Member Info for Surfit

Another decent read
https://www.bbc.com/future/article/20211115-how-morocco-led-the-world-on-clean-solar-energy

If Chariot play this well, it's other renewable arms, could gain ground in the country too.
But I firmly belive they need the gas project to be faultless AND they should be building eventual carbon neutrality into ANCHOIS/ Lixus and the CPF, whis as I commented on before they have not broached in the current but limited disclosure for Anchois FEED/ or project planning.
Hence previous comments in investor take up (not withstanding final conformation of development costs and supply rates, that investors need to see actual profitability.
GLA
Rgds Sft

I see the gas as a national requirement for Morrocos energy supply, the Anchois reservoirs have been independently assessed and wells sufficiently tested to industry approved standards.
It appears Morroco has introduced a development strategy for renewables and intends to reduce its oil (and coal) reliance.
Below is a decent read
https://www.bearingpoint.com/fr-fr/publications-evenements/blogs/energie/morocco-the-eldorado-of-renewable-energies/

The as project detailed by CHAR is a very industy standard development and has the full support of the goverment, further supported with the selling of further licences to CHAR.

I do not see the current timescale on progress as any reason for concern.

I do have concerns that Chariot will go it alone with out a farm in partner and if they did it would (imo) reflect niavity (to the point of arrogance ) from AP (who will be leading the charge, note1*) if they do not: they really need the existing infrastructure: environmental, field experience and clout of a major who will act as the operator).
They are starting from total scratch in OnG and do not have the personnel onboard, nor does it appear they are recruiting any, so I think (actually more hope) it's a negotiation gambit that they are engaged with on farm in and future field/ block developments.
With out a large operating project the contract negotiations could also be weakened. I still firmly belive that the goverment will have a big influence on the final say on the supply of national energy.
Note1: A point to consider on current sp and ownership is whilst the majority of shares remain in (as indicated by Simpley Wall St) in private investors the board and AP in particular have full sway over the company where as a if / when institutional investors start to gain further percentages so does their influence. At the moment it's scattered amongst us lot?
All as usual speculations and musings.
Rgds Sft

Okay fair enough SF, thank you for that input / assessment and stating your position.
Rgds Sft

Interested to know what you (SF) think needs to be done to move the share price forward and what is your ideal target price?
Or do you think this is a failed venture and we should sell up?
Any advise or even your own opinion, from yourself would be appreciated?
Rgds Sft

What people should take as maybe some small "consolation" is if the idiot brokers are so ill advising when and when not to commence buying back HBR shares and they ALSO get the timings so very drastically wrong, then we must ALL be in the same boat i.e. no navigation or charts?*!?!!
Rgds Sft

I think these are will be the type of questions they will have to answer and satisfy to the larger institutional investors...and may go (in part) to answering maybe why we are where we are???
Rgds Sft

Hi Jimmy, you make a good point when you bring coal into the equation but as a "potential" fosil fuel producer by not incorporating renewable power generation at the CPF it does look decidedly odd, VERY odd, when they are promoting renewable energy supply as alternative to the mining sector?????
It will incur additional expenses (Anchois CPF) but it would imo throw into doubt their credibility in the mining arm?????? i.e. if you can do it for us, why not your own project.....
Now they may have real mitigations in why not but to not address it and plan it into the (CPF) development plan is imo falling well short of their promoted image.
I think the large green investors (so many hedge funds/pensions etc etc many of whom are veto-ing OnG development) will think the same?????
As usual just my musings and speculations, but I think quite valid?
Kind rgds Sft

One point I did raise and ask via the company IR email was the carbon foot print of the gasvproject and the CPF operations as a whole?
Not sure how that will affect investors and their green investing criteria. Reply was basically: None.
Which I thought a really good sales point when comparing the new CPF and the mining renewables arm that they are trying to build/ sell?????£*!!????
Kistos and Andrew Austin seem to think it's important, although that was BEFORE BC Ukraine, gas demand has changed some what but investor green demands will be the reality of ALL future finance and it will be like canals, trains, the internet and shale prone to multiple failed, delayed or non profitable new investments.
But this "road" show will be more about CHAR green Hydrogen side than the gas project promotion, they see a cash cow in Hydrogen and hope fully get buyers interested in the SP supported by the gas project, but that again brings me back to carbon foot print...that is the question they are not answering or preemptive on (as their reply to my question showed)
Still, it's easy to be critical, lots of plates spinning but imo they STILL need a major singed up for the whole gas play, but lots of fine print to go over and it all takes time.
GLA
Rgds Sft

Seem a bit harsh to use (indicated) swear word(s) to describe some people's positive opinions? Not sure I can agree with your detailed analysis that it can be considered ramping either?
IMO the board have progressed in a responsible manner? and along proven stages that are very standard for industry? You disagree?
Still interested is anyone has access to better share holding data.
I am assuming you do not GoonerPete other wise you would have contributed?

