Member Info for Surfit

Apologies both articles were from January 2026 BEFORE the Middle East issues

Here is a 2 day old assessment from Reuters

https://www.reuters.com/business/energy/us-lng-exports-break-record-high-middle-east-war-disrupts-global-supply-2026-04-01/

And Another

https://credendo.com/en/knowledge-hub/global-supply-chains-chaos-after-one-month-conflict-middle-east

America companies and those out side the Gulf region will certainly be continuing to massively benefit from such destabilisation.

It could be thought HOPEFULLY to add to Morroco wanting to develop a domestic market.

BUT this is also balanced with a number new and expanding LNG projects

Two new and very large LNG projects restarting and under FID:

1. TotalEnergies restarting their project in Mozambique

2. TotalEnergies at FID on Papua LNG Papua New Guinea

UNDER Construction or expanding / ongoing developments 2026

3. Golden Pass LNG (USA)

4. Qatar North Field East (Qatar) Persian Gulf (inside of straits)

5. Energia Costa Azul (Mexico)

6. Pluto LNG Train 2 (Australia)

7. Eni Congo FLNG (Congo)

8. Greater Tortue Ahmeyim (Senegal/Mauritania)

Could, IF Chariot can convince OHMN, that first Anchois has the gas, then it could be considered its better to develop internally than build an LNG plant/port: the returns could build the port for free or at least provide better loan terms?

All food for thought and dependent on Anchois data.

🤔

Rgds Sft

Hey Gardie, it's really hard to not get angry with those running Chariot.

I came in on the strength of the initial Anchois A2 find and the plan of quick to development, if as you say " we live in a world where energy security is more important than ever....." Chariot can not get this project developed there is something really really wrong with their figures (IMO) and the silence and lack of project revised data is of concern.

All we can do is hope we have not been deceived by volumes, flow rates, pressure for field sustainability i.e. reservoir pressure profile/ decay vs need for subsea pressure boosting / Electricity Submersible Pumpin to the CPF)

We must know this year although the PoO has risen, what should be considered is:

" LNG costs are not rising but are actually expected to drop in 2026 due to a significant surge in new supply, primarily from North America, which is expected to outpace demand. Analysts project a sharp increase in global LNG supply—rising over 7%—leading to lower spot prices in both Europe and Asia, easing the tighter market conditions of 2025. The team forecasts spot LNG prices to fall from around $12 per mmbtu in 2025 to average about $9 per mmbtu over 2026 to 2020...."

https://www.oilandgas360.com/lng-prices-forecast-for-2026-as-per-bernstein/

AND

https://www.iea.org/news/growth-in-global-demand-for-natural-gas-is-set-to-accelerate-in-2026-as-lng-wave-spreads-through-markets

We should consider follow Morroco plans for building their LNG ports, last ( checked) reported to be on hold as the changes in OHMN continue. It is not known if its down to how funds are distributed via the goverment or they want fund domestic development?

Rgds Sft

Let's just try and keep it polite. Of course we can disagree but (IMHO) not by being derogatory to the poster., being obviously derisive and derogatory at the person because of their calc's or thoughts or even venting, only leads to a bb shouting match, man you should see the SOU bb 🤐

It's been frustrating for a lot ALL of us, and I know I am guilty of having the "occasional" rant ( directed towards the BoDs) and repeating myself (Dog with a bone) on my preceptions of their continued failures, faults or misdirection of finances, development process or disseminated information.

After all we have not seen a raise in SP since April 22: a while after the A2 completion well (up to 23p), then started falling for no " apparant reason to 17.9p approx 2 weeks before the "supprise" massive share placing, that was then issued at 18p ( still makes me boil)

Obviously we will not get the full T&C of the Angolan deal until after signing ( if they let us know).

They have made (IMHO) errors on contracts before i.e. ENOG they signed for the money, Lokous was meant to be our quick to market seperate income, cash directed to wards Hydrogen and Desalination projects and very High G& A costs.

(RANT ALERT) I still have my concerns about Anchois and that as you will probably remember started when I found out they did *not flow test A2...you can see for example that Rhino Resources (PEL 85), ReconAfrica, Galp Energia (PEL 83) and TotalEnergies (PEL 56) all did or are doing so in Nambia.

