Member Info for Surfit

Hey Jt, Thank you for information and posting,

Key comments that COULD be beneficial for CHAR's Anchois, Loukos and MAYBE Rissana are on financing:

" She described the transformation as a way to give the office greater capacity to respond to competition, improve performance, and SECURE broader FINANCIAL resources...."

"....allows a controlled OPENING of CAPITAL under existing laws, the creation of a geo-scientific information system, and the CONDUCT of EXPLORATION activities.."

"....hydrocarbons and natural HYDROGEN, sectors that require a clear public framework to ATTRACT national and foreign INVESTMENT, in line with Morocco’s Investment Charter..."

Obviously we can read it towards our favour but, let's hope delays and silence (from CHAR) are being led by the requirements for this new law to be passed, as said before they are, hopefully, working with or have secured, financing parties but can not pull the trigger untill all involved know or can sign off on, the law being passed.

As the draft law has passed, let's hope that it is as above ( CHAR/ Financing) and we recieve an RNS once its passed. 🤞

NOTE: The intresting inclusion of Hydrogen supports Sound Energy subsidiary company HyMaroc Limited designated for Hydrogen exploration in Morocco and our own long awaited implementation of Morrocan electrolysis pilot project with Oort????

Not expecting any short or medium term returns from this but if it can secure funding "at a subsidiary level" it is a good thing.

ALL speculations until CHAR actual secure CASH, FINANCIERS and RNS it.

GLA

Rgds Sft

Post on the 2nd Fed from ONHYM director General

Chariot gets a small mention, intresting could Loukos be tied into SOU's success. Offshore mentioned too but nothing about development only exploration?

Fingers crossed, as once the Suriname (1st stage of the Nigeria connector) PL comes online to Spain I wonder what deals Morocco will get?

Remember Morocco is also investing in Port LNG plants.

They, I assume, would be pushing exploration in Morocco as a primary objective rather than out laying building import plants...

Will they help Chariot secure financing 🤷‍♂️

Do Chariot need to drill Another A1 ( known gas location) and/ or secure financing for further exploration 🤷‍♂️

Does that have to be done before securing financing for Anchois 🤷‍♂️

What happening with Hydrogen Morocco, Hydrogen Mauritania, Nambia, securing producing assets, Loukos, Rissina Licence extention, MoU with ACWA, 🤷‍♂️

We don't know because Chariot are saying NOTHING

🤷‍♂️

Rgds Sft

Worth a read

https://medias24-com.translate.goog/2026/02/02/pourquoi-tendrara-ouvre-une-nouvelle-page-du-gaz-domestique-amina-benkhadra-1620802/?_x_tr_sl=fr&_x_tr_tl=en&_x_tr_hl=fr&_x_tr_pto=wapp

Hey MF7, intresting and informative information. I had never done or seen the numbers on cash burn that Chariot energy had used up to arrive at this position.

It's shocking.

As an example:

Energean Plc was established in 2007.

2010 name changed to Energean Oil and Gas. The specific initial seed money amount used to form the company is not publicly disclosed, but in 2013 the company received a significant early investment of $60 million from Third Point as an equity.

Shares in Issue 184.28m

Market Cap. £1.58b

Market Size 750

🤔

Andrew Austin foredeck RockRose Energy in 2017 served as the executive chairman of RockRose Energy until it was sold to Viaro Energy for nearly £250 million in 2020, with a significant return to investors.

Then formed Kistos Energy in the same year 2020 with

Shares in Issue 82.86m,

Market Cap. £203.84m

Market Size 3,000

Just shows how important having the right management team is in a company.

We need to send the Chariot BODs these stats.

They really are a disgrace.

GLA rgds Sft

Below details the last and recent key RNS's issued from Chariots O&G department on the status of our O&G and hydrogen assets

There has been no further information FCA deemed sensitive information declared BY RNS from the last dates

Note: FCA Rules dictate an RNS must be issued by publicly listed companies in the UK when they have "inside information" that, if made public, would be likely to have a material effect on their share price.

