Member Info for Surfit

I suspect (dramatic guess) we would then be standing at less than a 1p?

Rgds Sft

If you are building a wind farm in the North Sea there are contracts: site survey, wind analysis/power generation for equipment type, site clearance and seabed conformations, cost of development vs expected energy generation and sales to customer.

I remain confused because CHAR are not presenting financials in any form.

Who would be investing in Chariot Energy's renewable and Hydrogen aspirations as a STAND ALONE investment. ALL investors here presently ONLY came in via Oil speculation drilling or belatedly the gas find.

Anyone please correct me if you invested for the renewables "pillers"????? Taking out the gas side out of it????

Again not being too negative, that is to say the two recent 6% ers may have more knowledge (private investor communications) with the the BODs?????

BUT the 2 other pillars are NOT presented as an investment opportunity if that was CHAR alone...the SP would be then be

Hello Jim, thank you for thoses comments. The conformation of a new Geo team and assessment techniques has been a highly crucial change for the company fortunes.

Gives significant assurances that the 80-85% is accurate for the onshore exploration success.

I am still left thinking that the delays we are experiencing are hinged on the final gas prices to be paid? I.e. holding back the farm in (or self financing, which is looking HIGHLY unlikely) in sign off(s)

As before prices can not have been signed of as an RNS would be required to be issued if they had.

Thoughts?

Rgds Sft

Hey Jimmy, I joined after the Anchois drilling campaign announcement.

Am I right in accessing the following:

Repsol had walked on Anchois-2, but CHARs geo team convinced the company's BoD that this was worth going for. Following the dusters in Nambia AP actually invested his own money on pursuing that assessment (recouped in repayment later) which totally saved the company.

Question 1: is that correct?

Question 2. DID CHAR change the geo team that assessed Nambia (fail) to those that assessed Anchois-2?

My feeling is there must have been a step change within the team or the assessment programme?

I ask because I would like to have it confirmed that they had sacked the crippling Namibia team and if the Anchois-2 team are new they really have found a special team.

Note: invested in Kistos and there drilling has failed dramatically.

Rgd Sft

Hey KB,

It's going to happen (Gas) that is inevitable. I belive that it's down to negotiations as said by BoDs (AP) but I really think the late sign off on the gas contract has some thing to do with it (pivotal) for CHAR and the farm in operator (and/or financing).

I still belive the Morrocan Gov will have a hugh influence in this. It can not have been signed off as if it had and the information not put out in the form of an RNS (information sensitive to markets) the the board would be at fault:

"General disclosure of price sensitive information

11. An AIM company must issue notification without delay of any new developments which

are not public knowledge concerning a change in:

its financial condition;

its sphere of activity;

the performance of its business; or

its expectation of its performance,

which, if made public, would be likely to lead to a substantial movement in the price of its

AIM securities"

https://docs.londonstockexchange.com/sites/default/files/documents/aim-rules-for-companies.pdf

Again project equipment supply or costs )farm in partners must agree) etc etc could be a factor for farm in but more likely for the Sanction stage.

Of course my speculations, but better having a discussion and consideration for discussions than say...Barking at the moon 🙂

Kind Rgds Sft

Remember a lot of what AA and Kistos business plan for investors was

" The Group is confident that domestic offshore gas has a vital role to play as a transition fuel both in the Netherlands and in the UK and will be imperative in carbon reduction in the coming years. Already a low carbon producer of natural gas, Kistos is well-placed to build on its existing position and has COMMITTED to explore more sustainable ways to develop existing assets. The Q10-A platform, which generates electricity from renewable energy sources and produces gas with minimal Scope 1 emissions, will serve as a blueprint for future projects" and combined with the sucess of Rockrose when gas was priced really low and know one wanted gas AA became the investor darling

Well that ethos has now (aquired an oil asset) GONE so have some/many investors been required to exit (investing ethics) also, as we are now in oil production?

Combined with the failed explorations, tax and a ridiculously misjudged attempt to aquire Sercia Energy the share incentive scheme will not be implemented for some time now as I am sure those targets are way off.

Tough times for AA and the team and combined with what and who is AA going to sell this Kistos set up to?

Still these prices are getting ridiculously low.

I will be getting back in as soon as I can, sell my earlier speculation buy on GKP.

Rgds Sft

Hi Vetran,

Traders will always trade.

I was speaking with another private investor the other day and we were both tempted to sell some (after bought more at 12.2p on the drop) and after this recent rise, as we both had seperately "suspected" there could be a retrace BUT with the daily potential for the required RNSs to drop at any point (or in 2-3 months! 🤷‍♂️) neither of us had the minerals 🙈 or such a significant amount that we wanted to risk that for the 10% "potential" return.

