Member Info for Surfit

Brace yourself Shelia:

For a share price fall to 0.7p, just so the Chariot Board of Directors can literally secure themselves a regular income without having to use the fully exhausted medium of share placings.

Sft

Let hope we have stalled the Placing AND the open offer!

Get a bond placing! which means YOU have to deliver to a set finance organisation rather than us unamalgamated investors !

Hey Surety, but why this way and not via a bond loan?

Unless of course maybe they could not get one, but if Angolas that good why not?

It's such a massive amount of the company sold off????????

I am well out of my wheel house on this but, I have seen it done (bond loan) several times in other companies before.

Unless these investors are closely tied to supporting AP or there are a lot of them he has now changed (in my limited knowledge) the share control dynamics of Chariot?

We will of course have to see what Chariots nominated broker Cavendish Capital Markets, tell us what their (unbiased 🤔) opinions are following this, some how I have a feeling we will get a rose tinted assessment.

As usual the market will reflect the realities.

Kindest Sft

Hey Gents, the trouble is we or the markets can't trust anything that they say?

I would interested to know what the voting %'s were but they will never disclose such information: We will just get a statment "all resolutions passed, the BoDs would like to thank our share holders for their continued support".

After the share placing has gone through it will significantly change the voting control of the company, and I am the sure the new investors will be closely aligned (in some way) with the CEO (AP).

Will have to wait and see if AA takes up his % as before he was the 2nd largest share holder, and would be regarded (I belive) as a private investor.

Simply Wall Street had private investors at +85%.

Rgds Sft

Hey KnC,

I just do not understand why they are giving away such a large % of the company?

The ONLY reason I can see is those buying in on the share placing are from Morocco and / or have a vested intrest in what happens in-country later?

That's the only reason I can come up with, just makes no sense otherwise?🤷‍♂️

Rgds Sft

Hey ObsCure,

I voted against but put in for my allocated %.

I find this share placing quite incredible: If the Angolan deal is that good why not secure a bonded loan?

"..Choosing a bonded loan (loan stock) instead of a share placing (equity financing) allows a company to raise capital without diluting the ownership stake of existing shareholders. While a share placing involves selling new shares (giving away a portion of the company), a bonded loan acts as debt, requiring the company to repay the principal with interest, usually over a fixed term."

They have not chosen this path: Why?

IMHO something is not right with these guys?

Rgds Sft

It's truly amazing how little information they are disclosing, when they were trying to get Anchois off the ground they were producing those glossy PDF's now its nothing. 🤔🤷‍♂️

Anchois and Loukos's cash directed to so many venture of which only the purchase of AEMP and the subsequent creation of ETANA seem to generated anything.

Now instead of producing any hydrocarbons ever these failures and pretend Directors have had to act like a finance company, sell half the company to get a miserable income off someone else's O&G abilities and they had to get Shell trading to broker the deal.

What a bunch of disgraceful charlatans and robbers.

Rgds Sft

I only got the translation from Donalb, so thank you, but also to Surety for finding it.

I must be mistaken but Anchois was not mentioned at all and Lixus, in the form as potential....I thought we were a bit further down the road than that.

I repeat my ask that bb members on here use the July 2020 pdf and demand a update from the Chariot BoDs to clarify in a similar pdf for the current status following the A3 drill and reservoir and project reevaluation. As share holders we REQUIRE the company to update share holders FULLY on the most expensive and reported transformative projects identified as Anchois and Loukos.

Rgds Sft

Based on a price of $8 per MMBtu (or Mcf), 40 MMSCFD (Million Standard Cubic Feet per Day) of natural gas is worth:

$320,000 per day ($8 40,000)

$9.6 million per month (assuming a 30-day month)

$116.8 million per year (assuming a 365-day year)

Reference Chariots sales pitch back July 2020!

https://share.google/44qRQWiGarCtr9ZgF

How much still stands true following A3, is not known, but you would think share holders, ONHYM AND perspective financiers would have gotten something like the above revised documentation.....but we have seen nothing.....why 🤷‍♂️🤔

We should send this document in and ask if they intend to issue the revised version for awareness of the current status especially after A3??? 🤷‍♂️

Rgds Sft

With Spain and the United States being the primary supplies to Morocco of LNG, these recent price increases could be a galvanising factor for OHMN to push and assist in getting Tendrara, Anchois and even Loukos forward?

My concern continues to sit with the the development costs vs production rates.

Chariot had completed ( a specific share placing) a very expensive FEED for the 3 well senario before Energean farm in.

