Member Info for Surfit

Unfortunately the 86% of us private / retail investors keep voting for this.

Vote against it at the meeting 🤷‍♂️

Rgds Sft

Hey Surety,

Interesting, but not invalid, thought process.

I can see why they have to do it, there is literally no income in the short term; Anchois etc etc are not round the corner in anyway.

Wonder if AP leaves with some skin in the game with renewables, he brought the AEMP guys in ( CHAR bought the company)?

Rgds Sft

Hey Surety, is it Malcay stating Chariot is selling the renewables side because AP is still talking about splitting?

Ref https://m.youtube.com/watch?v=34U1qWuHApM

Will be intresting to see who has provided addtional investment funding, has Askar Alshinbayev upped his stake? If so once the resolution has been passed we could expect an RNS TR-1 confirming that a bit later?

I glad AP mentioned us peivate retail investors I.e. the ones that hold (before the share placing) a SIGNIFICANT amount:

Ownership Breakdown

Private Companies 6.07% 95,867,334 shares

Individual Insiders 9.62% 151,850,401 shares

General Public 84.3% 1,330,427,617 shares

That 84.3% is quite a lot and as ever wonder where such investors communicate, we are not all communicateing via LSE 🤔

Rgds Sft

Hey NorViking,

Good points. I find it hard to forgive Chariot for not focusing on getting Anchois secured but I think the $10 million up front was the clincher as they were desperate for the money, combined with a sesimic survey for Rissina and a larger by in prospect, they felt it worth trusting in the their data and adding risk.

Note: For AP to state the results of A3 would not affect any outcome ( reference recorded Webinar July 2024) proved to be embarrassingly wrong and maybe a reflection of the Char team not knowing the realities?

Having looked at Energean credit rating / debt carry (difficult to borrow) at farm in, that raised some concerns for me, but then the sale of assets were announced and changed their rating allowing them to pay of some debt but also borrow more.

We have to consider what, at A3, would have been enough for Energean to stay??? Or did they know that they could not support their Mediterranean assets AND invest and develop Anchois/ Lixus and expand the Rissia explorations.

I know it's all old history but it's good to try and understand / consider for future investing.

Your right of course about the hype on other investors, have they been put off by A3 and the down grade?

I worry about Duncans Data!

Thinking positively I am hoping that Anchois financing can not be signed off until ONHYM has gone through their transition. There are still lots of question regarding new FEED costs, is A1 fit for production, FID/ GSA rate ( again maybe needs the new ONHYM cleared in legislation?) lead time of equipment and contractors, Operator. What's happening with Loukos and Rissina (Duncan Wallace last seen in Lindon at the African Energy Conference trying to sell it).

Yes AP has decent skin in the game (respect to AP), but make it easier to take a share loss on 500k, expenses and share option possibley 🤔😂

These guys have to deliver Anchois, but on what terms? I am "guessing" its going to be 20/25% plus a loan on development costs. If the got 30-35% I would be pleased (and amazed).

Cash will soon start to raise it head, and I note no one on the BoDs has taken a wage cut! Still they may co tinge to invest their wages into another share placing.

Below < 1p, as like SOU, it's MAYBE into share consolidation territory. I am hope AP is trying to avoid that at all costs.

GLA

All the best Sft

Hey NorViking,

Despite my pertinacity to doom and gloom, mostly driven by the CHAR's BoD abysmal abilities in and around their (original) core O&G business.

Point 1: I still wonder about how big an influence Energeans failed sale of their Egypt, Italy, and Croatia assets to Carlyle International Energy Partners for up to $945 million in March 2025 played a part in them walking away after A3?

Point 2: That CHAR BoDs did not protect the building of Anchois into the farm in resulted in a SP fall, that led obviously onto the collapse of the SP after A3 results were revealed....coupled with the fact that the Stena Forth remained on site for some time after was all very intriguing. There IMHO is a lot that we were not told.

Point 3: But the underlying concerns about Chariots data on OBA-1 and Anchois remains that "could" none of it be commercial viable??? Having completed the FEED (for A1/A2) BEFORE the Energean farm in, what did that reveal about Anchois A1/A2 viability?

