Member Info for Surfit

Hey Surety,

Sorry I just disagree (respectfully), they need to commercially prove their data, which they imo have not done yet.

They need income

The other pillars are cost cows, with the $1million paid for the desalination "container" company being the only income at $80k per annum GROSS not NET.

It's harsh I know but it how I see it.

If not it will be the current speculators comming in again on a future gamble OR someone knows that Loukos is good??? (That insider trading would not suprise me).

Some will have made money already, lucky bu**ers.

I do repeat (IMHO) if OBA-1 is a real income generator AND Anchois-2 is what Wallace and the great CPR contractor is as stated we have hope.

Kind rgds Sft

Will be intresting to see what CHAR next RNS states.

GLA...but I am rather distrustful of Wallace (well all of them actually).

The thing is Surety, the blew Nambia before, the data for this drilling campaign is blown....why would people trust the data for another Nambia????

That why imo Loukos and OBA-1 is very important NOW even more so. Not only for a quick and financial life line but also for exploration credibility.

They have NOT flow tested Anchois-2 remember, so in theory NOTHING in the data has proven commercially YET EVER.

Just my opinion, and I think that is how the market views it.

I agree with Bold, if we are dropped by Energean .......

AND

CHAR announced OBA-1 has good value (ITS DOUBTFUL THOUGH)....it would change every thing..in that we have income, data proven in an area ( linked geology maybe come back in???)

IMHO

Rgds Sft

Garden, it's hard to say... BUT they signed a whole farm in on reprocessed data and we are where we are.

IF CHAR now came out with flow testing confirming those figures you stated at OBA-1 well that would be something rather significant

but

RZK-1 was (indicative of the future maybe) water baring.

So in short imo YES and Loukos could be a right off too.

As it stands Wallaces data and who they used has been proven flawed.

Rgds Sft

A drill ship is a lot more expensive than a drill rig, if you couple the high cost of mob and demobilisation ( including transit cost (reduced rate).

IMO if they felt they needed or wanted to they would have flow tested Anchois-2 whilst on location....costs of bring out a drill rig to flow test would be more (imo).

So if they are confident of flow and the CPR confirmed data at Anchois-2...would the plan be to go back with the x trees after renegotiating with CHAR and confirming the gas rate with the Morrocan goverments.

It's the only option out there.

What has happened with Loukos OBA-1 finished on 23rd of May should have been fully flow tested by now....NO information from the BoDs....why not.

Has Duncan and team have missread data there also and they were hoping for good offshore results?

Too quiet on Loukos for my liking, if it is a success ( generates enough to pay for company out goings of 1.2 to 1.3 million / month that is a big change?

What did Walace hope for from Loukos's data, did they ever say??? I.e. potential pay in reservoir.

Rgds Sft

Hi TDB, I am assuming (as ever) is to do with the small matter of CASH.

They have no income, and significant out goings.

Rgds Sft

I am guessing that Chariot are starting to get use to having an actual operator in the driving seat.

They will have to get use to someone else being in control of all aspects related of this development.

As someone else said Energean will do what ever is good for Energean.

There will be traders out there playing to that...being a cyninical type Westward Investments Limited ( maybe in Guernsey or Panama or London, very hard to find anything about them) might be playing it or and the billionaire AA

Undermine the share price and slowing buy back.

It happened (imo) way back: 2 week prior to the 18p share placing when we peaked around 23/24p and again post Farm in, a lot of trading volume was in play for a good while after.

If we bounce back you know its been a play if not its been an exit (which I do not think)

I ( pure speculation) always wonder how much AI algorithms trading is done by trading houses nowadays??

Anyway it's too low to go now, GLA.

Rgds Sft

@ GP 🙄 I knew it was risky with footy fans about 😁😂

Still hoping we can carry Duncan Wallace on our shoulders into the Chariot London office Chanting: " It's comming home, it's comming home, big bucks are comming home....." but that not happened in a while either 🤭😂

Good luck one and all

Rgds Sft

Socrates and his interlocutors examine a subject in the style of question and answer; they gave rise to the Socratic dialogue literary genre.

Of course:

Socrates was a polarizing figure in Athenian society. In 399 BC, he was accused of impiety and corrupting the youth. After a trial that lasted a day, he was sentenced to death 😯😂

Rgds Sft

If the numbers add up as calculated, we have to ask ourselves why is the market reacting so badly....it can only fall towards as always CHAR cash flow/method of raising such I.e. risk of placing and dilution.

With those numbers reverting to the original would depend on that and of course lead time on equipment with Energean ( US$15 million payable on Final Investment Decision ("FID") will that be enough at a burn rate of 1.2 to 1.3million a month or with out Energean (Finance not known)

Is this the factor why the market has related the SP?

