Member Info for Surfit

It was on the cards: Failed Benriach exploration, diminishing WoS reserves, UK WFT AND a in coming labour Gov.

Will the consortium up the exploration? Sellers have known to make mistakes...BP on the Forties field, but its rare.

https://www.offshore-energy.biz/british-conglomerate-swoops-up-totalenergies-west-of-shetland-gas-assets-bundle/?utm_source=offshoreenergytoday&utm_medium=email&utm_campaign=newsletter_2024-06-28

We need the FPSO Jotun to get on field

Last news I can find.

https://www.offshore-mag.com/production/article/55020190/balder-x-johan-castberg-projects-in-line-for-late-2024-startup

Rgds Sft

Hey TheBold, to help you out. No there is no need to do that: Just click on the posters name and their posting history comes up.

Of course you probably do not belive it 😂

Rgds Sft

😂......🤔......😂 brilliant, best ever

Copy n paste from your 19 Apr 2022 10:41 post

Molehead

Posted in: CHAR

Posts: 18

Price: 25.30

No Opinion

RE: Potential downside19 Apr 2022 10:41

The possibility of a fund raise at 20p is approximately zero. CHAR does not currently need extra equity finance and 20p represents a 30% discount to the current share price."

End copy

Very good news, tip the hat to Jimmy with predicting/ seeing that.

Rgds Sft

Cheers Fernan,

I guess there are plenty of example rates and options avaible.

https://www.milbank.com/a/web/3EKss3rUY8QUX6Tkbpu6FL/financing-options-in-the-oil-and-gas-industry.pdf

Will be interesting to see what they secure, once the drilling programme confirms the flow rates.

SocGen will of course already be on the case.

Rgds Sft

Okay thank you for that information KnC. Will await for conformations/changes.

It would, I assume, be covered in an RNS at some point being a change of farm in contrac and sp influencing information????

It will of course affect returns/income but amount TBC.

Rgds Sft

Thank you for the post Agricore.

REALLY good to see some deep(er) analysis on the renewables pillars. I have been unable to find any other source before.

Many thanks to Oak Bloke...I will try and drill down on his numbers.

Fernan, do you think it's ALL "poor analysis" or just the ommision of the G&A costs?

Question: I can not see it.......but do we not have to repay developments costs at 50% of offshore production? Has this been built in?

Rgds and again thanks, Sft

👍👊

Rgds Sft

Ridiculous, rather disappointed in you GP

Whimax is becoming a touch too infatuated in trying to discredit my criticism. He is of the type (imo) that would rather say positive but false comments to attract new investors that would have lost money.

The Bold for example jumped on before the farm in RNS and has be slowly becoming more irrational since...the nose dive.

Firstly I have been pointing out the finance shortfalls for quite some time. The incorrect financial drain on the other pillars. WAY before I with drew 100, 000k of share. And the market and ii (imo) concure.

Secondly whimax choses to belive part of my comments but not the other, as this would not fit with his infatuation.

How I invest and move my money is my own risks. I have said in the past that i would make a call post farm in to remain or not...unfortunately it was worse than I and the market expected...due to the RISKS it introduced and exposed. So could not exit with out to much loss.

You GP are correct in that once we actually have a commercial onshore posotive result, a proven commercial positive flow on Anchois, confidence that the BODs can start to demonstrate fiscal prudence and some acutal income numbers on the other "pillars"

Then I will have nothing to complain about. Nor I suspect would other investors.

Until then fingers crossed, on some good results and of course some MORE cash ( as we run out in July) there seems to be some indication that the SP will remain where it is and my puppy Fenton will keep yapping.

😁

Sincerely but not believed (called the Casandra Complex) Sft

Hey GP

1. Did you receive the hard copy of reports and accounts 2023?

A lot easier to read than via a pdf and homed in on the the independent auditors report page 48 onwards.

Obviously the main point already identified is "Cash deficit from July 2024" page 58

And Page 58 continued : To manage this, the directors, mitigating actions include cutting discretionary expenditure ( Sft note: not done in share options, wages and rewards ref page 42/43) and deferring cereditor payments until funding across the business at an asset, subsidiary or group level are successful , HOWEVER, it also acknowledges that this short term funding is, at the present time, not in place....."

goes on to say "....

Admin 2023: $8,680,000 (2022: $8,478,000)

Share based payments 2023: $5,652,000

Total Loss after taxation 2023: $15,571,000

Nice break down on what the other 2x pillars are costing per year and what is expected moving across 2024.

NOTE: Page 42 directors renumerations + Performance Cash Bonus AND and page 43 the " long term share incentive scheme

2. Do you think you will attend the AGM?

Rgds Sft

"Future of new oil and gas projects in UK thrown into doubt after landmark Supreme Court decision

The case hinged around an oil drilling project at Horse Hill in Surrey, granted planning permission by Surrey Count Council in 2019. The ruling could now have immediate implications for other fossil fuel extraction projects....."

https://www.google.co.uk/amp/s/news.sky.com/story/amp/future-of-new-oil-and-gas-projects-in-uk-thrown-into-doubt-after-landmark-supreme-court-decision-13155934

Rgds Sft

.....how the market will continue to view CHAR and inarticulate the BODs.

The only reason we are doing the onshore play is because the BoDs realised that the farm in was not going to be good enough to carry. That farm in was deal was hampered by NOT fully completing the original STENA drilling campaign...

