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If Chariot enter in to the Energean farm in knowing they could walk due to A3 results they certainly did not indicate this in anyway.

It maybe that they did have a plan B or C for such an eventuality.

If so they did have a plan B Chariot SHOULD be able to let the market know and the transition process and exit/transfer of Energean should move smoothly and quickley. With Chariot letting us and the market know of their plans.

Let's hope this is the case.

Rgds Sft

IMHO:

The fudemental issue for Chariot is that many (including me (Morroco) and more so for the even longer " Long term holders) bought into Chariot based on the OnG exploration abilities.

Since AP has stepped in to the CEO role, despite being the founder of the company, its a position that he has been forced to do BECAUSE of the continued failure to find oil or gas quantities that can be taken ( or sold on) to development. That has resulted in significant share placings and subsequent dilutions of the share price.

This has been ongoing since 2007, when the OnG environment was good and has since fallen and risen again but with possible less financial support available due to the effects of the environmental factors effecting the securing of external funding.

We now find ourselves heavily diluted, with a poor farm in deal, very little cash due ultimately to the abilities of the O&G team to do thier jobs...which is FIND a commercially sound hydrocarbon producing field.

APs during his step into the CEO position has instigated (imo) a diversification into the future of new energy sources for the African continent I.e. Renewables and Hydrogen. This would be founded on his experience in the geographical locations and the obvious needs and opportunities (coupled with more readily available clean / sustainability funding opportunities I.e. European, UK, Norsk etc etc)

With out have significant and avaible financing the transition process has been incremental, and in part acting as intermediary management company as their independent knowledge, expertise or history is not specialist to renewable or hydrogen infrastructure building.

To be honest they have done surprisingly well and may do very well BUT it does hang on cash and time.

Morroco was meant to supply that cash and time....but it looks like the O&G team have failed to deliver again.

This was shown up, by the markets reaction to the farm in, as the terms did not confirm a development was confirmed but hung on another drill, which has resulted in Energean, who sold other assets to potentially invest in Morroco. By pulling out they have thrown into doubt all of Chariots data and the presence of commercial vial gas in the WHOLE of the RISSINA are which is very extensive.

The fact that Chariot have not separately announced or moved forward in + 7 months period with the ONshore Loukos asset significantly worries the market over Chariots exploration data.

We can say only one well (A3) is not the whole are but for Energean to walk ( following the farm in precieved doubts) and not do further drilling was /is a big concern for the market and prospective future farm in partners or funding partners.

If Loukos was regarded as a big strike the flow testing would have confirmed it and released funding or found a farm in partner.

All IMHO

Rgds Sft

Nice Post.

Looking through:

".......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"

Will have to break down the 65

Payments made to Chariot + Stena Forth drilling *days x (max $1million / day) + ENOG ops costs= Is there extra indicating another payment to Chariot?

Note*: Hard to know what the total days were as the Sten Forth stood off asset but did nit transit to port for some time.

Rgds Sft

Hey Surety,

CHAR have had plenty of time to have contingency in place. Any real OnG team would have started once the ink was still wet on the farm due to how it was written. No one would hang on A3 as the deal with ENOG was structured (IMHO)?

That would/should also have included financing.

BUT

The above all depend on what Wallace is advising the CEO and CFO...if we listen to what AP the CEO stated in the 23rd / 24th July 2024bhe stated the the "Investor meeting"

https://www.investormeetcompany.com/companies/chariot-limited

He states at approximately 2mins 37 seconds in that A3 is an important well but its purpose is NOT do we or do we NOT FIND gas, as we have already found gas in "TWO" Wells it's more how we can scale the project, what will the development look like, how large will it be. Its worth 85million to them. So it's a multipurpose well..........4 parts exploration, we will drill deeper as neither Repsol or Chariot went to that depth, an appraisal drill to determine quantity and a flow test will be done, forth part to leave it in a status to be a future producer well. It's a big catalyst well.....continues re Stena Forth.......onshore OBA-1 and flow testing in September..then onto Nambia and how Namboa is in there DNA...."

Sft note Nambia : I.e. we could not find any last time, but we have advanced seismic interpretation abilities so this time???

Yes how they raise funds is going to be intresting.

ENOG walking: Positive could be it frees them up to find a new smaller partner AND/ OR raise there own funds.

BUT

What if ENOG think Anchois is really a dud, remember the has been NO flow test on Anchois-2 ( not that many thought that important before)

Note take the point they said "Transfer" which appears be significantly better AND may be down to the TnC of farm in or they do not think they can sell it.

