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The CHAR directors biggest mistake was signing off on the farm in deal with out including the Anchois development as per original "Subsea Alliance" RNS completed FEED. IF they had secured that development there would not have be a share price rerate and subsequent flight of investors.

Why we are at this point hangs 70-80 on that single point, no meaningful free cary was another important factor but, to secure NO development, shows either what Anchois 1 and 2 development vs return are really worth or the greed, attitude to risk and to put it bluntly the stupidity of the directors (believing Wallaces Anchois-3 data was worth the gamble).

Still IF they could only secure something of significance its a rerate.

The trouble is, constant failure in a company will have a knock on affect with partners, financial institutions, potential new partnering deals and even governments on any ventures in all of the 3 "pillars"

They need a win desperately, to prove they are not incompetent business/ directors or managers.

Rgd Sft

The obvious hurdle with developing Anchois, of course, is nothing can progress without Energean.

Char's farm in deal gave away the golden egg, for trying to find the egg laying goose. Energean "appear" to not be interested in the egg....we will see 🙏🤞

Rgds Sft

Hey Gardie, there was a post a while back from someone stating that the Energean Morroco Ltd (or something like) was still in existance.

Maybe the original poster can post and some can dig deeper?

Something has to give very soon, I still feel cash must be getting thin by now.

What ever they post next they need to address those concerns.

I have my doubts it will be anything other than the usual sticky plaster....but if it's bigger than that I.e. finance deal with Vivo or SocGen secured Anchois-2 development with Subsea Alliance ( although Energean still remain the operators, so that needs to also be obviously clarified).

Ideally we get one RNS clarifying the lot....that maybe dreaming a tad to much.

If they could secure income in a meaningful way, the sp would rerate according to the markets assessment of Chars cash security and future potential.

It would take a lot though to encourage meaniful investors back in as we saw the drastic rerate and subsequent flight directly after the farm in deal...I.e. no development plan only speculative drilling.

CHAR DIRECTORS DO AS YOU SAID AND DEVELOP ANCHOIS-2 AS PER SUBSEA ALLIANCE FEED.

All IMHO

Rgds Sft

Rgds

AMMENDMENT TO point 2:

THE VIVO CONTRACT WAS signed just under a month AFTER the (above) OBA-1 issued RNS.

Hey Surety, good post, good cross check.

In all honesty I had not looked at the website, I really only rely on company RNS for corporate info. Although CHARs website is good to review for an overview and reminder.

The quick to market deal with VIO:

Agreement signed with Vivo Energy in Morocco

24 Jun 2024 07:00. RNS Number : 4841T

Includes the following:

Chariot is Operator of Loukos and having recently completed its first drilling campaign on the licence is now planning flow test operations at the OBA-1 well. Loukos contains further gas resources in existing undeveloped gas discoveries and an attractive exploration portfolio which together offer additional production potential. Data gathered from the drilling campaign and recently reprocessed 2D and 3D seismic are now being integrated to update the understanding of this resource potential.

Addtional

· Chariot intends to sell initial volumes of up to 3 mmscfd to the midstream CNG business under a long-term gas sales agreement from potential future production from Loukos;

Goes on to add further details, see link below for RNS:

https://www.lse.co.uk/rns/CHAR/agreement-signed-with-vivo-energy-in-morocco-gywrnbf9x3zlvld.html

Sft Note:

1. It clearly states their intent to flow test in the Vivo contract.

2. Of slight interest is that the "Gas Discovery at OBA-1 Well. 28 May 2024 07:00. RNS Number : 9630P"

( https://www.lse.co.uk/rns/CHAR/gas-discovery-at-oba-1-well-406w2ydvrvvbb04.html )

was signed just under a month AFTER the (above) OBA-1 issued RNS. Which is a positive in that they would have probably been in communication with VIO before the drilling started but both would not have signed a contract (Note NOT yet finalised, read end of VIVO RNS)

3. To put the figure of 3 mmscfd indicates some calculation on OBA-1 potential????

4. I would have hoped VIO would have inputted some capital, even for the flow test?

BUT they may NOT, as a company, deal in any form of speculation and only delivery to their market customer????

https://www.vivoenergy.com/en/where-we-operate/morocco

All just my musings BUT as a CHAR as a company MUST start generating SOME income, it just really embarrassing for all the directors and the company name.

Also checked Energean for RNS's and its totally void of any Morroco comments even in the November 24 update. So no definite termination of partnership as yet. 🤞

Still good, again good post Surety.

Rgds Sft

Thank you Surety.

Rgds Sft

Hey Surety, thank you, where was the info on an RNS?

If not do you have a link to the info?

What do we think their "interpretation" are going to be precieved as by any "new" farm in partners...these guys have got not one success (apart from Anchois-2 reportedly) to date.