Best senario and a major upward rerate would be a very good flow test result at Loukos and obviously good results at Anchois.

All still to play for.

Added £4000 at 3.4p (yesterday)

Rgrds Sft

GLA r

Hi Zarahb4b,

Thank you. It good, if people are prepared to explain, of course, to develope better understanding, to help future investments.

By knowing the original find is completely safe that should provide some confidence for investors....👍

Rgds Sft

Hi Jimmy, thank you.

I had been talking to a Rig manager and he was stating it CAN be common practice or not...depends on several factors.

That was what I was trying to understand, as you are very knowledgeable on this field I was wondering why not, I could feed this back and then sit and talk with him...he can explain it slowly to me 🙄😁.

But you happy the original find was due to the techniques CHAR/Stena applied whith out the flow test its commercial viable?

Rgds Sft

Hi Jimmy,

Thank you for the input, the question I have is, in light of the comment:

"Got to wait on the flow tests which actually are more important than the extra gas reserves in the exploration targets. A flow rate from 150 meters of reservoir should easily do 50 mmcf per day or better. That’s what’s key here"

AND for honesty I had assumed (very ignorantly in retrospect) that when the Stena rig completed initial find /prove at Anchois that they had completed a flow test at that depth?

It was not stated by CHAR or ANY bb posters at the time it had not and the focus was on the "Compentent Persons Report" (CPR). Posters on the ADVFN (horrid) site were the first to raise this concern.

It seems that CHAR ran out of cash or why (for my learning) did they not flow test what they had found/proven at the time??? It would not have been that difficult surley????

Again for my learning and I may be wrong but ask for improving my knowledge but was it not after and following review of data (including CPR) did Duncan belive there was more gas bearing at deeper depths and that led onto the potential of an enlarged field? This then changed the potential but was left unproven so hence where we are now....but with out proving the initial find by flow testing and then adding undrilled other depths potentially increased the field BUT maybe put off other farm in partners as none was confirmed commercially viable????

Do you confirm the initial find has been proven as commercially viable and therefore CHAR does have a field that could still work I.e. as per the completed FEED (based on only the original Anchois find...correct)?? and Schlumberger/Subsea7 alliance were originally put together for...am I correct???

I genuinely feel that there was smoke and mirrors put out after our first drill post CPR and the other unproven evaluations pulled us along, it also feels that way regarding Loukos and now even this new rabbit (out of the hat) in promoting Nambia???

Of course Energean must feel significant confidence in Duncans presentation of the data, its a 85 million drilling campaign AND NEW FEED (correct??) and addtional sesmic at Rissina (Sesmic capped at 7million) investment. Note this also has to be % payed back by CHAR as it is included in the 850million carry ( that again CHARs % has to be paid back).

Finally, I have always wondered why there has been such a delay on agreeing a delivery price for the gas contracts...its a heck of a lot of investments, by us and Energean to not have one, I had always assumed it was going to be confirmed a lot earlier...

Anyway we are where we are but all of the above coupled with financing and lack of transparency on the above AND the other African "ventures/pillers/ wild speculations" is why we are not supported by ii's

All imo of course.

GLA we may now get a 10 bagger I.e. 30p 😂

Rgds Sft

For clarity regarding the RNS update:

"This release has been reviewed by Duncan Wallace, Technical Director of Chariot, who is a petroleum geologist with over 20 years' experience in petroleum exploration......"

All of the gas side rests on HIS shoulders, AP ( A miner and entrepreneur investor) and Julian M Williams (CFO) are responsible for the general financial debauchery.

I would really like to hear regarding Loukos as we (AS EVER) still REALLY need some income.

Again all of the gas and oil play must be on the direction on Wallace, the others (directors) know nothing related.

Note: Canjar would possibley only advise

Rgds Sft

Starbanker1,

I can not see any RNS detailing AA gaining a position in Energean, he is still down as a significant share holder in CHAR:

Hargreaves Lansdown Asset Management 13.5

Interactive Investor 11.7

Westward Investments

(Adonis Pouroulis – CEO) 8.2

Mr Askar Alshinbayev 7.17

Halifax Share Dealing 4.8

A J Bell Securities 3.4

Barclays Wealth 3.4

Total Board and Senior Management 8.7

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

This is the current BoDs in Energeans

https://www.energean.com/about-us/our-team/board-of-directors/

BUT LOOKING AT HOW OUR SP IS NOW REALLY

TANKING and no immediate RNS from Duncan Wallace or the CHAR BoDs, Energean are hanging CHAR out to dry....by the comment from Rigas for sure.

THERE MUST BE SOME INFORMATION DISTRIBUTION by the BoDs!!!!

