Member Info for Surfit

It does have that feeling about it.

My previous check on him revealed he was outed by the debit bond holders from his position in Petra he had run up too much debt and they got control.

So he is trying a somewhat different tack this time.

I just can not belive the amount of shares he is putting out, I am seriously intrested in these "new investors" that get such a VERY large % of Chariot for such a cheap price? VERY SUSPICIOUS (IMHO).

Rgds Sft

I just do not understand this massive dilution for such a small sum, when they have ( via Malcay) plans to recive cash from a Sale of our renewables?

Why can they not secure a loan, if they intend to take one out after to finance and pay of Shell apon completion. Why not take a bond out with these recent investors?

They seem hell bent on producing more shares and diluting this company to beyond ridiculous....WHY?

It all seems odd, VERY VERY ODD.

Why only this continual approach.

With such an amount of shares there should be a TR-1 getting issued IF all this is passed by the voting, WHICH is now out on interactive investor.

Is every one voting FOR? I have voted AGAINST.

I am sick of the managment destroying the share price by continual placing, to easy FIND ANOTHER WAY to FUND this!

Rgds Sft

Opps sorry MARCH: interactive investors has

04/03/26 - 23:59 UK local time as the deadline.

Rgds Sft

Mg123

I belive the dead line is 4th Feb.

Rgds Sft

Yes, they probably told Malcy and large share holders, but will not notify us until after the raise not that the open offer is crucial but it will pay thier wages for another year.

Rgds Sft

Thanks for posting "....It can only make the renewable business more valuable at a time when Chariot HAS ANNOUNCED that it is their intention to now monetise this business and to use the proceeds to reinvest in another oil production..."

When/ where have they announced? I do not belive they have confirmed to us minions?

Rgds Sft

Hey ObsCure, my average is 5p over 2million shares, so I am going average down again.

It's was a big risk on realising Anchois, but having done FEED I was hanging onto a financial resolve on the project. I HAD a 70/30% that the idiots via ONHYM and the Morrocan's will/ would find the financing , due to a desire for domestic build. I have incredibly doubts that DW and AP have any ability to deliver BUT I am so far in that an extra £15k is immaterial compared to the ability to average.

Hey Jt, I just think they are completet clowns but it's based on a pure gamble ( now) on Morroco want Anchois to work. I wrote several times to AP comparing them to RockRose/ Kistos: Andrew Austin and Mathios Rigas of Energean and my 30yrs if O&G experience ( I have my own O&G ltd)...they are an O&G industry embarrassment.

They IMFO are not going to pull this off, if they don't I will walk into there London office and tell them.

Fernan, you risk assess well, and know ( IMHO) better financial consideration than any of us ( a lot better poster than I) on this bb. It's appreciated.

Rgds Sft

I have a feeling I may end up loosing a lot of money, presently-£75k.

Sft

I unfortunately have to subscribe to the new share placing.

I personally would like Fernan to post some of his concerns.

There are some really good posters on this bb, but ultimately we ( thoses that have continually averaged down) are either, especially now, required to commit more to a company that we feel are very very poor at there core business ( IMHO).

Rgds Sft

That's how it's explained on Google AI

A company issues a warrant to buy shares at £10

for five years. If the stock rises to £25, the holder can exercise the warrant to buy shares at

£10 and sell them at the market price of

£25, making a £15 profit (minus costs).

I also searched: if you have maxed out on your ISA allowance for the year and the shares are contained within the ISA you can use your trading account to buy the offered number of share in that.

Nothing has comme through on ii yet.

Rgds Sft

Unfortunately no access / subscription

Thanks for informing though Surety

Rgds Sft

Hey KnC, thank you.

The word "service" is supose the crux I.e. regular payments.

I wonder what those repayment amounts are, which would have to be deducted from the potential returns.

Not much experience or understanding in such loan/finance contracts.

Cheers.

Rgds Sft

Hello all

With regards to the statements in the lower part of the RNS

"......The funding provided by Chariot will be REPAYABLE from future cashflows from the asset, AFTER servicing the Shell Facilities. Once the funding provided by Chariot has been repaid, which is expected to be paid BACK within a reasonable period....."

AND

With Reference to:

".....Shell Trading will be providing the Shell Facilities of up to US$170m, with the size of the Shell Facilities adjusted for interim adjustments relative to the final consideration at close of the SPA, in return for future off take barrels from the arrangement. Under the Shell Facilities certain covenants MUST be satisfied PRIOR to CASH DISTRIBUTIONS ..."

Q. How much and how long would it take to "service" the Shell Facilities? Does this mean repaying the "base consideration" which is US$195m? Or "the Contingent payments of up to US$115m which relate primarily to Brent crude oil pricing"? OR the US170 million from Shell Trading?

Q. Is this servicing taken from the full Etu 8000 bopd production return? Or CHARs 4000 bopd

Q. Why have we not been supplied with a definitive % of Etu % and only a cap point of 4000bopd?

Q. As we do not know what "certain covenants" are is that a point of concern?

Rgds Sft

Excellent find, I am drawn to the word " until" which would indicate Etu has primacy.

