Member Info for Surfit

All valid Z and D

I, like all investors, want them to get an income and stop share placing...if they want ii's then get the financing, outgoing (NOT just the gas, more importantly the market scaring other open ended spending renewables and Hydrogen piller) vs income.

I am very wary of ANOTHER drilling campaign, HC may be over doing it a bit ( and only a bit imo) but it does SEEM like more smoke and mirrors....

ALTHOUGH

If Wallace (and team) is a genius and ONshore brings in our current company out goings 1.2 to 1.5mil a month (Because that is what is needed, its not commming from Djibouti, SA or Hydrogen is it) and then Anchois drilling and flow test is ALSO successful, well we m8ght keep solvent until Anchois/ Linux gets to production ( date of 26 or even 27?????) THEN we can dream of a super strike in Nambia....

GLA

Still a few IF's IMHO, but those coming in at 6p can take the gamble a bit easier than those that came in at 11, 16, 18, or even 22

Note: I also predict a share the board will try a share swap/ revaluation at some point also I.e. 40:1

Keep the faith, stay away from open windows and only drink at the weekend and don't tell the wife you've been averaging down.

Rgds Sft

It is a good sign, but it helps when your drawing $700,000 per annum in wages and renumeration each year from Chariot alone, not sure what he gets from the other 7 or 8 directorships he is involved (and to be fair, invested in) and spends his time on.

When he over sees and Captains Chariot to a profit or even breakeven I will say okay you've done your job.

Rgds Sft

Hey Iwonttel, thank you for the reply, appreciated.

There is nothing in your reply that I disagree with, just could not see any current value in the other sectors any time soon

Hello Iwinttell,

"If you take an overall look at CHAR it is obvious that all does not hang on the Anchois drill. The company has a complimentary mix of interests throughout the continent"

The issue is IT does hang on the Anchois AND the Onshore Loukos......the company is broke?

Management have been misleading, terrible on financing, very generous to them selves and secured a terrible farm in ( market rerated and investors fled directly after it was announced).

NOW they (BoDs) are spending more money on Nambia. Another distraction method.

The companies ONLY income since formation is $80,000 pa (gross i.e. with out costs ....I belive) from the $1 million paid for the water container placed in Djibouti. No idea if they are making a profit from it at all????

The market has NO faith in them....as ever all it (and investors) see is RISK, RISK and MORE RISK.

Not seen any RNS's seeing AA increasing his holding.

Another batch of incomers in low hoping to talk it up to 15p (fair play).

The flow test onshore AND offshore have to confirm commercial viabilities...soooooo they are kinda important because if not you 7p in will head south.

Saying this the real hope is following such a small raise is indicative of a "MAYBE" but if management have invested on privileged information they are guiltt of insider trading...as a UK registered company they are (I know its AIM) expected to adhere to AIM FTS trading standards.

IT could all come good BUT I STILL see CASH flow and VERY poor managemen as CHARS eternal issue. Market agrees.

And to answer the subsequent question: no I can't I am in too deep. My own fault of course, by not following the finance numbers early:, not scruitining the RNS wording enough ( smokey wording) and trusting snake oil sellers.

GLA

Rgds Sft

😂

Valid question BBN (ignoring the FNG's comment from DN). I was referring to the farmin RNS.

Nice to see a lot of new poster putting in their comments.

If you've jumped in now we'll weldone BUT so did others after the farm in and have been catching a falling knife since. Let's hope its bottomed out....BUT....it all hangs on how good Wallace is.

Love it when £10k investors try and swing the lead.

Sft

Points I noted in the QnA was:

When AP was asked if there will be further share placement for fund raising: AP confirmed there will be NO further fund raising via share placement before FID. He did not say about anything thereafter.

Regarding Anchois they never detailed in any planing untill it came to light in the Energean term and conditions furtherdrilling, nor made it obvious regarding what would happen if Energean did not take on the whole lixus operatorship.

None of which wasspotted by me, others or the drilling experts on the bb.

Howsignificantly have the dates changed I thought they had been stating production in 25. Were they not giddings up the Moroccan gov as no delays from there end was essential: FEED done by CHAR (fund raise reason) and the alliance SS7/ halibut a smoke screen aswan the raise for the onshore drilling campaign.