But as A3 was not successful

Found this from July 2022

"...Phase 1 consists of three production wells, including the Anchois-1 and Anchois-2 wells which have already been drilled and will be completed as producers, a third producer that will be brought on-stream by 2027, and an onshore processing facility. Initial production is estimated to reach levels equal to 40 MMscf/d with a further ramp-up to 70 MMscf/d three years later. A mid-life onshore compression project will be required to maintain a 70 MMscf/d plateau for 10 years. Gas will be sent to the onshore gas central processing facility (CPF) via a 40km subsea flowline. From there, gas will be sent to the GME pipeline via an onshore pipeline which will have enough capacity to receive additional gas resources from the newly discovered sands. The total CAPEX for Phase 1 is estimated to be in the region of USD 350 million with 15% of the total spent already realized since two out of three wells have already been drilled. The CPF cost is estimated to be in the region of USD 150 million"

Reference:

https://www.spglobal.com/energy/en/research-analytics/moroccos-anchois-discovery

So in "THEORY" the revist to the expensively CHARIOT COMPLETED FEED in MARCH 23, will require recosting for 2 well production vs 3 well and what the think the production rates will be. They would be looking at a smaller CPF. Then POTENTIALLY once all is developed and production rates understood start looking at further seismic, exploration/ appraisal drilling around the field(s). 🤷‍♂️

As usual all depends on how accurate ALL of Chariots data REALLY WAS /IS and if OHMN can find bring together (IMHO) a company to finance it and act as the operator. Again IMHO its going to be VERY UNLIKELY that it will be Chariot running the development and ongoing production systems.

All my own speculations, as Chariot are not arising the share holders in any way other than "progressing Anchois"

Rgds Sft

Really good points Surety.

I would although be concerned if there focus becomes Nambia: my confidence on "Duncan and his data" has NOT been fully proven out. Currently our Morroco assets have reportedly found signficant opportunities....although due to the area geology is Morroco is reportedly less suitable for large scale hydrocarbon rich resevoirs than for example Algeria.

So why are we struggling so much to find farm in partners????????

On face value a 50% find rate is actually very good i.e. of 4 drills A2, A3, RZK-1 and OBA-1 two were REPORTED successful and two non commercial.

Although we must consider it was REPSOL that FOUND A1. There is obviously, especially after Energean concerns by most established operators.

Although of course Murphy Oil have entered next door to us.

Hope fully it's not another case of others finding where we have failed or just missed out...again.

With Nambia they are going back in effect to HIGHLEY speculative and significantly expensive ultra deepwater exploration with reliance on Duncans un fully proven data analysis systems.

I can appreciate that they need continually look for new opportunities.

🤷‍♂️

Very best Sft

Hey Jt,

It would indeed be surprising and logic would lean towards multiple investors I.e. greater than 5 (46.2÷5) =9.24.

Currently the two largest are:

Adonis Pouroulis (CEO): ~9.1% through Westward Investments and Askar Alshinbayev: ~7.86%.

I would doubt, following that logic, that Alshinbayev would have been included in the share placing but it will be interesting to see if he takes his opportunity on the open offer?

Any one have any thoughts on my take on the sale of the renewables and the value as per point 4?

Good comms gents, appreciated.

Kind rgds Sft

Hey Surety I hope so.

But on face value, the new investors if, they are for example just two entities, they jump into being the majority individual share holders...correct?

🤔🤷‍♂️

Rgds Sft

Hey Jt, "... I suppose they just run out of options trying to get a good finance deal to fund this Angolan oil project without a share raise"

I can still not fathom it, as on the FACE OF IT (TBC) AP does not seem to be a winner in anyway from this most recent placing:

1. He is taking a MASSIVE hit to his stock value?

2. He is losing a high % of control to whom ever is now buying in?

3. Has he raised a new company (or existing) and is using that as one of the participants in the closed share placing?

4. IF the renewables are going to be sold, then for what price? I have heard number of 50 to 75 (up to 100 million) but if this was the case then would are market capitalisation not be significantly bigger and this would also be reflected in the share price????. i.e. it would be significantly higher and the raise would be less damaging?

5. Cash runway seems to have fallen off a cliff ( As considered) and some were calculating it to US$ 1.6 million: working capital (FN 14th Feb 14:58hrs), some less (could not find the post again). So the ONLY resort has been to do this placing? IF they can NOT secure ANY ALTERNATIVE financing it is a reflection of how precarious these "Oil Men" have (18yrs) placed this company.