Point 4: Energean would have reviewed all data and FEED analysis as part of the process and deemed it worth investing, but maybe not after the failure of the sale? (which they would have known about before disclosing to the industry and markets).

With limited (or fully disclosed, or maybe even inaccurate?) information being given by CHAR BoDs and as you say about deadlines but also costs to develop vs income on any of their projects the markets ( as well as investors) have little faith in them.

None the less on a positive:

1. the ex AEMP guys obviously negotiated well to secure financing for ETANA...Still we are still required to try and make our own calculations and speculations on when ETANA will generate cash for Chariot?

2. Morroco and ONHYM do definitely want develop a domestic gas market and hope fully will be the financial catalyst to move Anchois forward ( similar to Sound Energy?)

3. Hydrogen could be a sleeper success ( international subsidiary funding) and the MoU with the Saudi company may , even though not defined (I find strange) as being in Morocco & Mauritania).

As Chariots planning is so undisclosed and very difficult to read ANYTHING with ANY confidence.

🤷‍♂️

Rgds Sft

It's really shocking to think how much these guys are getting paid vs what their efforts have achieved.

Never in the history of the company has Chariot brought in a profit to match the lowest salary paid, and I am talking about one of the office admin, not the robbers running the scam.

Rgds Sft

I think the ONLY consolation is that they have ALSO fooled our biggest investors Askar Alshinbayev who currently holds 7.86%. Buying in initially (2023) at 14p per share.

Mf7,

You could always email the directors asking for clarity, but first check the posted yearly accounts.

https://chariotenergygroup.com/investor-centre/financial-reports/

You will notice how much goes on admin and salaries and what % goes into business development.

Asking the question of why after 18yrs have they never delivered an income might be your first port of call.

They do not reply to me anymore.

Rgds Sft

The breakdown is very informative Fernan, but pales in comparison to the grand total that Chariot has spent over the courses of 18yrs: to get us and the other greater LTH to such a incredulous and disgraceful position.

The FCA, I suppose, are not interested in gross incompetence 🤷‍♂️

GLA rgds Sft

Destination = Desalination

Hey Surety, well Chariot has certainly been a batisim of fire for you!

If we don't loose everything or too much it will certainly be a learning curve for all.

Intrestingly the importance of gathering and reading a lot of the Company's RNS BEFORE investing was the one piece of advice I was given, to give you a understanding of what they have achieved AND understanding how good the management team are ( research History).

I have been into Talga for a long time, not heavily but really liked the product but as it was new and a company that needed a lot of continual seed money that is a work in progress.

If I had just let my money role with an investment firm on US stock, I think I could have retired! 😂

Still, as I say if I can get out with my Shirt it's been an "experience"

Re the renewables arm....its about trust with CHAR BoDs and that's difficult...okay ETANA is looking a possibility but they are still sketchy on the Hydrogen and the destination was dropped just after signing up with ACWA....does that mean CHAR knew they needed it for Nour/ Morroco hydrogen green ammonia/ fertiliser but as usual just tried and failed? But all with no honest and planned budgeting??

Best Sft

It's does highly unlikely that an operator will be stepping forward.

The only potential for any of Chariots plays to get developed is similar to that of SOU, where due to ONHYM/ Morroco play a part in securing financing either via banks or a consortium. Remember that had also before and during FEED used the "Subsea Aliance" which was Schlumberger and Subsea7. This fast track development was what they were selling to share holders and investors

They hood winked us AND REMEMBER also the Kazakhstan billionaire Askar Alshinbayev who initially bought 59,676,544 shares gaining 6.19% of the company. This was through a large capital raise as usual via a share placing 11th July 2023 and a short time after the RNS announced FEED completion was announced in March 2023. A timely raise indicating ( hood winking) we were on track for a quick development. Pre the Energean farm in disaster.

Note: He has invested further to own 77,060,505 or 7.86% (during the sp collapse, so probably averaging down like the rest of us)

Intrestingly he has not sold out, so I wonder if any of his contacts will also come I to play?: as at 7.86% he is, after AP, the largest single share holder and would have some clout in voting and discussions? Speculation of course.

