Member Info for Surfit

Should read:
Hope Harbour Energy are NOT getting involved with...

Hope Harbour Energy are other getting g involved with us, they have no concern for shareholders....Still imo controlled by EIG.
Just look at HBR share price gain (Not) chart since March 23/27 2020 (BOTTOM of covid crash). EVERY other OnG company has made significant gains, they must be the only OnG company that has "Snatched defeat from the jaws of victory"
I am still hoping (praying) for TotalEnergies.
It's all getting close(er).
GLA
Rgds Sft

Further info from chariot website:
I am "assuming" the majority detailed here are Nominee/ share platforms for private investors, apart from Westward Investments

Hargreaves Lansdown Asset Management 14.7%
Interactive Investor 11.9%
Halifax Share Dealing 4.8%
Barclays Wealth 3.9%
AJ Bell Securities 3.0%
And
Westward Investments 9.1%
Note: Adonis Pouroulis – Acting CEO
And
Total Board and Senior Management 9.6%

All posted for info and for general awareness

Rgds Sft

Just for information and awareness of the following company's with CHAR shares
Remembering:
Ownership Breakdown
Institutions 2.0% 18,764,874 shares
Private Companies 8.8% 85,143,102 shares
Individual Insiders 9.6% 92,145,383 shares
General Public 79.6% 766,055,426 shares

Majority being:
Adonis Pouroulis 9.09%
Westward Investments Limited 7.62%
Meridian Capital International Fund 1.49%
Note as per RNS on 23rd June YF Finance Limited Sold 1.49% and still retain the same number
Leto Trust 1.22%
Legal & General Investment Management Limited 0.27%
George Canjar 0.26%
Sunline Pte Ltd 0.17%
Duncan Wallace 0.058%
Julian Robert Maurice-Williams 0.048%
Robert Archibald Sinclair 0.043%
Christopher Zeal 0.042%
Andrew Hockey 0.033%
Finexis S.A. 0.016%
Additional Information: I can not trace where the new 113,333,334 shares, following the May US$25.5 million fund raise, have been picked up?
It not showing up in the above or in a mandatory RNS- TR-1: Standard form for notification of major holdings. Unless the have been split into multiples that remain below the disclosure threshold?
END
Note source: Simpley Wall Street and CHAR RNS's
Rgds Sft

Ps
I will add the 18th of May was possible a VERY good move (IMO) IF it is used as a negotiation (cost affective) tactic to get a good farm in deal for the EXCELLENT potential of our gas project.
Again I do not wish to appear TOO negative, but it is again my opinion on why we are SP wise currently.
Not too long to see if AP and the BoDs are going to take us down a stable finance path and future.
GLA
Rgds Sft

Worth just looking back to the goals of "suprise" announcement 18th and confirmed 19th of May fund (see RNS) closed raise:
The net proceeds of the Fundraise will be used to:
1. Advance the engineering and design of the Anchois Gas Development, including FEED project, project financing, gas sales and updated reserves report, to reach FID; and
2. Progress renewable power pipeline, strategic partnering and new venture opportunities.
Raised US$25.5 million.
Note: mid April the SP was up around 24-26p and slowly dropped down to 18.37p the day BEFORE the "suprise" announcement (looked like a major leak to those that "knew")
I can not find out from the RNS's who were the beneficiary's/ suppliers of that fund raise. Was it one of AP finance companies?

3. Then it was our turn and we were offered the ability to buy US$4.0 million, confirmed over subscribed.

4. We have then had the more recent share placing for the ENEO Water company: African "based" but incoprorated as a company in Singapore in 17 Mar 2020, they must have come up with some new and worth Tech quite quickley? Just after start of Covid to, so who ever started that done well, can't find name of directors.
So I am VERY interested in what happens next in funding: bond placing for whole project, farm in via a reputable operator or a venture capital group.
(Not including the unknown renewable/ hydrogen costs)
So as before, until the financing is confirmed (project cost vs repayment method(s)/type vs gas contracts, the Company history and the renewable/ hydrogen unknowns we are not worth anything other than the licence we hold to recover the gas AND the remaining cash balance the company currently holds.
Still standing by (like "Tiny Tim" Cratchit: brrrrr look nice inside Mr)
GLA
Rgds Sft

Sold 2x loss leading shares and added todays at 14.05p.
May have been early but lets hope the support continues: "Global shares rise as $30bn lifeline for US bank eases fears of imminent collapse and Treasury secretary, Janet Yellen, says US banking system ‘is sound’.

