Member Info for Surfit

Hey GP,

Yes the gas is our ONLY real potential income generator but the cash from this will not be "ring fenced" to gas growth alone (AP answer to a question I posed on a QnA, he laughed at another; on future share buy back also).

I do appreciate this onshore purchase MAY be an excellent opportunity (purchased from whom?? and for how much 🤔) IF its not a duster.

What and for how long has a contracted geologist been working on that suprise gem?

I belive the 4 million cash left is more the real reason.

I, even more so now, belive the market ii's will steer clear: There is too much risk, lack of fiscal prudance/planning and visible disclosure and all in done in third world country's with high levels of corruption.

A very disappointed but not surprised Sft.

All the best Sft

Well AP has well and truly dragged us over the billion shares in issue now: 1,064,010,779 will be the out there after this latest cash grab round.

With only 4million left in the bank as of 31st of May it is obvious they were also running out of cash (wages) fast.

"Any funds raised though the Open Offer will be used to supplement the Group's working capital. As at 31 May 2023, the unaudited cash balance of the Company was US$4 million."

Who will the LATEST closed offer have been made to...wonder if the Chariot IR have to tell us?

These types of last minute fund raises with a company that has never made ANY cash will really undermine confidences, apart from all with most (us) private investors just hammers home CHARS fiscal prudence.....they have not really started on the Transitional and Hydrogen elephants yet, but of course, I must not worry as they will secure seperate financing for that 😉

"Proceeds from the raise will also support the wider Chariot group as we continue to deliver on milestones across each pillar (ELEPHANT) of our business for the benefit of all (Of my family, African mates and Westland Investments, oh thats me) stakeholders."

Of course if us private investors vote against the latest placing it could get voted down? Bit unlikely of course but I would advise when you do vote to vote against the reappointment of AP.

It would never get a majority but it is a protest none the less.

Again AP in my opinion is not to be trusted.

Rgds Sft

Hey Whimax,

I think it was on balance probably a good call, If you look at what can happen with Premier Oil in that they lost control of their debts that were sold on to others creditors (ARCM Hong Kong in particular ) with ARCM shorting on the company as a mitigation and then later called in the debt...with catastrophic results.

https://www.google.co.uk/amp/s/www.thisismoney.co.uk/money/markets/article-7767747/amp/Premier-Oil-target-record-132m-short-bet-Hong-Kong-hedge-fund.html

I think Petra Diamonds over spent and are paying for it now.

In addtion by financing FEED CHAR we're in a better position to potential secure thier own debt....but as you say and above....it can be risky....as before I really want to see some firm financing for the renewable/ hydrogen projects.

Best Regards Sft

Hello Frenan10

It troubles me greatly. Does it trouble ii''s? Post contract, farm in and Sanction will be a very good indicator: The market will adjust the sp to its new derisked value but share BUYS will be the indicator of confidence in the WHOLE companies future under AP 's management. That will be judged against his previous company's in particular Petra Dimonds.

https://www.proactiveinvestors.co.uk/companies/news/931898/the-star-that-burns-twice-as-bright-burns-half-as-long-petra-diamonds-completes-its-falls-from-grace-and-looks-unlikely-to-rise-any-time-soon-931898.html

I am hoping he as learnt a lot but he is has changed ract on loans and used share raising as the way to get us over the line thus significantly diluting the SP.

Will he use the same time of fundraising for developing the energy elephant in Africa.

As a Whimax correctly reminded having ties with Total is very reassuring.

I am guessing the next 3-6 months (post Sanction?? time line??) will reveal if the market has confidence in APs future renewable/ hydrogen ambitions and the companies ability to safely finance it.

GLA

Getting intresting and closer. 🤞

Rgds Sft

Hi Whimax

Appreciate the feedback and support your considerations.

Maybe I am too cautious.

But seen how much money can get drawn in and AP and many of the board have very good Africa experience, I would like to see some more renewable field development personnel in the mix; a back ground from one of the European renewables energy companies would be good.

Heard about some shocking mismanagement in the windfarm side: Taiwan is a current example and that's a very developed country, granted its all offshore.

Hydrogen is looking very expensive to get going presently.

But I also appreciate, maybe I should wait a bit more and ser how the "Jewel in the crown" pans out first before firing off too many concerns.

If management are precived to be respected and doing well the market will SUPPORT the SP.

PS no def not expecting a divi, any time soon.