These guys are running out of guesses, I am starting to see a load of kids at a party trying to pin the tail on the donkey...many many guests have been hospitalised already, and all have presently been floored 😮

Who's going to trust them on un proven data?

That is there biggest problem now, imo, that could roll across to the other "pillars"

Rgds Sft

Hey Jt2017, Yes it must be too risky due (imo) to the data; indicating a LOW flow. If it was a gusher you can bet your bottom dollar they would find the money from somewhere to help prove their data. Remember first drill was a duster, second as "reported" these were Duncan Wallaces priority choices of the whole of the Loukos field 🤔🙄

Rgds Sft

Hey Surety, I do not belive they can confidential adjust the completed FEED development of A2+ with out another appraisal well (imo, note I am not a reservoir eng.) to find addtional gas pays. So if they are not conducting more drilling BUT because ENOG do not (as reported in press and not in ENOG RNS's) intend to go ahead with the CHAR defined RNS 2161S sized project all I can assume is they are to withdraw from project.

All we have to lean on is the CHAR issued RNS that states all that is needed for the Anchois +2 is a FID that is most likely down to securing finance I.e. without ENOG. It seems to me that ENOG and CHAR knew what was going to happen if A3 was a duster AS the A2 FEED completed was specifically NOT confirmed as getting finance unless A3 was commercial.

I just can not belive that it was not all discussed prior to farm in contract signed, it was not made obvious in the RNS and that suggests that CHAR knew they needed another partner or as before: Secure finance and then built and run buy the subsea Alliance ( see RNS 20 Jun 2022 07:00. RNS Number : 3859P).

Note: All bets are off if Anchois-2 has in anyway been disproved.

But if that's the case Duncan Wallace and the OnG guys need to be put in prison, for misrepresentation).

Just my opinion, I have no faith for Loukos (hope I am wrong) as they are not flow testing it, the first drill was a duster and its gone quiet on the second 🤔 why???despite RNS and fund raising to say they would flow test....more misrepresentation??? or just plane wrong on seismic data again.

All IMHO, DYOG(euss work) 🤔🙄

Rgds Sft

So have to board been lying to all OR are have they gone straight in to contingency mode and pulling in the finance to get the FEED completed project underway, as any responsible team would have prepared for???

The next RNS should see if they are a good 🤔 team of directors (and not liars) and seamlessly move into the "planned" 🤞🙏🤞🙏🤞 contingency development

Rgds Sft

Oiltdr,

I guess we are looking at Anchois-2 development being all good to go.

FEED was started with the Subsea Alliance on the 20 Jun 2022 07:00. RNS Number : 3859P

And

FEED completed 8 Mar 2023 07:00. RNS Number : 2161S

If we read all below from the RNS we had a full project confirmed on the 8th of March, which is part of the continually reported fast track development. It was only derailedwhen CHAR announced the terms of the Energean farm in where the demanded to confirm Anchois-3 was commercial.

Anchois-3 is NOT part of this FEED anaysis SO it is assumed that procurement has been advanced during the Energean farm in irrespective as it has been detailed by Adonis in this RNS

RNS 2161S states (cross check for full detail):

Three initial subsea producer wells, including the Anchois-2 well drilled by Chariot in 2022, with multi zone completions to enable gas recovery across multiple stacked sands;

o Subsea infrastructure ("SURF" and "SPS") capable of delivering produced hydrocarbons from the wells to the onshore facilities via a subsea flowline and controlling the wells via an umbilical, with future expansion capabilities to tie-back additional wells;

o Onshore central processing facility ("CPF") to process the hydrocarbons and to deliver treated gas and condensate to market, with an initial capacity of 105 mmscfd; and

o Onshore gas pipeline to deliver the gas to the anchor gas offtakers via the Maghreb Europe Gas Pipeline ("GME"), for which a tie-in agreement has already been signed.

· Engineering, Procurement and Construction ("EPC") commercial proposals have now been requested.

· In addition to the FEED, other technical work has been progressing in parallel, in the lead up to development sanction, including:

o Environmental, Social Impact Assessment ("ESIA"), for which onshore and offshore environmental baseline surveys ("EBS") have already been conducted;

o Field Development Plan ("FDP") is being finalised by the Lixus joint venture partnership to enable the award of the production concession;

o Development drilling planning is ongoing which can further evaluate the potential of an additional 754 Bcf of 2U prospective gas resources for minimal additional cost. The targets identified have an independently assessed geological chance of success ("Pg") ranging from 49-61%.

Adonis Pouroulis, Chief Executive Officer, commented:

"We have made excellent progress across all aspects of our planned development for Anchois and detailed discussions on partnering, gas sales agreements and project finance continue concurrently as we move towards Final Investment Decision.