Speculations on here are speculation born on thoughts and previous experiences...... and those experiences can not be relied on to always be repeated.

If only I had invested in Teslas even after the share split!

Let's hope management have actually secured a really good deal with the new partner(s) and for gas contracts....but I imagine the gas contracts have to be signed first AND that it has not been is strange imo..what is the delay? Just that single RNS on it own de risks as it also brings in the ability to finance.

So that has to be confirmed BEFORE the farm in is confirmed/ signed.

Subsea equipment deliverable, drilling and CPF equipment time lines also need to be confirmed to the farm in partner too. IMO.

But the gas sale should be announced, the partner THEN FID then sanction.

DYOR (not sure how many do actually do though).

Rgds Sft

I think Whimax, may have been on the money with an earlier speculation: on it probably falling back following the initial buying after a brokers report and the drop below 14p.

With out an RNS(s) on farm in and gas contracts to rerate/derisk then its just dropping back to 14p again. Which is what the market values the gas in the ground (no value on the other pillars as there are no income returns only costs associated with them) coupled with the billion plus shares and 1.5million per month costs.

Just have to sit tight.

GLA

Rgds Sft

3 months: AP stopped using "imminently"

Can't be 6 months as cash will have run out.

Although it could be tomorrow too 😂

Rgds Sft

Latest Broker ratings 480.00

Previous

30-May-23 Berenberg Bank Buy 630.00

26-Apr-23 Berenberg Bank Buy 630.00

Personally bit surprised at 480.00 at the moment certainly for 2023, we may though start to get a regain as winter approaches.

AA has had to massively change Kistos's direction due to Russia (his Co2 negative gas production direction is not relevant as a price point) the UK/NL new WFT tax regimes (not included in the original financing structure), the very expensive commercial drilling fails (NL and Benriach), the long term production issues for West of Shetland (and therefore the Shetland gas plant), the purchase cost of Mime which is a complete turnaround for oil was never his plan (this may also loose investors I.e. gas was okay oil not?). Despite the above Mime looks to have be the only good move available, primarily for reserves growth but a more stable (Norske) tax regime with still good off sets for development.

Note: I am not sure how good the offestes are for the massive drilling costs incurred in GB/NL?

So the SP growth obviously depends a lot on the 15,000 boe/d in projected for 2025 ONCE the Jotun FPSO is on production and good oil prices of course.

But Russia will be mostly out (not including China freely buying or the massive amount of underground mixing and reselling ongoing in the back ground. Also remember Venezuela, Libya and Iran our mostly out of the picture BUT NOT forever.

I wonder now on what is his Sell aspirations now and to whom. In my opinion it has to be in under 2 years. Is that feasible and will Kistos have enough production to sell on to a another and who will that be.

AA is definitely not going in a renewable direction which is what was the original Kistos intimated as being a significant part of their original business statement.

Has he lost some of his larger investor / supporters. The failed take over did nothing for his business reputation either.

IMO it ALL hangs on Kistos Norske now?

Rgds Sft

Myself and the Royston Vasey campanologists are standing by, it's quite exciting...

Rgds Sft

👍

Hey Whimax,

I am not sure its about constantly posting negatives it's, imo, more about looking at weak points, areas of concern and looking for answers, BDC has given some decent and thought full replies and they are appreciated.

BUT some respected posters on here have over the years made to quite bold comments and have been very wrong....because the BODs have not gone as they stated (and /or thought).

Me, personally, am not so concerned in what is going well, that was what was expected, but what can go wrong, its called risk assessment (and i have seen the ways it has gone wrong in AIM and other listed companies).

All the best to us all, the market (IMO) will relate this share very quickly when the gas and farmin has been announced (Gas side DE RISKED) BUT again NOT as favourable as it once could have been and that remains IMO down to the increased RISKED factor of the other pillars and the required and significant share dilutions

That new or increased RISK introduces unknown finacial qualities: "Market no likey"

Anyway, it's always good to try and discuss and find POSSIBLE answers.

GLA

Kind rgds Sft

Hi BDC,

It's a good point with regards to the future of any of the old OnG companies. There is possible a very shrinking finance market for a none cash generative company like Chariot Energy to secure financing with out going along the renewables path and in my opinion AP is gambling / staking / positioning / or forsight on the future release of large funding into Africa for such.

