Member Info for Surfit

Hey Jt and Surety,

My feeling is that no one owns enough to push through anything without the support of private investors (general public) ....according to simpley wall street:

Ownership Breakdown

Institutions 1.89% 22,571,077 shares

Private Companies 7.3% 87,365,324 shares

Individual Insiders 8.5% 101,732,180 shares

General Public 82.3% 984,698,341 shares

Now I am course not sure how accurate this is and when you reference the section of top share holders

Leto Trust owns 1.7% whish is 14million shares. Doing some research all I could find was they appear to be based in Singapore

https://sgpgrid.com/company-details/cc-leto-trust-pte-ltd

Which is also where Eneo Water, the African independent water producer, was "founded" in 2020 and headquartered in.

https://pitchbook.com/profiles/company/519131-08#funding

It was then bought by Chariot in Jan 2023

https://pitchbook.com/profiles/company/519131-08#funding

So Leto Trust could also be either based in Africa or possibley Singapore.

There is no mention of Mr Askar Alshinbaye who according to the chariot website still owns 5.9%

He could be classified as "general public" in Simpley wall street.

Also what is intresting is that the chariot website details the general public in slightly better detail in that it shows the investment platforms that the general public are using I.e.

Hargreaves Lansdown Asset Management 14.3

Interactive Investor 12.6

Westward Investments

(Adonis Pouroulis – CEO) 8.2

Halifax Share Dealing 5.9

Mr Askar Alshinbayev 5.9

A J Bell Securities 4.0

Barclays Wealth 3.4

Total Board and Senior Management 8.6

https://chariotenergygroup.com/investor-centre/aim-rule-26/

Note scroll to bottom of page.

If you add up all the platforms it is 36% in general public and aprox 42% if you include AA.

So could there is 40% still out there owned by the general public but could it be by smaller platforms_ brokers I.e. paper owned shares rather than the Internet Nominee type as ii is from example????

Just food for thoughts.

Kind regards Sft

What i

Hey JT, they need to reward themselves, because they have been working (wages not enough, despite being the companies biggest out lay 😯) to build the 3 pillars AND the share price fell (AP still does not know why that happened 🤔🙄).

Still in all of our worlds, we would not have got additional or something extra for devaluing the company by +90% 🤔. It would have been the door. Still modern management and directors obviously work to veeeeery different rules.

Still firing in a few emails asking as share holders let's them know we're not happy.

Still we're all hanging in hope for once they are telling us, the truth, the WHOLE truth and nothing but the truth! 🤞🙏.

GLA

Rgds Sft

Still worth reading Rigas's "reported" comments regarding commercialisation:

https://africaoilgasreport.com/2024/09/oilpatch-sahara/energean-hits-a-duster-in-morocco/

Rgds Sft

Opps forgot to post "proven" (its wiki, so not sure how accurate) reserves list:

https://en.m.wikipedia.org/wiki/List_of_countries_by_natural_gas_proven_reserves

Rgds Sft

Hey Fernan, interesting artical. Understandable that Hungry is in support to re-open supplies, their prime minister is pro Putin, and the country is energy supply challenged.

Russians doing their political infiltrations, via cash no doubt.

https://www.politico.eu/article/hungary-viktor-orban-threat-sanction-russia-ukraine-putin-gas/

With the UK OnG now being forced into decline, is it places like, Egypt, Libya (too risky still?), Tunisia, Algeria AND potentially Morocco???

Just looking at the proven reserves of Morocco (No. 100 on the list) is it actually there? Algeria seems to have it.

Morroco must want to get more exploration underway to determine if its there?? Maybe (it looking that way) its not. BUT this latest data must be able to provide better details AND if A2 OR Lokous OBA-1 do not get developed we know its really looking poor for Morroco developing such.

The clock is ticking, we must get some information out on it all this month (imo).

Rgds Sft

Hey Jt,

AP does have a lot of history and contacts within the continent and obviously mining via Petra.

It is a double edged sword ethical colusion vs deep reach....but that I guess is how it still very much works out there, with contacts and experience being essential?

Your right it does seem as if they are quiet, so maybe secureing this Wheeling financing package, would look to be one mile stone for the renewable side.

If only they can get the gas side across the line, I have become very disillusioned with Duncans exploration abilities (as have the market). They, imho, seriously can not go for Nambia AGAIN, if they have TOTTALY failed in Morroco....thier credibility, with out some success, would be uninvestable. Not with standing have 1.2 billion shares in issue.

We must really consider Shell has invested 400milion in Nambia and are not prepared to go it alone, which is not unusual in any way, many mega fields have 3 or even 4 seperate operator partnerships. The exposure is too high especial as oil prices could soon reduce with the USA back in (Drill baby drill etc etc) and wanting to get OPEC (read KSA) to reduce prices.

