RE: A different perspective13 Feb 2025 11:38
Hey BDC and GP,
I myself have changed in what I belive of Chariot.
Initially I invested just after the news of Anchois-2, believing the ability to produce a quick to market reject, although small, but with potential for growth. As you know my concern was funding, those general and administrative Costs (G&A) and cash runway concerned me. Seeing (eventually) funds also getting diverted into the other two (vague financing vs time line on return) pillars. I started to get very concerned seeing a lack of transparency in the funding. The quick purchase, during the farm out discussions, of Loukos was in my opinion strange, but put it down to being a "potential" funding opportunity for the company to support the two other pillars?
The farm other terms when they came shocked me with regards to the terms, and I honestly initially missed the worse of it, that being Anchois-2 was not now a given development. I was post Farm in terms being posted trapped, I was considering exiting post the farm in announcement expecting a lift but it was recived that badly it was at the time preceved as too costly (worse of course was to come).
How the gas now pans out has been much debated. I have been under the belief that as supposedly experienced OnG men and as they indicated they had contingency on a none take up, but that was possible for the larger option, but I still belive they can not be THAT inept that they did not consider the drilling of Anchois-3 as being a fail, its really another exploration drill (imo) to appraise the size of the field (as we all know of course). AP clearly stated in the July webinar its results yes or no (for presence of gas) were not crucial so this supports the fact that the had contingency, as they were aware of the exploration risk true???
Leaving gas aside I have looked more at the two other pillars and AP Africa Energy aspirations, in which I do feel (now) that through external funding there is significant opportunity I have become more of a fan of the hydrogen potential, after looking at the again potential for funding ( there is (imo) a reason possibley why this financing is becoming available, and Germany seems to see it as a good energy source??? DYOR)
The only trouble is as you and we all appreciate are the Chariot BODs good enough to get anything across the line?...they must look pretty poor, due to the company successes (none) as the team / company to lead the way?
As before, that could change rapidly if they can pull a elephant ( too late for a rabbit now) out of the hat.
Still drinking from that spring of eternal hope. I have no choice now.
Re SA, its a good to risk assess, the hope (that word again) is AP is not tarred with the same Anglo brush, as he has significant history in the region, so will not fall under the same umbrella that may be running around at the present (imo)??
GLA
Rgds Sft
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