Member Info for Surfit

Hello Jimmy, I am sure you have read it already but a interesting FID recently made by TotalEnergies

"Through its Total Austral affiliate, TotalEnergies operates the project with a 37.5% interest, in partnership with WintershallDea (37.5%) and Pan American Sur (25%).  
The Fenix field will be developed through three horizontal wells, drilled from a new unmanned platform in 70 meters water depth. The gas will be transported through a 35km pipeline to the TotalEnergies-operated Véga Pleyade platform and treated onshore at the Rio Cullen and Cañadon Alfa plants, also operated by the Company. At production start-up, expected early 2025, Fenix will produce10 million cubic meters per day of natural gas (70,000 barrels of oil equivalent per day). This development represents an investment of approximately $706 million...."
https://totalenergies.com/media/news/press-releases/argentina-launch-fenix-offshore-gas-project

We are told Anchois will produce 100 mmcf per day and not sure why some use mmcf (CHAR) and some (Total) are using "million cubic meters" per day...?
The total project seems to be using a significantly larger pipeline and will include a platform....but do not need to build the onshore plant.
Intresting comparison though?
Is Argentina safer to invest in than Morocco?
I find it hard to think that TotalEnergies will pass up on an opportunity in partnering on this project??
Rgds Sft

Intresting that Chariot confirm:
RNS 18 May 2022
REMEMBER May 3rd we were at 23.97 down to 18.32 May 12th....
Magna Capital LDA (of which Adonis Pouroulis, CEO, has a substantial interest), underwrote the June 2021 equity fundraising to ensure the total fundraising equated to approximately US$23 million

But what of and who got the these:
REMEMBER on June 6th we were at 23.10p down to 20p by June 9th....
On 10 June 2022 RNS the Company announced the approval by shareholders at a General Meeting of an equity fundraising for 130,930,606 new Ordinary Shares at a price of 18 pence per share. The new Ordinary Shares were admitted on 13 June 2022 and the Company received gross proceeds of US$29.5m.

And then of course this as well:
12the August:
With this purpose the Annual Bonus Scheme looks to reward the achievement of pre-defined corporate performance targets through the grant of deferred bonus share awards based on the extent to which these targets were achieved during the preceding 12 months.
George Canjar Chairman 2,788,104
Adonis Pouroulis Chief Executive Officer 5,111,524
Julian Maurice-Williams CFO 4,182,156
Duncan Wallace Technical Director 4,182,156

And wages are?
George Canjar Chairman.......................?
Adonis Pouroulis CEO............................?
Julian Maurice-Williams CFO................?
Duncan Wallace Technical Director......?

Now WE can just say its AIM....but...that's us...but I am not sure ii's may feel the same for the above and without seeing clear project financing and surety against further dilutions.
The BoD have stated no further fundraising until FID and then no further dilution but what other companies other than Adonis are actually invested?
There imo still seems some significant financial questions to be cleared up: Moroccan contract, going it alone (promises of no share dilutions still?) or a another partner along with the Goverment, so what will that be % giving up in a farmout I.e. for all project cost or a % of project cost (meaning CHAR finance or fund raise?
The field is derisked (and good) but the shares may not be....hence gun shy investors????
Thoughts only...comments and counters welcome.
Rgds Sft

After the drill there was a good up take, me included.
I really thought ,that was a BIG mistake ( rather costly..timings in selling other investments) on my part, this was going to be a slow but gradual build.
That dried up and the first (imo) signs of it going against that was the sell/drop BEFORE the fund raise.
It's now stuck just over a penny above that raise price, despite the positive RNS's.
All I can see now as the next possible boost is FEED that MUST include contract conformations and sanction. So I will have to live with my errors and wait it out investing can be a costly learning curve and none have a confirmed rule to follow.
We have definitely lost or they have hit there risk limit (I know I have) any gradual builders of a position here for the present.
BUT the commodity is right, the quality and quantity, the infrastructure, build size all look very good.
Risks: Location? Not so sure, the finances...that has not been made fully clear still is the biggest risk and unknown possibley for further other ii share investment in, despite the BoD stating so, that leaked snap fund raise, done it (imo)
Standing by now and patience is the only way now.
GLA
Rgds Sft

EIG Completes "Distribution" of Harbour Energy plc Shares

https://www.businesswire.com/news/home/20220707005792/en/EIG-Completes-Distribution-of-Harbour-Energy-plc-Shares

Apologies if it's old news, I missed it.
Rgds Sft

Disappointed
Yes
No signed contract
No conformation of financing project
No partner with a carry
What's the expected flow rate
What the timeline
What's the concerns on lead times on infrastucture and equipment supply/ deliverables. If there is none there should be.
I guess those in the know acted accordingly: Thats why there were sells.
Enjoy the day, although I would like some real detail on the above.
Rgds Sft