The professional OnG investors can see right though these guys, no wonder London is not interested.

The icing on the cake was when again aP stated he did not know why the share price was so low😂

He is either a liar or incompetent at best....me I am going for both and add in a highly experienced carpet bagger.

That webinar8 was not same as usual it was very revealing.

By the way great questions posed by those that submitted..WELDONE who put them up.

Rgds Sft

Anchois and processing facility

Wonder how much cash Energean is putting into:

https://www.offshore-energy.biz/uk-firm-greenlights-1-2-billion-gas-project-offshore-israel/?utm_source=offshoreenergytoday&utm_medium=email&utm_campaign=newsletter_2024-07-24

As per the previous press release there will be some left for their FIRMLY stated commitment to Morroco

".......The sale aligns with Energean's focus on its gas-weighted strategy, particularly its operations in the Karish Field in Israel and the recent farm-in to the Anchois field in Morocco......"

https://www.energyconnects.com/news/gas-lng/2024/june/energean-announces-strategic-sale-of-egypt-italy-and-croatia-portfolio-to-carlyle/

OFFshore, ONshore and now it seems OFFshore Nambia all loaded onto Duncan Wallaces shoulder ie the future of the company.

Market see's finance breather created for 4months?

Market see's management investment

Market see's another dilution

Market see's management commitment to addtional outgoing ( Nambia) but no finance to cover (as yet)

Market waiting on ONshore commercial figures

Market waiting on renewable commercial figures

Market does not like this BoDs

All imo and as ever speculation or try Malcy opinions.

Market still see's nothing derisked YET

Rgds Sft

Stuck in hoping that the Duncan is as good as he is telling the board. GLA.

Thank you BP, signed up.

NK just for info: Last time having signed in I was cut short on putting in questions as the actual conference started. So this time I will prep well before and cut n paste in 20 odd mins before?

Obviously the trick is to pose the challenging questions in a professional manner, but in a way they can not wriggle out off 🤔🙂

Not sure if the moderator is a CHAR employee?

Rgds Sft

It was what I thought PadFt, but could if that was the case be interpreted as insider trading? i.e If they have confirmed knowledge that Loukos is producing company supporting volumes of gas???

It should have been a loan if such was the case, not a share placing?????

Still as the amount is so small it does indicate they have (some) confidence that within a short period of time we could have some cash generative income (imo).

Interesting the amount being put in by AP is approximately one years salary and perks.

Loukos conformations is now the next RNS (ignoring further one's on the placings) we really need to see, should be soon.

Really sick of the boards continued dilutions.

Rgds and GLA Sft

Yes INCOME

Rgds Sft

Hey Surety,

Well bit hard to say, I have strangely enough be accused of being a deramper ( rather than pointing out "risk" ie finance and drilling) for a long time on here. But it's all coming to a head for stage one: onshore and finance....so getting this let's call it phase 1. A and B determined will bring some assurance for self financing. Phase 2 being offshore and flow testing is then the next and ultimate " big one"

Getting phase 1 out the way should be very soon...imo.

It's going to be rather interesting, if onshore deemed non commercial it leaves financing, sale of renewable or a very very painful placing ( just can't see that).

A lot hinges on the onshore imo, for the financing and confidence in geo team, which we must trust I guess.

It's feeling a bit like Schrödinger’s Cat 🤔

All the best Sft

Hello all,

I was just wondering if any one had sent any questions in to CHAR IR / BoDs recently and if you got a reply?

I and as we all know they would not be able to divulge price sensitive info but even a comments " Financing is underway or drilling up date timeline soon to be announced" might give some modicum of assurance.

We must be due a RNS up date very (very) soon?

GLA

Rgds Sft

Hello Thebold

It WAS cut short, better speak to your "drilling""birds"again: After Morocco they stacked her up in Scarpa Flow.

Well testing/ DST/ flow testing is standard practice as part of a exploration program when / if oil or gas is found.

I disagree that flow testing was required, hence the caviate in the Energean contract.

The markets feel the same regarding the farm in deal and the lack of flow test.

Your wrong ( imo of course), its old and unchangeable news now. We live with those and other management steps.

