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I am fully aware of that 🙄

CONSIDER

TR-1's are expected to be declared in the NORMAL process of share accumulation by individual or companies AS the BOD's ( CEO controlling the board) have SOLD aprox !46! % of the company through ONE share placing I belive that is VERY VERY different than NORMAL.

CONSIDER

THE effects on such large % HAS altered the voting rights SIGNIFICANTLY from previously aprox 85% in hands of private investors (including Askar Alshinbayev, and the various investment platforms identified) to UNKOWN investors who have picked up that 46% for a song via most probabley AP's and CFO's (a guess, but a realistic one) introductions and offered allocation.

I would doubt as stated before non of the new "investors" would be offered higher than his new share % but that 46% could if acting I unity have control of the company.

Of course just my suspicious musings but, as I have said MANY times, it's good (imho) to risk assess potential risk and hazards.

🤔

Thanks ypu Jt.

Askar Alshinbayev at 4.5% has not bought any more shares, so he has lost the faith. Not good to see.

Aviziazo Lt (3.71%) from Cyprus and who are Randimer Inc (3.47%)? have crossed the 3% threshold but who they are could be anyone's guess? That 7.18% so we are missing knowledge on other "Investors" Chariot definitely KNOW who they are SO why are they not included:

1. Too small to cross the 3% threshold, indicating many multiples of smaller investors.

2. Not wanting to be disclosed, they may submit a TR1 later, if >3%.

Typical Chariot MO: Never get the full picture, non industry related investors. Summary: No support from REAL institutions. Nothing encouraging that I can see.

Rgds Sft

Food for thought:

AI search on straits of Hormuz closure:

1. Oil produced from Block 9 and Blocks 3 & 4 in Oman, in which Mitsui E&P Middle East B.V. (MEPME) held interests, is primarily exported through the Mina Al Fahal port terminal.

2. Exports from the Mina Al Fahal port terminal would likely be less directly affected than those from within the Persian Gulf because the terminal is located outside the Strait of Hormuz.

Rgds Sft

Hey Surety, was that 6p high, mean or low forecaste?

I agree though that any " Chariot Energy UK Broker forecast" which is what I use to search is not taking into consideration the Angola deal and clearly out of date, so it was based on Anchois and Etana???????

: "12-Month Target Price: Median targets range between 15.88p and 18.74p, with some estimates reaching as high as 31p–33p"

Seems to be pie in the sky, but on the face of it Via the start of the thread I was trying to understand how with the new major dilution but introducing Angola what we need to get for Iin come/ Market Cap/ share price.

I know my initial figures may be a bit like finger painting but best I can do 🤔🙄😀

We are now, as predicted seeing the effects of a 46% share dilution with no signed contract, so in theory we could lose 46% of 1.4p.

Rgds Sft

Callander was meant to be "challenging" 🙄

Very true Chrisn3: Callander the brokers figures.

But what if they say look at the Angola deal:

4000 bopd x $65 x 365= $94,900,000 or approx £71,199,199.50 so looks good?

But as we do not know what the repayment terms are, what the covenants are, what the Angolan tax is, what is the expected offshore down time for field maintenance or development shut down is expected AND in summary what is the expected NET return yearly to chariot and for what period.

SO WE also need to ask more from CHARIOT as WE have learnt they can be economical ( being generous) with the truth. MAYBE this will be detailed after the deal but I recommend share holders sending in and asking now.

As we can start to see how Chariot and their brokers start to sell things.

Note: The low was broker prediction was around 3 to 4p.

Cavite the actual broker predictions were BEFORE the Angolan deal, so there was a lot of hope on Anchois for a YEAR prediction of medium 16 to 18p!

Addtional comment: Chariots "Significant Shareholders" is overdue for update watchbthis space to see who they sold the 46% to?

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

Remember to scroll down

Rgds Sft

On today's show Surfit has fun with figures:

The brokers have been putting Chariot with a MEDIUM chance of reaching 16 to 18p

To have each of its 2.78 billion shares worth 16 pence, a company's market capitalization would need to be £444.8 million.

To achieve a market capitalization of £444.8 million, a company’s required annual net income (profit) depends entirely on its Price-to-Earnings (P/E) ratio, which is determined by industry, growth potential, and market sentiment.

High Growth/Tech Company (Approx. 30x–40x P/E): Requires a net income of £11.1 million – £14.8 million.

Average/Stable Company (Approx. 15x–25x P/E): Requires a net income of £17.8 million – £29.7 million.

Low Growth/Mature Company (Approx. 10x P/E): Requires a net income of £44.5 million.