If they can get a income or a meaning full sale from Morroco it would restore some reputation to us, the market, financial institutions and the share price. It seems the market thinks its a real LONG SHOT.

Will it be a total sell off I.e. the whole lot? Do they have enough information to get a decent price or someone willing to still risk it. Maybe from ENOGs perspective the results of A3 plays perfectly for them to take that risk at a significant discount, their geological/ reservoir engineers will be deep diving the data and may make an offer but its now going to be a very cheap one. Rigas (Enogs CEO) seems a proper hard-nosed business man, as thier successes reflect.

Re comms keep sending them in, if not enough investors seem concerned they will not feel accountable. As investors we still own a substantial amount, although you do wonder with how few of us are on here debating/ speculating.

As usual all IMHO

All the best Sft

PS I am still even more drawn to the Hydrogen potential with the large financing figures that are getting banded about...although it seems the pilot project is at least two years off.

If they had the cash or funding would it get fast tracked or is that down to TotalEnergies?.?

Correction to 12:21 post:

"It really brought it home to me when not knowing that we need to redrill A1......"

(NOT A2)

Rgds Sft

Although I say any communication to Chariot, should be done in a FIRM BUT calm and professional manner if you want to be taken with any modicum of seriousness.

Rgds SFT

All good points.

I am starting to think that AP will now hopefully be seriously cracking the whip?

Surety out of interest there has been no RNS that Askar Alshinbayev (26 Jul 2023 14:19 TR-1: Standard form for notification of major holding: 6.19% with 59,676,544 shares has exited?

https://www.lse.co.uk/rns/CHAR/holdings-in-company-tu6uf79giow1jgc.html

He although a billionaire must be a BIT interested in the state of affairs?

Regarding AP it's clear he has been a significant investor into Chariot especially after Nambia.

As of the 15 Dec 20 i.e AP 85,243,102 share equivalent to 11.54% of the company (I do not think he has sold he has also lost to dilution I assume, despite the free share allocations??!!!

https://www.lse.co.uk/rns/CHAR/holdings-in-company-1jtzzk6b5bkjvu5.html

Re: funding: he has done so before I.e. underwriting the drilling via another of his companies (19 July 2021)Magna Capital LDA " Magna underwrote up to US$7.85 million (£5.57 million) of the Fundraising announced on 24 May 2021

https://www.lse.co.uk/rns/CHAR/payment-of-underwriting-fee-total-voting-rights-awu8bpctivvvgjc.html

AND was the main contributor (and probabley instigater) in management inputting funds on the last round.

Despite the loss to dilution and now share price he has been captaining the ship with a generous salary, expenses and vocal on protecting share holders and comments regarding the company gas.

They have only now SECURED ONE 1x credit facility (for the Wheeling) and we have heard a lot about thier ability with SOCGEN have several financing opportunities...well we will I belive soon see if they are being frugal or opaque with the truth AGAIN soon enough.

He really needs to be kicking up a storm with Duncan and the CFO Jullian Willams AND the Frenchies on the Elec and Hydrogen (Mauritania, although that the pilot scheme according to the June webcast is 2 years AWAY!!! ( 2 years!!!????....we were intended to have gas in 25 I belive!!!! )

These guys need constant pushing and productive and financial accountability in all departments INCLUDING the mining renewable !!!!(AP's push most probabley). When are any going to produce any income.

Investors need to start demanding information on what they are doing. Write in and demand your questions are put to the board. I am sick of these guys not giving FULLand ACCURATE information.

It really brought it home to me when not knowing that we need to redrill A2: Only by a private investor asking the question on the webcast was Duncan caught and disclosed this information...I stupidly assumed ( Sft 🤡) and Jt steering me onto that info. I had let its relevance pass me by on the initial June play. Just shows we have to think about each bit of a project as the management team are good at keeping us in the dark. Hence its ESSENTIAL to ask questions (IMHO).

Good posts as usual gents. Greatly Appreciated.

Rgds Sft

Does it feel that the sp is getting walked lower?

Rgds Sft

Hey Fernan, could be but why bang the drum so much for the flow test in RNS post OBA-1 drill and verbally several times in June on the webcast, specifically stating / showing on slide and confirming the 2 million raised was for the flow test AND stating gas or no gas at A3 does not matter

If your right or if I am right, by NOT making a comment on this much lauded, part of the raise and essential proof of commercially strengthening the ONshore just continues to throw doubt on both the directors ability to provide either accurate or truthfull written and / or verbal information to the market, existing or new investors or financial institutions. It means literally nothing they put out can be trusted.

That's how I see this particular instance fitting in with a lot of what the state or issue or withhold or hide.

I just can't work out if they are carpet baggers or fools?

Cheers Paul, Surety is thankfully being more steadfast, with concerns of course.