"The conclusion of the FEED stage, largely performed by the Subsea Integration Alliance ('SIA'), is an important step in defining the initial development plan to deliver gas to our anchor customers. In conjunction with the Field Development Plan and Environmental and Social Impact Assessment work completed to date, we have further cemented the viabilit

A massive dilution unlikely? It a bit late to say that, we have 1.2 billion issued to date, if they have no income where else is it comming from KnC? That's what some of us have been trying to work out: Anchois-2 or Loukos. What are YOUR thoughts???

Rgds Sft

They have no credibility left. But I am sure will try and takes us to 1.5billiion shares, 1.5p will be the pitch.

They are an industry joke, the only slight consolation is that AP, Wallace, Williams and Hockey will be exposed to the industry as inept and hopefully won't get another job as directors 🤞

Https://www.reuters.com/business/energy/shell-writes-down-namibia-oil-discovery-2025-01-08/

Obviously of course with OBA-1 being proved as commercial it opens up the required exploration / appraisal of the Loukos field. It will be a VERY significantly difficult farm out sell if NOT commercial I.e. as they have drilled the two most likely locations FIRST and that's why the flow test MUST be conducted. As Anchois-3 was fully disproved.

Rgds Sft

Hey Surety,

Re Loukos: You make a good point, my concern is that they have, so it seems, to have elected to not flow test OBA-1, which indicates to me (imo) that there was not sufficient gas to do so? I would have thought that to have a tested asset would enhance and PROVE to a farm in partner their modelling for the onshore field?

ALTHOUGH

We may consider that the requirement to put the bulk of the remaining cash down in time to gain access back AGAIN into Nambia is in their opinion more "appealing"????????

BUT

If so yet again it throws doubt onto Duncans Walaces seismic geologist talents. We must remember he has been the exploration manager for Chariot since 2013 and the technical director since 2020.

We of course remain bereft of any generative income from any of his endeavours to date.

Inaction I am surprised that CHAR has NOT issued a RNS stating that they have put Loukos out to farm out???? I belive if they really have it is market and price sensitive to the market and requires an RNS...correct?? Your thoughts??

IF OBA-1 is still planned to flow tested as they have stated in a published RNS stating that they intend to do so and it WAS after flow testing deemed commercial that would (imo, and as you possibly see it) VERY VERY encouraging and potential as you say a the most important. Thanks for the thoughts and input.

Best Rgds Sft

Correct. All investors have studied the RNS farm out terms.

It's worrying to look at the extent of fund raising via share placements and therfore the dilution since 2019/2020. With the amount of shares in issue even with Anchois-2 in production with CHARs current % of remaining ownership we would be lucky to see 30p on this development alone. Which even if sanctioned this year would probably take 2yrs to get to production.

Remember under current farm in requirements we have to repay our share of the "ENOG" investment.

Does any one see any other actions other than getting Anchois-2 sanctioned as our only escape.

I again ask investors to send in emails to the company demanding some clarity on how the company expects to generate income and or remain solvent with the current assets the company holds AND not further speculative investments.

More emails demanding information is the only way share holders can show their disgust, that and protest voting at the next opportunity.

On that last point when was the last time share holders were given the opportunity to vote, I can not remember....the circular being sent out. Its a legal requirement correct?

Rgds Sft

Hey Gardie, I am not too anti the philosophy of the Renewable and Hydrogen pillars, its just that we needed income from the gas to stabalise the company.

Although I remain doubtful that we actually have sufficienttechnical specialists employed with in these two area to set us above dedicated companies solely dedicated to such sectors???

We have managers LAURENT COCHE for Green Hydrogen and BENOIT GARRIVIER for Transitional Power both seem to have been pulled in after both cofounding AEMP and Chariot acquired.

https://www.afdb.org/en/topics-and-sectors/initiatives-partnerships/africa-energy-market-place/about-aemp

So in theory they coupled with TotalEnergies see quiet plausibly big opportunity's for development in Africa BUT they are need cash and its only going to come from external IMF type funding.

These two along with ALL our directors and managers, with the acception of Duncan Wallace (Technical Director who is a "geologist with over 20 years of experience in the sector") have many many years of management experience! God knows how we find ourselves as a penny share (1.8p ffs) company after 17 YEARS !!!!! of existance!!!!

One really does wonder what these men say to each other when they meet and missplan our next steps.

🙄

Rgds Sft

Unfortunately Scm, a few mill buys / sells will not shift it, especially with +1.2 billion issued.

Only by the company confirming to the market they are cash secure or at the very least have a plan to secure income will we see a rerate. IMHO and with much regret. No amount of hopefully posts will bring in a cascade of buyers/ "investors" we need conformation of SECURITY of income as none has been generated ) apart from Gross $80k pa not net) from the water container in Djibouti.

Still nice to see your positivity.

Kind rgds Sft