Via asking Google AI

What do we think are chances of making A, B or C

Less Angolan Tax, Shell repayments 🤷‍♂️, less G&A, less funding for Anchois?

Thoughts on a post card

Will Murphy step in, if not WHY NOT, they bought in right next door 🤔

Rgds Sft

Your Radar is working well Jt.

It would be intresting to know how many people actually work at Chariot, probabley just the managers, and directors ( 2 cleaners). I think the G&A costs was $3million for 2025?

It would speak volumes is Murphy oil were not intrested in partnering with Chariot, why would they NOT try and buy a % of a known gas discovery? UNLESS they like to look of their licence more?

🤷‍♂️

Key details regarding Murphy’s cash and capital allocation as of the end of 2025:

Free Cash Flow (Full Year 2025): Approximately $300 million.

Free Cash Flow (Q4 2025): $109.6 million, according to the Q4 results summary.

Shareholder Returns: In 2025, the company returned $286 million to shareholders, consisting of $186 million in dividends and $100 million in share repurchases.

Remaining Repurchase Authorization: The company has $550 million remaining in its board-authorized share repurchase program.

Cash Position (Q3 2025): At the end of the third quarter of 2025, the company had $426 million in cash and cash equivalents, along with a $1.35 billion senior unsecured credit facility.

Chariot Anchois Project:

What is also worth considering is:

1. sum total to date that Chariot Enetgy have spent on the whole of the Anchois development

2. what has to be spent to get to production

3. what is the actual project NVP?

If the BoDs actual decide to have a webinar WE NEED to know what the current NVP? is for Chariot, based on various percentage retentions.

Lots of questions nothing being CLEARLY presented by the Directors in anything, even the sale of the Djibouti water failure was not fully explained, but neither was the purchase, only desalination to provide clean water to a population, which was most likely an out an out lie, as it was for hydrogen development process. So we KNOW the our out an out lying to share holders.

Rgds Sft

In theory, if that is true KnC, we are of no real value for project Nour in Mauritania.

We have no dedicated expertise, history or money to develope such industry in either location. Even if you go back to the MoU with the port of Rotterdam for hydrogen imports it was pure fantasy...there are a lot more specialist, dedicated, operational active and funded companies. I think it was all spin to make the company on paper look something it is not.

Typical of Chariot ( IMHO).

I have my doubts about Anchois, Loukos, Lixus and Rissina, I hope not but they are not producing anything in the way of post A3 Anchois revised data, no movement on Loukos. FEED has been completed for a 3 well project 2 yrs ago.

I of course hope I am 100% wrong but ( IMO) there is very little that can be trusted by these guys say.

Funding producing oil revenue from a subsidiary level 😂, splitting the O&G/ renewables so share holders can have two different "risk profiles"

Still maybe with this world turmoil and gas prices it will prompt something in Morocco, if its ( Gas) is really there.

But that was meant to be the plan following the last Gas supply shortages I.e. Russian sanctions: Fast track development. 🤷‍♂️

Rgds Sft

Good spot Jt, surprised that Nour has not been removed also.

The ending of water "desalination" play and now the silent removal of Oort electrolysis (which was for the morrocan green hydrogen projection) seems to have happened quite quickly after the MoU with the Saudi company ACWA. Who are industry specialists in both.

Will be intresting to see the update ( every 6 months) on the major shareholders, last one was 20.09.2025.

Rgds Sft

Good find ObsCure, unfortunately not.

Does ot seem to have been picked up by AI search yet.

Looking at the search sources and respective dates.

Rgds Sft

Nice find Surety, with the last paragraph stating:

"......The Saudi company ACWA Power, for example, has been selected as the key developer of a renewable hydrogen project in Morocco, with the ambition of producing green steel for export."

You would think (hope) that Chariot are guaranteed to be involved?

Rgds Sft

Unfortunately what we must assume is that neither Anchois or Loukos are anyway near to FID/Sanction.

That private share holders have little influence as they would have not voted for this near 50% give away of the company.

That we have again been blind sided by a BoDs that continue to spend money with no fiscal prudence and reward themselves with continued good pay and share incentives for what they do.

To keep themselves in pay and shares they have finally accepted that they can not dupe the LTH investors out of more cash and brought in new ones: selling entry for the bargain price of 1.4p a ticket, and access to voting rights that coral complete control of a company....they can infact do ANYTHING TO the company now.

Rgds Sft

Hey Jt, yes the 6 months will be up very soon, good timing, will be very intresting to see what has changed.