It's a risk for a farmiee partner, nor imho can you accurately complete a FEED with out knowing the resevoirs potential flow rates.

*Note: They probably did not FLOW TEST due to cash, but again I think that has made it significantly more difficult to confirm the data or farm out the development

True we are still in business 🥳, true ETANA looks to have potential, true MAYBE Angola is what has been needed ( about 10yrs ago) but the company's inability to actually comicialise any of their O&G "explorations" in 18yrs possible indicates maybe the way forward for chariots is TO ONLY fund INTO other O&G companies abilities 🤷‍♂️

NONE of us on here want Chariot to fail ( Well apart from Harry Carter, who is definitely a disruptor as he feels admits he is not invested), we have just lost a HUGH amount of faith ( AND INVESTMENT) in the BoDs AND are TRAPPED in.

Sincerely Sft

Maybe one day Rodders 🤞🙏🤷‍♂️

It's about tax year losses Whimax, I know its hard but just try and stop insulting people.

Even if people are wrong ( or appear wrong) try and put your point across in a better manner. It's called constructive criticism.

We appreciate you may be grandson of Victor Meldrew but your the only remaining poster on here who insults those less clever than your highness.

Take care and try and remember to breath.

Kindest Sft

Good spot Obs & Gardie,

Now if he bought back in, after registry of a loss (probably at a lower price) that I could respect, as tax efficiency.

Let's see hey.

Rgds Sft

Hannam & Partners

Independent London-based investment bank specializing in corporate finance, mergers & acquisitions (M&A), and capital raising specifically within the natural resources sector. They are recognized for expertise in metals & mining and energy services, offering advice across the full capital structure to both public and private companies

Sorry I ( or the BB) seem to have lost the post I was replying to regarding RNS for a contract announcement in the US?

Sounds intresting BUT remember there is a different and unrelated company of the same name based in the USA?

https://chariotenergy.com/about/

They seem a more likely candidate 🤷‍♂️

Rgds Sft

Current status:

Oil exports from the Mina Al Fahal terminal in Oman have resumed normal operations as of mid-March 2026, following a temporary suspension to evacuate ships for safety precautions. Despite escalating regional tensions impacting the Strait of Hormuz, this critical terminal—which handles approximately 1 million barrels of crude oil daily—remains functional.

Rgds Sft

20% loss for all the new 46%er investors but LTH sitting on a lot more of course.

The BOD's still not putting out any information on our Morrocan assets: In particular Anchois which is increasingly looking like a white elephant?

The BoDs did not issue an Anchois update BEFORE the last share placing, so all they were REALLY selling to the new investors were the potential returns from Angola.

YOU can bet if there was good news for Anchois they would be promoting it, but complete SILENCE ? Makes you wonder WHY WHY WHY...no more PDF documents detailing what all the revised Resevoir figures are, plans, CAPEX and potential returns could be for Anchois, Lixus, Rissana and Lokous 🤔

As there will be no conformation on the Angolan deal untill H2, it appears the 46% dilution effect is creeping in 🤷‍♂️

Rgds Sft

Hey ObsCure, 2027 is good news and if Chariot are going to sell as Surety see's coupled with Nour it fits well as ACWA being a prime candidate.

As noted before on the bb ACWA's ( and TAQA) entry into Morroco have probably resulted in Chariot abandoning desalination ( although in Djibouti) and electrolysis in Morroco. Chariot ate just too inexperienced and underfunded to realistically develope such anywhere. In Mauritania their partnership with TotalEnergies on Nour when the company splits could then be sold to ACWA.

https://fuelcellsworks.com/2025/03/07/green-hydrogen/uae-s-taqa-saudi-s-acwa-power-awarded-morocco-mega-hydrogen-projects

Surety: I agree Murphy oil could be a farm in partner but it could take some time, looking at their buy in to the massive adjacent licence they have 3yrs just to do seismic surveys and assessments only: "...The agreement does not include any firm well commitments in its initial three-year exploration phase, Murphy said..."

https://www.upstreamonline.com/field-development/us-player-secures-deal-for-4-million-acre-block-offshore-morocco/2-1-1935674

As has been said the Angola deal secures income that now covers the G&A costs for the directors and hopefully changes our Market Capital 7p would be a start but I still feel somethings not right with Anchois: Capex costs do not make it comercial, we and the markets REALLY ( IMHO) need to see the revised (post A3) resevoir figures....which we have not been given?

