Member Info for Surfit

IMHO it's either the vessel does not have its next customer lined up. Demobilisation for me includeds, transit, return vessel to a port to "demob" the vessels equipment specifically ONboarded for the workscope. But not sure 100% regarding drillships.

I do not know if drill ships receive cargo barges to back load / onboard drill string and cement/ mud etc etc for next client. If the weathers Harry flatters.....maybe thats what's going on???

It could be they (ENOG) as part of the pre hire contract already paid a % of the next client transit costs to port and rather than get underway early and pay port costs Stena have elected to remained at sea?

With out seeing the LAT/LONG or E/N (Marine traffic or Vessel finder) we can not see if the vessel has made a small relocation to A2 and is potentially working there?

All just my opinion, may be one of the experienced drillers types know better?

These vessel hire contracts are pretty detailed and have various different rates applicable, including a Standby and they are evaluating but it seems too long for me now??

Rgds Sft

So if we are taking the Auditors analysis on the financial assessment, how long do we think the recently raised cash will last...if we include the payment for Nambia? AND we were out of cash in July?

Rgds Sft

Answer welcome: ?

Details by Fernan can be found in the 19 Jul 2024 17:00 RNS Number : 1643X

Worth a reread.

With in it it also states:

1. The Anchois Gas Development Project

"............ Whilst the partnership is confident of success, FID on Anchois is dependent on a range of factors which are outside of the Company's control including results of the Anchois East drilling, commercial negotiations on gas offtake, design and cost of development scheme and financing, the outcomes of which are not certain. Any potential delay in FID and its associated cash inflows would necessitate appropriate management actions to mitigate"

NOTE: Proves they were thinking about potential for drilling to fail.

2. Loukos Onshore Licence (Chariot, Operator, 75%, ONYHM, 25%)

".........The second target, the OBA-1 well which was drilled on the Dartois prospect, was confirmed as a gas discovery. This targeted a different reservoir system and trapping style and reported reservoir sands over a 200m interval with 70m containing elevated resistivities and potential pays. A flow test is now being planned for Q3 2024. Post well analysis is underway, integrating the drilling data along with recently reprocessed 2D and 3D seismic and information from previous discoveries on block. This rich data set, along with the flow test, will all be incorporated to further understand the future exploration potential of this area and forward work programme"

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: 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 DEFERRING credit payments untill funding across the business at an asset...."

Rgds Sft

Interesting that AA has not bought any more shares since 16-Feb-22 then around 365p cost £150,000

Would be a good sign to see him at it a bit more although at 14million he hold a very respectful amount.

Rgds Sft

This I appreciate may mean nothing (Clutching at straws) but if you look at marine traffic it states:

"Navigational status: Restricted Manoeuvrability"

Note: As of 04:04hrs

Could that mean it is tied into the seabed?

If its JUST on DP it has full positional movement and a potential transit speed (keeping on DP) up to 3-4knts correct?

I appreciate it probably means nothing.

https://www.marinetraffic.com/en/ais/details/ships/shipid:195238/mmsi:235074573/imo:9428932/vessel:STENA_FORTH

Rgds Sft

Bit of a joke KC, (another FNG), but if you've done your home work (no of course) you will see why it was made.

Your irrelevant and your 20k posts are the same too.

Rgds Sft

It does seem odd that they would throw the towel in so quickly.

Without fully confirming other prospects.

Note: Stena Forth STILL on location, still trouble with cementing or finding the right size cap, maybe they only brought 9-5/8" caps.

The "experts" will know best, they will of course tell us or Wallace will.

RNS stating vessel being demobilised distributed 0700hrs 16th of Sept. 3 days ago.

Rgd Sft

CHARs BoDs walked them selves into this situation, the market see's it (for a long time hence no ii investment EVER). Energean know the quality of this BoDs, know they (ENOG) have cash and time....CHAR have neither.

The whole of CHARs BoDs finance, business and exploration reputation is in ruin.

Petra: Asked to leave after running up massive creditor debt

https://youtu.be/hO7wjQuaEEw?si=DXcVChwe7OvE0xV5

Chariot Energy speach 1 month ago 6.5p share price last desperate raise and 1.2billion shares in issue

https://youtu.be/sKPNC9bQEaQ?si=BvSj8uTgfqIW3AQe 😂

Note: 64 views 😂

Never been able able to secure seperate finance 😂 his reputation has proceeded him.