Let's all look forward to a successful ONshore flow test (you stated they do not have the cash for this on another post???), a resolve to the lack of cash IN this month (RNS's ANY day now, hopefully) and a fantastic OFFshore flow test, so we can carry the board around on our shoulders and singing "for he's a jolly good fellow..." to Wallace and AP.

There will be a lot more clarity by partly end of July and then September......and hopefully for the good.

GLA, learn from other people's or your own mistakes, never belive positive or negative posters , read RNS's, check the financing, check the history of management, DYOR, and again learn from your mistakes: understand why/where you went wrong.

Very much looking forward to this, August and September.

Rgds Sft, all above in my opinion.

Hey Harry, survey you read the terms of the deal before you invested? every thing has hung on the uncompleted flow test since ( since the original Sten drill programed back in 18th Jan 22)

We'll before Energean farmed in, why do you think we only got this farm in partner?

I admit I completely missed the importance of the early termination of that in the drill program, it was pointed out on ADVFN but not here. Its a pity the BoDs did not publish the omission in the Comptant Persons Report. None the less what they did publish from the report was encouraging

Ref 20 Jul 2022 07:00 RNS Number : 0362T

Worth reading.

As I see the deal Anchois flow test (and therefore the Lixus licence) has always been critical?

That we have to pay an addtional 10% leaving us with 20% for Lixus and had NO FREE carry is the pill that was rather big to swallow.

We would have to negotiate again (I assume) if anything is confirmed in Rissana for Rissana development.

Why do you think you got a cheap entry point after the farm in 🤔😁

It could still come good, just fingers crossed that Wallace and his department know their geology.

Sincerely GLA...we can pat him on the back in London, or we've bought some tulip bulbs.

Rgds Sft

BDC,

Certainly looks like CHARs business strategy todate.

Rgds Sft

"Aberdeen-based offshore drilling contractor Stena Drilling has sent one of its drillships to undertake a special periodic survey (SPS) at Astilleros Canarios (Astican) in the port of Las Palmas de Gran Canaria, Spain. Once the SPS has been done, the rig will sail from the Canary Islands to Morocco to embark on its drilling assignment with London-based Energean...."

https://www.offshore-energy.biz/watch-stena-drilling-drillship-finds-its-way-to-las-palmas-shipyards-dock-ahead-of-morocco-job/?utm_source=offshoreenergytoday&utm_medium=email&utm_campaign=newsletter_2024-07-03

Rgds Sft

I googled your question:

".....Mime’s share of production from Balder and Ringhorne should exceed 2,000 boe/d this year, rising steeply when the Balder X redevelopment project is onstream. Once the Jotun FPSO is back in operation, Kistos’ production could be more than 15,000 boe/d by 2025....."

https://www.offshore-mag.com/business-briefs/company-news/article/14292610/kistos-bid-accepted-for-norwegian-ep-independent

Hey Legalwolf,

My take is once something is signed they must inform the market (ie information affecting share price), as the annual report stated a date (month) then once point is about to pass then the same RNS rules apply????

Hey Hamz74, I am unable to read the Simon Thompson IC article, copy and paste to bb maybe?

It would be a significant validation if they can obtain a return, but the market will precieve a sale due to lack of cash flow as VERY poor forward planning in being forced to sell assets before its income generation.

Would indicate (read confirm) poor group fiscal planning and weak company oversight??? (Imo/dyor)

As on previous post this July is going to be VERY interesting and we will soon see if Duncan and his department are any good, Loukos is the first of two company defining tests (caused by farm in deal).

It's all coming to a head now, fingers crossed, by September we could all be back slapping the BoDs in London OR........

GLA

Rgds Sft

Hey BD1,

Agree, annual report states " Cash deficit from July 2024" does not say WHEN in July but the BoD have to be in negotiations and we (imo) should expect an RNS any time within this month detailing either successful flow test and appropriate loan/ financing or a placing.

Note: I suppose there could also be an offload of some reneewable assets?

Ideally onshore is found to be a commercially viable (VERY commercial rather than squeaking in) giving financial stability AND cross confirming the quality (market is waiting on that i think still) of Duncan Wallace and his department.

The size of that commercial proof will determine market confidence and our near term share price.

After that the next (very) bigconfidence test will be flow test at Anchois.

Should be an interesting July.

GLA

Rgds Sft