GLA

Rgds Sft

Hey Jim, I certainly hope so.

I appreciate they are attempting to build a renewables/hydrogen base to develop but as I "bang on" about we need careful financing.

It may be that Chariot is by building such a base, its aim is to be in a position to get a bite of the development cash that the IMF (or AfDB) want to be raised/released. And infairness AP and board members have note worthy experience.

I just want us to be at a stage that we are NOT paying for it. Their partnering with TotalEnergies is of some significant assurance but fiscal prudence will be essential. Africa is a very risky location that only the likes of oil, mining (many risky), UEA, Saudi's or China have the deep enough pockets to dive in deep with.

I apologise to those investors that feel I am too negative, my position is as a normal investor. So I assure its not from a short stance (I am not such a sophisticated investor) but as we have seen, and I have experienced, AIM is investment vehicle that is fraught with shattered aspirations and Africa carrys higher geographical and political risk than anywhere else.

GLA

Rgds Sft

Hi whimax,

It's just my opinion of course, with attempts at reasoning put forward to support such.

Trading and investment houses need certainties and calculated finance figures to work on.

The gas side is the only mechanism for income.

Watch this space on if /when they get some cash back from the gas expenditure its siphoned of on to the energy elephant.

I am also not against what they are proposing but imo they lack knowledge and expertise in both areas with only BENOIT GARRIVIER and LAURENT COCHE experience looking to being applicable.

Again all my opinions

Time reveals all.

GLA

Rgds Sft

I would like to see clear and separated figures for

All the best Sft

Hello all,

The gas prospect looks good and I have over the course of posts highlighted the potential that the BoDs have multiple offers and the resultant negotiation difficulties.

It also appears (thankfully) due to the potential on multiple offers that they are not going it alone (thank the lord, it was a negotiation tactics).

We are not out of the woods until all is signed but I feel positive that we will achieve the Gas results we all hope for.

To some extent I now ignore that aspect of the company as it will run a predetermined time line all things going to plan.....

IF some of you as investors ARE NOT concerned about financing the renewable elephant road that AP is marching us down then its a great opportunity and the share price is set to take off .......

I came in for the gas project but have started to see the other side of the business "arms" as they now call it getting ramped up and its lead by AP due to just his mining experiences and govement contacts.

If every one is happy with the renewable/ hydrogen path I could do with some one giving me numbers of cash required vs expected return...anyone?

Because all I am hearing is: Membrane technology's (been around in Norway and Holland for about 15yrs), South African power grid, project noir, mining renewables, water container company, risk, new technologies, massive investments but again no figures.

Are you not a bit concerned too, do you not think the ii's are as well: The drip feed of investment on share purchases came to a grinding halt 2 weeks before the fund 25mil fund raise in 2022 and its not returned since.

If your looking for a reason for a low sp imo it's because of the uncertainty of the other arms.

As to exit strategy with out clear financing for the rest of I will look at it after Sanction.

GLA

Rgds Sft

Char will continue to be regarded as a risky investment and largely ignored by the ii's due to comments such as (RNS):

From AP

The Business Opportunity- "As well as FINDING the projects that will provide material supply, another fundamental element is DEVELOPING the technology to enable the transformation and delivery of this energy = No definitive plan and variable costs

We successfully raised US$29.5m in June 2022 to progress the FEED for the Anchois project and for further development of our power portfolio (NO OBVIOUS BLUEPRINT OUTLINED), and I would like to thank the new (WHO WERE THEY) and existing investors that supported this raise."

"Whilst there are risks involved in these early stages, I believe we are leading from the front and reading the direction of travel correctly" = We are not specialists or have any back ground in energy supply but we are going to give it a go but it may fail, so be warned I told you it was risky.

From the CFO

"We are equally enthused by the progress being made in the Transitional Power and Green Hydrogen businesses with a number of world class projects already in the development pipeline as well as further opportunities that stem from our electricity trading platform in South Africa (OKAY ANY CASH GENERATION YOU WISH TO DISCUSS FOR NOW OR FUTURE)

We remain ambitious, to continue with this growth and development across our portfolio, but our priority focus is on getting to cashflow as quickly as possible through the development of our Moroccan assets= YES THATS ESSENTIAL BECAUSE ITS THE ONLY CASH GENERATION OPPORTUNITY AND HOW MUCH WILL BE SIPHONED OFF FOR THE OTHER NON FINANCED "PROJECTS"

General assessment as per ususal: Gas project is the only near term cash generator and that is aprox 2 years from realising production and cash flow.