Anchois/ Lixus & Rissina

14th May 2025 7:00 am RNS Return of Moroccan Offshore Interests

16th Sep 2024 7:00 am RNS Conclusion of Anchois-3 Drilling

20th Aug 2024 7:00 am RNS Commencement of Anchois Drilling operations

24th Jun 2024 7:00 am RNS Agreement signed with Vivo Energy in Morocco

28th May 2024 7:00 am RNS Gas Discovery at OBA-1 Well

7th Dec 2023 7:00 am RNS Partnership Agreements Signed with Energean plc

1st Aug 2023 7:00 am RNS Signing of New Moroccan Onshore Licence

10th Jan 2022 7:00 am RNS Significant Gas Discamery Anchois-2

Mauritania Nour last RNS

11th Mar 2024 7:00 am RNS Completion of Feasibility Study - Green Hydrogen

Morocco hydrogen last RNS

2nd Aug 2023 7:00 am RNS Update on Green Hydrogen Pilot Projects in Morocco

ETANA

21st Nov 2022 7:00 am RNS Electricity Trading Joint Venture in South Africa

1st Jun 2021 7:00 am RNS Completion of Acquisition of AEMP

9 months since Anchois/ Lixus was handed back and 17 months since A3 was defined as non commercial.

No official declaration regarding Nambia, only the usual maybe/ speculations

No official declarions on " income generating assets" only the maybe/ speculations.

Summary: 18yrs of exploration, no developed finds, 1.58billion shares issued and a 1.4p designated ( last raise) SP.

Cash: As of its last reported results for the period ended June 30, 2025, Chariot Limited (the parent company of Chariot Energy UK) had a cash balance of US$5.6 million (7 months ago and POST last raise)

Its going to be IMHO impossible to split the company and leave the O&G solvent with out proof of Anchois financing / development or secured addtional financing.

Rgds Sft

Trumps dislike of wind farms may have its foundation from his golf club in Aberdeen 🤔

https://www.rechargenews.com/policy/hes-back-how-these-turbines-sparked-trump-s-hatred-for-wind/2-1-1848558?zephr_sso_ott=wH85Fv

🤡

You make good points KnC. That's why it's intresting to know how long the process will take: As Chariot seem ( without news) to be struggling to get operatotlr intrest in Anchois.

Still if Murphy's throwing their hat in the room right next door that's not a cheap investment and is encouraging to see they belive there are opportunities.

1. Looking at why AI search reports

As part of a broader strategy to attract international investment, ONHYM has made modern, reprocessed seismic datasets available specifically for the Gharb, Tarfaya, and Agadir offshore areas.

2. Looking at what data

The area is covered by high-resolution 2D seismic data, such as the Geoex MCG 2018 Atlantic Margin Well Tie Survey, which provides deep imaging of structural and stratigraphic relationships across the passive margin.

https://www.geoexmcg.com/news-archive/Morocco-Atlantic-Offshore-New-Data-New-Insights#:~:text=04%20June%202019,545%20and%20547%2C%20offshore%20Morocco.

Wonder if Murphey drill data will later become available to Chariot via ONHYM?

All just musings whilst we wait for information from Duncan Wallace.

Rgds Sft

Cheers Jt: "Examination of draft law"

Hopefully there is a lot going with the Chariot team, the existing ONHYM team and potential financiers.

I still see it difficult to sell the development of Anchois with out flow testing and a redrill (we think) of A1 that's possible 5 to 10 million, considering they may have to plug and abandon the old A1????

It would also be nice to hear what the team think about Anchois /Lixus and Rissana data reevaluation of data post A3? Would ANOTHER CPR ( Competent Persons Report) be appropriate for the field?

Best Regards Sft

Translated:

"January 21, 2026: Review of the Law Transforming ONHYM into a Public Limited Company by the Committee on Infrastructure, Energy, Mines, Environment, and Sustainable Development in the House of Representatives

In line with the High Directives of His Majesty King Mohammed VI, may God assist him, concerning the comprehensive reform of the public sector, the National Office of Hydrocarbons and Mines (ONHYM) is the first institution whose transformation law is being reviewed by the Committee on Infrastructure, Energy, Mines, Environment, and Sustainable Development in the House of Representatives.

Draft Law No. 56.24 relating to the transformation of ONHYM into a Public Limited Company, with the State as the majority shareholder, aims to equip ONHYM with a modern, agile governance model aligned with international best practices, while ensuring the continuation of its role as a strategic lever serving the Kingdom's energy and mining sovereignty.

