Member Info for whimax

NFT, your FOMO is palpable.

If you didn’t care, or weren’t worried about missing out, you wouldn’t still be here trying to convince others to miss out with you.

Laughable 🥱🤡

I never left mate.

Yeah, I’d sell if were you FFX, and buy back after the next raise 😉🤡

Keep them coming Harry.

You’re about to look incredibly stupid. More stupid in fact, than you have at any point up till now, if that’s even possible! 👌

Cos he’s a dik!!

HarryCarter, have you ever heard the expression “it’s better to stop talking and be considered an idiot, than to keep taking talking and remove any doubt”?

That’s where you’re at right now.

You’re just talking/posting for the sake of it and making an absolute fool of yourself.

Harrycarter, you’re really not understanding the situation here at all, are you?

You keep banging in about ENOG “trying to do a deal” or “moving their 45% share on” or “getting something for it” but what you fail to understand is, even if this is what they were trying to do, they do not have have the legal right to do so without the consent of Chariot and/or ONHYM. Chariot and ONHYM would ONLY accept this as an option IF it was “sold on” under the same contract conditions as ENOG signed on the original contact OR they were completely happy with the terms being offered by whoever was taking on ENOGs share.

To suggest that ENOG can just unilaterally “sell” their 45% to whoever they like for “whatever they can get for it” is complete and utter nonsense. You’re an idiot who literally knows nothing about what’s going, and you really should stop listening to whoever is feeding you this rubbish!

HarryCarter, it’s doesn’t “make sense” to you because you’re a idiot ‘pal’ and have no idea how these things work. Chariot cannot speak or update on Anchois until ENOG make a decision and formally tell Chariot they are either walking away or proceeding.

ENOG are the ‘Lead/Operator” and as such the are in control of news flow.

Your lies about new contracts being signed are just nonsense. You are suggesting Chariot and ENOG have materially altered the terms of the deal and haven’t bothered to inform us or the market. You’re taking rubbish.

As Jimmy says, there is clearly a lot of reprocessing of data to be done before ENOG decide which way to jump. What they can’t do is dictate new terms to Chariot against their wishes. If ENOG want to change the plan, Chariot and ONHYM need to agree to it. If they don’t, ENOg have 2 choices……stump up some compensation and walk away, or stick to their financial obligations and get on with it. If they try anything else they risk damaging what’s left of any good will they have with ONHYM and foregoing ANY chance of ever being involved in any future exploration in Morocco in the future.

Now wind your neck in and stop spreading your verbal muck.

That’s not really the issue here Starbank.

HarryCarter is making Libellous claims against Chariot in his posts. He is saying that the Chariot BOD have signed off on and revised a legal document without officially informing the market or its shareholders.

These are complete and utter lies and fabrication.

I suggest others do as I have done and report this post to Admin and have it removed I did the same the last time he came out with the BS. I have also asked Admin to ban him this time before this is taken further.

It’s just as well we’ve got people like yourself with their finger on the pulse to keep us informed then, isn’t it HarryCarter. We’re so incredibly fortunate to have access to your in-depth knowledge, and that you so selflessly give up your valuable spare time to look out us and share all the behind the scenes info that you have access to.

Thank you harrycarter 🙏🏻

🤡

Unlikely

In which case, then Yes, I agree with your point 1. I was under the impression you were referring to ENOG rewriting a new contract, not Chariot with another Farminee, after ENOG had given back their share..

Very unlucky we would want the same conditions/set up, or offer them.

You’re right there BDC, those are bullet point(less)s.

Point 1. Maybe spell out to me what it is you think ENOG can do with their %age. You say you are not saying they will sell it on, but you also mention a “new contract” being drawn? Who with exactly, on what kind of terms, and what makes you think they have any kind of authority to just wander off and renegotiate or draw up another contract with Anyone, simply because the original contract has turned out not to be to their liking. You appear not to understand how the business world works BDC.

Point 2 - sitting waiting on ENOG to time out won’t cost Chatiot too much money (they sit, and they wait for ENOG to time out, with no financial obligations to fulfill in the meantime, get the acreage back and go again) HOWEVER, it is in both their interest to resolve this as quickly as possible and move on.

Point 3 - not sure what your point is here, but BOTH companies were presumably betting big when they signed the deal. It doesn’t always work, but that doesn’t mean you get to rip up the negotiated, signed contract.

Point 4 - then I’m away for now. Part of the deal is that ENOG will pay for seismics up to a value of $7m. I assume at a very basic level, you agree that was not “subject to hitting a well that was worth flow testing” and also that ENOG has NOT fulfilled that part of the deal? Yes?

Yes, it’s a cap. No, none of it has been shot? Correct?

Therefore that = an unfulfilled financial obligation. No?

If you believe that what ENOG has done to date constitutes meeting their financial obligations over and above that $7m, then fair enough 🤷🏻‍♂️

I’m reading what you’re writing and it’s not making much sense.

