Member Info for Surfit

Current ownership as from Simply Wall St:

Note will be interested to see what / if it changes to refect recent new commercial or if they have already. That is to say I am not sure if they update at the end of each month?

Ownership Breakdown

Individual Insiders 0.4% 4,780,059 shares

Institutions 4.6% 49,056,775 shares

Private Companies 8.2% 87,365,324 shares

General Public 86.8% 928,738,869 shares

Westward Investments Limited 6.86%

Covalis Capital LLP 2.79%

Meridian Capital International Fund 1.34%

Leto Trust 1.31%

Legal & General Investment Management Limited 0.25%

George Canjar 0.24%

azValor Asset Management SGIIC, S.A.U. 0.21%

Duncan Wallace 0.053%

Julian Robert Maurice-Williams 0.043%

Robert Archibald Sinclair 0.039%

Christopher Zeal 0.037%

Andrew Hockey 0.029%

Adonis Pouroulis 0.0094%

If this is correct it looks like AP % has gone down?.....apart from his connections to Westward investments? Have not seen any notifications

This comment is also intresting

Stable Cash Runway: CHAR has sufficient cash runway for 4 months based on last reported free cash flow, but has since raised additional capital.

So the report has in some part been updated to reflect this 14p cash raise?

I will have to look back at my past similar extracts from Simply W St to see what's changed in the ownership stakes.

Question: Does this onshore exploration and "potentia/ hoped for" strike/ development need the planned processing gas plant that is part of the offshore package to generate income also.

I am kind of hoping that they stop spending cash through dilution soon and announce brokered agreement.

My fear remains they go it alone. I firmly belive if a serious operator gets involved they will have their hands tied somewhat financially, at least on the gas side.

Namibia is what nearly sunk them with dusters and why they have diluted by issuing over 500 million shares in 2 years.

Watch out for a re-rate once the price rises after FID/ Sanction. That is a possible AP play.

Over a billion shares, no income, an addiction to share placing and poor fiscal planning.

Will the gas goose be enough to pay for AP dreams 🤔.

OnG is not his thing, mining is hence his "in" but will it actually generate any income / investment..its money pit and his validation for being here.

Now we have bigger "investor" in Askar Alshinbayev stepping into the ring with 59,676,544 or 6.19% nearly as much as Westward investments 6.86% our current major share holder...?

All very interesting.

GLA

Rgds Sft

No one is trading CHAR, apart from those that have a very low average. I.e around pre August / March 2020.

And if they came in then they were speculating traders.

Everyone else, is averaged down LTH, post drilling results or in the know friends.

This will either pop or be get diluted out.

I still belive the recent change in holding RNS are late declaration AND/ or partly recent CLOSED aquire.

No way current trades. Aimo.

AIM 🙄

Rgds Sft

I can not see any reason for any delay to the development of the Anchois/ Linux project...

It would not make sense with the current /short term gas price climate and requirements for domestic and international supply.

It's just not financially prudent in anyway....unless there are equipment procurement or contractor availability short falls.

So imo the onshore aspirations drilling would not affect the offshore FID or sanction, nor should it.

Kindest Sft

Hi Wimax, are you thinking the onshore side will be bundled in to the whole package? In what ever form that will be?

I am leaning to a seperate play (onshore) made by Chariot, but obviously they need the onshore processing plant to be built and operating.

Reasoning is why raise for drilling costs if it was to be incorporated?

Rgds Sft

Hey Whimax, fully agree.

I specifically asked this question (BUT regarding gas profits I admit) in a QnA that they held a year ago. AP's reply was vague.

But it does indicate that there may have been some tighter controls applied than managament hoped for?

Which is a very good thing of course.

It's still going to be VERY intresting to see what deals will be signed eventually farm in, banks, bonds or combination of both as before I genuine hope its a large operator that comes in, I think the market will react a LOT more favorable to that than banks and Chariot running / operating it themselves (imo).

Rgds Sft

It almost indicates that they are now rather keen at last) for a revenue stream of their own?🤔

Is this new and "suprise" offer seperate to current negotiations.

