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Just my opinion but I would think time lines are very important purley from a costings perspective, even more so when a company is not generating ANY income and has continued, known (directors, staff and office / admin etc etc) and the big unknown (Building a world-class green hydrogen portfolio, Developing some of the largest renewable energy projects in Africa (including potable water for 1000 people for 25yrs! 😯) and of course the continued costs on getting the gas project(s) across the line...with only having $4 million (fact check please) in the bank before the "exploration" share placing. We have some considerable outgoings......SOooooo in my humble opinion (other may disagree) timing from this perspective and in most businesses is VERY VERY important.
No offence intended to any that think otherwise.
Kindest regards Sft
Timing is everything: if we had all know about, the AP wish to rather than loan from a company but pay for the campaign via a share placing for drilling after campaign
RNS Jan 22
"Magna Capital LDA (of which Adonis Pouroulis has a substantial interest) underwrote the Fundraising, ensuring that the total fundraising equated to approximately US$23 million enabling the successful Anchois drilling campaign, with its significant gas discoveries, to occur on time and on budget"
Note Another company OTHER than Westland Investments
THEN ANOTHER placing to take us financially past FEED (this time the share price dropped from 24p to 18 two weeks BEFORE THIS 18p placing, purchase other companies (erode that cash) have another share placing but 14p this time (company now de-valued again) to fund another drilling campaign, but the reality was it was also needed to keep the company afloat, as they had too little remain cash left AGAIN and have IMO lied to share holders by saying it is for exploration costs.
So timing is handy I guess, insider knowledge even better 🤔🙄
Regarding the RNS we need for tomorrow, my guess is no, as they now have more cash to keep them going through longer and hopefully better negotiating.
Will the money from raised and resultant dilutions be worth it, not sure if we were looking for 70p-100p production with 500million shares so is 140-200 now possible with +1billuon due to there wanting to self finance and get a better farmin past FEED rather than before.
That I doubt too.
GLA,
Really hope I am wrong and it's GAS, Farm in and 74p on Friday Close 🥳
Kindest Rgds Sft
Hi NorViking,
Thanks for the addtional. This acquisition of more shares by Covalis is a big deal in my opinion, only just looked and done some research, so apologise if it was done a month ago and posted on the board by the other regulars /LTH's???.....??
So 2 bites of just over 6% each time by two, I would like to see more but maybe AA (billionaire and does not answer to any one) and CC (investors trust their investment risk profiling, which is better than mine because I added at 18p and over, wonder if they were adding then also?) have broken the back of the ii investment drought?
2x RNS's please AP: Gas contracts and farm in. Please, and no I do not want another share placing RNS as you and the board take high wages and options for another year at share holders have to average down, you continue to gain significantly.
Let's see if AP remains in such control now Westward is not the dominant force.
Rgds and standing by Sft
Seems like the other new investors Covalis Capital ( 6.24%) are not shy on making a fuss if they do not like the CEOs of the Companies they invest in:
"The hedge fund, which owns abut 1% of Enel, did not propose a CEO candidate. Its list comprises the names of Marco Mazzucchelli, Leilani C. Latimer, Francesco Galietti, Monique Sasson, Paulina Beato and Daniel Lacalle. A source familiar with the matter said the fund's primary objective was to prompt the government to clarify its vision for Enel and explain the choice of Cattaneo..........In an interview with the Financial Times published before Covalis unveiled its list, the hedge fund's founder Zach Mecelis said Enel was trading at a discount due to uncertainty over management choices: "Enel's stock will go up 30 to 40 per cent if this process is run differently," he said.""
We could certainly do with some resolve from: "uncertainty over management choices" when relating to financing our other "pillars" Mr Zach Mecelis, so step in and get some clarity.
https://www.reuters.com/business/energy/covalis-capital-presents-alternative-list-candidates-enel-board-2023-04-17/
Wonder if Zach Mecelis is in London?
AND another acquisition that made no impact on the share price??? These and AA must have been acquired from the last funding/ share issue????? Question not fact??