What you’re saying is that Chariot agreed to a deal which was full of holes and they effectively guaranteed ENOG a drill result that they could flow test, with no repercussions to ENOG in the event that it failed. Are you serious, cos that’s what you’re implying.

You’re also implying that an ” unflowtestable” drill result would let ENOG off the hook for the Seismics, AND that ENOG could just punt their share on to another company if they fancied it, and Chariot would just have to sign up to it under a new contract.

You haven’t seen the terms off the deal, and neither have I (we’ve only seen the outline of it in an RNS) but if you think Chariot, or any other O & G company for that matter, would agree to any of those terms, you should have sold by now.

Best we leave it there I think.

And yes, I am suggesting that Chariot hold more power over the “license” than ENOG, because they own it. What Chariot signed was an agreement to develop it, and agreed to ENOG taking the lead on that development based on certain criteria being met. ENOG haven’t met them so if they walk, they are defaulting on the agreement.

It’s like buying a car on HP then selling it to a mate without paying off the finance. There’s small print and legal clauses which prevent you from doing it.

Come on lol.

“'whoever bought it would still be responsible for fulfilling ENOG obligations under the original agreement' I don't think this is true either. ENOG the company signed the contract with Chariot based on a negociation between the two companies, no other company would be bound by that contract, a new contract with different terms would be written up.”

So by that logic, ENOG, or indeed anyone signing a Farm In, could sign a contract on whatever terms the existing license holder demanded, then just do nothing, OR worse still, then sell their share on to someone else for a £ and all obligation under the original contract become null and void?? Come on mate, let’s be serious for a second, cos that’s effectively what you’re suggesting here.

I’ve never heard of an O & G Company win or pay for a license and refer to it as “Farming In” BDC. The license was ‘awarded to Chariot’ and ONHYM retained 25% imo, at which point Chariot became owners of the license. Chariot still own it, but ENOG have “farmed in” with a %age which means they are currently “Operators”. What you and HarryCarter is suggesting is that by taking the largest %age ENOG have effectively become owners. It’s just not the case.

As far as the rest goes, that are too many “Ifs” in there for me. You’re basically stating worst case scenario (which is your prerogative) but IMO we’re already priced for that, and it’s not going to happen. If ENOG walk (and that’s yet to be confirmed) iMO they will be required to compensate Chariot for some or all of the financial obligations that they have so far failed to meet. That will undoubtedly entail some serious negotiations and no doubt some give and take on both sides before it’s agreed.

Harry-the-troll is also suggesting that ENOG are trying to punt on their share of the Farm In. What he fails to say (unsurprisingly, as he appears not to know very much at all) is that even if that were the case, whoever bought it would still be responsible for fulfilling ENOG obligations under the original agreement, so it would ultimately make no difference to Chariot, even if they and ONHYM were to sign off on it, which is highly unlikely, unless it suited everyone IMO.

No, I don’t think so BDC. Chariot have, a far as I’m aware, carried out all of their obligations to date, both within the overall license AND within the partnership. It’s crystal clear what ENOGs obligations are within the Farm Out agreement, and it’s also clear that they haven’t come close to meeting them. They are still on the hook for at least a flow test and seismic.

Think you’ve also answered your own question tbh. As you quoted “ if a farm in partner fails to meet its farm in obligations by a specific date, the license interest is assigned back to the original holder”.

Chariot did not Farm In, they Farmed out and they are clearly the Original Holder referred to in the excerpt above. It’s a stretch to think that the Moroccan Govt would refer to themselves as “the original holder” and not ONHYM, IMO.

Ignore HarryCarter, hes troll who knows absolutely nothing about what’s going on here.

Harrycarter, it’s clear ENOG have not come close to meeting their financial obligations under the Farm In agreement, so IF they want to “Walk Away” that will be just one of the negotiations required in order to nullify or cancel it, and will most probably result in some kind of compensation to Chariot as a result.

You are completely wrong about the license tho, and have done nothing but spread verbal muck on this BB since day one. If ENOG walk, it reverts back to Chariot, end of!

I’m not getting involved in a back and forth with you. You are a troll who gets off on spreading lies and fear on BBs of shares you are not invested in, so to mind you have done little or no research and should not be trusted.

Again, there is a reason your earlier post was deleted. It was nothing more than lies, which will ultimately land you in hot water if you don’t pack them in.

Sorry HarryCarter, but that’s all just utter drivel.

For starters, Chariot own the licence, ENOG only Farmed In and became Operator, not owner. If they walk away, they are not entitled to “sell on” their ‘bits’ to third parties (lol, that’s just absolute nonsense 🤣). If they walk, their share reverts back to Chariot, simple as that.

You’ve done nothing but copy and paste someone else’s rubbish on to here since the day you first appeared, and you clearly know nothing, either about Chariot or how the sector works in general.

You’re an absolute clown and my previous statement still holds. You’ve now gone from “it’s common knowledge on the rig) to “I’m only passing on what I’ve heard” and “rumours”.

You better be very careful or you’re going to end up in the middle of something you don’t want be. I have a screenshot of your post from earlier that Admin took down.