This is the latest that I can see from Chariot via the CFO on proactive.

https://m.youtube.com/watch?v=6N7JY-JWgfk

I would love to see a financing of the hydrogen arm and Chariot securing a bit of this potential funding in Mauritania! Dream on son (of course).

https://energycapitalpower.com/mauritania-green-hydrogen-financing/

Rgds Sft

Good and well made points Surety.

Loukos was intended to be the fast track development to cash, after they realised their negotiations with ENOG (imo) were progressing the way they were.

So why have they not updated us on Lokous, not a word not even that they are farming it out.

Why no flow test of OBA-1 as stated multiple times: Poor cash flow understanding? They allocated as per June webcast 2 million for flow test and ongoing set up with Vivo? It's this type of lack of comms that feel like deception AND reflective of the management.

I agree that CHAR can do nothing regarding Anchois/ Lixus (and the option of Rissina) until ENOG make their intention clear to market and CHAR. They are in full control of Lixus presently as per farm in.

Rgds Sft

HC I certainly do not like what you say, but the SP reflects the market and what professional OnG investors see.

The SP fell off (further) ever since the market saw the terms of the farm in deal that ENOG negotiated: the development of Anchois-2 as laid out in the FEED process completed by the Subsea Alliance, was not included only the Anchois-3 (East) drill. So ENOG needed a larger field reservoir conformation before agreeing to moving the project forward.

It was intresting reviewing (As Surety correctly advised) the June 24 webcast on how AP was down playing the importance (twice!) of finding or not finding gas at this A3 location. So yet again I say they must have as a partnership discussed and/or wrote into the contract what to do on poor or not as expected results. No company would have written up the farm in deal with out having a contingency correct? I can only assume that deal was depending on the results actually found: Further Seismic, development of small asset or hand back? Our Technical Director would have lead the charge as he did for Nambia, not flow testing Anchois-2, buying Loukos for drilling, agreeing to the ENOG terms and not flow testing ( as stated in the Webcast and RNS's) for September.

Note: it has been raised that they are not flow testing OBA-1 so as to preserve cash, BUT as a company they must know their forward cash projections and flow testing OBA-1 was stated in 2 RNS's and mentioned several times in the June webcast. So apart from:

1. having an unexpected cash outlay

2. Incorrect understanding of cash reserves

3. Not seeing the gas pay in OBA-1 to test...but again drilling was completed and RNS issued on 28th of May and June (webcast) stating flow test.

So what is it really not understanding their cash or why not flow testing.

The trouble with CHAR is after 17yrs of operations, no income, no fully confirmed drilling successes ("maybe" Anchois-2), raising cash via share placing to the tune of now 1.2billion shares, we are worth 20million? The management team do look to be inept and due to the share price losses VERY VERY dangerous to invest in.

Rgds Sft

I tried for ages to find Westward Investments: there was some entity in the Isle of White and another in Panama. I found the same London one bit as it had no year on year accounts disclosed, not even micro accounts I dismissed that one.

What you have to ask yourself is if the company is that hard to find...why.

I asked these questions to the bb here yrs ago no one interested. I was particularly intrested as the 23p share price dropped 2/3 weeks before and down to 17.89p I time for the 18p share placing 🤔

Information opportunities abound (imho) too easy and too suspect and too long. Although it's hard to trade a consistently falling share to be honest 😂.

Rgds Sft

Time Trade Prc Volume Buy/Sell Value

16:27:41 1.69 1,000,000 Sell* 16.90k

Unfortunately Surety, it seems there are a "few" that think it's all over and are exiting even now at these prices (see ☝️)

Although equaly it could be the recent speculators exiting?

Good news would have leaked a bit by now (IMHO).

I am bracing myself for bad news on the gas, then what's left is not generating an income to pay the directors and staffs wages for 3 months.

Fat ladies got her coat, I fear.

All the best Sft

Ian,

I put "IS" Westland selling.

It would be good to know is these guys are up to anything, buying, selling or just holding those ahares as you say its AP' s company.

Re continued selling I am looking at the end of day buy n sell on here. I appreciate they are not always accurate but as the sp is starting to creep down, that may be the clue.

With the continued selling, it does not look good.

Is Westland Investments the last institutional exiting.

It's starting to get ridiculously quiet.

The only thing is Harry the few you boring on here are not selling, there's no point.

That we cling to slivers of hope: Such that CHAR secure some financing, or can sell the gas field, or that if ENOG do walk they have to terminate the farm in and its returned to CHAR, HOPEFULLY Anchois, Lixus, Rissina and Loukos if not full of gas, seems to have loads of water, well call me a an old positive but I bet AP will open up a bottling plant instead and then HC we are in the mineral water business. I think mineral water sells, per bottle, more than oil 😁

Rgds Sft

Thank you for the repost Danno.

Interesting let's hope we and Energean can play a part in inventory 🙏😁

Rgds Sft

Nothing I can add Jt. The only person on here who might have was Jimmy. But he may have moved to pastures new.

Rgds Sft