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Good research (Enog)and posts gents, something has to materialise from CHAR at some point and it's a decent bet it's to do with cash.

GLA

Rgds Sft

Apologies Surety, just could not remember 🙄😁.

My concern was/is like Anchois-2, Loukos was initially sold ( their usual inflections on wording to investors) as a quick potential (See extract below from RNS 1st August 2023) on the TWO wells (Thus ALLYDING TO aliviating the financial risk and by funding and remove further placing with the resultantly continued SP dilutions) then changed narratives to a 20 addtional drilling campaign to "developing" the ONshore potential

REF RNS August

Extract "..........· Intention to drill priority targets identified, with drill rigs available in country.

· Loukos has the potential to deliver early gas sales due to the proximity to a significant and undersupplied industrial gas market, with further potential development synergies through the location of the planned Anchois processing facility and pipelines being situated on-block......"

Best rgds Sft

Really interesting how the BoDs were "Selling" the fast track development of Anchois-2 location right up until Loukos (another smoke and mirrors gambit) and ultimately the Farm in agreement on the

7th of December 2023, this exposed the deceit by not including Anchois-2 in the farm in requirements in, and the markets saw it clearly.

8th March RNS 2023 Anchois-2 FEED completed:

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.

IF we go back to the 20th June 2022 RNS

Chariot (AIM: CHAR), the African focused transitional energy company, is pleased to announce that it has signed a front-end engineering and design ("FEED") agreement ("Agreement") with Schlumberger and Subsea 7, as part of a consortium, for the Anchois gas development project in Morocco. Chariot, Schlumberger, and Subsea 7 will continue to adopt a "one-team" integrated and collaborative approach to safely FAST-TRACK FIRST GAS to MAXIMISE the RETURN on investment.

The management had been selling this narrative before and VERY much after to move onto many share placeing (and dillution) and use the raised cash to COFUND the other 2 pillars.

False representation to share holders coupled with mismanagement of raised funds and mismanagement of the GAS development project: They gambled on the expansion of Lixus with an EXPLORATION drill, with ENOG not commiting to Anchois-2.

Note: It does possibley lead on that if the development of Anchois-2 was not in the farm in the ENOG had already stated they would only commit if the field was bigger than Anchois-2. So this does lean to them walking away?

Rgds Sft

Sft

RZK-1 well and OBA-1 Well. What were the other two?

It's not a lazy question:

Imo the answer lies with in the farm in contract that both parties signed, of which none of us PI's are privy to.

For time lines in getting it resolved could be relatively quick IF the contingency for poor drilling results had been risk assessed by both parties and agreed.

As to securing another party that is unanswerable as we do not know if there were any interested parties that wanted to take on just the smaller Anchois-2 development on its own.

What is interesting was the artical that another poster found informing us that Loukos was up for farm out, not detailed in any RNS's or detailed in any prevuios announcements from CHAR. Lokous was sold to investors as a potential quick commercialisation opportunity initially, two wells, but then expanded to a onshore exploration field development opportunity.

Which of course due to no carry from ENOG must also be farmed out due to CHAR financial situation.

All IMHO.

Rgds Sft

Agree Bold,

It does really depend on the data though. If the numbers do not stack up they WILL walk Mathios Rigas has done VERY well. He comes from a finance background and has a proven ability to secure, maintain, develop and knowing when to consolidate debt and sell assets. Hence the recent restructuring to reduce debt and allow free capital.

He has a passion to develop the med and todate its working.

The farmin deal with CHAR demonstrates his business savy.

If you consider ENOG started in 2007, which is the same time as CHAR! Shocking disparity in leadership and abilities.

Worth watching imo.

https://m.youtube.com/watch?v=V41ZM4tTlMY

For our sake I hope your right, but he has (and had) us over a barrel, and is whispering in our ear " Brace yourself Sheila"

Rgds Sft

Thank you for your calculations Fernan, greatly appreciated.

It's very hard to understand the realities (READ POTENTIAL) of Loukos the results indicate a 70m pay zone, with no flow test conducted (nor has it been completed at Anchois-2 either) correct?