The future public limited company will be placed under the supervision of the National Agency for the Strategic Management of State Holdings (ANGSPE), guaranteeing rigorous governance, financial transparency, and a clear strategic direction.

ONHYM will continue to champion the Kingdom's vision of energy sovereignty, responsible industrialization, and the sustainable development of the country's subsoil resources.

Building on its geoscientific capital and recognized expertise, ONHYM aims to strengthen its role as a catalyst, in Africa and beyond, in the fields of hydrocarbon exploration, mining, and new energies (hydrogen, geothermal, storage, etc.).

Can not find the date "2nd of Feb" nor any wording on "finalise"

Still Intrestingly find and would be intresting to see if you can find a completion date KnC.

My searches have left it as unknown and open ended ( AI genesis even suggested 2030, but I doubt that) How How important the new ONHYM will be in securing financing has not been detailed in that why can not CHAR secure local partnerships, as they have been in country for a while.

Rgds Sft

Apologies June 2025 RNS informed investors that the 2024 anual report available for download: " Annual Report and Accounts for the year to 31 December 2024 is available on its website"

Kept waiting for mine to come through the post 🙄

https://chariotenergygroup.com/

I fully agree Fernan.

As we know Chariot's O&G side have never been successful commerically. Once the Energean farm in T&C's revealed NO guarantee build of Anchois combined with AP stating ( in the July 2024 webcast) that the A3 drilling results on finding or not finding was NOT important 🙄😂 revealed just how poor AP was either: So very badly Informed by our own drilling team, or was fully misleading investors or did not realise what Energean needed or were going to do....

Either way Chariot revealed how poor they were at negotiations on contracts, preparing Anchois for sale i.e. not realising that they MUST to flow test A2 AND so it seems now A1 not being fit for production purposes ( not sure who or where A1 casing was reported to be such).

Coupled with no flow testing for Loukos either.

Continually diverting the raised cash and subsequent dilutions AGAIN and Again to fund the renewables pillars ( hydrogen, wind solar, desalination ( bought for $1million, sold for 400k and was annually losing money) and the more successful but suprise purchase and development of ETANA. Apart from ETAN it looks like hydrogen is either parked or quietly abandoned.

Intrestingly in the previously supplied accounts ALL the financing of the RENEWABLES pillars were lumped under "Hydrogen costs". How that was allowed in accounting, still confuses me?

It's worth noting the only Annual Report I have recived was for 2023. The last 29 pages " independent Auditors report" was the most informative. Not recieved another since!

Where ANY of their Morrocan assets sit for comicialisation is anyone's guess?

They after 18yrs have no credibility until they produce something.

Buying into a known asset is of concern also as they have absolutely no experience in working as an operator and relying on DW and teams reservoir engineering knowledge is about the same as trusting thier skills in exploration or contract building, negotiations and signing.

It's a big mess, with no funding or development looking like a reality.

It appears that we are NOW hoping ONHYM could assist them with finding local financing but with no end date to finalising privatisation how long could that run for???

Chariot have a lot of well paid men who are supposedly industry experts. I am not sure how long AP has been drawing out $500k + plus pensions, shares and expenses, was it since he stepped up to be CEO or since he formed the company in 2007?

True he has put in a significant sum and loosing it will put a small dent in his reported $100 million, but he has about a lot of other investment vehicles to keep him occupied and posdibley (TBC) generating further income / wages from.

Can DW and the O&G team really get a FID package together from Morroco, the longer it goes on the less likely it looks.

So much for 2022 Anchois quick comicialisation company statements!

Rgds Sft

Hey Fernan, if Murphey did strike commercially viable hydrocarbons then the REAL positive is that it reduces costs for a shared CPF, and pipline, as little Anchois could then be a spur rather than the main event. Of course that could result in adding years to project development or if CHAR still went ahead and developed CPF and PL then they could charge Murphy a fee for use.

Then of course there is the fact that Murphy have been doing this for a while, and reasonably successfully so what "data" did they use to pick the block right next door to Rissina? Was it old 2d if so by who or was it your basic geology analysis? Did they get a look at any of Chariots data during farm in enquiries and decide the data next door looks better we can avoid partnering and piggy back in on via the "maybe" Anchois development?

Just thoughts Rgds Sft

You just know Murphys gonna find the biggest gas resevoir....Next door 😂

Nice find Jt, a while to go yet.

