Member Info for Surfit

Same modle as Subsea Alliance, but getting financing and some one to run the production and assets.

They need to drill 1x again, at least, to get A1 to production ready.

Reference: Chariot Awards FEED Contract for Anchois Project- 20 June 2022

https://www.lse.co.uk/rns/CHAR/chariot-awards-feed-contract-for-anchois-project-0jvjzxzrrm8qpys.html

"Opportunity for Chariot to directly-source EPCIC services with Schlumberger and Subsea 7 for the field development and operations and maintenance ("O&M") of the facilities during commissioning and the early production phase"

Basically they are back to when FEED was completed.

READ: Anchois Engineering and Design Update 08 March 2023

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

That's if the Subsea Aliance want back in after being dumped for Energean, depends on being able to raise a lot of cash (at a "subsidiary" level) for further drilling appraisals again as the old FEED states 3 production, can they do it on A1 and existing goid to go A2. Then send the rig off to do further appraisals?

Well they got a free drill and some cash, diluted then crashed the SP to pence in 2 years. But that allowed them to also expand Renewables and Hydrogen. It's a pity they did not stick to what the told share holders and new investors in March 2023.

Will be intresting to see where the money comes from 🤔

RgdsSft

Hey Mannan, nothing more really to be said/ speculated on. I think all who are left in, have discussed every possibility.

It's just a waiting game now until we get news.

To be fair OC it's been dropping since 23p back in April 2022!

Should send an email to Adonis and ask him, but he never know either 🙄.

We are all hanging on their contingency planning for Anchois, but its always been a leaky ship for share placings and bad news, any good (rare) is sold into.

If it drops

I still say the more people send in to Chariots IR, pose these questions and ask they are answered AND sent on to the Chariot BoDs the better.

IMHO.

Rgds Sft

Also I do agree with you that IF the T&Cs were well written by Chariot and we get the licences returned to us it "should" return some commercial value to Chariot, although not to the same valuations as precived before A3 results.

It then depends on what spin Chariot can put on the data and Energean exit. I still feel if it was a marginal reassessment the Energean would have drilled again or conducted a seismic survey, as was written into the farm in:

Progress exploration together across Lixus and Rissana, including a 2024 seismic campaign.

BUT what is ALSO important is that an important influence in the farm in deal was the comment: "Finalise ongoing gas sales negotiations with focus on meeting Moroccan energy needs"

These negotiations could have been, combined with data re-evaluation marginal result, have been instrumental in Energeans decision to walk??

Lots of speculations that need conformations from Chariot.

All the best Sft

Hey Surety, It would be interesting to know what has been happening all these months.

1. 4-6 months of data re-evaluation, followed by Energean trying to get a better deal following A3

2. Have Energean been negotiating an EXIT soon after data re-evaluation.

Note: If its protracted exit that would indicate that Chariots farm in T&C's were a) not very good, b) CHAR had not considered A3 poor results or Energean walking.

We have had real information recently stating in Energeans on documentation that they are "transfering" the licences.

REMINDER Energean comments: Moreover, in Morocco, where unfavourable exploration results and the intention to transfer the license rights, indicated the impairment of the related exploration asset amounting to $65 million"

The legal interpretation of "transfer" does not confirm it going to be free, but again all down to how the T&Cs were written:

"Transfer is an act by virtue of which title of a property is voluntarily conveyed from one person to another. It is a way of disposing of a property or an asset in the form of sale , money transfer, lease , license , lien , gift , etc."

It's taking some time, that's for sure.

Same as Loukos, but I am hoping that our new CFO is looking for MORE funding at "a subsidiary level" for both ON and OFFshore.

NOTE: having the team previously exhausted (I pray) the share placing options.

Rgds Sft

I am offering a free share to any one that can correctly guess the date we will get an update on Anchois 😂😬

Hello Shax, I would assume for finance's then we would normally get an update in September 2025 , detailing information / status up to June of 2025.

Regarding what happens regarding Energean it's operator ship of Lixus and Rissana, as they only paid £10 million and a free carry on the drilling of Anchois-3, the hope is that the Terms and conditions of the farm in stipulated that it is handed back (Energean

seem to be calling it "tansfer") to Chariot free of charge. There, of course, has been no RNS stating this the wording has only been spotted in Energean financial up date recently.

Very much down to when Energean want to relinquish the offshore assets. They do not have to rush it.

We are also awaiting information on what is happening with the Vivo / chariot partnership at Lokous (ONshore field) as chariot did not conduct a flow test on OBA-1 (as was stated) , it maybe that one of the 2 or both are looking to find funding for that and maybe more drilling?

Chariots limited communication on both is telling, not in a positive way, imo.