Rgds Sft

The RNS does not reveal anything new, as I can see but does reconfirm when we might expect the contract to be signed off:

"The second half of a calendar year (July to December). The second half of a financial year"

So it's a while away, will be interesting to see what also happens between the now and July/ December. The SP will remain vulnerable until the contract is signed, there of course remains vulnerability after in that Chariot have not ( obviously as its ongoing) disclosed the T&C of repayments, covenants etc etc.

Note: Thanks to Marlands post which without the link does provide some information reportedly from Cavendish

We would expect to see some clarity on the company on renewables: Reference recent recieved comms "We have previously stated that we are looking to split the Chariot group, and in the recent fundraise announcement we reiterated this: Both these entities are now well geared for growth and management is actively working on the best way to deliver maximum value and monetise these businesses”.

LAURENT COCHE our "Green Hydrogen CEO" does not seem to have had a lot to do but it maybe that from the MoU signed with ACWA if monetise means split and sell then ETANA BENOIT GARRIVIER Transitional Power CEO and LAURENT COCHE would be heading to pastures new? OR if we are not selling up then they are working on an alliance with ACWA?

But if its not a sale and is a split with existing share holder allocation to each new company that is going to cost and the money raised will have been well spent on G&A costs already.

Does anyone know what the expected point or financial threshold is in which ETANA bring income into Chariot?

Morroco: WE MUST expect some clarity and movement on the company primary assets which of course are in Morocco, which seems to have gone extraordinary quite 🤔. I am guessing that companies ( and the markets) remain unclear as to what the production figures are, what Capex costs are on a 2 or 3 well site would be ( if its 3 wells then another offshore drill is required with unknown results on hitting another producer well, does A1 need new production lining or is it too old and thetefore a forth well is required? The Gas sale figures would be crucial for Anchois development but as Chariot have not been able to find another farm in partner and Morroco need the gas if OHMN are influencing the deal a low gas contract for domestic use could reinforce a domestic consortium of finance and operatorship?.?.

So lots of potential and information to be issued by our highly "experienced" O&G team, I wonder if we have replaced the drilling manager with a resevoirs enngineer?

I feel safe in the knowledge that the Chariot team will reveal all "imminently" 😂

Rgds Sft

Identify ALL the errors in Fernans post? He is stating a lot of truths.

Folks the usual mo of this character (below), is to try and slate the poster, trys and find one flaw to discredit the whole. Best avoided, pops up fires derogatory comments at posters, a lot / most of his posts get taken down.

Veteran posters here can tell he is trying to contain himself but eventually the mask slips and the rudeness, character attacks escalate until they ask him to leave, or his Mum takes his phone away. Try not to be too harsh, care and love is what he is really after.

Rgds Sft

Seems RecoAfrica think it's prudent to complete production testing of a new well to understand if its fully comercial before trying for farm out? 🤔

"NAMIBIA: ReconAfrica Commences Production Testing Operations at Kavango West Discovery and Provides an Operational Update.

The Company commenced testing operations on schedule at the Kavango West 1X discovery well. Regulatory permits required to proceed with production testing have been received and work crews are on site preparing the well for testing...."

https://www.reconafrica.com/investors/news-releases/reconafrica-commences-production-testing-operations-at-kavango-west-discovery-and-provides-an-operational-update

Rgds Sft

What has been proven since Rusdia / Ukraine, the UK's direction on O&G development as apposed to Norways and the rest of the world continued O&G developments AND the Middle East; Morrocos continued intentions to develop an internal gas/ hydrogen market , intrestingly the pause (or review)on their LNG port investments,not sure on the status of the Senegal import pipline and Murphy oil aquireing an adjacent block looks to be of significant importance and in a favorable way.

