Member Info for Surfit

Hey Jimmy,

Really good information, appreciate the input and time. Thank you.

Rgds Sft

Thank you for your input MYoung.

If ONshore is successful, it will then be interesting to see what information the board put out for time lines and costs to production (CPR, reservoir size, expected flow rates, FEED/mode of transportation of gas, GSA, FID, Sanction, project development)

Rgds Sft

Small consolation:

Still no declared shorts (above reportabe threshold)

https://shorttracker.co.uk/company/GG00B2R9PM06/

Just my opinion but when should people look to buy more, to help with their average?

Very difficult (obviously) but I feel:

1. That we have had a market rerate due to previously mentioned (imo) factors

2. But on top of that there is a (or multiple) sellers adding to this.

So would it be better to look for a stabilisation in buy and sells before adding?

Could that be a pause by the sellers, then they restart after seeing a lift?

It's trying to understand why sellers are selling, what Risk remains in the company, what are the basic operating outgoings, what if onshore gas exploration is a fail, what are the costs to get to onshore production, what is the expected returns, what cash is left to get to offshore, how long will that be, will the Company spend more cash during that period on the other pillars, would they need to go back to market for another placement? Which we can do SOME VERY basic calculations on and also guess?

What would be nice is to send such questions to the CHAR management and ask them to provide answers.

If you were investing into a private company yourself you would ask for such information, but I guess as a share holder you can not get such answers from BoDs.

All just my opinions and would welcome constructive discussions.

DYOR

GLA

Thanks P and J, not sure why I locked onto them being Israeli?! Appreciate the correction, big sigh of relief.

I am hoping that it's one seller, but it may be several derisking????.

It's intresting that the sp was actually dropping before the RNS, not a lot but it was there.

Yes its been a very painful time, not going into interactive investor to look at my isa account.

It's interesting that you say Energean are waiting for operators approval, I had already checked what the Morrocans had said about the appointment on the RNS, which of course was positive...but do you think there could be some pressure by others in Morroco on who is going to be the operator I.e. An Israeli company????.

They may be holding that back for a while??

Once the selling eases off, hope fully some will see an opportunity, whether its institutional investors and not more of us PI (less risk adverse, if you do not tell the wife, of couse) remains to be seen.

GLA

Tr-1: Further more if you consider its been 47 days since the farm in RNS: If the seller has been exiting to the tune of a say a minimum 1 million shares a day at 47million share they (IF a single seller) MUST have passed the 3% TR-1 threshold? So it could be they are delaying on any notification. Speculation only of course. Time will tell.

GLA

Does not seem to have bottomed out yet, must be getting close though by now. Although the seller(s) still seem steady. That's why crossing the 3% threshold and a TR-1 could be instructive as in it shows they may go for a full exit??? But as before they may issue the 3% TR-1 late, FCA is notorious for doing little or nothing to enforce /fine infringements.

Ask the question if any one is on an investment platform that can look back and see the total number sells (indicated) since the farm in RNS date? Anyone?

Hopefully one of our limited institutional investors should declare their exit soon?

I.e. Covelis or Askar Alshinbayev, Westwood investments or Meridian Capital International Fund .

Point of intrest how:

AA and Meridian are tied in together (scroll down to "who owns it now"

https://www.occrp.org/en/paradisepapers/kazakhstans-secret-billionaires.

Ps: Of course AP and Westwood are also tied in together also, but AP added again £60k so Westwood would of course not be selling their 10% controlling influence, AP could loose his Directorship!

For me it's all down to the farm in partner selected (Risk), VERY free limited carry (that has risk protection caveats built in), repayments requirements, does Farm in partner have the development cost financing (risk), will we find ONshore commercial gas (risk), how much cash to develope to production (Risk), if onshore a duster is thier enough cash runway to get to OFFshore production (Risk), Will management spend on the other pillars, what when are the expected return (Risk).

All my own speculations and my personal company risk assessment.

Any bets for the bottom price?

Still no RNS for a TR-1 issued for change in holding status, but nor sure what the time line is on a 3% change. I doubt the seller would be fined if they were late. Might not want to show their hand if they held/hold +3%

Bit surprised that we are now into 8p, but must be another pivotal company cash spending vs no income RNS coming out soon 🙄😂

GLA, we need it.

Rgds Sft

I am in, but in 🥸

🙈🙉🙊 = The perfect bb

Or

A troop of 🤡's

?

😂

I would say management's actions are a bit more influential on buyers and the share price, than posters who look to point out why the professional market has valued the company such 🤔🙄

Something that dangerous rampers/ramping neglect to comment on.

Is this the low point potentially yes, but if Israel is forced to expand the conflict, if the onshore is a duster, if there are poor flow rates offshore (has any one read the CPR, the farm in operators obviously have, if the company continues to spend on the other pillars with out income then NO.

ALL imo, DYOR on company cash flow, and if you feel you can trust management?

This company share price will ONLY rerate once the market sees less RISK. Too many continue to be in denial.

As before I sincerely hope that Covalis Capital LLP ARE NOT exiting, it could be other private investors that bought in early but automated sells look to be mm or an ii?

Cheers GP,

I wish I had been/was very very wrong 🙄.

Been intresting to see who is exiting, we have SO many shares owned by private investors it might, I hope, NOT one of the two 6% ers.