That's my thoughts on why we will not see the returns that we are hoping for and the shares are not getting bought.

The gas side is the only area that can be costed out and returns calculated against.

No coherent policies in financing their "green ventures"..the new wild west, its all in corrupt Africa and headed up by AP = Let's put our pension portfolio behind CHAR 🤔

GLA

Rgds Sft

True but, AA's struggling with getting any good results recently:

1. Significant Drilling costs in the Dutch sector (Q11-B AND side track for Q10-A-04 required "evaluations" combined with a drop in production figures

"In response to the variable productivity of the reservoir at the Q10 area’s P15 platform, Kistos is pursuing REGULAR interventions to maximise production with a programme of side-tracks.......results: is undertaking a "detailed evaluation" last set of drilling resulted in less than expected

PLENTY "evaluations" going on!

2. TotalEnergies has suspended production at Edradour, one of four gas fields in the Greater Laggan area west of the Shetland Islands, partner company Kistos said, as the UK gas hub shows signs of significant decline and higher water production.

3. Benriach Well a duster

4. Shetland gas plant need more production and its not comming soon unless so.e other operator strikes and ties in?

5. Walked away from its proposed offer to acquire British oil and gas group Serica Energy...

6. The WFT was a big kick in the .......but maybe all the above fails in drilling will give some tax breaks?

7. Mime petroleum: The consideration was $1, plus the issue of up to 6 million warrants exercisable into new Kistos ordinary shares, at a price of 385 pence each.

Mime will repay $75 million of its debt, and the enlarged group will assume the remaining $225 million.

A payment to Mime’s bondholders of up to $45 million in 2025 is contingent on certain operational milestones being achieved. The Mime debt being retained by Kistos equates to approximately $111 million.

8. No more mention of green credentials/ Aspirations and in fact AA " Not rolling anything out now as we have to"

Where's the good news Andrew? You have to get the Norwegian assets, financing and then actual income

from potential production generating cash...whe and how much is the finance deal going to really cost.

It's not easy out there at all!

I can not see much good news coming our way for a good while, we are looking a bit like a origami Tiger at the moment.

Rgds Sft

Hey Jim

A reasonable example: do the figures compare

Cove 463 million shares 2012

November 2010: £110 million at £0.76 per share

In August 2012, Cove was sold to PTTEP for £1.2 billion (£2.40 per share). It was one of 2012's most prominent public takeovers worldwide.

Ref Wikipedia

"Coves long-running takeover saga has finally come to an end after Thai state oil firm PTT Exploration & Production announced Friday that its $1.9 billion offer for the East Africa-focused firm had been declared wholly unconditional.

PTTEP said that it had received valid acceptances from Cove shareholders in respect of more than 463 million shares. This represents approximately 94.3 percent of the existing share capital of the company – well in excess of the 75 percent required for it to takeover the company"

CHAR 960 million shares at 15.28p

Not being a kill joy, hope fully cautious.

I did buy RockRose (Andrew Austin Company) approx 660p and even up to 800p was bought over at 1,830p but they had a working asset(s)

What I liked was the VERY low number of shares

Bought into Kistos (Andrew Austin Company 150p and averaged up....he likes to get bought over.

Also low number of shares.

Hence my fury (stong I know) how this board have rerated the share through dilution and (imho) inspired a lack of market confidence through....well you know my thought on there fiscal approach todate.

So I am not totally anti a take over but in this case if it is (imho) not anywhere near 70p.

BUT I most sincerely hope I AM wrong, I just would advise caution on (IMHO) speculative figures.

Respectfully Sft

Morroco a great project but let's see what AP secures for gas AND his other unclear money spending...the market will let us know soon enough.

GLA

963.69m x 0.75= £722,767,500.

Has any one got ANY examples of this sort of buy out EVER happening?????

I would like to hear of ANY example? Especially with a company with NO assets. AP needs to build rather than just SPEND

You could look at JOG and Buchan field?

https://www.google.co.uk/amp/s/www.oedigital.com/amp/news/505653-jersey-oil-gas-gets-buchan-license-extension-and-green-light-for-neo-farm-out

Or Rockrose (sold) or Kistos both ran by Andrew Austin

Sorry and respectfully....no buy out happenings.