True I was a bit surprised that they went for a share issue fund raise Share dilution stole a potential but moderate sp rise as a result) rather than an early farm in but it has placed them in a better negotiationing position.
It is also true that we will need fincial injection again soon but contract and FEED need to be signed and completed.
The contract supply price will involve intresting and delicate negotiations as (imo) as the amount and cost will be of importance on economic level to the country energy cost, and now in theory the Moroccans have the upper hand. Hopefully AP previous experience of the "particular" requirements in dealing in the african continents can get a good deal for CHAR. Would it have been better to get a major onboard to provide more clout? IMO YES.
Rgds Sft

Ownership Breakdown despite a new broker and the recent webcast we have not seen a significant increase in share buy/sell number's

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

If Simpley Wall St is to be believed we (General Public) remain major and significant holders. If that is the case I would have thought that just investors would be a bit more prolific on the LSE bb??? As this seems to be the only viable discussion platform.

Does any one have access to *Morning Star, the FT or another to confirm the current share distribution/ ownership?
Rgds Sft
The nvestment platform ii provides morning star as a research tool but at a level that is practically worthless nor able to detail investors other than the directors.

"MOSCOW, Dec 20 (Reuters) - A local unit of the Russian energy giant Gazprom (GAZP.MM) said on Tuesday that gas was being supplied to customers in full via parallel pipelines following a fatal explosion in a section of the Urengoi-Pomary-Uzhhorod pipeline...........The damaged section of the gas pipeline was promptly localised. Gas is being transported to consumers in full through parallel gas pipelines," Gazprom Transgaz Nizhny Novgorod said in a statement"

Hi BDC,
Nicely constructed, detailed and thought provoking post.
Thank you for pointing out some of the reasoning with regards Petra and AP.
I firmly belive AP does have some VERY transferable skills, experience and invaluable lessons learnt from the mining industry.....couple that with tough negotiation skills (mining).
I was (possible remain) concerned about share dilution, but as AP stated he is also invested and keen not further dilute, but the questions you pose regarding CHAR and its gas arm can to some extent be answered mostly in the positive, but as of course some remain as "to been seen"
It's remains intresting that NewMed are looking to speculate with Licences, surveys and exploration in Morocco now CHAR have achieved what they have.
Will it be of help for CHARS profile with regards negotiations??

"would this lead the market to re-evaluate his ability to do the same thing with Project Nour and the renewable electricity business? which are both currently valued at zero"
I think your above comment regarding industry and AP is a good one and at 49yrs old he may be asking the same. He has a lot to play for including out doing Mr P snr legacy.
Best rgds Sft

I think you can always tell a lot from posters who just jump in as a new poster with no intro, swinging the bat and very quickly resort to insults.....think we have seen a few of them in the past.
If you consider the position CHAR was in before the highly successful drilling campaign, the SP rise from 2.5/2.7p to now....wish I had that average....
An opinion/guess/speculation on why the sp has retrenched from the high of 23p has been put forward by myself....I "think" it has/had some valid grounds to it....but would as before would love to hear others opinions....and some have pointed out it MAYBE due to "trust".
I have also had some concerns about AP's past mining history on the financial side (Petra)....but he comes from a important and experienced family, he himself during his journey has gained (imo) very significant experience (including on overstretching the ambition vs financing) and HOPEFULLY to the benefit of CHAR?
Remember he has invested significantly into the company.
Again my opinion, there are a lot of plates spinning and to get it right may take a bit longer than the timelines that some, who maybe do not know or want to consider, can appreciate?

" Home News Diamonds
Petra’s founding chairman, Adonis Pouroulis, steps down from board after 23 years
By David McKay -Mar 31, 2020
ADONIS Pouroulis today stepped down from the board of Petra Diamonds, a company he founded and led for 23 years. He is succeeded by industry veteran, Peter Hill, who was appointed a non-executive director of Petra and chairman-designate in December.
Pouroulis tenure at Petra appeared limited after 22% of voting shareholders opposed his re-election at the firm’s annual general meeting in 2019. Petra stood behind its chairman at the time, but said it had embarked on a broad-ranging succession strategy at board level.