6. I can see possible why they would sell the renewables arm as, IMHO, it will need further investments ESPECIALLY the hydrogen side:

Note: Realistically they are SO FAR behind the curve to being an operational hydrogen entity it now become so apparent (Interesting example I have taken from is a UK company I found called GeoPura: https://www.geopura.com. (decent contract award for the National Highways’ Lower Thames Crossing project.

Did we ever see any pictures of our desalination containers, recently sold for a loss of $500K.

Summary:

A) Can AP taking really be taking this massive dilutive hit? Back in 2021 he conducted Underwriting of US$4.2 million via Magna Capital LDA and again in Jan/Mar 2022 of US$5 million again via Magna Capital LDA (AI search on CEO funding 2021/2022 for Anchois drilling campaign).

B) Selling of Renewables: Value/ Market capitilisation

C) Greatest management cost still the O&G team

D) It a reflection on how bad our financial situation is: Better the share being 0.5p than bankrupt?

E) The new investors, will they be traceable or a investment vehicle?

Rgds Sft

Wow Marland, since Nambia but after Brazil (the other sucess 🤔) crickey proper LTH 👏.

I struggle with this company, and their strike rate I.e. 18yrs is a bit too long in " giving it a go". A lot, less well paid do considerably better. I specifically came in after the Anchois 2 " find" believing "the quick to commercialisation" narrative. I will NOT list the catalogue of subsequent disappointments as all here know them.

What NOW ignificantly concerns me is as stated before is the size of this share placing and being placed at our lowest share value, its in affect all but by name a company sell off, with these new investors ( who are they) gaining a massive % of the company and therefore gaining access to ALL the renewable and all of the "GREAT" Morrocan assets ?

I do not think this is in the share holders interests, they ARE REQUIRED to find another form of financing this Angolan buy in and producing more clarity on financial figures on the deal.

They never do of course, I am starting to belive there is a FIRM case for contacting the FSA on the directors not acting in the best interests of share holders, this also includes fiscal mismanagement, possibly misleading share holders via RNS and through wecasts, and introduction to unnecessary risk by poor management decisions.

I have VOTED AGAINST this deal, but covered myself with the open offer.

With 30yrs in the O&G industry, the old sayings of: If their lips moving there lying has never run imho more true.

I am sick of signing off with GLA as its pretty pointless now.

All my own opinions, DYOR.

Rgds Sft

That Marland was a good idea.

Thank you, will be interesting to see what he says.

As the directors completed a 6.1 milliion raise in May to

A. Secure Chariot's stake and participation in wind generation, gas and new upstream assets

B. Strengthen the balance sheet to execute the Company's UPDATED strategy and enable management to DEMERGE the Renewable Power pillar in order to realise value and allow further growth of both businesses"

I appreciate your a significant investor, I would be intrested in what drew you to investing in Chariot, as I am assuming you are relatively recent....around farm in time???

Of course I respect and understand your wish to maintain privacy, should you decline to state.

Rgds Sft

It does make you wonder when AP and Malcy make comments about share holders continued support and share holders being pleased.

Neither must read this LSE board maybe the Telegram site has more positive share holders over there?

Now if Adonis does not recognise or even more importantly acknowledge that share holders are livid, with the CHAR BoDs and they continues to publicly promote a false narrative should that be called dishonest?

If you feel it is then is that not the true character of whom we are dealing with?

Rgds Sft

Maybe, maybe not.

What it is definitely doing is placing a very big % of the company in TBC hands and in one move removed any chance of retail investor say.

Rgds Sft

Hey GP, I know a big thing to say BUT are we not giving away 1.1billion shares for US$21.4 million, remember we have currently 1.58billion for 100% with reportedly ( Simpley Wall Street) 83% owned by private / retail investors.

So these UNKNOWN investors are getting access to APROX +40% (46.2% given away when we include the

US 4 million from the open offer which we can only put in 1 for 7, so limited ability to keep pace with % controls changes)

Then obviously we have all the warrents to add on later.

Note: I am assuming that the AP purchase at 1.4p is included in the above (1st) large placing and therefore put himself outside of the (2nd) open offer.

It's a MASSIVE shift in % controls. 🤔🤷‍♂️

And if its a controlled by AP and his business " friends" / "contacts", they have taken nearly half the company for steal just as they are selling (🤔) the renewables AND massively diluted that 83% of private / retail investors 🤷‍♂️

Rgds Sft

REF RNS

Assuming the Open Offer is allocated in full, the New Ordinary Shares will represent in aggregate approximately 46.2 per cent. of the Company's issued share capital immediately following completion of the Fundraising.

I wonder if they all supported AP, would they have a sufficient % to then delist the company?

Is this deal a trojan horse?

🤔

Rgds Sft