Still the concerns on DW's data, abilities, the state of Anchois are also present and remain IMHO factors undermining the confidence in any of Chariots O&G "plays"

Still until ONHYM give up on us, we still breath. The first signal they don't belive is losing Rissana licence.

It could all spin on one RNS: Positive or Negative 🤷‍♂️

AI question:

Has the plans for development of the moroccan LNG ports and Senegal to Morroco pipeline been put on hold and could it be in favour of focusing financing onto internal gas development

AI Result

"Morocco recently suspended tenders for its Nador LNG import terminal and associated pipelines in early February 2026, citing "new parameters and assumptions" but with indications that the Finance Ministry vetoed the process over procedural and fiscal concerns, not necessarily abandoning the goal of gas transition, while the Senegal-Morocco pipeline plans remain separate but linked to regional gas strategies. The focus is shifting towards refining the strategy, potentially favoring internal development or new financing models, but the broader goal of increasing gas use to replace coal while advancing renewables continues"

Obviously, we can load an answer by poor questioning combined with limited available AI source material.

I agree, the concern remains that industry does not belive Duncan Walaces data or the gas plays do not pan out to project costs vs risk?

Remember FEED for Anchois A1/A2 was completed back in March 2023!

Also I am not sure as to what the real status is of A1 being suitable for production search results as before indicate Chariot have not officially denied it status.

Rgds Sft

I had a while back bought a few shares in SOU, just before they they commissioned the Tendrara Production Concession in preparation for long term gas production into the micro-LNG plant a bit ( v small) of skin in the game focuses the attention.

Sound Energy sold a majority interest in its Moroccan assets (including Tendrara) to Managem, a Moroccan industrial group, retaining a 20% interest in the Concession Mana Energy Ltd (55%)

GAS negotiated: A binding gas sales agreement and associated funding are in place with Afriquia Gaz, with a ten-year commitment from first gas to purchase a contractual quantity of one hundred million normal cubic metres per annum.

Attijariwafa bank has been arranging project debt financing.

Phase 1, which is the current focus, utilizes the existing TE-6 and TE-7 wells and involves drilling one new well, if required, to maintain the initial production plateau. Phase 2 is a much larger project that involves a Central Processing Facility (CPF) and a gas export pipeline to the GME pipeline for the domestic gas-to-power market, with the drilling of the SIX new wells planned as part of that development once the FID is made.

One of the conditions for reaching the Phase 2 FID and commercial viability is securing the necessary project financing and partner approvals, which has been a key focus for Sound Energy and its partners, including Managem and ONHYM.

SO we can see a "POSSIBLE" example modle for Anchois 1 and 2 development, but a lot MORE financing will be required, therefore more difficult as it is OFFshore or this MAY also be applied to Loukos IF it is determined to be of commercial quantity, which of course CHAR BoD used the flow test raised cash to keep the company afloat.

Intrestingly SOU are carrying a decent amount of debt ( via bonds)

They have just over 2 billion shares in issue AND as of the last RNS TODAY due to the need to raise MORE CASH and the SP being below 1p (the original issue price) are conducting a SUPRISE / UNTIL NOW UNDISCUSSED 10:1 share consolidation.

I think we can see something of what our O&G BoDs will be attempting with us...MAYBE.

Pure speculations on my part but....thoughts Surety/ Fernan/Jt/ ObsCure and other bb members???

Rgds Sft

Another question I ask was regarding when a gas sales agreement (GSA) is finalised in a project development. Knowing of the original MoU for the initial and original intention to develop Anchois through just A1 and A2 prior to the Energean farm in.

I had also asked about the status of A1 being suitable for production purposes.

AI results: GSA

"While initial Memorandums of Understanding (MOU) or key principles for GSAs are often established relatively early in the project lifecycle to demonstrate commercial viability and secure financing, a final, binding GSA is typically one of the last major commercial agreements to be signed before a Final Investment Decision (FID) is made. The GSA underpins project financing and is dependent on a confirmed resource base and a final, agreed field development plan, all of which have been in flux due to the well results and partnership changes."