Got a feeling daddy may have cut him off now 🤔

Lost my investment but Adonis like Tony Durrant (Premier Oil) and Lord Mayo and Simpson (Marconi) will at least make it to the Uni MBA curriculums.

Quotes around Warrens Buffets being used but the one currently appropriate re CHAR is "You never know who's swimming naked until the tide goes out" 😁

Rgds Sft

Ahhh yes good points.

Forgot about P&A 🙄

Rgds Sft

Stena Forth STILL on location, which is kinda interesting.

Could be that the quick end to the drill program has caught them out for the next planned Client, IF they have directly after?

OR

It could indicate there are some hastey discussions going on between the 3 parties.

Normally it's off and away / port/ de Mob due to costs even standby rates are a significant cost?

Not sure if it's stood by directly over the drill location or stepped off the asset and is on standby.

These vessels do not take "days" to make safe for sailing.

Should be some news today or tomorrow max.

IMHO

Rgds Sft

https://www.vesselfinder.com/vessels/details/9428932

Mmmmm, still a bit confused about that one in that I am trying to understand what does a broke, failed, poorly manged CHAR bring to TotalEnergies hydrogen plays in Mauritania....accept maybe is Laurent Couche (Chars Hydrogen manager) French 🤔.

Anyway, you may guess I have now succumbed/ been turned to the old adage: "If their lips move they are lying"

All the best, Sft

Maybe but it could just as easily drop off real quickley as some of the new boys will, maybe, not take the risk... the deal, if they sell the lot, could force a market rerate for a VERY short time period at that level?

But I have a feeling the new lads have been to these types of rodeos before and get off at the appropriate time 🤔

Rgds Sft

My worry is they are hiding poor results on Loukos.

If Loukos is good, they could try and go without Energean I.e. another farm out or renegotiate with Energean from a stronger position.

If its not commercially viable then yes I agree they will try and sell the lot, I do not give any value to the other pillars, nor it seems does the market.

GG yes you guys can if things go in a way that CHAR escape with $20million, will make a good return rather quickley...up to 4 to 5p exit strategy at best (to be safe)

I am just below 14p so will remain trapped.

Rgds Sft

You are correct the BoDs were also hoping to get the $15million but that is not going to happen now most likely, as the intended FID is NOT going to happen due to drilling results. Note this also exposed CHAR to (some) financial short fall because how long was FID going to take.

Every thing else's has been spent I.e. the $10 million.

Some posters have said they may have not been able afford to start the ONshore flow testing yet!!!! This may be true as there has been no RNS issued stating its started....its rather important.

CHAR BoDs are not very transparent and hence very few institutions have gone near them.

Around 70% owned by us private (mug) investors.

If Loukos is not viable then its as the chaps say below.

Rgds Sft

Sorry Jungamana that is incorrect, from the sent out annual report and accounts 2023 ( ending) sent out in June ( I think that's when we got it) 2024 the independent auditors had identified that the company runs out of cash in July 2024 and that the board had at time of compilation not identifed how they were going to raise further...the board recognised this...hence the last 6.5p raise by the BoDs AND the 2 million open offer.

Last year and the year before had losses and if you divided those losses by 12 each year it worked out to 1.2 to 1.3 million per month.

Did you get the report?

Respectfully Sft

The "requirment" on gaining addtional funding was identified (imo) during the farm in process and well before it was announced.

That is why the Loukos play was made and essential, the BoDs knew (read "eventually" realised) that they needed an seperate income as farm in discussions were ongoing (possibly with several prospective operators). That is why onshore was never going to be included in the farm in deal.

IMO AP history with Petra and being forced out due to the creditors he had taken on during his time turned him to encourage / force the board down the share placing route, but maintain sufficient voting control over the board?

They have over done it (diluted us too far) and now, coupled with the farm in deal and niave spending on other projects ( icome generation should always be first) they have painted them selves into an probable impossible? (TBC) corner.

IMHO

Rgds Sft

Hello Fernan, appreciate the working calculations. Thank you.

Rgds Sft

Thank you.

Rgds Sft

Any chance of pasting the article Couerdelion?

Rgds Sft

Guess 1: Could be letting their next Client know they are available earlier than planned for, SIMOPS next location?