Rgds Sft
That was terrible, certainly put me of joining any clubs like that. AllI heard was: I think, I don't know, I am not expert at this, if winter bad is good for kistos, I don't know about politics...? Very strange
Rgds Sft
Hi Henry,
If it does play out as I speculate, in that the onshore will be used for the other "pillars" that is not as bad. I personally have doubts about these green aspirations only because I think its going to be very expensive to develop and I do not see the deep company knowledge. It feels to me to be a way to justify AP's salary as he is mining business/speculator/entrepreneur. I also know very little about hydrogen development and how profitable any other projects have been as of yet.
Of course we, after gas project sanction, can make our choices then on if to remain invested or not.
If they come up with some decent plans/projections people may stay in ( or partially at least).
Presently I am only in for the gas. The market as a whole will give us an indication also, but over 50% dilution since I came in has taken the shine (and hope for returns) off for me.
Still of interest is our new major investor Askar Alshinbayev...he has made a very decent purchase and under his own name? Just for the gas?
I am remain highly puzzeld on how he got hold of that number of shares in a +6% leap, with out breaking the 3% notification rules????
GLA
Rgds Sft
Hi KnC,
Forgive my ignorance but fund raising through more share placing, would that not be diluting us into the relms of incredulous dilution?
Or when you say "subsidiary level" do you mean that it would be as seperate entity I.e. raised for a specific project/ development? I did say I am being ignorant.
I would imagine there has to be quite a bit of time and investment of cash to even get to that level, I would imagine? The onshore project would allow CHAR management (AP) to freely use that cash.
Note: Possibley without damaging Chariot or getting another company into debt and control of creditors ( see/ Ref his history with Petra mining and its resultant "liqudity issues" as a end result (ultimately) of AP ambitions: https://www.miningmx.com/news/diamonds/41033-petras-founding-chairman-adonis-pouroulis-steps-down-from-board-after-23-years/
He is using share placing instead rather than generating debt presently.
Kindest Sft
Oppps sorry ICB888,
from your post " .....with further potential development synergies through the location of the planned Anchois processing facility and pipelines being situated on-block"
I.e. Already confirmed by CHAR...rushed the read doh.
Kind rgds Sft
Hi ICB888,
My speculation is that the onshore will not be part of the farm out agreement. I belive it will be developed as Chariots own (hence the fund raise for drilling) and if the exploration provides the hoped for results the production funds raised will be utilised for freeing cash flow up for the other two "pillars".
Am I correct in assuming onshore output could be tied into the onshore plant. I think Jimmy or another done the calcs on plant capacity and I can't remember if he said it the plant could manage the onshore input?
Speculations as per ususal and sticking my neck out with such a comment but it does give them financial freedom to pursue the other energy dreams.
I can see the farm in partner may have even already have commiteed ( Not signed of course...yet) to to the offshore Anchois and further offshore block exploration /development.
With Char onshore gas seeing the financial freedom required for funding rather than taking future loans (or more dilution) required for hydrogen development projects. It makes sense to me in theory??
Thoughts from the bb?
GLA
Best rgds Sft
Hi All,
I should have put a break and between
Private Companies 8.2% 87,365,324 shares
General Public 86.8% 928,738,869 shares
Here
"Major investors"
Westward Investments Limited 6.86%
Etc etc
But Askar Alshinbayev is not mentioned as a pointed out "major investor" and should be even if he is a private one, I assume?
So it does indicate it may not be "that"accurate.
Simply W Street are, in this case my only source.
I am not a paid up subscriber to them i.e get the free monthly allocation but I will write and ask saying I am thinking of signing up but how accurate is the share ownership break down...Worth a try.
With RNS issued it is the only indicator ( having to declare once over 3% I belive.
So it does make you ask again did he jump in with his +6% instantly crossing the threshold, if so you would have thought we would have seen that reflected in the shares sold/bought and an affect on the share price or as others said a gradual accumulation via a completion of a long block buy order???