A1 search results vary on the production readiness of the Anchois well A1

They did inspect it when out in 2022

This artical back in April 23 is worth a read for pre Energean farm in project readiness

https://www.nsenergybusiness.com/projects/anchois-gas-field-offshore-morocco/?cf-view

I do belive that Chariot have officially published anything regarding A1 status since the original 22 campaign

https://www.lse.co.uk/rns/CHAR/completion-of-successful-gas-drilling-operations-ly85lquft7tcbjw.html

Also still no update on the Rissina Licence which had been ending in November 2025 ( Loukos 26) BUT as some have stated this should not be a concern as it will get renewed, its just that it has not been disclosed by Chariot.

https://www.assahifa.com/english/morocco/morocco-extends-chariot-energys-loukos-and-rissana-gas-exploration-licenses-to-2026/

Posted for information, awareness and review only

Rgds Sft

AI Says:

"Current Cash: As of June 30, 2025, Chariot's cash and short-term investments were approximately US$5.6 million.

Historical Expenses: Administrative expenses were US$3.2 million for H1 2025, a decrease from US$5.0 million in H1 2024, reflecting cost-saving measures.

Recent Funding: The company successfully raised US$7.1 million (£5.2 million) through a placing and open offer in June 2025.

Future Strategy: Chariot is focused on project-specific financing and aims to generate revenue streams from new projects, particularly in its South African renewable power business, which is fully funded to first revenues"

Funny how Anchois and O&G is not getting considered or picked up on 😬

Most likely down to the complete lack of news or information.

Rgds Sft

Thank you for running the calculations ObsCure, very illuminating.

As you say the scale ability is the key, what we then have to factor in are the number of generation points vs customers that can be signed up.

Is this where ACWA come in: building more solar and wind in the RNS identified countries and ETANA'S Wheeling modle expands accordingly?

It's strange that Morroco and Mauritania were not included in the ACWA MoU RNS as the RNS write up for ACWA specifically mentions green hydrogen and desalination which is a requirement for both of our locations???

Rgds Sft

Rather crucial point, you made there Fernan.

Once Etana gets 100 contracts like that; it's game on 🥳

Still, a while back I was taking the mick, about the shopping centre ETANA had as their first customer.

I do have some respect for what the ex AEMP guy Benoit Garrivier (Transitional Power CEO) has done, obviously with AP input / connections from mining.

It will be intresting to see what his co founder (of AEMP) Laurent Coche (Green Hydrogen CEO) will be able to do? The Hydrogen plays looks to on "hold" presently, remembering ALL the renewable "pillars" are for CHAR financial accounting are bundled under "Hydrogen"

Will the Saudi company ACWA make a difference? Looking back at the MOU RNS.

Morroco and Mauritania Project Nour (TotalEnergies as a "partner" with the feasibility study being completed) BOTH ARE NOT not included as per the RNS target areas? BOTH are where we have our ONLY Hydrogen plays/ speculations?????

Addtional info:

NOUR: feasibility study completed.

Next stages involve completing the investment framework. Undertaking an engineering conceptual study. Negotiating offtake agreements (agreements to sell the produced hydrogen/ammonia).

Morroco Hydrogen TO DO: test the Oort electrolysis system's efficiency, durability, and cost-effectiveness in an industrial setting

Start a feasibility study to make large-scale production economically viable.

Either way these look years away (+5), from becoming income generating, if ever.

Rgds Sft

Although ETANA, may not pay Chariot anything for years as they reinvest and profits back in to expanding ETANA? We have not been told by CHAR BoDs what the intentions are. I would not be unusual for an investing partner to wait several years to start to recoup an investment, IMHO.

Something to ask Chariot about?

Rgds Sft

Rgds Sft

But of course the ideal would be: We are going to spend funds on internal exploration and development first...🙏

KaZOOM! SLAP...🦸....WAKE up Surfit....your dreaming!

Good find PtP,

Probably due to the change in Law coming up and ONHYM status, at a guess?

Rgds Sft