Still "standing by" for Chariot to confirm to ii's and us) that they have secured the finances for the gas project(s) AND provide some clarity on the continued funding of their renewable / hydrogen ambitions, its not as if they can use the gas project funding to move those other ambitions forward nor will they have income for 2yrs (at least).
So HOW are they funding such above ambitions: How far are they away from generating any income from the mining renewable projects?
Lets hope the Bod's are NOT waiting for a share rise, and then another share placing to bring us up to 1 billion shares!
This would NOT be perceived well by the market or many of us....all down to managements financing strategy, which they are NOT disclosing.
AP is not unfamiliar with over extending on debt: that would indicate some significant experience (lessons learnt) on keeping control of future debt management.
https://www.miningmx.com/news/diamonds/41033-petras-founding-chairman-adonis-pouroulis-steps-down-from-board-after-23-years/

Chariot MUST start to supply more information on the development path and financing intentions for the other arms of the company (as well as what were waiting for on the gas projects of course).
Does any one else agree that it is too vague??
GLA
Rgds Sft

Thank you BDC
1. So we are confirming the company continues to value the company at 18p.
2. FEED confirmed completed and they have moved on to Engineering, Procurement and Construction ("EPC") confirmed via RNS.
The above indicates there has been nothing disclosed that has reduced the value worth of the company
Therefore we could then determine
Either there is some bad news hiding in the shadows that will totally undermine the project? Not a good idea to move onto EPC and the directors would face being accused of deceiving the market. This is a UK company.
Or
4. The market slump is affecting the current share price as you have raised)
I am leaning toward No.4 and actually look at this as a real buying opportunity unless the market has more fragility in it.
Gas as you have said remains extremely required in Morocco irrespective of the high current demand only being covered currently by increase LNG vessel supply?
Rgds Sft

Something I did not do nor do I think it was discussed on the bb
Was the actual share value that Chariot allocated to purchase of the "Water company"
From RNS and Chariot website:
"Initial consideration payable on completion of the sales agreement is US$0.5 million in Chariot Ordinary
Shares based on the 30-day VWAP prior to financial closing of the Djibouti project (representing
2,267,694 shares). Deferred consideration also payable in Chariot Ordinary Shares up to US$0.5 million (representing a maximum of 2,267,694 shares), is payable within a 24-month period dependent on
achieving financial close on further projects. It is intended that the Ordinary Shares issued under the
initial and deferred consideration will be subject to a lock-in period of 12 months.
So what price was allocated per share?
I ask because I must be inaccurate in what my figure comes out as???!!!
I would expect it to be (as per the last fund raise) as 18p but that not what I come out with.
Rgds Sft

Hi BB,
You make an intresting point regarding knowing when to enter or exit a investment.
If you are a trader and had entered at 10p then selling after doubling(+) your investment at 26p then you would have done well.
The trouble is that an private investor may feel that addtional investors may be "piling in" having recognised the future potential of the company. This could be seen as applicable to CHAR.
By not being able to clearly see if institutional investors were part (at the time) of that the recent rise up to 26p (late April 22) it could nowvretrospectively have been more private traders (79.6% of company held currently by "private investors") comming in and happy to trade for example 50% of their investment......but the suprise subsequent share fund raising of May 22 looks to have fully undermined the continuation of that growth.
Note: in 1 year sp has raised by 57% but share dilution has been above 52%
Note: it can be recognised that this funding was to secure cash flow to completion of FEED (and I sincerely hope to the completion of project financing and or farm out? But none the less the resultant share dilution has undermined that SP and any SP growth purley due to that % dilution and possibley stalked stalled any increase from the (current) reported 2% (up from 1.7% a few months agao) of ii investments in CHAR.
If you came in at and around 20+ then it would be frustrating but brokers are rating this higher than 26p.
I again belive (as many) are that due to as previously aired: as the company has never made a return since formation, failed on the Nambia drilling but bought the Anchois/Linux blocks, raised funds again for the drilling campaign, raised more to buy the rest of the Rissana block, raised to make it to the current position and RAISED again to buy the Singapore water container company......ii are in no way comming in until the company has proved it can finance the gas project.....is there any concern that we do not have a clearly disclosed finance /business plan for the renewables, that we are run buy a ex miner ( many AIM listed mine companies have historical been big money pits, being from OZ Greatland Gold is a current good example).
I came in purley on the gas project...and still hope it will achieve the returns some hope for.
Note: Simpley Wall St latest report has us as "fair value" at 259p!!!!!????? not sure how they calculate that!!!

There remains imo lack of significant clarity on the renewable side and how that is to be safely funded.
We REMAIN a long way from gas production SO how do the BoDs inte Ted to fund the renewable arms of the CHAR business with the current funds???

All my own musings and using Simple Wall Street reports as reference to numbers quote.

Rgds Sft (Standing by for RNSs on Gas contracts and signed farmout/ financing and some clear financing for the rest).