Char No. # of Trades 217
Vol Sold 3,242,932
Vol Bought 1,527,864
No's & Volume say it all: No real interest in this company YET?
I am not a professional broker so do not have any idea on what is the appropriate risk profile but it seems Kistos had a good one from the early days of formation. But CHAR with a really great find does not.
Getting an income helps.
Also invested in HBR and they have remained the plaything of the "low SP gods" and they have a really significant income.
It's like no one is really touching OnG at all?
Wonder what 0700hrs brings tomorrow another RNS delivery? Let's hope.
GLA
Rgds Sft

I am also invested in Kistos (from the start and Rockrose came in latter) and

Hi whimax, I belive CEO has some grounds to be concerned as if we look back to the:
4th of May where we were slowly climbing reached 23.57p
There after was a decline down to 17th of May and 17.79p
There after there was a suprise and previously unmuted (by the BoD's) to the general public
RNS Number : 0006M Chariot Limited 18 May 2022
Proposed Placing and Subscription to raise approximately US$20 million (£16 million)and Open Offer to raise up to US$4 million (£3.2 million).....
.......Offer, in each case at an issue price of 18 pence per share (the "Issue Price").
So I would say his concerns are possibly not to be unconsidered ???
If that timeline was not as a result of leaks and lets face it therefore insider trading, what was it ??
By the 6th June we have inched back up to 23.10
But there after, despite the long awaited and very positive CPR it's continued to decline south to eventually hover around this current value.
But we are a few days away from a RNS (hopefully a signed contract with the Moroccan Govand the AGM to detail on that and the future or we are not and its just an AGM and hopefully if that is the case the lack of news has been built in already.
Time will shortly tell, either way we know none of us are selling and some have actually added.
An addtional fund raise as ICB888 helpfully posted and reminded would be against the BoDs stated planning...but my feeling is if there is not a important RNS issued it will be interesting as to know why and if any one from this board is going to the AGM and can get a two tiered question out on: what is the status and any issues on the contract and what does the board think about the current share price and its steady decline starting 12 days before the placing on the 18th of May?
GLA
Rgds Sft

Thank you for post logic, am working away so..) intresting artical.
Found this worth a read:
Energy crisis: why French households are largely protected from soaring costs while British families struggle
https://inews.co.uk/news/world/energy-crisis-why-french-households-protected-soaring-costs-british-families-struggle-1803492
Rgds Sft

6% drop is very unusual and not reassuring, something is up for sure.
The conformation of gas was a significant movement and there was a steady climb thereafter.
Then it totally stalled
If we consider the following:
A director who is heavily invested
There has been snap fund raises, still not sure who
A reputable bank assigned
Reputable partners for construction signed up
A enhancing CPR
Very good quality gas
Easy subsea construction
Topside partner with gas plant expertise in development
Further share allocation to directors
Current and what looks like future high gas prices
Very green aspirations
Most VERY VERY positive.

Today's sells vs buys look to be close: So what is causing this drop? It can only in my opinion be the mm's????? It does not look to be a sell off due to inside "bad news" again buys v Sells do not reflect this.
But WE are very much suffering from lack of buyers and it must still be too risky..we need that contract signed with the Moroccan Gov.
Jimmy's post regarding SDX energy definitely gave us some indication of what is realistic and already achieved.
So I (like us all) remain at a loss as to understand why there remains a lack of take up.
All I can think of is
Lack of confidence in the personal running the company: is it due to a concern over financial contracts, ethics, company finance governance or experience?
Moroccan contract?
Delivery timing for onshore plant build and hook up into supply chain?
Concern over diversification of funds onto "other" projects

I can nit fathom it???????
Keep the faith
GLA
Rgds Sft

Hello NSS22,
As I see it from the RNS BoA have increased from the 3.11% to 6.10%
As the associated wording in that row states:
Resulting situation on the date on which threshold was crossed or reached i.e. 6.101256
That's how I read it. It's a very significant stake and been done quite rapidly....when you consider the concurrent share buy back work that was on the go also?
Rgds Sft

Thank you Jimmy.
That post you placed regarding SDX energy and thier agreement with the Moroccan Government does give us something significant to compare against. Encouraging to say the least.
Very best Sft

Current market price $9.34, correct?
Rgds Sft

Hello Jimmy, good post. So that does indicate to us the reality of what we can expect CHAR to sign.
Would this price paid by the Moroccan goverment be set for 2 yrs, 5, yrs or 10yrs? i.e. locked in and in effect a long term "hedged" price.
Kind rgds Sft

I really do not understand who is trading this with these automated executions. CHARs last significant rise was in April, the spread is low but so has been the rise and fall margin, since then.
The number of dail trades has also significantly fallen off.
Have ii's got a bit wary since the boards sudden fund 1 day raise, those INVITED investors apparently snapped it up
19th May 2022 07:00 RNS
" the accelerated bookbuild has closed and the Company has conditionally raised gross proceeds of US$25.5 million (£20.4 million) through the successful Placing of, and Subscription for 113,333,334 New Ordinary Shares, in each case at the Issue Price of 18 pence per Ordinary Share"
Does anyone know you these investors are?
We then had our £3.2 million opportunity the next day
Which was a lot more drawn out in time but
RNS 9 June 2022
"The Company is pleased to announce that it has received valid acceptances from Qualifying Shareholders in respect of 61,098,316 Open Offer Shares, representing a take-up of over 347 per cent. of the 17,597,272 available Open Offer Shares"
Since then nothing has really shifted this share????
It's odd.

