTO "Tuck shop").

Unless the revised on shore data looks REALLY bad they must be planning to rehire Star Valley Drilling, for exploration at the remaining 18 wells option (enviro approved no.)

DW PRIMARY targets were RZK-1 (not commercially viable, but quite a few (read lots: I count x 3 OFI's on data reprocessing will have been completed) and the "successful" OBA-1.

So the cheapest and most sound options MUST SURLEY be to flow test and prove OBA1

and resume exploration of Loukos in either Gaufrette "........area with success potentially unlocking combined Best Estimate recoverable prospective resources of 26 Bcf"

Ref RNS: https://www.lse.co.uk/rns/CHAR/drilling-operations-onshore-morocco-commence-ich3ztn7wjgkg3t.html

OR expand on the back of OBA-1 into the Dartois prospect?

https://www.lse.co.uk/rns/CHAR/gas-discovery-at-oba-1-well-406w2ydvrvvbb04.html

Why would they (or anyone) blow +15million OFFshore with out proving up the ONshore and have multiple opportunities for that 15mil..unless.........🤔

Note: HOW they get 15million (at the subsidiary level) is of course another question.

That's my best guess, for what it's worth, but I stress I have not run Chariot of course for 18yrs, so they are very experienced at....free tuck shops 🙂

All very exciting and am waiting with a wagging tail to see what the bankers do next.

Kindest Sft

Another oil price news artical on renewable loans/ investments.

Does this sound familiar:

"......The loans are viewed as relatively low risk as they are already performing. However, many private sector investors are prohibited from getting involved in these types of financial agreements, as they are in developing countries, many of which have credit ratings that are too low to meet loan requirements. However, if those loans were to be backed by a development bank, which was willing to provide a guarantee against default, the “repackaged” loan finance could meet private sector criteria...."

Reference artical

https://oilprice.com/Energy/Energy-General/How-Development-Banks-Could-Unlock-Billions-for-Renewable-Energy.html

Rrgds Sft

Interesting artical in Oil Price news.

https://oilprice.com/Energy/Energy-General/South-Africa-Secures-22-Billion-To-Help-Transition-Away-From-Coal.html

Both Benoit Garrivier (Transitional Power CEO) and Laurent Coche (Green Hydrogen CEO) saw the way things were holding with their own enterpise (2014 AEMP) but obviously they approached AP or visa versa in March 2021

https://www.lse.co.uk/rns/CHAR/acquisition-of-african-mining-renewable-developer-4xzv74yhn9latud.html

That joining with Chariot was the way forward. Now they are separating again having used the raises on the Gas "Prospects" ( or Schemes) to support themselves back to independence.

It's been busy and relatively successful in Benoits department BUT what is the reality and time scale for Laurates.

There remain big funding opportunities out there in Morocco and Mauritania (Project Nour) but also across Africa....but what REALLY needs to be achieved to win that funding...what are the REAL timelines and how many point of high risk of failure remain present.

Note: Presently I see cash and the Hydrogen pilot as the biggest factors.

The Nour feasible study was reported to be completed in 2022, with the completion of investment framework, engineering conceptual study and offtake negotiations ongoing since.

South Africa: With the investment in 1x renewable mining project confirmed and the cover for energy purchase confirmed in Etana is that enough expertise to get the funding for Nour? Where does TotalEnergies stand and supply.

HYdrogen: If we understand that the success of the Morrocan hydrogen piloting with UM6P and Oort Energy must be of HIGH importance.

What happening? What the time lines what's the predicted outlays to returns.

As usual I continue to fear that the BoDs do not really know? and its the next long term scam.

Once BG and LC are away from the OnG side they may build a company with a scalable reputation that people may trust to invest in.

Note: It's very telling that it's only the management team that are investing in Chariot now.

That initself could be prrcived as a very good thing or that no one else would.

Time will tell.

GLA

Rgds Sft

All of the above for thoughts and discussions. DYOR.

READ DIRECTOR’S BIO

The MM's seem to have released the breaks, as the spread is back to realistic levels again. Let's see if that continues from now on. They were certainly inhibiting ALL trading with +6% to +20% spreads.

If it lasts, its could be a tiny step them now giving room for potential growth?

Strange how the % spread leapt up before the latest share placing and has now returned to near normal?

Rgds Sft

What we are missing is the comments from our expeditionary members, I was expecting them, being rather balanced, to provide some reflection.

The silence is very telling.

Oiltdr's cryptic comments are to date, the same as the companies, rhetorical.

It's a shame for those that speculated in at sub 3p, 2.5p, 1.8p but your not alone, some came in a "bit" higher.

The bankers are liars, Duncan Wallace needs to be sacked., unfortunately AP is still hoping that a discovery in O&G is he same as mining 😂

Rgds Sft

Well it's 15:15hrs and with 1,577,477,983 Ordinary shares shortly in issue, another bail out completed, further dilution the "Market" has been given nothing from the bankers other than rhetoric.

The SP remains at bid 1.43p, if it slips below the 1.4p its an indicator no news is comming soon. I.e. something always leaks from Chariot....although it's always been down, would be a first to see it creep up BEFORE any announcement.

Looking forward to hearing what some of our London visiting posters have to say. Long way to go for cheap wine and bull from the bankers IMHO but I hail our intrepid expeditionary forces, and have the small boats prepared.

Best Rgds Sft

0702hrs the Medici must be proof reading the RNS's that's why they're a bit late? Relax.

We have had the "some what bad news", bracing for the good news. Exciting Stuff.....its going to be clearly laid out.

The bankers would not leave it to the meeting i.e. just verbal rhetoric and a power point presentation surely: they could say anything and not be held accountable 🤔

The markets will be expecting clarity, if they are actually listening any more.

Does anyone know if Malcys been invited, heard even he is not answering thier phone calls 😂

Standing by.......

Mamma Mia!

Standby for clarity: 18th of June tomorrow. It will rain RNS's; the 2nd Renaissance will be apon us and if there is any doubt enlightenment will be distributed by our own board of the Medici.

🙏 Mamma Mia!

GLA

Rgds Sft

Still waiting on the delivery of substance rather than spin for the Chariot directors.

I would expect to see some financing/ contractual RNS's (plural) demonstrating some financial foundations BEFORE they seperate the company into two. We would also need to see how the company intends to allocation the 1.5 odd billion shares.

Quite a bit to communicate.

Will they get it done before the share holder meeting, or after. My money is on after unfortunately.

If before then it could indicate some confidence in what they are doing.

Bets anyone?

GLA

Rgds Sft