Member Info for Surfit

Hi Mannnan, okay thank you.

I was thinking the Mmay have been getting there data off / from a different Market Maker, hence who ever they are getting the date from may be different from other MM's???

But your saying your point of information is the only valid source.

Genuine question: where do you source I.e. from the broker? Or platform such as ii or Hargreaves Lansdown etc etc

Every day is a school day ( opportunity for me) 🙄😁

Rgds Sft

LSE have a +10% spread so far certainly killed off any small traders (not that any one would now) but it does give them some ability to make the share price change a bit???

Rgds Sft

Wow spread now 11.962%!

Plaything of the MMs now 🙄

Keeping an eye on the spread 5.58 - 6.98% on just recent look.

MM's indicating a 9.75% rise, with a few steady "buys" indicated.

Will keep an on on total buys vs sells just to see if we have anyone quietly accumulating...or might be MM's try to encourage PI's ?

WE NEED some real news from BoDs, that benefits the sp.

Rgds Sft

Trading dropped off,

I also have included monthly out goings (wages/ operating costs) of $1.1mil.

I had previouly thought it $1.3 mil (divided out goings by 12, from auddited accounts) but now George is gone and they may have reduced some office expenses, wild guess brought it down to $1.1mil.

Rgds Sft

Hey Ianfer,

I was going off the Auditors assessment stating: ".......Independent Auditors section page 48 (10th July ) the matters in Note 2 Reference page 48 "Material uncertainty related to going concern"

" We draw attention to note 2 to the financial statements concerning groups ability to continue as a going concern. The matters explained in note 2 indicate the group will have a cash DEFICIT from July 2024,......."

This I "belive" is correct. The later RNS put out by BoDs ref to unaudited and (imo) may include money that they have deferred.

I may be wrong hence the two scenarios...I am just interested to see which one is right.

Time will tell of course....well.....if the BoDs are clear and up front with what they tell us. Which I do not belive they have been since the initial end of the oroginal Stena Don drilling campaign (imo of courses).

Ps would love some one else to cross check figures, Jim's been very good on the gas calculations, his abilities could help with the cash flow vs income (share placings, as that are only real source of income)

Kind regards Sft

Just going to repost a previous one I made around July/August regarding Financing:

3. Financing

"Any funds raised though the Open Offer will be used to supplement the Group's working capital. As at 30 June 2024, the UNAUDITED cash balance of the Company was US$3.5 million"

NOTE Surfit comment: the above is reference to an UNAUDITED amount BUT with cross reference to the "Annual Report & Accounts 2023"

Independent Auditors section page 48 (10th July ) the matters in Note 2 Reference page 48 "Material uncertainty related to going concern"

" We draw attention to note 2 to the financial statements concerning groups ability to continue as a going concern. The matters explained in note 2 indicate the group will have a cash DEFICIT from July 2024, which the Directors will manage through cutting discretionary expenditure and (IMPORTANTLY) DEFERRING credit payments ( SFT: I belive that's where the "extra $3.5mil came from mentioned above and AFTER this ) until funding across the business at an asset...."

So on 22 July then 12 August a total if $9 million gross was raised.

Not sure when the 3.5m has to be payed (if I am reading it correctly).

$9mil - 4months ($4.4m) = $4.6mil left as of 22nd Nov

IF (TBC) / When we have to pay the deferred $3.5mil it's $1.1mil left?

That's as per estimated $1.1mil / month

Rgds Sft

Hey Ianfer, true, true.

I feel and fear (as we all do) that something will have to appear VERY soon with regards to cash flow and further injection, it running out fast, even with a deduction following George Canjar departure.

$1.1million per month outgoings?

Rgds Sft

Unfortunately the market does not agree with what CHAR have been doing. There MAY be potential but there is no income to support an expansion into the industry.

If we look at the related RNS 18 Mar 2024 07:00

RNS Number : 1408H.

"Since 2020, Chariot has built a transitional energy group spanning natural gas, renewables, and green hydrogen. As these divisions have grown, they have increasingly attracted different pools of capital and Transitional Power, which is now focused on the South African energy market, requires funding in the near and medium term to fulfil its potential. Management has been progressing debt and equity financing options at the subsidiary level and has received INDICATIONS of POTENTIAL from South Africa focused investors to fund the Transitional Power business. Whilst there is NO CERTAINTY that a funding package will be concluded, management has elected to undertake this review to EXPLORE the options available to the Company, which MAY involve a full or partial sale or demerger of the Transitional Power business or the division remaining part of the Chariot group, with the aim of the strategic review to maximise value for Chariot's shareholders.

The wording is not filled with anything other than complete speculation! This is from BoDs who were meant to building this "pillar" with professional development and expansion....hydrogen pillar is no better.

Coupled with the COMPLETE mismanagement of the GAS aspect of the business BOTH ONshore AND OFFshore and coupled with a fiscal mismanagement.