Hello Snott,
Jim's valuation is (I belive) an attempt (and appreciated) to base valuation on pure expenditure vs return valuation.Look at Simpley Wall St valuation (bit crazy I will admit).
Your comment .." I think I will hold on until Char starts paying dividends from whatever share of Anchois and wider Lixus licence they keep hold of" is a bit risky.
When has AP ever indicated (I may have missed it so apologise if so) a dividend is thier intent?
I wrote in several questions on the last qna webinar several of which were answered several of which were ignored....one was a (ignored) conformation that the BoDs were NOT going to implement a re-rate (rather than "will there be a buy back" that AP laughed at and said "we have to make a profit first" (ignoring the former) on the shares to bring down the nearly billion shares we have in issue presently ( gone up again to buy the Singapore 2yr old container based "water company"
I again say all of this is tied into why the ii's are not buying our 75% privately owned shares. Anchois/ Linux/ Rissana is the only commercial game being financially played out...based against a CEO miner who who heads up a unprofitable ( since formation) AIM company.
Jim's assessment is probably very realistic based on facts rather than speculative ii (lacking) sentiment.
All imo
In deep, have advised several to buy as a speculative ISA investment...the ii'' are not such risk taker (they have investment criteria to adhere to, its a job) or speculative.
Kindest
GLA
Rgds Sft

Hi Nick IMO: Financing, financials (Anchois/Rissana slightly more calculable but the renewable/hydrogen arm could appear to still look like a energy wash with NO clear financial plan), dilution 52% last year, current income generation and remaing cash runway all reflect the actual worth...not potential.
Consider also: if an ii wanted to invest should they do it through buying share with the above known/unknowns, wait for more certainty or wait for the bonds on a financing project raise (not sure what the BoDs were telling investor's on their recent "tour"?)
Just my opinions but the GAS project (NO idea about the OTHERS) is a good one POTENTIALLY: Every one is waiting for the project numbers, FULLY signed contracts and to see the money/repayment terms
GLA
Rgds Sft

Is this not the link previously posted by Frased (asking if any one had a subscription) and then KB posted the full artical?
See a couple of posts back?
Rgds Sft

Thank for posting full article KB.
Very interesting that we have been given reconfirmation regarding the potential for CHAR to use the collaboration model: ".....envisages SLB operating the facility for a certain number of years...."
This was raised (by the BoDs) about a year ago (aprox) and has not been much muted since but I picked up on it when raised and does give them an excellent negotiation position when coupled with /if SocGen are able to raise the necessary *financing.
*Note: and long term security of any debt I.e. it can get sold on see: https://www.reuters.com/article/premier-oil-investor-arcm-idINL8N29C19U)
As per (before) I remain in the farm in camp (for multiple reasons) but the BoDs are not allowing themselves to be forced down just one avenue, which could indicate decent experience at CFO level...Premier oil went under due to just such failings (with other factors I.e. PoO and poor management).
Hopefully all will become clear very soon.
Rgds Sft

Windfall tax or increasing in times of significant high growth? Never considered, never part of HM Gov strategy?
https://www.google.co.uk/amp/s/amp.theguardian.com/politics/2022/may/26/the-history-of-windfall-taxes-who-used-them-and-why
The implementation of the directors incentive, expensive and poor drilling campaign, failed and unrealistic take over attempt and now another long drilling campaign to keep flow rates up.
It all hanging on WoS stake increasing.
Rgds Sft

Have to go back to September 2021 to get these prices. Nice value add for the LTH's of the company shares Mr Austin.
Old supporters could be starting to think they should reduce some of their exposure to the moves being played out by the BoDs nowadays?
Rgd Sft

Hi doodle8, thank you for the post.

Particularly interesting: ".....currently in detailed discussions with potential farm in partners and we understand the process is COMPETITIVE."
Do you have the link for the research note, intrested in reading and the artical date.
Kind Rgds Sft

Thank you
Rgds Sft

Thanks for the post KnC,
Could you cut n paste? Not paid up for subscription.
Rgds Sft

I think it was a good thing that the Anchois find and the BoDs securing the subsequent services of SS7 and Schlumberger was done when it was.
https://www.offshore-energy.biz/subsea-7-sees-highest-order-intake-in-last-9-years/

In addtion that meeting (leaked) regarding the high importance (to Moroccan Gov bodies and contractors) of maintaining and achieving timeline deadlines for all parts of the project really was/is true.
RNS on Gas contracts and project financing (farm in partner, banks or VC investors must be close (post FEED).
Note: You can bet the team are keeping an eye on the rig count too.
https://rigcount.bakerhughes.com/intl-rig-count

Wonder what both SS7 and Schlumberger are saying about equipment supply chain deliver timelines.
Did AP mentions anything in reply to such equipment procurement before sanction or was it a BB poster mentioning something about securing such by order before sanction?
Rgds Sft