I remain hopeful that ONHYM will be looking to assist in building finance/ combined with a morrocan operator group. Could Murphy be part of it, they seem to have some cash and certainly the expertise but could that be tied in ( timeline) to them finding something in their block, if so Angola would certainly provide income to keep Chariot liquid.

Rgds Sft

Hey Surety, Fully agree every thing can change IF

1. Anchois is commercialised. a. Need a partner, b. determination from Chariot if they are trying to sell a 2 well or 3 well senario. If we look back at the July 2020 pdf they were selling the project as 2 wells (BASE CASE) and a subsea manifold, 40km 14" PL back to a CPF then 35 land PL to Maghrab / Euro PL ( touting capacity equivalent to 1.5 to 3 .5 years @ $8/mcf with pre fed underway and production 2024 )

At some point it ( not gone back to find out when) it went to 3 wells, so we are not clear as why: completed FEED in 2023 did that result in more accurate CAPEX costs? The issue is we just do not know what is really going on with Anchois or Loukos (or Rissiana licence, remember it was given a 6month extention). Why are they not keeping us updated...? A revised PDF detailing the status and options similar to 2020 should have been (IMHO) issued.

Regarding Nambia as before nice to see a 10% FREE back in but as to purchasing anything they need to prove they can close something in Morroco first.

Power: your comment "if they get $50-75m for Power" I take it your still thinking its definitely getting sold, are you thinking ETANA and Nour (Water desalination gone and Morocco electrolysis for green ammonia not pilot tested) is worth such...maybe ACWA might pay 20million for easy access into such a established modle and they are ideal for Nour.

A home grown Chariot developed sucess is required to gain any credibility.

Rgds Sft

😂

Hey Jt, The problem is I do not think I can trust a word they say.

They seem incapable of getting anything right (don't worry not doing the list again) ...that they have not issued revised resevoir estimated figures post A3...the promotional field data abounded before Energean now it seems to have run dry ( pun intended).

Rgds Sft

Hey Jt,

Had an experience with premier oil that was forced into the arms of harbour enetgy after ARCM ( Hong Kong based) secrety acquired Premier debts bonds and called in that debt...but they were holding ALSO significant amount of undisclosed shorts, that covered the bond loss:

"Hong Kong-based Asia Research and Capital Management Ltd (ARCM) was fined £873,118 by the UK's Financial Conduct Authority (FCA) for failing to disclose a massive 16.85% net short position in Premier Oil between February 2017 and July 2019. ARCM, also a major bondholder, missed 155 mandatory disclosures" so not sure if that applies to % share holding disclosures on a UK listed company I.e. buy in therefore adhere to UK rules

Could be wrong 🤔

You've touched on my "concerns". I maybe totally off but something smells BAD, the main one being where and who owns this new control, its been handed over at a bargin basement price.

ARCM taught me there are lots of deep games played out there. I still belive, if the deal in Angola was that good, they could have secured a *bond loan, with out this dilution.

*Note: AP was forced our of Petra by Debt bond holders when he continually over spent. So he is could be very wary of going back down that route again.

That Askar Alshinbayev has not bought his allocation on the open offer or was allowed in on the share placing is concerning, as he did aquire via a previous open offer to maintain his % ( 2nd only after AP) previously.

We know for sure that it's been sold cheap, that Anchois looks a long way away, that the BoDs have continually spent more on G&A than on development/ operations, that only the AEMP team pulled ETANA together, that the other renewable pillars were promotional smoke and mirrors.

On paper the Angolan deal looks good BUT as usual we have to guess about repayment amounts and timelines, the covenants, tax and the the REAL NET return....non of this was made clear when asked to vote on the deal AND the % for and against was not disclosed...if it was getting close what better way than to complete a masdive dilution with the new investors aligned to AP's control.

I DO acknowledge that AP has been putting in SIGNIFICANT amounts of his own cash but, could be a Tax write off. He is investing in a lot of different companies.

Best rgds Sft

🙈= 🧑‍🦯🐴 2 💧