Hill, a seasoned mining executive, started his career at Anglo American and worked at Rio Tinto. He is currently non-executive chairman of the UK’s Keller Group, and of the leading European and Australasian building products company, Volution Group.
Pouroulis founded Petra Diamonds in 1997. It began shakily but found its feet after being named the winning bidder for De Beers’ Koffiefontein mine in 2006. It subsequently bought the famed Cullinan mine from De Beers a year later. Petra then embarked on an ambitious expansion programme aiming at production of five million carats a year under the management of CEO, Johan Dippenaar. It appears to have over-stretched, however: the company guided to full-year production of 3.8 million carats for this year.

https://www.miningmx.com/news/diamonds/41033-petras-founding-chairman-adonis-pouroulis-steps-down-from-board-after-23-years/

GLA
Keep the faith
Rgds Sft
PS Look what Tony Durrant done to Premier compared to what Andrew Austin has done for KITOS.
We will see where AP fits in.
I belive he is a seasoned business man and has us charted for good returns on the gas and a l

4 years ago CHAR sp was around 2.70p - 2.50p a share, and this guy swings in to first bat on here unhappy??????
I wish my average was at those levels?
Again IF you have been reading the posts we are all trying to understand what is causing this lack of tale up and the share dilution is my opinion on why, any new investors (ii not us retail) want to see the numbers now and thay assurance can only been calculated by cost and potential return figure conformation (imo).
BUT
This bb would also appreciate some balanced reasoning from any poster on what they suspect to be the root cause???? So.......

Your questions have been discussed in detail in past posts. But as you only joined LSE well maye be you did not read anything before demanding answers???
Ask yourself what's was the last fund raise for and how long was that cash intended to last?
What are you thoughts on: All of the subsequent and timelines hang off FEED completion and the signing of the gas contracts, IS IT ALL A CON?

Hello Henry,
IMO I think it's going to be difficult until FEED is completed on both the Subsea infrastructure and CPF.
Once this is done then the time line (Post FID/ saction) on component deliverables can be more accurately identified.
Subsea 7 and Schlumberger will the be able to provide the vessel (Subsea 7 for ROVSV/ Pipelay vessels and Schlumberger for CPF plant requied work) availability. CHAR have to liase and consider the drill rig availability/ timing also.
For operating the whole operation well that's still not be satisfactorily confirmed, I remember reading g something (can't remember where/ which RNS or "update") that SS7 and Schlumberger could run it for a couple of year......that sounds a bit strange and not quite right?
So I am expecting a farm in of an experienced operator who will need both FEED completed and assessed AND the agreed gas contracts FULLY signed before they then sign up.
There is a LOT happening and I am surprised we have not seen CHAR recruiting more personnel (LinkedIn is always a good source to see who is working on projects).
CHAR have said that both the subsea and CPF structures, equipment and installation work is very industry standard*.
Still need to survey the manifold and pipeline routes before installation starts, and that's right up to the shoreside.
*Note: I agree; its Subsea7 and Schlumberger bread and butter type of work.
LOTS of spinning plates to be ALL kept spinning to meet a start up date. Not withstanding Morroco signing off on every thing. That's why an existing farm in partner would best be some one working in country already I.e. existing, approved and historical enviromental and safety record and documentation.
SO in summary: Until FEED, contracts, farm in partner and sanction are fully completed and realistic flow chart of the project timeline will not be given.
Just my opinions of course.
Jim, do you agree, thought most welcome.
Rgds Sft

negation read Negotiations

Hi GB15,
Yes CHAR and Anchois/ Linux is a lot more advanced in all aspects.
With NewMed Energy wanting to invest in Morocco's OnG offshore development it helps in raising the Anchois project profile.
If I remember correctly Cairn Energy had a lot of spare cash. What we "could" speculate is that this commitment to a new field with an exploration program ( and the associated risk and costs involved) may support the CHARs boards comments that there are a few companies and finance institutions interested in getting involved in our project. In this case negation with multiple parties could actually take a bit of time in trying to find the best economic and long term development fit for CHAR and Anchois/Lixus and Rissana as a whole?
Couple that consideration with the fact that TotalEnergies has fully absorbed Tota Eren there could also be other considerations and offers being presented and included (pure Speculation on my part)???
Rgds Sft

"Israel’s NewMed Energy, formerly known as Delek Drilling, has inked deals with Adarco Energy Limited and Morocco’s National Office of Hydrocarbons and Mines (ONHYM) for natural gas and oil exploration and production activities in a license located off the coast of Morocco in the Atlantic Ocean"
Separate note in artical: "Regarding NewMed Energy’s recent activities, it is worth noting that the firm entered into a merger agreement with the UK-based Capricorn Energy, previously known as Cairn Energy"

NewMedEnergy willing to pay and to commit to exploration, this news will hopefully raise the profile, pity CHAR did not get a mention in the artical.
https://www.offshore-energy.biz/israeli-player-sees-enormous-potential-for-gas-oil-off-morocco/?utm_source=offshoreenergytoday&utm_medium=email&utm_campaign=newsletter_2022-12-15

Keep the faith
Rgds Sft

I guess we will also see a sp slip now as following the webcast, the BoDs have now indicated no FID until mid 23?
Rgds Sft