Member Info for Surfit

Sealion
Rgds Sft

Hi Fraserd, I have a bit of past experience via Rockhopper and Premier (not a good example of a sucessful project btw) but premier did issue a RNS.
But the "oracle" that is google is always a good try: quick example
https://www.google.com/search?q=Front+end+engineering+completion+RNS
Kindest Sft

We have a differences of opinion but it's interesting to see yay or nay as it does potentially teach us for the future in similar OnG projects/ investments.
ATB
GLA
Rgds Sft

Hi KB,
I belive the completion of FEED is worthy of an RNS as it would be regarded as a key project mile stone.
But it is only my opinion (as it would be Jims)
If an RNS is issued it should detail the move to FID and a prospective time line
The other 2 (Gas contracts and financing) could all be bundled into a FID time line but it would then expose the project financing status as undecided and or unclear....it would be that investors are demanding clear costs on FEED before commiting (no MOU's at this point thats for sure).. so IMO FEED completion is of significance.
Rgds Sft

Ps forgive some of the auto correct spell checker wording???!!

Just my usual musings but......having come in late (directly after the Anchois drilling) I am not therefore a CHAR veteran: imo and looking back, the failed Nambia ventures obviously was the demise of cash and share price but Linux/Anchois was also ( fortunately) purchased with some of that remainng cash.
Then comes the rise of AP and the end of others (LTH will know better?) tenure in CHAR.
There was share issue funding for the drilling campaign and the eventual discovery (or some may say greater belief than what Repsol (sellers) believed was there?)
My initial entry (post drill) proved to be soundbites subsequent SP purchases less so, as I saw that CHAR still needed further funding and raised this but listened to some poster(s) (my own fault) thatcherism fully funded. Looking at the cashreserves I should have known this was not the case...but also in fairness none of us WERE aware of AP/BoDs intended path in further field purchase, addtional pace and support/ finances toward the renewables Arms OR that they were going to fully fund FEED (rather than get a partner in immediately) this direction led to further fund raising via shares and a 52% dilution, that no investors were planning ( I would have held off averaging in and subsequently UP knowing this was the plan ).
SO imo the current LTHhave lost mostly (again only imo) due mainly to Nambia but like me (the newbie) again due to the share issue funding and the BoDs lack of transparency on their plans Some did though hence the sp drop before the last fund raise) .
We still find ourselves especially in the dark on farm out and / or bond issue or banking finance for the project AND any part of the financing of the renewables.
Couple this with CHAR never having been profitable the institution are staying WELL out for now...hence (imo) our sp status.
It will soon become clear if AP is going to getthe right deals or (concerningly) do some (I may be too suspicious) finance deal he is involved with too?
That's why I want to see a snr operator involved in Anchois/Linux.
All musing and speculations as usual.
Rgds Sft

Okay Gtrzak
Mphepo Power* is new name and the 770MW is a increase from the CHAR March 21 RNS previously stated as 430MW
So nice find and onpass, interesting? cheers.
Rgds Sft
Note: *https://www.mphepopower.com/

Hello Gtrzak, is there some more news about Zambia?
Last news was:
https://www.lse.co.uk/rns/CHAR/renewable-energy-for-mining-operations-in-zambia-5mdbdcvpytcad7e.html

https://www.proactiveinvestors.co.uk/companies/news/977310/chariot-to-collaborate-on-solar-and-wind-project-in-zambia-977310.html

Rgds Sft

I am guessing that if a few "private investors" brought in before the Anchois drilling campaign and looking at the fluctuations over say the last 6 months that have had 5x fluctuations of around 20% (with a spread of say Ave 3%) there has been trading opportunities for some to speculate on.
If you consider that in periods of waiting for positive news on such a project to really kick off (FEED/Gas contracts/ FID/Sanction then project development) there are always opportunities; if you are experienced in these types of developments and hold a large trance of shares you can allocate a % of your holdings to trading only?
Whilst the later, averaged down (or up in my case!) and more portfolio diverse may just have to sit and wait (with fingers crossed).
Standing by for good news
GLA
Rgds Sft

Extract from Suresh's post
"Genel has launched a process to find a partner to take a material equity position and jointly pursue the exploration programme in the block, with the opportunity to drill and test one of the high-graded prospects"
So CHAR fans we can probably expect an RNS any day now stating a fund raise with 500 millions shares to invest in a new development opertunity (-; JOKE!