Askar Alshinbayev bought 6.190000% or 59,676,544 shares via Hong Kong company

And

Covalis Capital LLP 6.24% or 66,815,976 shares

SO if either drops APPROX. 3% it would require a TR-1

Not sure if anyone has been keeping a running total over the sales since farm in RNS...

OR If anyone has access to software that can encompass the period?

Reference: https://www.handbook.fca.org.uk/handbook/DTR/5/1.html

"reaches, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% (or in the case of a non-UK issuer on the basis of thresholds at 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%) as a result of an acquisition or disposal of shares or financial instruments falling within DTR 5.3.1 R;

Yes let's continue to keep the dream alive 👊

Rgds Sft

On a slightly positive note: No discernable shorters have stepped in.

https://shorttracker.co.uk/company/GG00B2R9PM06/

Rgds Sft

Hey GP,

Use to follow Simple Wall St reports and they had placed fair value at over £3 per share! Not sure how they came to that analysis but it's now at:

Below Fair Value: CHAR (£0.09) is trading below our estimate of fair value (£1.03).......quite a fall!

No matter what the consistent positive posters have said about the appointed partner and the farm in terms. They have as usual been very very wrong, despite their attempts to malign those that consistantly raise concerns on financing and management choices AND NO I could not get NOW out as I did NOT think the farm in partnership was going to be this poor. I would have, if it had hit even my average, due to my consistent raised concerns over AP and HIS BoDs.

The market see real risk in the operator selection (significantly compounded by the obviously unforseen Israeli/ Palistine/ Middle East turmoil, not management fault, but as ALWAYS another poor decision by management to risk vs speculation), the re introduction of offshore doubt due to the lack of flow test (as before did we get to see the full CPR's report, as the farmee's would have, gives us now an indication on the protracted farm in process THAT also depleted cash runway, due to the time involved).

The fund raise, that included FEED, was further waste.

Note: where do Schlumberger and SS7 stand on avaiability, cost, where does contacted personnel and equipment procurement stand on time scales???????

Chariots financial security, compounded even more than expected, due to the very limited free carry is (as I had suspected) going to totally depend on the onshore gamble to keep liquid. What if onshore is a duster? What are the time lines to get to production?

Additionally the markets give nil value to Chariots other "pillars" they only see it has further financial unknowns (read risk)...as always what do the BODs actual project as returns or costs in these areas.

Management are solely responsible for where we find ourselves due to SO many very poor and wrong financial decisions.

Remember if you could invest $20million and get a return of $500,000 /750,000 per annum (+ include expenses) that not a bad return????

Rgds Sft

Seems we have a twin in the USA who really do have a renewables arm

https://chariotenergy.com/blog/chariot-energy-signs-new-office-lease/

Interesting reading about them and the US team

Wonder if I should've bought some of their shares 😂

Hi B4Now,

I agree the probability is very very low and for the reasons you and I state.

As ever market confidence will only get restored in Chariot once the can demonstrate an income, fiscal control and (as per my ususal) fiscal surety.

AP does have skin in the game but, due to those investments positioned himself into a lucrative position within the company (just one of his many revenue streams).

The markets risk analysis on the company and the BODs mananagment of the company puts us where we are.

Let's see what 2024 brings, I will sit in hope on fiscal prudence and clarity (not surprises) from the Chariot Energy Management.

GLA

I never thought I would be hoping for an acquisition, but I am ALL in favour of such now.

https://www.offshore-energy.biz/mergers-and-acquisitions-blockbuster-oil-gas-market-consolidation-moves-in-2023/?utm_source=offshoreenergytoday&utm_medium=email&utm_campaign=newsletter_2024-01-02

You have to ask does Chariot have enough (existing technology (hydrogen or renewable), existing renewable (wind/solar) acreage or gas production for any large operator company that they could not aquire or invest in by purchasing elsewhere?

Certainly not yet, but IF the onshore pans out and get to producing, IF the Offshore flow test is as expected and we get the extra cash (still imo needed to get ONshore to production), IF management actually outline a clear plan for either a renewable and or hydrogen path to commercial returns, IF the financial package for that is secured / proven, then yes.

Looking forward to the BOD's proving ALL the above, after all, great reasurrance from AP who on the webcast told us he attended COP 24 and was "surprised at how well Chariot is aligned with what was discussed there"

He was SURPRISED! 😂 that tells us a wee story in itself 🙄

Rgds Sft

Ps Wonder why they decided NOT to flow test when Stena were out on the exploration I.e. decided to cut the programme early? Budget again most likely, we are paying for that call now.

I then wonder what comments were made in the CPR on that decision ( there must have been some comment) and did that have any affect on the farm out process? IMO YES!

General market confidence in BoDs was low and is now VERY LOW.

That they are not (ever) issuing clear financial assurances or real clear plans (2x other pillars) leaves the market increasing the risk and have adjusted the SP accordingly.

As I have been saying all along, my initial thoughts on the onshore being kept seperate was proven true in the end.

There is no rush on the seller losts of time to next fall (faol of onshore or fund for development) , they start to buy once we have hit the new low re-rate: the next planned share placement price. Then buy back in nice an slowly. IMO still the same insiders making money on this, salary, share bonus and your trading company earning you even more cash 🙊.

I could be wrong but we will know soon enough: once a 3% threshold has been breached. If its not a 6% jumping ship its definitely our regular insider 🤴IMO.

Sft