Loukos: RNS 28th May

Confirms the presence of reservoirs over an interval of approximately 200m gross thickness, corresponding to the pre-drill targets; and

Within which an approximate 70m gross interval of primary interest has been identified containing elevated resistivities coincident with elevated mud gas readings, indicating POTENTIAL gas pays, with no water-bearing reservoirs identified.

Further post-drill analysis will be conducted in preparation for well flow testing which will determine the well productivity and the gas resource potential of the discovery.

With points raised in press statement: 27th Feb (before final above RNS

"The EIA for Loukos covers up to 20 well operations and Chariot will kick off with an initial exploratory drill on two prospective wells at Gaufrette and Dartois and has the option to re-enter an historic gas discovery.

Pierre Raillard, head of gas business and Morocco country director said: “…This is not only an important STEP towards our INITIAL drilling campaign but EIA APPROVAL for multiple additional locations gives us flexibility in future campaigns"

https://www.thearmchairtrader.com/chariot-aims-for-first-drill-on-morocco-gas-project/

Apart from their mismanagement they are good at hiding, changing or omitting actions not done or to do in the wording.

It can misslead people who are not fully knowledgeable on each and every step in exploration, appraisal, testing, FEED, FID/Sanction, procurement development etc etc

Note: which I (stress) am NOT an expert on, but learnt a bit from Premier/Harbour/ RKH experiences.

I do acknowledge you do seem more knowledgeable Fernan and agree with all you say, but I have lost faith in what these "directors" Say, Print or Do.

BUT

We may get surprised and they pull a 6ft Rabbit out of a small hat? 😬

Kind rgds Sft

This drilling and testing campaign was scheduled to conclude in the third quarter of 2024. It was to further evaluate existing reservoirs and include flow tests targeting undrilled potential resources with a view to increasing their development, then estimated at more than 30 billion cubic meters.

Gas, but in small quantities

Rigas said the area where his company has drilled off Morocco's northern Atlantic coast already contains gas, but that such quantities might be more suitable for a smaller company than his.

Rigas refrained from announcing the extent of Energean's gas discoveries in Morocco, stressing that Rabat has not yet announced these results itself. "I prefer not to say anything until the results are announced by the Moroccan government. The gap is huge and it is better for the government to communicate," he said.

80% success 🙄

Well the data must be really poor, hoping its a negotiation tactic, but I my grip is by my nails now and I can see them peeling off 😯

I agree, the BoDs have not lived up to any of thier words.

IMHO every thing hangs on "IF" Anchois-2 was as good as we have been told by Wallace, the "Independent CPR and our Jimmy. There remains value there due to Anchois and Anchois-2.

The recent data gathered from this Anchois-23 appraisal drilling aids in understanding the Lixus Field.

Let's remember: " Chariot’s latest competent persons report lists certified 2C resources of 18 Bcm in the discovered gas sands and unrisked prospective resources of 21 Bcm in undrilled sands.

Main goals of the 2024 appraisal well on the field’s eastern flank will be to conduct a DST on the main gas-containing sands; to target an additional 5 Bcm of recoverable gas via a sidetrack into the O sands in the Anchois Footwall prospect; and to access a further 6 Bcm potentially recoverable through deepening of the well into previously undrilled sands in the Anchois North Flank prospect.

Once drilled, the well would likely be retained as a future producer for the development.

Positive results could lead to expansion of the existing offshore development plan.....

https://www.offshore-mag.com/regional-reports/africa/article/14302422/energean-joins-chariot-in-offshore-morocco-anchois-gas-project

THIS PART HAS OBVIOUSLY FAILED but there remains value.

Because of our BoDs mismanagement of finance we are in a very very weak position (obviously) and the only option is what is Anchois-2 value to ENOG.

I would not be surprised to see CHAR sell all other Moroccan interests to ENOG and gamble (again) on Nambia and hope TotalEnergies drag them along on a hope of large Hydrogen grants for Noir.

I see very little hope on the renewables: it's a shambles and with the BoDs standing i.e. no successes under thier belts ( since company formation) independent financing ( with CHAR BoDs controling the purse strings and direction has never and will not happen)

JUST my speculations, I stress.