Having squeezed the lemon(s) fully dry, I wonder if the banks or farm in partners (more likely a bank, which tells a story) have demanded some sort of financial and project ring fencing in what they are buying into? and AP needs spending money for his transitional 🤫magic trick(s)?

GLA maybe it's the next RNS

Rgds Sft

It's an interesting consideration, I think he may have but following the WFT, UK OnG direction (despite Sunaks recent about turn, Labour will be in and they will turn their full support to windfarm development ONshore) and AA expecting "Mime’s capital expenditures to reach up to $130m for 2023" it's a bridge too far, IOG currently loosing £28.45m per annum ( as I read it) what would turn that around. More drilling/ exploration risks?

I am not saying your wrong as if he stepped in with a sound plan and support from more lenders it's not impossible but his comments in April " “Kistos has evaluated several transactions in the UK and Dutch sectors, but the imposition of punitive windfall taxes and a lack of fiscal certainty have meant that both countries remain difficult places to commit capital and ensure continuity of shareholder returns.”

And commitment to Mime plus more costs in NL AND consistant / recent drilling fails would have bruised even him.

Again I think the UK instability of Tory and Labour policy is the final straw for him.

Would be nice though, but another item that has changed is even the carbon neutral gas (that AA was promoting and selling at a premium) is irrelevant to the Co2 / green / narrative now.

IMHO of course.

I sold half my holdings in Kistos, not at the peak only to much after. Would like to have come back in at the 230p level again but and too committed to older speculations at moment. Hopefully, one being GKP, is resolved before Kistos moves up too much again.

Rgds Sft

Find it still intresting that our new snr investor (Askar Alshinbayev) has acquired 59,676,544 shares with no significant effect on the share price.

We all monitor the buys and sells (obviously these are NOT accurately confirmed as either) so how LONG ago did he start buying? or DID he aquire on the previous share placing and has now just tipped over the threshold? But the threshold is 3% and he has acquired 6.19%.

So does that indicate he did not declare previously as we should have seen a greater effect on the SP if it was a recent large quick buy, or as a poster said it was the completion of a very large block buy?

In addtion it also could give an indication to what REALLY moves the sp namely his buys did not..... but the actual "market" valuation of chariot (or a company) can and does.

Example RKH jumped from 9p to +15p on a winning £210mil an award against Italy.

Note they have not been paid by italy (more legal wranglings) as yet and the sp has slowly slipped. There were no sudden increase in buying quite the opposite as people sold some.

But you can also look at Telsa and then GME and the spectacular short squeeze as other and sp mas buying as a different example.

Thoughts anyone, while we twiddle our 5th digits

Rgds Sft

Hi Infar,

Eas a direct cut and paste from CHAR simply Wall Steet report.

Not sure how often they update each report, I was under the impression it is each month BUT maybe not all sections? Would that fit better if you include Westland Investments which AP heads up?

Always very hard to find out confirmed data on who owns what.

Any other sources would be appreciated I.e. financial Times anyone?

Very best Sft

Well GP,

Have a look at this artical and the accompanying pie chart and section "who owns it now"

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

But the new big boy in AA has definitely showed his well known hand.

Maybe he wants AP job, he has more shares than AP now unless you ignore Westlands (another Caribbean based company) and /or Leto Trust Singapore holding company?

Any way all rather intresting, its a clue why we have NO real institutional investment......YET.

Will all be revealed soon (ish) who/ what form the farm in partner will be ...SAFE if its TotalEnergies (reduced risk in corruption and control ) but I have my doubts and will not be surprised to see a "finance" deal and "we are going it alone" still.