But I do not think Chariot can use the Etana financing to cover OnG operating costs OR chariots G&A costs, the financing company's (GB, EU and Norske) would have put in checks / controls against that. Its Africa, and not thier first Rodeo with investing there.

All imo only.

Rgds Sft

Hey Oiltdr, ahhhh forgot about that. I think that most likely.

Thank you.

Rgds Sft

Okay, could be Jt.

Rgds Sft

👍Surety

Chariots own website is reporting that Chariot Snr Management have sold 0.4% which is 4,800,000 of 1.2billion shares.

its not been reported 🤔 wonder who sold?

Rgds Sft

38.2% unaccounted for: ie small % investors not hitting the unknown reportable threshold.

Although Simpley wall street include companies below 3.5% (lowest shown on Chariot website)

Rgds Sft

Rgds Sft

Well posted Jt.

Here are the direct comparisons....AA up 0.8% and Barclay wealth up 0.1%, rest down small % 's BUT interestingly Westland AND chariot Managment down?

But no sweeping changes which is good.

Chariot energy website previos data / New % shows:

Hargreaves Lansdown Asset Manag 14.3% New 13.9%

Interactive Investor 12.6 / New 12.1%

Westward Investments (AP) – CEO) 8.2 / New 8%

Halifax Share Dealing 5.9 / New 5.6%

Mr Askar Alshinbayev 5.9 / New 6.7%

A J Bell Securities 4.0/ New 3.8%

Barclays Wealth 3.4/ New 3.5%

Total Board and Senior Management 8.6 / New 8.2%

Rgds Sft

DM89, regardingthe Hydrogen how do you think they access the potential opportunities and secure project financing? What do you see is Chariot USP?

Rgď Sft

Okay read it,just the basics in that post. Worth a deeper dive though. Presently following my limited research ze Germans and Dutch are leading the charge on hydrogen.

Again, funding/ financing looks to be good in this sector and geographical location...Africa.

Opps my bad saw your link 🙄

Hey Dm89, I posted about a month ago, breaking down the major hydrogen players for Mauritania. Chariot are positioning themselves quite well but there is a way to go on providing confidence for funding,it helps significantly that they are partnered with TotalEnergies, but the proving ground (testing/ pilot) is in Morroco. Not sure how much TotalEnergies are driving it forward I.e. as they are so large it's difficult to find what they (TE) are actually doing with regards to Project Noir. There is though only one bigger player there ( can't remember their name off hand), next in line of 4 was Chariot/ TE's play.

There looks to be, potentially VERY large funding to available. Search Mauritania and Hydrogen funding.

Rgds Sft

Thats a bit of a suprise and rather odd: No intent for extention by one of the two parties? Which one?

https://www.lse.co.uk/rns/ENOG/termination-of-strategic-sale-2uirr59fgxst9vf.html

Well the Chariot BoDs now know the Carlyle International Energy Partners have some spare cash???

Of course I hope Jt and Surety are right.

I unfortunately lean more to Fernans thoughts.

My first hope is that Chariot add some assurance and clarity to the situation...now that Energean have included the wording of "Transfer" in official notifications albeit not a dedicated RNS we could presume it MAY free Chariot to issue the need information???

The renewables have slogged through on very limited resources, and it looks to me that the guys responsible have pulled the ETANA project together based just thier abilities. Bodes well.

True the potential returns from OnG are substantial but confidence is low (sme as the share price) for valid reasons...I and the markets are going to take a lot of convincing to trust Wallace and his divining rods, letting him loose on Nambia AGAIN with out some decent and real result is throwing what little cash we have away YET AGAIN (IMHO)

Standing by to standby.

GLA

Rgds Sft

Hey Fernan, I think we are seeing the future of Chariot Energy heading towards focus on the renewables. If they can get the Hydrogen arm to a funding point via subsidiary financing, its out there. Just a way to go yet: a time line would be good.

Morocco: Early stage, smaller scale pilots are of great importance to de-risk projects by showcasing project delivery and local value, proving up technology, as well as generating early revenues and creating the basis for deploying larger commercial phases.

The first pilot is currently under development at OCP’s Jorf Lasfar industrial site in Northern Morocco, in partnership with UM6P and Oort Energy.

Mauritania: Chariot’s green hydrogen project, “Project Nour”, spans two onshore areas totalling approx. 5,000km². Next steps include completion of investment framework, engineering conceptual study and offtake negotiations.

I think once the pilot project is proven and if they can get subsidiary financing there, it powers up the large Mauritania opportunities also?

I am now more intrested in the renewable arms, they are proving themselves well in this. It imo would be wrong to sell the new energy assets now to support Wallace and his seismic evaluation software.

I have lost ALL faith in the OnG team. We may be surprised but, I do not see an elephant or even a rabbit getting pulled out of the hat...more like a mouse, if we are lucky (IMO). I hope I am wrong.

Rgds Sft