Wonder when CHAR will make a comment. I would want to see a very firm statement along the lines that the farm in contract was written such that, knowing Energean only wanted to develop a large field, we had in place plans for if they felt the scalability was not as expected.......

As you say fundin must be addressed but we can be sure that Chariot have know for a long time that Enog were probably going to walk...so they will fire up plan B or C with confidence. 🤔😬🙂🤞🙏

All IMHO/DYOR

Best Regds Sft

The question that people will be asking is farm out what?

Offshore: Gas, sand or water. 1 find not flow tested

ONshore: Gas sand or water. 1 find not flow tested

No one trusts the O&G team: Name the times Chariot successful took a find to production ever.

That's the issue.

Rgds Sft

Hey Ian, to be honest I did not do the actual cash calculation doh, my bad. I was kinda thinking that if ENOG was still in play there had been previous offers to Chariot of some ENOG share as an addtional incentive in the deal (Chars comments were they would make money on the dividends 🙄) ..I was wondering if part of that 800,000 new share could be utilised? Clutching at straws of course.

I am starting to belive that our new CFO is starting to look a bit better and maybe even true to his word on securing financing at a subsidiary level.

Round 1 to him with ETANA. 👍

Rgds Sft

RNS Details:

https://www.lse.co.uk/rns/ENOG/block-listing-application-vnws513gg32uq9z.html

Rgds Sft

Hey Again,

Just noticed this on the Web, bit strange that's a heck of a lot of shares?????

Energean Seeks Block Listing for 800,000 Shares on LSE

https://www.tipranks.com/news/company-announcements/energean-seeks-block-listing-for-800000-shares-on-lse

I wonder 🤔, surely not?

Rgds Sft

Hey Surety, I think there just rubbing it in 😂😁:

Energeans dividend 10.63%, share price rated for £8.00 and there's a delay on the distribution of the special $200 million dividend!

There write up is: ".......Energean's commitment to operational EXCELLENCE, innovation, and sustainable practices has positioned them as a key player in the energy industry. With a SKILLED workforce and a strong track record, Energean continues to DELIVER VALUE to its stakeholders through EFFICIENT and RESPONSIBLE hydrocarbon extraction and production"

Rigas has built a pretty impressive company's

Still I think the renewables team and Williams seem to have delivered what they said they would. Long way to go yet.

All the best Sft

Good news from the renewables team, weldone.

https://www.proactiveinvestors.co.uk/companies/news/1068033/chariot-cfo-on-175m-financing-and-75mw-solar-project.html

Chariot not out of the woods yet. The core OnG team need to stop costing us money and endangering the company. I belive Duncan Wallace needs to go.

Rgds Sft

Sorry ommision:

"Are we considering that they (MOROCCAN GOV) have announced that....."

Hey Jt, give it go has hunted out the news.

Here the link via morning star

https://www.morningstar.co.uk/uk/news/AN_1742205634008720200/energean-sale-of-egypt-italy-and-croatia-assets-at-risk-of-collapse.aspx

But have issued the following related RNS

https://www.lse.co.uk/rns/ENOG/update-on-strategic-sale-0vfrtwowefg8gpq.html

With Rigas stating with in it

"Although the necessary regulatory approvals have not yet been obtained by Carlyle, we remain committed to closing the Transaction. These are high-quality, diversified assets with significant growth potential and, if the Transaction does not close, we will assess all strategic options, focussing, as always, on the best interests of our shareholders keeping in mind the need for diversification, scale, dividend accretion and growth."

So odds are they will get it done.

I agree, they needed the cash, but have recently secured a "Term Loan Signed For $750 Million" for there Israel assets.

https://www.lse.co.uk/rns/ENOG/term-loan-signed-for-750-million-618arppkbq0p094.html

Never a dull moment.

Hey Surety, you could be right I.e. if they exit there could be a slight rise still need some assurance of cash somewhere, but if as you say they actually do REALLY have a contingency and it was in the shape of a development loan ( BIG IF, IMHO) then.....just can not see it.

Are we considering that they have announced that they are commiting to LNG imports then anything below that price point is cheap(er). Especially if you consider loan costs to build LNG Port infrastructures?????

What a guessing game, we have to play.

GLA

Rgds Sft

Hey Surety true, but what does it say about the rest off Anchois area, the large Lixus field and the HUGH encompassing estate that is Rissana if Energean bail on one drill??????

