Member Info for Surfit

Not sure if this has been posted previously:

Cosworld Energy Limited

The company said it had signed a rig deal with Star Valley Drilling, for the 101 rig, on its onshore Loukos licence. Chariot expects to begin its first two-well campaign around the end of the first quarter this year, it said.

https://twitter.com/cosworldenergy/status/1754837865580646419

Link to company: https://www.cosworldenergyconsult.com/

That's all I can find

Rgds Sft

The increase in LNG should possibly not be read in isolation, especially if you expand the reading and logic.

"US gas producers shrug off low prices, bet on LNG boom..."

https://www.reuters.com/business/energy/ceraweek-us-gas-producers-shrug-off-low-prices-bet-lng-boom-2024-03-22/

Always DYOR

Rgds Sft

Interesting article: for a new era in LNG supply, what will all this building have on long term pricing?

https://www.offshore-energy.biz/south-korean-shipbuilder-wins-1-8-billion-contract-for-8-lng-vessels/?utm_source=offshoreenergytoday&utm_medium=email&utm_campaign=newsletter_2024-03-27

Rgds Sft

Good artical CaptainPugWash.

I still belive its all down to investor trust on management, finance, coupled with risk.

It leaves us speculators.

Still find it very very interesting regarding our last two 6% ers, maybe as whimax (I think) proposed that covelis may have exited their 3% of 6% but that must have been removed by now so if there is no TR1 on a reduction that must only leave private investors OR not declaring a change in ownership, the risk of a fine for such could be minimal. I do not know how strictly this requirement is monitored or enforced? By the financial services authorities?

Not that it really affects the very potential positive of a successful onshore drilling campaign, but really clarity is required by the management of liquidity. That imo would as ever help.

GLA

Rgds Sft

Cheers Jim/Bold

Rgds Sft

"i hope chariot can proceed with development on their own without loan and without partner"

You ask a good and relevant question there Suresh, I wonder who can confirm, speculate or guess for us?

We have some experinced oil men on here maybe BDC, IICB, Bold or Jimmy could "confirm"?

Latest speculation / guess was secure a loan against assets, I think?

Rgds Sft

Hi SenatorM, thank you for the reply, appreciated.

It is aligned ( more informative though) than my thinking. What I am thinking about is forces trying to drive division amongst the Kurds...I.e every one is together if your fighting a common enemy like DAESH. Is it all aimed pipeline and meetings to divide and reduce their strength? But the one artical from Kurdestan24 did state that Erdogan was also going to visit Kurdestan? Artical was a few weeks old, but that sets a very different tone and importantly is inclusive rather than just speaking with the Iraqs (and the kurds) in Baghdad (imo), although could be a tricky trip for his security?

https://www.kurdistan24.net/en/story/34128-Erdogan-to-visit-Iraq-after-Turkish-local-elections

Again thank you for thoughts.

It's all very tricky, especially for a Brit to understand the mindsets of all parties.

But I remain in the camp that we should see a restart of the pipeline within 3month OR its then looking like the Iraqs want to keep it shut for political / deni-finance reasons (imo).

GLA Sft

Error below: PKK not KPP

Rgds Sft

Good Artical, thank you.

I have done a search and a selective read on the diplomatic talks in preparation for President Erdogan visit in April the focus seem to be headlined as security (in relation to KPP) and then Energy as most written about, note also 1x artical states pipeline not physically ready to resume ops on the Iraqi side?

What does the bb poster here think on how much the removal (or limitations)of the PKK will play and how could that be implemented I.e. what could Iraq do or what could the governing Kurdish goverment do or be willing to do???

Rgds Sft

Example of articals below:

Artical 1 focuses on security and removal of PKK

https://apnews.com/article/turkey-iraq-foreign-minister-visit-pkk-177d80a962e8861f448fb5d4f0d12df3

Artical 2 (Kurdish) will include the resumption of oil exports through the Turkish port, as well as security, water, and diplomatic relations between Baghdad and Erbil.

https://www.kurdistan24.net/en/story/34128-Erdogan-to-visit-Iraq-after-Turkish-local-elections

Artical 3 (Retuers)

Senior officials from Turkey and Iraq will meet in Baghdad on Thursday to discuss energy cooperation, as well as security and defence matters, the Turkish Foreign Ministry said on Wednesday.

https://www.reuters.com/world/middle-east/turkey-discuss-common-understanding-security-with-iraq-official-2024-03-14/

There is a post and some photos on Chariot Energys LinkedIn site regarding the completion of the construction at the Loukos Gaufrette site and the start of the Loukos Dartois site.

Good to see such updates.