Trying to find and understand, I belive is an opportunity for learning for us...?
Still gas contracts and partner farm in signing imminent 🙂
GLA
Rgds Sft
Current ownership as from Simply Wall St:
Note will be interested to see what / if it changes to refect recent new commercial or if they have already. That is to say I am not sure if they update at the end of each month?
Ownership Breakdown
Individual Insiders 0.4% 4,780,059 shares
Institutions 4.6% 49,056,775 shares
Private Companies 8.2% 87,365,324 shares
General Public 86.8% 928,738,869 shares
Westward Investments Limited 6.86%
Covalis Capital LLP 2.79%
Meridian Capital International Fund 1.34%
Leto Trust 1.31%
Legal & General Investment Management Limited 0.25%
George Canjar 0.24%
azValor Asset Management SGIIC, S.A.U. 0.21%
Duncan Wallace 0.053%
Julian Robert Maurice-Williams 0.043%
Robert Archibald Sinclair 0.039%
Christopher Zeal 0.037%
Andrew Hockey 0.029%
Adonis Pouroulis 0.0094%
If this is correct it looks like AP % has gone down?.....apart from his connections to Westward investments? Have not seen any notifications
This comment is also intresting
Stable Cash Runway: CHAR has sufficient cash runway for 4 months based on last reported free cash flow, but has since raised additional capital.
So the report has in some part been updated to reflect this 14p cash raise?
I will have to look back at my past similar extracts from Simply W St to see what's changed in the ownership stakes.
Question: Does this onshore exploration and "potentia/ hoped for" strike/ development need the planned processing gas plant that is part of the offshore package to generate income also.
I am kind of hoping that they stop spending cash through dilution soon and announce brokered agreement.
My fear remains they go it alone. I firmly belive if a serious operator gets involved they will have their hands tied somewhat financially, at least on the gas side.
Namibia is what nearly sunk them with dusters and why they have diluted by issuing over 500 million shares in 2 years.
Watch out for a re-rate once the price rises after FID/ Sanction. That is a possible AP play.
Over a billion shares, no income, an addiction to share placing and poor fiscal planning.
Will the gas goose be enough to pay for AP dreams 🤔.
OnG is not his thing, mining is hence his "in" but will it actually generate any income / investment..its money pit and his validation for being here.
Now we have bigger "investor" in Askar Alshinbayev stepping into the ring with 59,676,544 or 6.19% nearly as much as Westward investments 6.86% our current major share holder...?
All very interesting.
GLA
Rgds Sft
No one is trading CHAR, apart from those that have a very low average. I.e around pre August / March 2020.
And if they came in then they were speculating traders.
Everyone else, is averaged down LTH, post drilling results or in the know friends.
This will either pop or be get diluted out.
I still belive the recent change in holding RNS are late declaration AND/ or partly recent CLOSED aquire.
No way current trades. Aimo.
AIM 🙄
Rgds Sft
I can not see any reason for any delay to the development of the Anchois/ Linux project...
It would not make sense with the current /short term gas price climate and requirements for domestic and international supply.
It's just not financially prudent in anyway....unless there are equipment procurement or contractor availability short falls.
So imo the onshore aspirations drilling would not affect the offshore FID or sanction, nor should it.
Kindest Sft
Hi Wimax, are you thinking the onshore side will be bundled in to the whole package? In what ever form that will be?
I am leaning to a seperate play (onshore) made by Chariot, but obviously they need the onshore processing plant to be built and operating.
Reasoning is why raise for drilling costs if it was to be incorporated?
Rgds Sft
Hey Whimax, fully agree.
I specifically asked this question (BUT regarding gas profits I admit) in a QnA that they held a year ago. AP's reply was vague.
But it does indicate that there may have been some tighter controls applied than managament hoped for?
Which is a very good thing of course.
It's still going to be VERY intresting to see what deals will be signed eventually farm in, banks, bonds or combination of both as before I genuine hope its a large operator that comes in, I think the market will react a LOT more favorable to that than banks and Chariot running / operating it themselves (imo).
