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DBC, re your explaination earlier regarding “mobile platforms” that sell orders to MMs for execution, is that the reason all these “A” Trades are either right at the bottom or right at the top of the spread every time? I assume instead of a trading fee the traders are “charged” by way of having to execute at the shown Bid or Offer (like a spread bet) rather than anything in between, at a better price?
Thanks.
BDC, you may be right, but for me, it’s the number of “A” trades that give it away.
They look like Algorithm trades to me. They come in batches, all executed at exactly the same time, (down to the second) look at the ones at 10:18:47 (3 of them), the 2 at 9:37:36, 2 at 9:30:28, 3 at 9:18:19 etc
I don’t have level 2 here so can’t go back further, but I bet there were dozens like this to facilitate the drop.
All I’m saying, is imo, this volume doesn’t warrant the drop we’re seeing.
The flurry of buying has slowed now, so will be interesting to see what happens next.
Let’s face it, if you had a substantial holding and wanted out, you’d have you broker work a sell order at a pre agreed price. That price wouldn’t be in the low 12s or 11s, and they wouldn’t disclose it till it was filled.
This is being “worked”, for whatever reason imo
That wasn’t really my point, Ianfer. By saying (for example) H2, are they definitely saying NOT Q3 (so def not in September??)! IF people want Chariot to “commit” to a deadline for Farm In, they are defo going hedge their bets and say Q1 2024 (people wouldn’t like that either, I’m sure!)
Chariot are negotiating with big boys now who use everything to their own advantage, including holding the Chariot BoD to ransom over time lines. The more woolly they are, the better.
As far as the Chariot BoD being “in on” squeezing PI’s? Nonsense imo.
But the last thing the BoD want to do, is make a rod for their own back, surely?
By giving a specific date to shareholders, they are, by default, giving a deadline date to potential partners to use against Chariot during negotiations.. It’s really not as simple as people are trying to make out here.
WWP,
Yes, 10% dilution (not 15%, as you probably know)
As far as “why they did it” goes, we can only surmise, however, Chariot were handed the Loukos (free gratis as far as we are aware) so the thinking (on here anyway) at the time was that in order to secure it, Chariot would have to prove they had funds for a near term drilling campaign to begin its development. As the Farm Out for Anchois wasn’t/isn’t signed, funds associated with that could not be guaranteed, hence the placing, imo.
Finally, I also very much doubt that the Chariot BoD would have taken on the Loukos license, and the work involved in its development, if they had thought for 1 second there would be a a Zero Net Gain against Anchois in doing so.
I don’t get the rational that individuals who own “a certain number of shares” must be “in the know” or are privy to price sensitive information, that we’re not.
That 400k shares (which isn’t a large amount really) could just as easily have been a punt by someone (anyone really) who’d built a position a day or 2 before the AGM hoping for a quick return, and it’s backfired.
Volume is pretty low and doesn’t look like anyone of any significance “dumping” imo.
Agree with you Ajilimon. Some been “put off” a little by lack of news prior to AGM. I think that, plus the unfortunate situation in Morocco with regards the earthquakes has led to a few maybe reducing their holdings in the area. The same has happened across at Predator Oil) in the last couple of days.
I’ve been here too long to get caught out now, as fundamentally nothing had changed re Chariots assets. Waiting game.
Hadn’t really thought about it Nick, if I’m honest. I would see anything under 10p as a screaming buy obviously. If we got down as low as the 7.5p placing price, I’d assume it would be off the back of some kind of fundamental change that we’d been advised about, so might have a decision to make there, but don’t see that happening.
I’m pretty relaxed tho. We have the gas, we have several parts of the jigsaw in place, we now have a couple of significant holders and are cashed up, so it’s just a waiting game now imo.