Rgds Sft

Highly unusual for a Chief executive (Mathios Rigas) to be making such comments with out a quantifying RNS from them but also more importantly from CHAR as for CHAR such news I.e. " clearly we do not see the upside we were hoping for that would justify a major development" is sensitive information that would/ has significantly affect CHARs SP and IF it is a true statement would demand an RNS??????

IF AP has read this the phones are very busy between the management teams AND particularly including Duncan Wallace.

If its not a true statement there should ALSO be an RNS denying it from CHAR getting placed today.

Looking at Energeans RNS output relating to the Morrocan drilling they have been VERY sparce on distributing ANY information via RNS...as I look at the LSE bb site for ENOG....all HIGHLY UNUSUAL???! (IMO)

Rgds Sft

For information and interest only, IF accurate of course:

No. of Trades 1,206

Vol Sold 29,635,818

Vol Bought 33,890,638

It funny (not) how easy the market rerates a SP itself irrespective of buys vs sell.

Nothing to do but watch, wait and HOPE as ever that Duncan Wallace know what he /has done as a few others including AP AND AA (Mr 6 -10%) are in for a few $ also.

GLA

Rgds Sft

Hey Zarahb4b,

Such a small raise, although VERY necessary, it does indicate (positively) that he feels its enough....they are relying on (imo) Energean taking up the full farm in options and ALSO ( IMPORTANTLY IMO) that Loukos is also going to be commercial enough to cover other outgoings too as in Energeans production carry (NOT FREE BTW) will not carry the companies hydrogen and renewables outgoings??? Do we think it will carry the $7million per annum office and wages costs...our biggest annual out going irrespective of operational expenditure??

AP and the BoDs have been less than clear in the past, financing and unclear outgoings vs return has been the real ii turn off...that and needing to FULLY prove gas commercialisation.

At 1BBILLION and 180MILLION shares in issue AND the resultant remaining % IF Energean take up ( that terrible but only offer farm in) deal and shares now out there killed the dream of a 10x reward dead (imo).

Hence SP share dive directly after the terms were made clear to public.

STILL IT WILL ALL BE REAVELED in October/ November I.e. both Anchois AND ONshore commercial worth???

DYOR/ GLA

Rgds Sft

Hey Zarahb4b, I am guessing a slightly rhetorical question on your part given our current plays that are on, the farm in potential 15million and carry options , covered in my post.

The numbers are always important, the sp tells the real story's (not the potential), why did management not raise sufficient last time, or the time before that or the time b....... etc etc

AS I stated (and as we know) it all hangs on the OFFshore drilling how long does the company last with out the addtional 15? Where the cash coming from for onshore flow testing, but when they done the LAST raise it was reportedly for ONshore drilling (it seems not for onshore flow testing and many did not read the small print about "other expenditure"

In short there remain a reason why it hovering at 6.5p.

And the FNG's (share club) are hoping for a bit of good news thinking it will produce a major buy in to double thier money...the trouble were facing is good news is sold into!

Remember the BOD's (AP) stated "there will be no more raises BEFORE FID"

GLA on both OFFshore and ONshore WE NEED both to do VERY well!

Rgds Sft

Meanwhile back to Chariot

"The problem with "Chariot Energy" is that "they" always end up running out of other people's money"

Total losses after taxation in 2022: $14,884,000

Burn rate per month $1,240,300?

Total losses after taxation in 2023: $15,571,000

Burn rate per month $1,297,583?

Bank was EMPTY in July 2024

Note: they had recieved $10,000,000 April 24 (must have then went straight out to pay costs.

Predicted out flow over forcaste period (from begining 2024, as i read it i.e. Reference Annual Reports and Accounts 2023 sent out 2024)

Out goings for 2024

Anchois gas development: $6,500,000 ref page 57

Note: Not including the potential recipient of partner development costs/ carry as per partnership farm in agreement.

Loukos gas development: remaining costs $6.700,000

Ref page 57

Transitional Power business: forecasted outflow of $3,600,000 ref page 58

Green Hydrogen: forecasted outflow of $1,400,000 ref page 58

Corporate (admin and "general" (wages 🤔) costs: forecasted outflow of $7,200,000 ref page 58.

Chariot has raised a total of US$9 million (£7 million) through the issue of 106,704,899 New Ordinary Shares.

We will soon see if Duncan Wallace and his team are right.

Obviously IF BOTH Anchois AND Loukos are proven to be commercial "good TO very good" then it could lend some significant support for the teams ability to find in Nambia?

Incoming vs out goings

GLA, always keep an eye on financing numbers, as you can be sure experienced ii's ARE! (SP values).

Rgds Sft

Fernan just wants to paint "some objectivity" on everything inside the chariot folio.

His MO has been "mystifying to the clowns" for a long time now.

Rgds Sft 😁