Well what Genel is up to only raises Morroco's and therefore CHARS profile.
How easy will it be to sell an Oil project rather than gas? Will watch with interest.

Than you for post.
Rgds Sft

Well GP, another RNS just issued today. Was rather excited but then disappointed as its just part of the recent deal that AP/ CHAR BoD's surprised us with and continues to use further dilution to fund.
It really is NO suprise that we only have 1.7% of shares taken up by institutional investors to date:

Ownership Breakdown
Institutions 1.7% 16,133,696 shares
Private Companies 8.9% 85,143,102 shares
Individual Insiders 9.6% 92,145,383 shares
General Public 79.8% 766,339,919 shares
Ref Simpley Wall Street CHAR report

As before Anchois/ Linux has great financial potential.
Still waiting on
1. The actual REAL sign off of the gas supply contracts. Not the time filler previous related RNS's.
2. The actual finance details for the build of the project?
A. Is it CHAR issuing bonds to a banking group or venture capital investors (possibly why we have no ii's coming in as a bond would guaranteed a return rather than investing in the shares)?
B. Will it be financed by a farm in operator partner (as before they could be in negotiations for Anchois AND also future drilling????? I still belive/hope/fingers crossed its TotalEnergies!!!!)
C. It would be ludicrous to consider issuing further share of such magnitude.
3. FEED must be close to completion and there should be a RNS issued stating this at some point. It could be accompanied with the commencement of FID BUT I would have thought points 1 and 2 MUST be defined before FID commences?

I still reiterate the BoDs have not disclosed any real finance plan costs and expected returns on the renewable arms of the business. That I find a real point of financial and business confusion.
Would any one invest in CHAR on just the renewable arms as its presented presently? I think NOT.

BUT that is not to say what they are doing will not be successful what is worth rereading is this artical back from May 2022...looking then to now
https://energycapitalpower.com/chariots-3-5-billion-mauritania-based-green-hydrogen-project-secures-european-export-route/

Clear and prudent financials is what everyone is looking for from the management team Adonis, let's get that delivered please.

Allspeculations and of course the same musings as a month(s) ago.

GLA
Rgds Sft

Good find Jim.
Rgds Sft

I (we) hope your right Jim: 52% dilution was quite enough for 2021/22
As we and has he has clearly shown AND said he has a vested interest in maintaing that.....from now on???
GLA
Rgds Sft

I know and was my point, they can of course by more blocks (not the 10%er left) and try Nambia again?
(AP was also part of the company then too)
But that means raising more cash (further share dilution again).
What do you think......?

Really makes me wonder about "investors" sometimes?!!!
https://www.namibian.com.na/99759/archive-read/Chariot-Oil-strikes-out-again-UK-BASED-Chariot

It costs a lot to drill and fail.

Sorry I am just a bit miffed, because I wanted funds for Tesla, am being too impatient (and worried about the BODs intentions on financing) on Anchois+ and lack of transparency on their renewable arms.

