Member Info for Surfit

Hey Fernan, thank you for the information and the link, I have been looking for such for a while. Downloaded, very informative.

Really glad we got a clean return of the assets, will be intresting to see if there is more to come. It did take a long time to return?

If we go back again to AP recorded comments in July about it not mattering if A3 found gas or not was that just a mistake, what DW had told him or had it been discussed as part of the T&Cs with Energean? If the latter then your point on the farmee and potential for penalties may have been bound in. We will see of course.

If it turns out to be the case, as I said before: the farm in deal looked so really poor (as the market reacted accordingly) that hopefully CHAR had protected them selves?

Part of the lenght of time looks to be as a result of the developing issues with Energean Med sales. This could be as a NDA as announcing that Energean can't proceed with the project due to financing issues is commercial sensitive, Chariot if it has punitive T&Cs then really do win win. ALL speculations again. Time will tell how good a contract Chariot negotiated and protected themselves. If they do receive a decent amount of cash...I will have to email AP (via the PR Jimmy Lee) and apologie 🙄😂. Let's see hey. Time / Truth will out.

Again thank you for the very informative post.

Best rgds Sft

Hey yes, very true. With Jt's find/ post I.e. companies House and seeing the cash transfer that is the best indicator that we MAY soon get some long waited for clarity. 🤞

I think we have supplied every senario possible 😂

Best rgds Sft

Could we consider the fact that Energean sale of assets fell though as a factor? I know the timing does not look exactly right but if they started to get indicators of issues earlier than they disclosed they would be forced to anticipate financial implications.

That failure of the sale and the resultant cash injection could have had significant impact on their abilities to borrow further....could this have been a deciding factor and used the A2 as a viable excuse???

Pure speculations on my part.

Rgds Sft

Hey Surety,

Valid points...but again it still confuses me that they have dropped it without an addtional seismic survey around the area? Dropped on one drill? That they only allocated one drill (with a leg) to the appraisal at the offset could be telling from the start, why not another in a different prospect???

Just do not get the full pull out without the planned seismic. May be oiltdr has a better prospective?

Rgds Sft

Note: the comments ".......that Chariots VAST acreage is not of ANY value or they want it REALLY cheap"

Should have been separated from the previous comments about the interview. Chariot was not mentioned.

Rigas has always stated his commitment is to the Mediterranean basin this obviously includes much of North Africa.

The commitment may have been significantly increased since European WFT, renewable and O&G investment philosophy?

Intresting interviews can be watched if you have a look.

Here's one....which in he states Energeans advantage is that they take on smaller projects that the major does not want, he also talks about exploration risk and need to drill more....that Chariots VAST acreage is not of ANY value or they want it REALLY cheap.

So from 3 drills: 2 offshore finds A1/2 and one fail A3, seismic data gathered and new drill results updating and reviewd they are walking away with out even further seismic surveys...it does not make sense to me....the farm in deal they got was a steal especially with the tax incentives? Is the evaluation they have made on whole of Rissina THAT bad, by them walking it indicates it is???????

Rigas interview 2024...no talk on Chariot though.

https://www.energyconnects.com/videos/video-interviews/2024/february/energean-ceo-on-why-egypt-needs-more-gas/

There are more interviews out there.

Rgds Sft

Thing is Wiggly he publicly stated it does not matter If A3 drilling finds gas in the webcast in July 2024 (right at the beginning)

He is either beliving everything he is being told (by DW) or a liar.

He has also backed the OnG team since 2007 with no commercial finds or nothing ( to date) that has made it to production).

My previous assessment still stands on what he did at Petra Mining bought in massive debt that the crediter/ bondholders and BoDs forced him out.

He imo has tried a different way with Chariot use the shares to raise capital, true he has skin in the game which I commend, but at around $750,000 per annum he must have got his money back as well. Mot forgetting the loan for drilling which got repaid.

He may no how to play his money but untill I see a return comming into Chariot ( never has been since 2007 remember) I am rather wary.

I agree with "some" of your speculation (lacks sometime accuracy) but as said many times it's down to the T&Cs of the farm in. IMO that will tell us if they really are or are not clowns.

Rgds Sft

GLA

Thank you Oiltdr, was fun whilst it lasted.

Learning all the time.

Nonetheless, still a great find by Jt.

Rgds Sft

Hey Wiggly, Jt's find has certainly made the situation look potentially better.

Hopefully, as said, this change in "Energean Morocco" books on Friday the 9th will prompt some RNS disclosure and much needed clarity 🤞

Monday 0700 RNS??????

GLA

Rgds Sft

Blinder of a find Jt.

I had noted the cash for share raise some time back but your deep dive into companies house was impressive.