Thanks NOK

Rgds Sft

Hey NOK, thanks for the addtional source:

I saw African intelligence, but could not get full access, but it looks they are also stating the deal BW + deal has been "disrupted"

Would be good to get some affirmations from our BoDs ( IMHO).

I have learnt over the years with Chariot, full disclosure is difficult to obtain and reading the RNS as gospel not advisable. 😬

All the best Sft

Hey Marland,

Had a look back, cheers. I like to try and understand the extent of partners, assets size and as what/ why the opportunity has arisen.

Obviously BW+ see the same opportunities as Etu+

I am just a bit concerned about this undisclosed potential conflict of interested parties.

Looking back at the RNS it does state further down under: Asset overview and development upsides:

".............Completion of Etu Energias' acquisition of the working interests is subject to governmental and third-party consents in Angola and the Republic of Congo. Closing of the acquisition is expected in H2 2026. Chariot will then be exposed to the economics with a base case indicative net NPV10 in excess of US$100 million at a US$60/bbl oil price"

IMHO Chariot need to disclose this potential and CONFIRM Etu have primacy, 12 million would not last very long in our BoDs hands.

Extract from raise break down costs:

The net proceeds of the issue of the Placing and the Subscription are expected to be used to:

US$12.0 million (£8.8 million): PART finance the acquisition of the working interest

US$4.0 million (£3.0 million): Cover the costs involved with the Transaction

US$4.0 million (£3.0 million) Provide additional corporate working capital ( Sft note: that will not last very long)

Total US$20.0 million (£14.8 million)

For 1,132,275,133 + 225,449,336

1,357,724,469 billion shares extra shares then another

1,357,724,469 ( warrent shares) claimed in April 2029, which as I see it would bring (+1.58billion currently) us up to 4,295,448,938 potential by that date...is that correct?

What would the Market Cap have to be to get 8p?

Current Broker forecast with out this deal is:

Median Target Price: Ranging from 8.16p to 13.35p, with some analyses citing up to 18.54p, indicating a potential upside of over 400% to 800%.

High Estimate: Up to 32.5p.

Low Estimate: 4.45p - 4.58p.

Of course none of that is possible if we are bankrupt.

I am struggling to understand if we end up with approx 4.3 billion shares if that will be the last raise we need or if we will continue to be continually diluted through share placings or would a a share consolidation of 100: 1 be next on the cards.

🤔🤷‍♂️

I am in total :" No idea" land now, and I genuinely do not think Chariot are ever going to provide financial clarity for retail share holders.

Are the warrants being issued so as to confirm a minimum investment return to thoses investing on this share placing? i.e. 2029 you get a minimum 2.4p? for what you have put in plus what ever the number of share SP is at time?

All the best Sft

Just started trying to understand the Block 14 and 14K assets, operator (Chevron), partners, field production rates and history (i,e, has there been significant decline, what work overs /major upgrades costs maybe required), confirm % etc etc

1st was looking at the partners (Internet Search)

Operator: Chevron

Key Partners:

1) Sonangol Pesquisa e Produção, S.A.

2) Eni Angola Exploration, B.V.

3) Galp Exploração e Produção Petrolífera, S.A

4) Azule Energy (50/50 Joint Venture between BP and Eni, exiting their 20% stake in 14 and 10% in 14K)

*5) BW Energy & Maurel & Prom Consortium (*Agreed to acquire Azule's interests, subject to the mentioned pre-emption rights)

6) TotalEnergies / Inpex (Previously held 20% in Block 14 and 10% in 14K via Angola Block 14 B.V. before selling to local interests)

*Reference No. 5 I noted they are buying the same % as Etu / Shell are?

Therefore I asked:

QUESTION: Is BW Energy in a consortium with Maurel & Prom trying to buy into the same deal that Etu Energias is trying to buy?

ANSWER : "Yes, BW Energy (in consortium with Maurel & Prom) and Etu Energias are vying for the same assets in Angola. BW Energy and M&P signed an agreement in December 2025 to buy a 20% stake in Block 14 and 10% in Block 14K from Azule Energy"

https://www.offshore-energy.biz/pre-emption-twist-may-block-or-delay-bw-energys-entry-into-angolas-oil-gas-arena/#:~:text=Oslo%2Dlisted%20oil%20and%20gas,country%20and%20the%20wider%20region.

I am ASSUMING that BW Energy + have confirmed to have LOST out but I can not find and actual conformation??

Current Status: The original deal with Azule Energy remains in effect while the legal process regarding the pre-emption right proceeds.

They must have as Chariot would not go to all this trouble, raise the cash then end up in litigation? That would mean that would have to redirect the raised cash somewhere else?

Apologies if this has been addressed already and I am behind the curve?

Rgds Sft

Ps Back to leaning about the assets

Agree, we all know this character from the past.

His MO is if you can't undermine the information turn on the poster.

Did not take him long did it 😂

Yep our Oil division is know for their astute business savvy 🤔

The market will let's us know on Monday of that we can be sure.

Rgds Sft

It would be nice for Chariot to answer your points Fernan.

These guys, so it seems to me, are raising cash for a investment vehicle, that will dependent on the PoO and how strongly protected the contract is.

I admit I struggle to understand these finance deals and understand less about the risks that could be hidden, you always seem to have a good grip on the detail and idiosyncrasies of such.

Rgds Sft