The continued slide in the share price, does not PRESENTLY lend itself to a positive out come.

Rgds Sft

No it does not look good, down (12:25hrs) +7% with a spread of only +1% (so drop is not spread related)

That's with only 2.5million recorded as sells??

MMs rerating down again!!!

Going to be interesting to see how far this goes and if there is another RNS comming or some ENOG news has leaked?

Rgds Sft

So should we be going to the FCA website and putting those three guys forward so the FCA can investigate and or at least warn UK investors and the business community at large?

Because CHAR is an "authorised" firm, WE SHOULD be eligible to receive payment under the Financial Services Compensation Scheme.

Which is great 😁

Battletech, I am afraid it's too late I have been scared by these ba*tards:

overseas based “Directors” who target UK shareholders offering to sell them what often turn out to be worthless or high risk shares in US or UK investments!

It turned out to be the three guys called: ADONIS POUROULIS, JULIAN MAURICE-WILLIAMS and DUNCAN WALLACE 🙄😂

Battletech, unfortunately they have not EVER been a oil company. They have not generated an income since formation, that's 17yrs!!!

Anchois was sold to investors as a small but quick development, this seems to have disappeared in the farm in detail to ENOG. Onshore probably looks to be not commercially viable (TBC, but if they're quiet its because...???), even if it was, it looks to have not be sufficient to generate enough cash for the directors salaries.

Consistent share placing for funding with the majority going into salaries coupled with poor management decisions in development operations in the gas, renewables and hydrogen have turned out to be smoke and mirrors.

There is talk of Nambia again but who can trust their geological, exploration data evaluation contractors/ department?

It is certainly more than a casino as the best odds in Vegas is black or red and 50/50 has passed a long time ago.

GLA

Rgds Sft

Hey Surety, good find. Your post and update is appreciated.

Rgds Sft

From £6.00 back to the IPO price: Dear dear it really shows how risky small companies can be.

Well done Masterfly7, that was something I had not done I.e. go through the RNS's and work out the total amount: It kinda puts it into perspective especially if anyone drilled down further and looked at how much went on actual operational expenses vs wages...dare not TBH.

Rgds Sft

Latest info regarding Stena Forth (November 4, 2024)

"Stena Drilling drillship comes to spud Chevron’s prospect in West Mediterranean as Egypt anticipates oil & gas growth with further exploration"

https://www.offshore-energy.biz/stena-drilling-drillship-comes-to-spud-chevrons-prospect-in-west-mediterranean-as-egypt-anticipates-oil-gas-growth-with-further-exploration/

Rgds Sft

Bets please 2.5p or 2.0p fo the next share placing price 😂

Rgds Sft

The irrelevance is obvious.

2 RNS's one being a share grab the other..irrelevant.

Remember CHAR is not the operator of Anchois anymore. Every thing is down to ENOG, we do not know the detail of the farm in agreement for development.

We are left with Loukos, the greater development of the field, the water container, the sale of energy to a shopping complex , a company that trades electricity, some mining attempt at energy reduction and a h6drogen partnership that we are not specialists in.....actually we have proven to be specialists/ attempt in anything apart from fund raising...the company has been in existence since 2007 ffs.

Lord Mayo and Simpson would be proud of our BoDs.

2x RNSs and NO reassurance in any way issued.

We have NO institutional investors for a reason?

Hey Gardie, cheers.

Presently NOT purchasing (shocking I know 😁).

It just an OFI (Opportunity For Improvement) for me and just do not know enough about MM's....my real knowledge only goes as far as TV drama industry, Billions and the Big Short 🙄.

So just very interested on what is currently happening with the shares right now??

On another point(asnothing is happening presently:

What I am starting to think is...."next time" rather than JUST raising concerns about a company's potential issues, if I think those CONCERN serious enough and / or because SP gone too low for me to immediately exit I.e. after farm in terms made public:

I should set a small short as an offset with a low upper stop if it turns out I am wrong????

Thoughts or up for a discussion?

Rgds Sft