Yes it's hard to understand but if it is a recompense payment to Chariot, It would restore faith in Chars contracts acumen and explains the farm in deal I.e. they gave a lot away cheaply but protected themselves well.

Alternative: Wonder if Energean meant "transfer" the farm in agreement to "Energean Morocco"

Again your VERY on point with your research and information hunting. Weldone and thank you for share with the bb.

Best rgds Sft

EVEN more interesting is Chariot are NOT on the speaker list? Wonder why not??????

Don't they want to talk about:

OFFshore Anchois, Lixus/Rissina 🤔

ONshore Loukos 🤔

OFFshore Nambia 🤔

The Hydrogen pilot in Morocco 🤔

The Hydrogen Project Nour in Mauritania🤔

The water desalination cargo container in Djibouti 🤔

The energy wheeling Etana and related projects and enwrgy development financing👍

Why have Chariot got nothing to say about their big contribution to Africas energy future??? VERY Strange. Is Adonis too embarrassed to show his face??? OR what else could it be??

Rgds Sft

I hope that all that complain on here, actually expresses their concerns directly to the Chariot BoDs... in a forceful but correct manner. We are blowing onto the wind if uwe just winge here.

Kind rgds Sft

Nice find Jt, committing to that 2nd pipeline and positive comments as KnC identified, throws some hope into the ring and maybe to finance investors/ developers also 🤞🙏

Rgds Sft

Oooooo excellent find Jt. Will have a look at them. Thank you.

Best Rgds Sft

Hey Bold, sorry was not saying Chariot is a confirmed, although the SP, the market and the markets perception on management OnG abilities may think so. I am (yet again, and again) presently (amongst other aspects) concerned with the farm in T&C's. I belive it is taking some what longer than I belive.

Looking at the time it indicates (IMHO) that there are some issues:

A straight transfer back to Chariot should have been quite smooth if correctly written up, Chariot remain the licence holder. So if not why not?

1. Poor T&Cs resulting in:

A) Energean asking for return of some capital investment from Chariot before tranfering back - time as lawyers involved but ONHYM would in theory approve transfer back quite quickly.

B) Energean looking to transfer (legally this could mean selling) the % to another Operator - resulting in this time delay as they need to find that operator AND

ONHYM would also need to approve.

C) Energean looking to do either of the above but retain a smaller % stake with new T&C required. Resulting in further time and ONHYM approval

2. Chariot holding Energean to farm in T&Cs such as the the addtional farm in stipulated seismic surveys or cash recompense. Resulting time delays.

I have a significantly larger stake than I did hold in Chariot as I decided to average down. Which is HIGHLY RISKY.

I continue to take a impartial and ballanced risk assessment of everything the managment do, but have since before the farm in lost a lot of cash and faith in the OnG pillar within the group..in particular Duncan Wallace and his team.....I assume it was him that got AP to say in July 2024 pre drill webcast that "finding gas in A3 was not crucial" 🤔😂

Duncan Wallace & Team are looking to be inept in their data interpretation, offshore/ onshore drilling strategy (no flow testing on land or sea), contractural acumen, information disclosure and advice to the CEO.

All the best, at least it's sunny till Monday, Sft

Bold, well if you consider there was reportedly "several" potential partners, narrowing those down to Energean and agreeing all the farm in/out parameters and expected protections for each partner yes that would take quite a LONG time but a transfer back should imo be a bit easier if the exit strategies (as would be expected) were clear.

The reason it, again imho, is because its not going to be a straight transfer back to Chariot. Time will tell, hopefully I am wrong, but if it walks like a duck, sounds like a duck k and feels like a duck....chances are it's a duck 🙂

Rgds Sft

Ps I appreciate you may have used previous RNS's in your presentation of the information but was wondering if it was taken from another reference? Would be intrested to know.

I generally try and post links to source information.

All the best Sft

Hi Wiggly, the return would be hoped for and possibly expected, but can not be a "given" if Chariot did not stipulate such in the farm in T&C's IMHO, as before its intresting that the transfer back has not happened by now and am trying to consider the reasons for such a extended timeline.

Is the information below your own research or obtained from another?

All the best Sft

Hey Wiggly, is below your own research or obtained from another, if from another would it be possible to post the link?

I ask as it states we own 75% of Lixus?

Kind rgds Sft

Hey Surety, through various means we know that Energean do not want to progress, what concerns me is the time for transfer, this indicates that Chariot "may" not have protected themselves adequately with in the T&C's for a clear return. Unless Chariot are demanding additional recompense for them not fulfilling the farm in agreement?

Obviously due to no clear understanding of the farm in contract T&C's or any communications its all speculation as usual. Cash MUST be critical by now?

Rgds Sft