Still it should not stop trying to secure financing, just will not be able to sign off on anything I guess?

Rgds Sft

Hey blissful, thank you for the info and advise.

Too late unfortunately for me: I invested to heavily in one other of those one arm bandits....but like a friwnd of mine who is a commercial diver says: " Dear God please allow me one more oil boom, next time I promise not to squander it on fast cars, hookers and cocaine" and Chariot energy...🙄😁

Now where's that rope 😂

Kindest rgds Sft

Blissful, I am glad you have better luck than me, I literally bought in two days ago and around about 1hour before it dropped from 5p! Down to 4 and then today they announced 3.5p share placing. I will keep away from long ropes or a gun for a few days 😂

I really need to stop investing in shares 🙄

I have come to the conclusion I am inept!

Rgds Sft

How much is the privatisation of ONHYM effecting Chariot?

Completing a Google AI search on WHEN the change will be completed resulted in this result:

"The Moroccan government approved a draft law (No. 56.24) on June 26, 2025, to transform the National Office of Hydrocarbons and Mines (ONHYM) into a public limited company (société anonyme - SA).

While the approval was announced in June 2025, specific, finalized timelines for the legal completion of this transformation were NOT released alongside the initial announcement"

It does give DW more time to try and get intrest in raising funds on a seismic survey for Rissana.

Does any one on the bb, think that ONHYM may not be able to issue renewals or grant new licences during this crossover period?

It would most certainly be slowing down any financing agreements.

Has anyone contacted Chariot asking how big a role ONHYM are playing in securing financing. Not that I think they COULD answer , but the delay to privatisation MUST also be affecting "potential" external partner financing for ANY of Chariots Morrocan project?

1. Waiting on Anchois

a. Status of A1: Does it need redrilling for development and production purposes

b. Confirmation that a flow test is or is not required prior to FID/ Sanction of Anchois

2. Status on Rissiana: a. Licence b. Next steps I.e. seismic or exploration, c status on farm out.

3. Status on Loukos: a. Flow testing OBA-1, b. Next steps i.e: Another drill or out for farm out only and if so how many intrested parties or how far down a farm out process or if no intrested parties is Chariot aim to self finance?

4. Status on Project Nour what is Chariot currently doing to progress the project, b. What are TotalEnergies currently doing to progress the project.

5. Status and time lines on Morocco electrolysis pilot program: Has it started? What is required.

6. Status and intentions in Nambia

7. Status on securing an existing producing asset.

Note: Realistically not expecting then to divulge any thing on point 7. As previously stated it would be a really poor reflection on an exploration company after 18yrs to buy production before finalising thier Morrocan " find".

Best regards Sft

It would be good to get a status up date on our supposed projects.

PRD, Sou and Char all have and the thing is in the Jan 2025 presentation Paul Griffiths confirms belives that the Hydrocarbon rock strata is not going to North Sea or Algeria more like Island small pockets.

Which is something I started to worry about and probabley what DW ( and AP) may have finally twigged or realised.

Would be intresting to pose that question at our own next Q&A opportunity I.e. does the geology of the region really support good potential for large gas resevoirs?

Will he intresting to see what happens with SOU there farm inbpartner is covering the cost of two important onshore drills, that all are hoping hit good results to move what they have recently started production on with their micro gas plant.

Remember as far as we are "guessing" ( not been officially told yet, there has to be another drill to replace A1 correct?

Sincerely Sft

Ps sorry about the spelling: flipping auto correct!

I just had a listen to Paul Griffiths CEO of Predator Oil and Gas, not done any research on him but he did make me smile on his VERY no nonsense approach in their January 2025 corporate presentation.

Their G&A operating costs are stated at £950,000, stating no employee's only consultants....now there was me thinking I thought "consultant were more expensive than employees....May at Chariot have "employed" a lot of Directors and Manager, but I guess we need to pay them top dollar for all our winning speculations 😂

PG was holding the presentation from his house and on his own...there sp is now at 5, half our number of shares issued, more cash in the bank and generating an regular income 🤔

I have a feel that one man knows more about O&G than the whole of Chariots teams put together.

Such a good fun presentation.

Worth a listen two IMHO.

PS not selling them in any form, I have no shares in them.

Rgds Sft