The days/months to do are getting few

Rgds Sft

For information and awareness

Ownership Breakdown

BEFORE current RNS change

Note: Information From Simpley Wall St

Individual Insiders 0.5% 4,780,059 shares

Institutions 2.0% 19,205,806 shares

Private Companies 9.1% 87,365,324 shares

General Public 88.4% 852,343,274 shares

Top 12 shareholders own 11.55% of the company

Westward Investments Limited 7.61%

(Linked to Adonis Pouroulis Shares 73,359,099 Value $10.9m)

Meridian Capital International Fund 1.49%

Leto Trust 1.45%

Legal & General Investment Management Limited 0.27%

George Canjar 0.26%

azValor Asset Management SGIIC, S.A.U. 0.23%

Duncan Wallace 0.058%

Julian Robert Maurice-Williams 0.048%

Robert Archibald Sinclair 0.043%

Christopher Zeal 0.042%

Andrew Hockey 0.033%

Adonis Pouroulis 0.01% Value $14.8k

Note the RNS showing a blank space in the column associated with Askar Alshinbayev purchase below the

"Resulting situation on the date on which threshold was crossed or reached: 6.190000% or 59,676,544 shares"

Next row

"Position of previous notification (if applicable)": shows zero or empty SO would indicate its a new build completion and /OR as Whimax has commented looks to be the completion of a "personal" buy order.

Intresting as it does look to be a personal build...and as indicated, not through Meridian? Why 🤔

Rgds Sft

Rgds Sft

Was it a slow acquisition (which I would have thought pushed up the SP) and as a result have only just now crossed OR (more probably) their position has just now been acquired via the closed placing?

Still do not see that many declared threshold RNS's being crossed.

As interactive investor and the other such platforms hold private investors (us) shares as nominees I am assuming they hold and have crossed the 3% threshold by a large margin but do not have to declare? Comments.....

I think it's good to see institutional investors starting to enter even if they may have recieved 🤫 beneficial information ( or have "guessed" there was a fund raise required 🤔) and entered in at "JUST" the right time.

Markets seem to like the news though? Assurance will be confirmed with a steady and continued climb...

GLA

Rgds Sft

A little bit of speculation and diversification by AA?

" £50,000 participation in the CLN by Austin Acquisitions 1 Limited, a personal investment company of Mr Andrew Austin, which we BELIEVE speaks highly of confidence in our strategy and plans"

https://www.londonstockexchange.com/news-article/URAH/placing-subscription-and-cln-to-raise-ps330-000/15967460

Rgds Sft

Hi Smyth111,

Appreciated, this is a good board and think posters put in decent info that allow different perspectives.

Nice to know I am not precieved as too much of a Casandrea (daughter of Priam) ;-)

I think after some of my successes and fails I HOPE to contribute and instigated discussion, preferably being proved wrong on my negatives. It comes from too much use of operational risk assessments I suspect.

On a more positive note:

Looking at Simpley Wall St chariot status on being "rather under valued " they rate chariots potential rather highly (it ridiculously high imo, but nice to aspire to).

I admit I lack knowledge on how they arrive at such, data but its worth a look for addtional company information alone.

There are a lot of LTH here who are very knowledgeable and as above never mind being shot down with accuracy (-:

All the best to us all.

Kind regards Sft

Fair point Whimax

I know I am banging the drum but imo it has to be consistently raised.

It's proving out.

Thanks for the clarification I will be back for 7th September...so that would be good.

Cheers Sft

Hey AJ,

Well I am in with Kistos also and Andrew Austin plays it very differently to AP imo.

Kistos have nose dived since the change in the UK and Dutch tax regimes, and very poor drilling campaign results.

But Andrew is firm on share holder protection (out side of operational drilling fails and tax of course). But they very quickly got production and income before expanding.

We and the markets MUST MUST see some finance projections from AP, but I as you indicate have my doubts.

AP is involved in about 10 or so companies and is now getting around $750k per annum ( wages and perks) just from Chariot.

Information from Simpley Wall St analysis on Chariot.

Kind regards Sft

PS Got burned on Rockhopper and Premier so seen/felt it before. I really worry AP having got outed from Petra and his heavy spending programme/ loan/ debts is trying it another way with Chariot (share placement) but the wild card is his unknown spending vs returns aspirations in his sphere of ops I.e. mining "transitional and Hydrogen" and it equivalent third world "deals". Looks very open-ended especially when Westland Investments are involved. They potentially have inside information on what is going to happen and when...hence can hold off until investing at the right time. Am I being too suspicious? Money men, mining, third word (and 1st) banks never rip of share holders of course :-(

Well they are going to need more cash before the Anchois makes it to production or they will be back to more raises you can bet on that.