GET deals done, projects built and gas flowing earns money...not buying "random" Water desalination containers companies.

The market values us to what they think we are worth NOT unfortunately what we think we are worth....which is a bit of a bugger (-:

Rgds Sft

Hello all, what might be worth considering is that an possibly influence on the SP is the fall in gas prices.

The market has allocated the price they think Chariot is actually worth with all the gas still in the ground.

No what ifs or maybe taken into consideration: Just the number of shared issued and a fire sale on an potential gas asset, no cash to last a year, no farm in partner and no finance deal announced = this is what we think your potentially worth, all you have is a licence and a discovery.

Note: Irrespective of the real potential once financing, FID and Sanction occurs of course.

So when gas prices slip the gas still not retrieved by Chariot slips too, also does not help that no one is buying as well of course.

Natural Gas prices chart

https://www.macrotrends.net/2478/natural-gas-prices-historical-chart

Just my opinions/ speculations as usual

GLA

Rgds Sft

Ahhhhh that's it....remember seeing it somewhere (-:

Thank you.

Kind regards Sft

Hello Adamski70,

Do you have a link showing that connection, I struggled to find such. I think I found a investment website that stated a connection (a while back, and that is what piqued my interest) but have not been able to find/ remember where/ it since.

Rgds Sft

Hi DB,

My concern was the time line on the DROP from 23p to around 17.8p. This drop happened over two weeks before the suprise 18th May 22 and closed 25mil fund raise, offered at 18p. Completed the next day 19th May (RNS Number : 0750M).

Who funded that raise? That has NOT been disclosed....that I can find.

Highly suspicious imo.

On the same 19th of May RNS ther was then an open opportunity for existing share holders of US$4 million.

Of course I accept we needed the cash to get us to this position BUT the dilution was significant and eroded a lot of the SP gains.

That was a back room deal and imo some one leaked it hence the drop...and its affected us since.

The further raises (buying a new start desalination company) again using shares has added further dilution....did we have to buy it so quickly, why.

As before there is no financial transparency on the renewable/hydrogen funding.

Hence my concern over what's happening in management.

How many shares do Westward Investments Limited own or who are they buying them for???

Rgds Sft

Hi All the thing is an RNS confirming the contract on gas and financing (farm out or bonds or loans) could pop any time...for me both of these 2 aspects are dragging on (imo) longer than I would expect.

But there is a bit still to do...so they are in the FID Stages now?

This is a helpful read

https://www.google.co.uk/amp/s/oilprice.com/Energy/Energy-General/The-Complete-Guide-To-FIDs.amp.html

Or

https://www.blackridgeresearch.com/blog/what-is-fid-final-investment-decision#:~:text=FID%20stands%20for%20Final%20Investment%20Decision%2C%20a%20crucial%20phase%20to,decision%20about%20the%20final%20investment.

I am away at moment so can not view this on utube but the title from the petroleum institute looks like it my be helpful? Although may be wrong.

https://m.youtube.com/watch?v=r311PGk36EM

May be I am being unfair to AP...but surprise share issue/fund raises, with resultant dilution has NOT benefited us (private investors) and the drop back (last year) to 18p from 23p REALLY stank of disclosure of privileged information (imo).

So on that aspect I (and maybe the market too) am suspicious and this possible tie in with the likes of the oveseas company Westward Investments Limited is blurry and difficult to chase down.

Hope the reads may be of interest whilst we wait.

GLA

Rgds Sft

Finance deal / farm out: Need to know how they are going to pay to build the project too.

Projects generally have all of that arranged or at least presently prepped before FID....if people / companies are keen they that is.

My best guess is AP is trying to go it all (most) alone, to maintain maximum control and income / wages/ divi/ expenses....as is the case presently...through his shares and his other investment companies.

If you bring an operator in you have an outside partner you are accountable too.

He has already muted the possibility of Schlumberger running the operations side of thing for a period until they can train people up.

Plenty of Russian money out there that is just sitting in the Caribbean tax shelters

Have chariot Energy been recruiting any more personne/staffl recently, you would have thought so?

If ii's do not like / trust the person running the show...

Rgds Sft

Ps you may guess the way I am starting to lean...

Hi Snott,

Bit ignorant on this RNS: What does it mean?

Kind rgds Sft

Could always ask Chariot Investor Relations? They should provide an answer on information put out on a company publication?

Maybe?

Rgds Sft