Hence Energean's caviat on the next payment.

Also is the market considering LEAD time (AFTER a successful drill at Anchois, AFTER FID AND then actual SANCTION) on all the subsea pipelines, trees, and onshore CPF material order, delivery and build...CASH FLOW determination is just ONE of the remaining rosk factors....

I am sure you can not address the points, Jim has in past but I countered with my thoughts and inarticulate drilling...there was (I telnet search) around about a 25/30 % actual success rate on all exploration drilling in 22, despite I am sure the geology departments stating higher to the production departments (as an example).

All my opinions, of course. Which all are free to ignore or even better consider for future and different investment

Rgd Sft

Hey Whimax, why do you think Energean have repaid "... in full a $450 million corporate bond"

Reference previous Finch credit re rate (end of 2023) and in particular section "LIQUIDITY AND DEBT STRUCTURE"

https://www.fitchratings.com/research/corporate-finance/fitch-upgrades-energean-plc-to-bb-outlook-stable-01-11-2023

Your denial or inability to view how institutional investors may look at risk not just from the host investment but important partners, is very telling.

Couple that with a school playground approach to posters who do not blindly support a positive narrative is very telling.

I have continually ONLY raised RISK points that as an investor I consider (imo), and tried to balance they with explanations.

I have also been truthfully in removing 100,000 share to invest else where a smaller investment than my total that has remained in CHAR all along. That you chose to ignore the latter early made comment but deceitful use the former to be derogatory is also very telling.

If you can not wish to understand risk, then fine.

As always ONCE CHAR have reduced liquidity risk either by income from onshore, income or sale of a renewable energy arm there remains RISK on share placement and subsequent further dilution, a loan from bonds ( THAT HAVE TO BE REPAID BY A CERTAIN DATE!!!).OR....Where else will they secure sufficient cash to keep the company afloat...because the FARM in was not sufficient to free carry to offshore production...thats

1 x Link to news (Reuters):

https://www.reuters.com/markets/deals/energean-sell-egypt-other-assets-carlyle-up-945-mln-2024-06-20/

The sale now removes concerns of development funding:

"The deal will include a cash payment of $504 million which will allow the London-listed company to pay a special dividend of $200 million as well as repay in full a $450 million corporate bond"

Energeaons Mathios Rigas comments support for current exploration

"Energean CEO Mathios Rigas said the sale will allow the company to focus on its main gas producing facility offshore Israel and its exploration activity in Morocco"

First real and tangible good news that has been distributed since the farm in.

Let see if our BoDs can reassure markets on CHAR financing and we the might turn a corner.

GLA

Rgds Sft

Fenton to heel, there's a good puppy.

https://youtu.be/3GRSbr0EYYU?feature=shared

Fernan, just do not engage. Decent posters would not be insulting.

These guys have been WAY off the mark for years, almost every thing they have said has been proven incorrect, naive on business principles and safe investing.

Only respond to thoses that are genuine in there challenges to your ideas.

Rgds Sft

Hey GP, I think we are more at the mercy of the BoDs:

1. The accuracy of Duncan Wallace and his teams drilling strategy

2. Julian Robert Cecil Maurice-Williams (Finance officer) and his finance abilities?????

Note: He MUST have known that we were heading to a financial choke point...as I said (imo) at the time of the last raise / share placing that cash was mostely required for operational costs and renewable expenditure. That and then aquiring Loukos was done DURING the VERY protracted farm in process and before the Energean deal was signed but the bulk of deal was (imo) probably known internally months before it was signed.

3. AP selling HIS renewable (mining) strategy to Petra (his old mining company)

All IMHO of course

Traders

AA (7.2% now: via market screener) may be taking advantage of any drops and adding??

I note (via market screener) Covalis an ii only NOW hold 1.68%....Which is an intresting indicator, in that they "appear" not to have taken up these 2x most recent "buying" opertunity.

https://uk.marketscreener.com/quote/stock/CHARIOT-LIMITED-4008468/company/

Or try

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

Scroll down to end of page which does start to indicate us PI's ( Hargreves and interactive investor) but not the whole by a long shot.

I do not belive that us PI traders are making big enough moves (part reason is a significant no. of the trades looked to be automated), some trades of course but not sufficient to pull or push the sp. It's more likely AA and or Westward Investments 🤔

As usual just my musings and speculations....up for discussion or slating.......😂

Kind rgds Sft

The concerns on cash vs time vs management fiscal prudence are unfortunately coming to a head.

So what next: Cash run(a)way is again a priority. The BoDs will have known this was comming ever since the last share placing.

Options:

1. Another share placing once sp stabilised. Will they try for $10 or $20 million...the number of shares in issue now start to carry other influence.

2. Rerate shares at 20:1, alow a drop again to stabalise then go for a subsequent shareplacing with say AP and AA increasing thier positions.

3. Rerate then accept a buy out.

Note: Why a rerate in considered when the sp is that low the % change is to variable and expensive if your purchasing such large amounts to gain full control?

The BoDs, as I see it, have a limited time to implement the required cash injection....BUT it WILL (IS) NOT be a suprise...if you can add and subtract.

All in my opinion and speculation.

DYOR

Rgds Sft

🤡

Hi Jimmy, that's good to know. Thank you for the information.

Rgds Sft