I will be out of country for the GM in August.

Would love someone to REALLY REALLY press them on financing (office/outgoings, Hydrogen and transitional arm outgoings) and obtain a verbal or planned conformation that there will be NO more share placements and subsequent dilutions.

What are their budgets! Markets and we ALL need to know.

Kind regards Sft

I like your thought process BDC

Though it still means (imo), they have overspent and underestimated.

As a management team they still have to "try" and convince ii's (and me now) that they can build a company that is sustained on generated income rather than fully maintained and paid for by investors (Since 2012?).

This latest raise and dilution (+100% in just over a year) just reflects VERY poorly (understatment) on the team, in pulling out a rabbit and telling us it's black (onshore story) rather than white (we need more cash to keep going).

But what IF and I mean IF the onshore ( or as i like to call it : pirate treasure map) is actually NOT gas viable? they are off gambling again before generating income.

Best rgds Sft

RNS further comments:

The Fundraising is conditional, inter alia, upon the passing of the Resolutions (as defined below) at the General Meeting, on admission of the New Ordinary Shares to trading on AIM becoming effective and the Placing and Open Offer Agreement not being terminated in accordance with its terms. Shareholders should be aware that if the Resolutions are not approved at the General Meeting, neither the Placing, the Subscription nor the Open Offer will proceed.

Is that the September GM or one just for the directors?

Most would have recieved their electronic voting requests prior this RNS share placing.

So I am assuming most have already cast a vote for, against or abtain on points 6 and 7?

6. AUTHORISE ISSUE OF EQUITY

7. AUTHORISE ISSUE OF EQUITY WITHOUT PRE-EMPTIVE RIGHTS

Myself I had actually ALREADY voted AGAINST 6 and 7 ( AND No. 3 also..re electing AP) before this latest cash grab RNS.

Again would urge others, if you have not already done so to do the same. It will not stop any of the planned actions as LSE posters here would not carry sufficient quantity of voting rights but it may raise our profile.

Rgds Sft

Hey GP,

Valid question: I only came in on the back of the Anchois drilling results but have become more and more concerned about how we finance these other "pillars" ( Transitional /Hydrogen) which is imo AP's steer (mining and Africa etc etc) and it really can be open-ended in costs.....how are we to finance this big adventure long term return?

Whimax: Your absolutely right of course it would be a license so I was incorrect to think (duh) or say as I did.

Thank you for the correction.

Its onshore so, it's going to be land rigs so ver y considerably cheaper than offshore drilling. If its a license then they could have just secured that and use or include exploration from returns on investments made from the farm in of our soon to be rich "new" partners???. Why the hurry to raise cash then? Because (as it looks to me).

With only 4 million cash left from 31st of May they really had to raise more cash quickly to keep going.

So it could be thought that they have miscalculated FEED/FID costs or / and are over stretching their out goings else where I.e. AP other pillars?

Either way it's demonstrating a significant lack of good financial planning or disclosure, same drum I know, I know but it's proving correct imo.

That then leads onto me being very concerned that the ii's will not come in as deeply as I had hopped.

Couple that with now significant dilution: from 500mil back when I came in (if I remember correctly), post drilling campaign).

The management could have sold farm in before FEED but not only did not but raised cash instead but then carried on spending in on the other "Pillars"

It just does not add up to me? AP has a history of spending big either on loans that came back to bite him or now through (his new method) share placing.

MY prediction is we will get a new partner signed in THEN we could very well see a share re rate 20:1 or even 40:1 (I really hope I am wrong) but he's not going to start buying back shares with income from the gas.

Will ii's start investing in with the current and potential management shenanigans?

Again I belive if we do not see a decent rerate after farmin/ contract and another more significant one after sanction that will be the markets answer.

No trust.

All just my opinions and speculations.

GLA

Rgds Sft