That's a big vote of no confidence on the area as a whole, big impact for any other investors or financing for further exploration or development beyond Anchois-2 (remember no flow test there either).

I belive this will also affect any farm in or financing for Loukos I.e. Chariots Exploration team / Wallace were employing the same "advanced seismic technologies" (there own words).

With no serious finds ever (2007) , you would think they may start to look for a common fault denominator 🤔😬

If Energean stay, that's very different.

IMO, that's how everyone will be looking at it.

Accept the BoDs, Still can not belive AP stating in the July webcast " it does not matter If the A3 drill finds gas or not, its just to determine the extents" 🙉 😮????

That must be what Wallace was telling him, he could not have come up with that himself????

All the best Sft

Hello Surety, yes I have already commented on the artical and the related Anchois mention. Really nice.

I, you, all of us on here, AP, AA, and Morroco all want the same.

The concern is if Energean walk it indicates that they do not belive there is significant commercial gas in ANY of CHAR field(s)...which assuming chariot have selected the fields with the better opportunities is of concern, hence: ARE Morroco ALSO getting concerned about how much gas is really there and alocating a significant amount into LNG processing ports?

I obviously hope not! Energean could of course STILL be playing a big game but it can only go so far and if there is a reasonable potential of other gas prospects (Rissina/Lixus) they will go for it....obviously the ridiculous 80% chance that was getting thrown around has been, as expected, destroyed but if they see less than 40% to 60% over the acreage and with gas prices (LNG) being good, they WILL walk IF they REALLY think the field is a dud for good expansion.

Rgds Sft

Good find Surety,

It good to hear, but obviously chariot have to continue.

The wording "Currently, we are LEADING the development project of the Anchois field with our partner Energean"

Energean as the operator should be leading?

It's hard to put much faith in any wording from Chariot, although this wording may be the journalists interpretation?

Also after "12 years" in Morocco they "CONTINUE to EVALUATE in order to CONFIRM the resources and, eventually, move to the development phase at a LATER stage"

Could read: Need another drill, and find more money to do that or develop.

Would it be possible to develop on the revised information and using the single successful drill they have done at Anchois-2? or do they need to confirm the reservoir further?? I do not know.

I am not holding my breath on Energean following that article BUT on the flip side it (as we know) ALL depends on how Energean interpret the data....IF they see nothing in the data now or its deemed too risky by leaving Morroco they have to find another field to invest in with again reliance on others data data again.

If Energean do walk, then maybe Morroco Really does has very little gas, and the commitment is now to rely on LNG until the country builds and develops in the renewable side for long term energy security.

Still Clutching at straws but Energean due to the farm in T&C's ( our great BoDs signed) and CHARs cash flow certainly have the upper hand.

Rgds Sft (all IMHO)

Hey GP, Theoretical obviously has not caught on yet when they realise the SP will head to below a penny, we will wonder wtf is happening, untill the RNS comes out and AP and Wallace let us know, they have paid Energean to develop 😂😬🙈

Very good find HLM!

Obviously the crucial comment being:

"Supporting local gas production from the onshore Tendrara and offshore Anchois fields"

🤞🙏

GLA

Rgds Sft

It does make you think: General public ownership was reported (Simpley Wall St) to be somewhere around 75% all this selling off and falling price HAS to have buyers...so looking forward to see the CHAR website update see where those buys were picked up??

Rgds Sft

Good digging Jt. Thank you.

Thank you for the finds/ post and translation Surety: Its not surprising that they got the extension, but its certainly VERY encouraging and of course reassuring. The date, 26th Feb 2025, is of course important, in that it indicates that there is of course, after the September A3, 6 months of talks have led to that extension.

Lets all hope that Energean will release some news soon, but they looking at their RNS's they keep information distribution to a minimum. Hopefully Chariot can influence some release from them, they (we) certainly need it.

GLA

Rgds Sft

Hello Surety, good posts. Thank you and appreciated.

My google translate does not work on the LeDesk (Below) article, it did on the latter Medias24, which confirmed one year of "additional research"?

Additional note: It is interesting that Chariot are only meant to have a max of 8yrs for extensions, is that from ownership or from what start point, seems to be rather quick if from initial ownership. I would assume the 8yrs would be if no work at all was conducted or broken in to development stages i.e. seismic, exploration, FEED, FID/Sanction some projects can take 12+ yrs...hopefully not in our case!!!!

Rgds Sft