Risky but he "knows" the african continent and may know more than us on UN/IMF etc etc funding. If the West does not invest the it will be left to Rusdia, NKorea and China...so what choice is there but...

As before I belive he has learnt through his experience with Petra and the loss off control by aquiring to much Debt, but the new strategy of share placing (and significant and continued costs of Share incentives) to continue to finance, would be acceptable if for gas alone but its not and with a cash burn rate of approx $1.5million a month (see latest update) and the comment regarding the last placement:

"......The net proceeds of the Fundraising will be used for near term onshore drilling and development planning on the Loukos Onshore licence, AND NEW VENTURES and WORKING CAPITAL"

There is concern over how the company funds its self over the next 2yrs ( 1st gas imo) 24x $1.5million= $36million required as a minimum???

So after the farm in is competed we should have an idea on what returns we may get for the previous exploration investments and coupled with my continued (comments looked to support such in RNS update) belief that the onshore gas will, IF SUCCESSFUL, be used to supply an "unfettered" and seperate source of cash for Chariot and AP aspirations and directions.

So we have it being September now a good 6months of cash left before the board need more, at current burn rates (imo)?????

Which would thought to be sufficient to get us to FID /Sanction and farmin Cash???

Thoughts

Rgds Sft

Hey Fernan, I share your concerns.

I think investors will be left with either following what AP and his side want to do with the company or possibly taking a return from after the gas contract/ award/ farmin and project sanction.

To get to first gas could take 2 years, I am assuming they will get a % return from the Anchois exploration and anything else tide into the farm in.

But having seen RKH squander 200million (although alot that was lost paying back Permier oil during the FEED process) , there is a lot of outgoings just in salaries, share incentives, operational costs for the gas AND THEN the big unknowns with those "Aspirations"

It seems to me they are trying to set up Chariot to aquire a position for what they see as hugh international funding.

Ref just as one example:

https://www.un.org/africarenewal/magazine/july-2023/african-leaders-call-more-investments-green-energy-and-water-infrastructure#:~:text=Africa%20currently%20attracts%20less%20than,hydrogen%20a%20year%20by%202035.

It fits with the "water", renewable, Hydrogen "pillars" they are quickly trying to create and supported buy the energy supply minnow they bought into.

How much will get shifted off gas and into these aspirations is unknown and I am not sure institutional investors will belive its possible either.

So my concern is as yours.

If you invested at 5p (guess) and are getting $750k included share incentive AP is doing well. But he is well known in Africa through Petra mining of course.

They have obviously managed to partner with Total

for the project Nour which is good, but Total have "slightly" deeper pockets.

On another plus the 2x new 6 % are hope fully in it for more than just the gas.

Question: if they came in on the last share CLOSED placing would they be under a close not to sell within a certain time frame? Or could they exit on conformation of gas awards?

It very up in the air, I have aird such concerns before. But last time as all have heard it before and many thi k its deramping rather than speculative musings. We all make our choice on what is a risk, a profit and what is our own level of risk.

GLA

Rgds Sft

Anyone into PANR, flippin jumped some what. Just looking at the bb board they are putting it down to a short squeeze?

Apologies its not about CHAR. But I thought PANR were down and out follow poor drilling results and more cash requirements.

Rgds Sft

AP must be looking to "buy" another renewables resource for $2 million, that will keep 15 people with electricity for 10yrs. The markets loves the idea 😂

Hi WWP,

I would be very interested on what would be the response from CHAR IR, I have had answers back from them in the past.

It is of course how the sender sometime phrase such questions as they do seek advise from office staff, or use to anyway.

But it would be great if you did pose the question, maybe in the form of asking for clarification or conformations on your calculations?

Rgds Sft

AJ you could well be.

My indication that we are getting large or decent sell is down 10% in 5 days.

Yes I am highly suspicious with regards to SP movement in Chariot as before my concerns started from the the fall 2 weeks prior to the suprise listing back in May 2022.

Of course it may be a McCarthyism paranoia of course 🤔

Rgds Sft

Hello Jimmy,

No.3 seems WAY too harsh and I would not expect an large operator to force a non cash generating company to take that deal. Nor would I expect the Char management to accept such OR accept and gamble on unproven / drilled assets (onshore) assets.

Have you any projects in mind that that was applied?

Just my opinion of course.

I DO (as speculated before) still see the onshore as a seperate deal and exclusive to CHAR to free them financially of large operator fiscal constraints.

But could be way off of course, seem not so on why we really needed the "exploration" cash though: Management (not FEED) cash burn rates.

GLA we will need it over the next 3 weeks.

Rgds Sft