Best Sft

Interesting calculations and observations:

According to the RNS'S

28 January 2022 held 793,329,419 in issue

11 March 2026 hold 2,866,098,665 in issue

AI question asked: if there was 793.3 million shares existing and this was later raised to 2.866 billion shares what is the dilution loss

Loss via dilution of 72.33%

BUT

From thoses dates the actual share price loss has equated to a 91.68%.

So the BoDs have manged to not only affect loss by dilution but exceeded it by not ever enhancing the share price along the journey 👏

But HAVE they created/ developed opportunities like ETANA, ANCHOIS, LOUKOS and ANGOLA that can spring board the company into a share price upward movement?

It would seem that broker forcasts are still stating a strong buy (🤔😬😕) with:

Average 12-Month Price Target: Approx. 18.60p - 19p.

High Estimate: 32.58p.

Low Estimate: 4.50p - 4.60p.

Current Price (as of mid-March 2026): Trading around 1.33p - 1.37p.

It seems that they may have found away to cover G&A costs I.e. thier salaries BUT IMHO we must demand updates on:

1. Revised resevoir sizes for Anchois, Lixus, Rissana and Lokous, following on and offshore drilling results.

2. Farm in status on these assets I.e. how many parties are reliably intrested.

3. Revised Costs and time tables for development on those Anchois and Loukos.

4. Status of pilot testing of the Oort electrolysis for Morroco

5. Status on Project Nour and what has TotalEnergies been able to bring forward. Plans and costs for next stages.

6. Can the fully confirm that Angola will cover all the BoDs & companies G&A costs.

7. When do they think they can generate addtional income for development costs.

8. How much income was recieved from the sale of desalination adventure and why was it sold?

9. How far along is the split of the reneables and O&G arms and what will the share holders receive for each? 10. if it is going to be sold off will the funds raised to do manage the split be returned* to the Company.

*Note my guess is the money went on keeping them afloat , as ber the flow testing of OBA-1

Fianaly has any one been informed if they will actually hold a "Q&A webinar" ?

All the best Sft

IMH (and totally speculative)O, I stress.

Rgds Sft

Re the open offer as another previously stated there was only ( via RNS)

"155,678,180 Open Offer Shares, representing 69 per cent of the maximum Open Offer Shares taken up this is approximately US$2.9 million (£2.1 million).

So does this indicate AA did NOT take participate in the OO (this is assuming he did not take part in the "Placing"

OR WAS there a significant (31%) of us smaller private investors that are too broke or unsure to take up the allocations?

So just for the records as of the 20/09/25 the % was for majour share holders

Hargreaves Lansdown Asset Management 11.75

Interactive Investor 11.07

Westward Investments (Adonis Pouroulis – CEO) 9.10

*Mr Askar Alshinbayev 7.86

Halifax Share Dealing 5.35

A J Bell Securities 3.38

Mr Robert Kampf 3.22

Barclays Wealth 3.15

Total Board and Senior Management 9.42

*Note even if AA took up his full allocation ( 1 for 7 owned) his % will go down on the next share ownership update.

If it remains the same or up a bit he will have bought on the post offering dip ( or even future dips).

Does ANYONE realistically think this SP is going to creep up above 1.4p BEFORE we start actually getting any cash in I.e. the market thinks the companies MC has increased?????? 🤷‍♂️

Answer on a post card or bb

Rgds Sft

PS why is AA continued input and maintenance of % important: if he does still maintain equal to or greater than 7.86% he still believes there is a chance?

Hey Jt, The only way I see a prevention to a SP collapse, which in theory should have happened as the market now sees us with 2.73b share issued and a Market Cap.£36.08m is the Share Price is holding up due to the expected MC uplift (🤔) following the Angolan deal?

The market (IMO) must be holding its breath (anticipating the deal), and CHAR management MUST have planned to immediately sign and announce the deal closed out ASAP? I.e. tomorrow

I am assuming that's why the we are holding up 🤷‍♂️.

" in due course..." better not be equal to their previous "imminently", other wise they can get awarded more Clown Points.

Rgds Sft

Issued, detailing Directors purchases on the offer.

AP has had to DOUBLE his TOTAL number of shares.

Ownership increased to 10% of Chariot, from 9%.

We will have to await other RNS's TR-1 to understand who the other investors are (if they own >3% and if the adhere to disclose rules).

Some of the other directors own 0.06 to 0.09% but they may sell immediately after, taking a loss but getting the majority of their supporting investments back...Will be interesting to see who ( if any) sells?

Rgds Sft

I see your logic Surety.

🤞🤷‍♂️

Rgds Sft