They are an utter disgrace! With their abilities exposed and reputations to the business comunity in ruin.

Although maybe not in Africa as THEIR ability to hood wink share holders may get them some respect by the nefarious.

IMHO

Rgds Sft

BoDs were quick to make a decision on further share allocation to themselves, they are true to form looking after their own position 🙄

GLA

Rgds Sft

Anyone got a grip on when we run out of cash?

Rgds Sft

While not answering you question Gardie, here is l8nk to an intresting read on appraisal drilling

https://www.linkedin.com/pulse/risking-appraisal-development-wells-within-oil-gas-fields-alan-foum

Informative and in particular the summarise section: "Risking and Psychology".

ENOG had plenty of time to cross check Duncan Wallaces and his teams data, as relatively experienced operators they would have completed serious evaluations and applied risk profiles that took into account unfavourable results...this imo would have been a driving factor in the final terms of the farm in.

The big question is how good were the contingency agreements in the contract??? My concern is CHARs management experience is not that good.

Note: a common problem can be you may have "experience" but if in the past you have worked for large operators, with a massive infrastructure, it does not mean your that good on your own and working with limited personnel or good at contractor (geo analysis) selection I.e. they say they can deliver but it does not bankrupt them if they are wrong.

But I am guessing on Jimmy (may) have knowledge on time scales....or try further internet searches for time scales on previous appraisals senarios.

Even so once the farm in was upped, the small Anchois-2 development (FEED by CHAR payed / raised cash for was completed) does not seem to have been mentioned in the farm in BUT must be in a contractual contingency???????

Rgds Sft

Add this and the rest of my energy (OnG) investments: All profits from March 2020 investing have been totally wiped out.

Your quite right of course Jezzer BUT it's good to at least tell them we know how poor you are.

I thought I had learned from a previous investment but got sucked in none the less.

Rather than having the confidence in looking at the warning signals and indicators: Funding/ finance and management quality /history there is unfortunately when investing in AIM or speculative company investments the unprofessional influence of FOMO/ What if it works.

I had been very much leaning to exiting post Farm out as I felt the gas could bring some short term SP gain to enable that having decided the directors were not very good at their jobs and the other pillars were a LONG LONG way from commercialisation.

I am in the same boat: It's not worth leaving yet.

Last time I averaged down enough to when a sufficient rise did appear I could exit with a break even.

With the BODs constant high wages, operational mis-spending , continued share placing and subsequent dilutions It's a risky business. I did ad in the 1.7/ 1.9 and 3 ( pre final drill results) it's brought the average down but as above is it trying to catch a falling knife?

Still find it VERY odd that there has not been a RNS for clarifications as poor results on ONE drill should have had contingencies...May be the appraisal date was so off ENOG really wanted to spend time on doing thier onw deeper data analysis...although they must have done that before the Stena Forth Drill....but they have the money therefore the time...and the Forth is not too far away.

Intresting that Stena have not announced thier new drill contract. I was leaning towards Egypt and Shell revisit but maybe all info whilst working in that location due to what's going on is in a news black out?

Rgds Sft

Greed and incompetence: why would any ii ever invest in CHAR and the BoDs

They do though seem in a hurry to grab some free shares I.e. by 28th October, off set their losses. They keep issuing such as the SP declines.

It would not be unusual for share holders to contact Chars Investor Relations and politely point out that as existing long, medium and short term (not including recent of course) share holders have lost considerable value since owning CHAR shares and as such will these new share be being given as a % distribution to existing share holders?

If not the next question should be: IF NOT, why and to whom are they being allocated to?

As the BoDs do not look to acting in the interest of the share holders otherwise.

It would be good to get a few emails in and ask that they are passed on to the BODs

I was thinking should we give AP a call after all his office Tel number is displayed for a reason I guess?

I fear I MAY not get past his assistant though 🤔😂

It really does appear to go from bad to worse continually.

Rgds Sft

Cheers GD,

Will have a look at the interim.

Rgds Sft

Hey Fernan,

My guess is they secure some cash for the gas, retain a small % or sell totally, probably the latter. ENOG are now the signed in operator for Anchois.

If they do not proceed with development they will have to pay to P&A the wells already temporarily suspended.

Focus on the next exploration Nambia and also look for a share 50:1 consolidation to conduct future share placements....although that does mean AP will realise serious losses...that may put him off that path.

I can't see them getting finance for the other pillars.....no one trusts them.

IMHO only

Rgds Sft

Back for Shell maybe?

No news on new contracts...as yet

See below for previous visit to Egypt

https://www.energyvoice.com/oilandgas/africa/ep-africa/541772/shell-strikes-find-offshore-egypt-with-stena-forth/

Rgds Sft

Market OPENS at 0830hrs. Try then.

Yes read your previous posts, you've been pretty accurate and demonstrated an indepth assessment of the companys financial status, asset knowledge and management governance.

Cheers.