Rgds Sft

Not a bad read with regards to project Nour overview, ambitions and potential funding routes:

Better than issued RNS's

https://www.oecd.org/environment/cc/cefim/green-hydrogen/chariottotaleren-projectnourinmauritiania.htm

Rgds Sft

Hello Fernan: I was actually concerned how we were going to fund the offshore development directly after I came in post Stena Don drilling campaign.

If you and BDC belive we are fully funded to production of onshore gas, then fair enough.

I am not.

It may be that we secure addtional financing, figures crossed, if not its another share placing and further dilution.

Time will tell, I hope your right.

All the best Sft

Hello TheBold, Good points (Jimmy has also thought similary).

Such is YET to be determined of course and maybe that's why we (imo) have NOT had the FINANCE conformation/assurances I.e. Such financing MAY well ALL be being currently negotiated in ANTICIPATION of a successful drilling campaing ??? Figures crossed, and would be the best way forward when underfunded and after so many share placings and dilutions?

Hey BDC: Okay, it must be difficult to find? Or not readily available? but such a link placed on the bb would surely encourage other investors???

GLA

Rgds Sft

Hello BDC,

Re "Or you could just read the most recent RNS's and listen to the most recent investors call ¯\_(ツ)_/¯"

I have had ANOTHER scan back and only found the two RNS below RNS relevant

29th Jan 2024 7:00 am RNS Operational Update

No fiscal assurance regarding fully funded to production for onshore

10th Jul 2023 4:32 pm RNS Proposed Placing, Subscriptions and open offer

1 For near term onshore drilling and development planning on a new onshore Moroccan Licence, expected to be awarded imminently; and

2 New ventures and working capital (🤔)

I may well have missed a conformation of fully funded to onshore production, If so I apologise. If you could post which RNS gives us the assurance conformation. It would be appreciated.

I would love to belive the investor calls, I do remember a bb poster found (sorry to whom it was) and posted good evaluation stating they they need $28million.

It was the only price placement on the onshore programme, I have seen. I should have kept the link!

A repost of that artical would be good as I have not been able to find information from CHAR on ALL costs.

Again BDC a link to the RNS would be greatly appreciated.

All the best Sft

Hi Fernan, I did and thought it a good post, and appreciated. Potentially good figures.

If the BoD's would issue a statement of assurance it would disprove the markets (and my) doubts AND afirm your calculationgs. Not too difficult an action (imo) to implement with significant results.

I do not belive this an inappropriate request, considering the current status??

Whimax, your previous thoughts regarding the required % sell off, may not be totally unfounded but the figure (I belive ) equated to just under 3% (pre 3% add at last fund raise) of Covalis 6 % correct?

I firmly belive the BoDs should address the issue and a statement of fiscal assurance would go along way, it would of course not fully derisk the onshore drilling or the offshore drilling flow test concerns.

All IMHO, DYOR.

Rgds Sft

Hey GP, Historically it has bottomed out at the next share placing price point, some one had best ask AP (as he does not know what and why 🤷‍♂️ this is happening to the sp 🤔🤥) when and and what price the next round will be.

IMO markets (and I) do not belive that management have sufficient cash to get to production, thats IF they drill and find commercially vial quantitys?

Have mananagment ever stated they have sufficient to get to production...i belive they have not...."only to drill".

Ask the CHAR IR to confirm the company cash runway to full onshore production, see what they say?

If management issued a statement confirming that the company will not and has no need to conduct further share placings you would see an instant return to 12 to 14p imo, strange that no such statements (or definitely and RNS) have been forth comming????? 🤔

An RNS for a mandatory TR1 change (sell off) still not forth comming, that is strange to.

Unless it's it part of the 87% that are us private share holders????

Which means the 6% have not sold out if not they must have private access to the ear of AP, especially if they came in at the last 14p fund raise?

Rgds Sft

@ Whimax 😂

Could it (% shorting) be used to offset a potential % of loss and actually earn (a small amount) in a unknown time line of uncertainty i.e. with out taking a loss by selling and remaining "in" as a resolve of the issue remains expected/ hope for?

I have seen this used before by creditors as an insurance against loss.

Ohhhh but "TheBold" going back to using the word RISK which I would guess that ii brokers have to consider....what happens if the onshore drilling on completion is a deemed not commercially viable?

Where is CHARS revenue income untill offshore is developed, what happens if there is not the flow rates expected (Energean have factored in some protection because of this...correct??).

These are the type of considerations that should be factored in...so it depends on your, mine, ii's etc etc appetite for risk...or can you give me or other investors 100% guarantee.

Positive: CHAR seemed to have allocated a high % of success BUT not 100%.

GLA

Rgds Sft