Rgds Sft

Hello ianfer,
You could also think he looks busy with all thoses other appointments, are we getting our $518k.
Company management and financing (the company suffered 50% share dilution) are rather important, that and not getting sucked into the opinions of bb posters, how ever knowledgeable they appear (or think they are).
As long as you actually do some research of your own.
I like to try and find out about the management team and what there history is like.
https://www.miningmx.com/news/diamonds/41033-petras-founding-chairman-adonis-pouroulis-steps-down-from-board-after-23-years/
AP also has an investment company that bought quite a few shares of CHAR also.
What could also be understood is that with such a high % of shares being owned by the "general public" and the largest share holder being AP (approx 9% not including the % via the private finance company) AP has a lot of control and is earning (salary) accordingly.
Not sure what he is earning from the other companies he is involved with?
But YES your comment is also very valid he had a lot of experience now.
The Gas project is a sure income stream that was the reason I invested. I am concerned about the renewable and Hydrogen arms of Chariot: I am not seeing sufficient information on where, how, how much and for what return put out by the Company.
All just my opinions, I can over do it on the negative risks
BUT
We do not have institutional investor support..maybe they have lost a bit of faith in AP since he has been involved in Chariot (and others) that AIM listed in 2008 and correct me if I am wrong but has it made any money ever? Not bad salary for living off the financing....maybe that is worth some considerations.
Again I AM NOT detracting from the significant opportunity that Anchois (CPR confirmed) and the Linux field offer CHAR.
Rgds Sft

So AP is still on the board of a few other "enterprises"

CHAR Ownership
Ownership Breakdown
Institutions 1.7% 16,133,696 shares
Private Companies 8.9% 85,143,102 shares
Individual Insiders 9.6% 92,145,383 shares
General Public 79.8% 766,339,919 shares

Again from Simpley Wall Streets latest report
I think the general public ownership may have actually gone UP???????
THAT ROAD SHOW REALLY WORKED..hopefully still sitting in the wings .?..?.?.?.?.?
Rgds Sft

Adonis Pouroulis
Co-Founder
US$518.00k

Julian Robert Maurice-Williams
CFO & Executive Director
US$410.00k

Duncan Wallace
Technical Director & Executive Director
US$410.00k

George Canjar
Independent Non Executive Chairman
US$138.00k

Andrew Hockey
Independent Non-Executive Director
US$50.00k

Christopher Zeal
Independent Non-Executive Director
US$50.00k

Note Mr Pouroulis is also the Founder of Pella Resources Limited. Mr. Pouroulis worked in the natural resources sector and has an extensive experience in the exploration and mining sector and a wide network of industry relationships across the African continent. He served as Non-Executive Chairman at Desert Lion Energy Inc. and served as its Director since June 2017. He was influential in the founding, development and listing of a number of other natural resources companies including Chariot Limited that floated on AIM in May 2008, Chromex Mining and Mukuba Resources.
He continues to work with a pipeline of other early stage private companies such as Benzu Resources Limited, Alufer Mining, Centrale Oil and Gas, Helios Oil and Gas and Rainbow Resources. He serves as Non-Executive Chairman of Alufer Mining Limited. He serves as Chairman of Benzu Resources Limited. He served as a Director of Petra Diamonds Limited since March 1997 until May 1, 2020.

Addtional info
Below Fair Value: CHAR (£0.16) is trading below our estimate of fair value (£2.54)
Note: What is the Fair Price of CHAR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Reference: Simpley Wall Street

Rgds Sft

Google says:
https://aim-watch.com/project/price-monitoring-extensions-explained/

Hi GP,
I live in hope that the BoD are actually still in negotiations with Total (and others) for a farm in. This is by far (imo) the most prudent and realistic way forward for a company that has NO history of being an operator. It will work me if we do not accept a less than ideal deal. Again if we are using their established "expertise" in the other arms why not this near term (leading into long term future) cash generation area?
My hope remains that the sticking point is the negotiations on future development of both Anchois AND the rest of the field/blocks? There could be sticking points on % and timelines.
Again as I have previously questioned Total (or another operator) would bring the whole package if experience, expertise in both operations, environmental and safety not of which CHAR have.
As to buying out, we'll that would be an easy return for a short term investor (nothing wrong in that btw) but realistically not going to happen. I am not seeing operators snapping up in that way much now, but as its purley a gas field it's NOT impossible.
I belive we need some fiscal security ASAP.
GLA
Kind rgds Sft