There were no notifications of increase in holdings other than reduction by Pershing Securities Limited in Feb 22 and a reduction by YF Finance Limited on 23rd June?
We have had a recent management share grab of aprox 16 million Shares 12th August given to the 4 directors.
"Chariot aims to remunerate its Directors through an appropriate mix of cash and share awards"

Who were/ are those addtional May 19th investors?
(Can anyone ask at the AGM)
and
As before since then I see the trading and possibley new ii buyers looks to have stopped/ dropped (just by trading numbers).
Has this time if dealings put people off, it has not our board or the 19th May investors. They got what they needed.
But outside of them and us lot, it seems VERY VERY quiet???????
We need definitive info on the contract on price and supply with the Moroccan government (imo)
That is now crucial when balanced against estimated project costs and the confirmed reserves.
That mat be what is missing for other investors????

Re FEED I am assuming that must take into consideration the plant and topside pipelines??
We need more info on the gas price /
Rgds Sft

Hey Jimmy, I see your logic.
Hopefully we will get some update on such and detail following the AGM.
Two years from conception is possible, especially considering the size subsea (not sure about shore side plant or pipelines) the experience of 2x contractors, the contractors own vessels/manpower and established supply chains and a supportive government.
Added again today as I cannot see this heading below 19 again (famous last words of course).
GLA
Kind regards Sft

FEED is 2022, FID 2023.
Ref
https://www.chariotenergygroup.com/wp-content/uploads/2022/05/Presentation_Corporate_May_forwebsite.pdf
Page 12
Rgrds sft

Hi PP, thank you.
Best Rgds Sft

Why so PP?
Rgds Sft

Quite right to Nick,
Jimmy's reminder about re-reading the RNS was a good idea and prompted to go back in got distracted with work. Also had another good look at the subsea integration alliance website also
https://www.subseaintegrationalliance.com/
FEED (Front End Engineering Design: A Front End Engineering Design (FEED) is conducted after the completion of the concept and feasibility Study where all options will be assessed from an economic and safety perspective. Is 2022
It really does look more and more that others are right, and CHAR will possibly go it alone.
They probabley DO have sufficient within the group to do so, especially as its a simple subsea set up...and I am i think that Schlumberger do have the experience on also assisting with the shore side plant
https://www.slb.com/well-production/processing-and-separation/production-facilities
CHAR have the bank and now the CPR, a very very good head wind with it being only gas, their renewable and Hydrogen division will be of significant advantage for assisting in spinning off Hydrogen in a country that has demand for it due to very high fertilizer production.
True its still their 1st real step into the market, but as above....its a simple subsea infrastructure.
As Jimmy informed there is an MoU....and signing but imo should be included as part of FEED to enable a firm de risked FID. Jim, pro and ceo are definitely more knowledgeable.
Quite often in the OnG we can overdose on risk analysis and it appears excessive, but when your sitting round the table better deep scrutiny than down the road surprises, that when it gets rather expensive.
I hope its all lump sum with SS7, contracts are water tight, material/equipment delivery dates , quality and penalties clause scrutinised with a large magnifying glass.
It is looking like a good project, will definitely want to confirm what the Moroccan gov are signing for how much and what rate....once that to is signed up to then the ii's can do the real numbers.
So maybe that, FEED cost conformations MAY be trigger that is sufficient for a SP raise?
If a large operator was signed in it would be a trigger, but CHAR as others have correctly said COULD lose some control (not for certain though, as they can be a partner ONLY?) and CHAR would have to give up a percentage to much? But CHAR now have both options potentially.
GLA
Rgds Sft

Hey Barry, thank you.
The numbers could add up at a little under 4mil? Which is what they have given up??...also who are the new buyers?
Schroders 9.343%-4.978%= 4.365% sold.
It is interesting that they filled in the (from) 9.343% but not the number of shares column, presumably just an oversite but you think that they would/ should take the completion of a TR-1 form seriously? Hence my rough (very) calculation at aprox 4Mil sold? To bring them down to 4.978051% / 4,125,000 remaining.
Look its probably a really speculative comment but would AA know its not going to go through and has only done this to significantly raise Kistos profile and is a practice run for the new brokers/legal team? Not sure how expensive this attempt has been for Kistos....hopefully less than our last drilling campaign? Will no doubt see the costs included in end of year legal costs.
Rgds Sft