Rgds Sft
It almost indicates that they are now rather keen at last) for a revenue stream of their own?🤔
Is this new and "suprise" offer seperate to current negotiations.
Having squeezed the lemon(s) fully dry, I wonder if the banks or farm in partners (more likely a bank, which tells a story) have demanded some sort of financial and project ring fencing in what they are buying into? and AP needs spending money for his transitional 🤫magic trick(s)?
GLA maybe it's the next RNS
Rgds Sft
It's an interesting consideration, I think he may have but following the WFT, UK OnG direction (despite Sunaks recent about turn, Labour will be in and they will turn their full support to windfarm development ONshore) and AA expecting "Mime’s capital expenditures to reach up to $130m for 2023" it's a bridge too far, IOG currently loosing £28.45m per annum ( as I read it) what would turn that around. More drilling/ exploration risks?
I am not saying your wrong as if he stepped in with a sound plan and support from more lenders it's not impossible but his comments in April " “Kistos has evaluated several transactions in the UK and Dutch sectors, but the imposition of punitive windfall taxes and a lack of fiscal certainty have meant that both countries remain difficult places to commit capital and ensure continuity of shareholder returns.”
And commitment to Mime plus more costs in NL AND consistant / recent drilling fails would have bruised even him.
Again I think the UK instability of Tory and Labour policy is the final straw for him.
Would be nice though, but another item that has changed is even the carbon neutral gas (that AA was promoting and selling at a premium) is irrelevant to the Co2 / green / narrative now.
IMHO of course.
I sold half my holdings in Kistos, not at the peak only to much after. Would like to have come back in at the 230p level again but and too committed to older speculations at moment. Hopefully, one being GKP, is resolved before Kistos moves up too much again.
Rgds Sft
Find it still intresting that our new snr investor (Askar Alshinbayev) has acquired 59,676,544 shares with no significant effect on the share price.
We all monitor the buys and sells (obviously these are NOT accurately confirmed as either) so how LONG ago did he start buying? or DID he aquire on the previous share placing and has now just tipped over the threshold? But the threshold is 3% and he has acquired 6.19%.
So does that indicate he did not declare previously as we should have seen a greater effect on the SP if it was a recent large quick buy, or as a poster said it was the completion of a very large block buy?
In addtion it also could give an indication to what REALLY moves the sp namely his buys did not..... but the actual "market" valuation of chariot (or a company) can and does.
Example RKH jumped from 9p to +15p on a winning £210mil an award against Italy.
Note they have not been paid by italy (more legal wranglings) as yet and the sp has slowly slipped. There were no sudden increase in buying quite the opposite as people sold some.
But you can also look at Telsa and then GME and the spectacular short squeeze as other and sp mas buying as a different example.
Thoughts anyone, while we twiddle our 5th digits
Rgds Sft
Hi Infar,
Eas a direct cut and paste from CHAR simply Wall Steet report.
Not sure how often they update each report, I was under the impression it is each month BUT maybe not all sections? Would that fit better if you include Westland Investments which AP heads up?
Always very hard to find out confirmed data on who owns what.
Any other sources would be appreciated I.e. financial Times anyone?
Very best Sft
Well GP,
Have a look at this artical and the accompanying pie chart and section "who owns it now"
https://www.occrp.org/en/paradisepapers/kazakhstans-secret-billionaires
But the new big boy in AA has definitely showed his well known hand.
Maybe he wants AP job, he has more shares than AP now unless you ignore Westlands (another Caribbean based company) and /or Leto Trust Singapore holding company?
Any way all rather intresting, its a clue why we have NO real institutional investment......YET.
Will all be revealed soon (ish) who/ what form the farm in partner will be ...SAFE if its TotalEnergies (reduced risk in corruption and control ) but I have my doubts and will not be surprised to see a "finance" deal and "we are going it alone" still.
The days/months to do are getting few
Rgds Sft