Member Info for Wiggly

Re ANCHOIS

The commercial fundamentals of a revised development remain solid due to the robust gas market fundamentals in Morocco, with strong gas demand, gas prices and excellent fiscal terms. We estimate that a c300Bcf development with a 70MMscf/d production plateau and a gas price of US$10/Mcf could generate a NPV10 of >US$500m, an annualised FCF of >US$150m and project payback of

As predicted, strengthening and ready for a big uplift!

We update our valuation following the placing and subscription, and we also assume a fully subscribed retail offer to raise an additional US$1m. We update our target price in line with our risked exploration NAV at 5.9p (previously 8.9p), a 3.1x premium to the current share price.

I've called it wrong many times before, but today I think we will see a major uplift.

That criticism overlooks some key context. While it's true that management has historically redirected some funds, that doesn't automatically invalidate the current cash analysis.

The fact that only $1.5 million from the recent raise was earmarked specifically for balance sheet strengthening does matter — because it implies the bulk of the funds were not immediately needed to plug holes or cover costs, at least not at the time of the raise.

As for past instances like Loukos or Namibia, yes, plans evolved — but in junior exploration companies, reallocation isn’t uncommon given shifting priorities or partner dependencies. It doesn't necessarily signal financial mismanagement; it reflects operational pragmatism.

Additionally, the suggestion that some cash may have stayed within the business when the Energean subsidiary was transferred is credible and could account for more retained value than the market expects.

So while skepticism is healthy, dismissing the current cash thesis entirely because of historical grievances risks missing a potentially material disconnect between perceived and actual financial position.

Star

'Management has not disclosed the current cash position, which could be as high as $20 million'

The market has been pricing in a near-zero cash balance, so any confirmation of a significantly stronger position is likely to trigger a very positive reaction.

There’s a reasonable basis for this assumption: only $1.5 million from the recent raise was earmarked to strengthen the balance sheet, and it’s possible some cash was retained when the Energean subsidiary was transferred.

We should have clarity soon, but at 1.4p (if you can get it tomorrow morning), the risk-reward looks highly attractive.

The market has been predicting cash at

As per my previous posts, I'm forward looking. Weighing things up, I see massive potential from 1.4p

Why cut the sentence in half?

Dilution is acceptable as long as the enterprise value increases.

Dilution is okay so long as the enterprise value increases. If concerned, it is best to just sell.

I actually see the recent moves as strategic rather than a sign of neglecting Loukos.

First off, the installation of a Christmas tree at the Loukos wellhead tells us Chariot is serious about future monetization — they’ve made the asset "test-ready." But rather than burn limited cash testing it outright, they’ve chosen to bring in a partner. That’s smart capital discipline. Why risk precious funds on early-stage production when you can de-risk it through a farm-in and potentially secure carry terms?

The recent raise gives them flexibility, but it's modest — about $6 million — not nearly enough to fully fund Loukos, Anchois, and renewables in parallel. So they're allocating funds where they can extract maximum strategic value. Investing in new wind projects helps strengthen their renewables division, which could eventually be spun out or monetized separately. That’s important optionality, especially if a demerger is on the table.

Meanwhile, Loukos doesn’t disappear. A partner could fast-track testing and development with Chariot still holding a meaningful stake. And let’s not forget — Loukos has already shown promise. Flow testing is not off the table; it’s likely being timed for better financial or strategic conditions.

In the bigger picture, Chariot is positioning itself as a high-upside hybrid — early-stage gas with near-term catalysts (Loukos, Anchois) and renewables that could command their own valuation. For holders, that diversification could pay off handsomely.

Fernan

According to the RNS they are actively working on a farm out. See below

Chariot drilled two wells in the onshore Loukos licence in 2024 which resulted in a gas discovery in the OBA-1 well and also significantly de-risked the presence of thick, high-quality reservoir in the targeted plays. Chariot has also continued with its interpretation and analysis of re-processed 2D and 3D seismic data which, due to significant improvements in seismic imaging, has revealed larger and higher volume targets within the block. Over 100 Bcf of resource potential have now been identified and the team have described multiple drilling and testing opportunities, within both existing gas discoveries as well as new opportunities. The forward plan is to attract investment through a partner to allow the execution of a multi-well programme which could secure sufficient resources to allow for a meaningful development. As with the offshore, the fundamentals remain strong and gas from Loukos could be delivered directly into the undersupplied domestic industrial market which offer the potential for high gas prices and which could be rapidly executed.

 

A farm-out process is already underway for this campaign on Loukos and the intention, across all the Moroccan portfolio, is to partner with aligned parties to collaborate, secure funding and take each asset forward.

Shax

I'm looking forward to the returns from my 1.54p buy-in.

It does scream ponzi scheme, I’m sure we’ll continue to see these fund raisers until it’s time to drawdown the curtains.

Absolute BS. Anchois and Etena are real with real value

Oil,

That's a great observation. It suggests one of two things:

1. Management likely has visibility on near-term cash inflows, project-level financing, and external commitments that the market has not yet priced in.

2. Chariot’s cash balance was higher than the assumed $2 million before the raise.

This all further supports the thesis that Chariot is materially undervalued, and the market is still pricing in legacy funding risk that may no longer exist.

I have some shares from the time of Nimrod (fully written off), but bought many more recently at 1.54p. I have enough and will not be buying more.

I am hopeful we will see a major rebound to pre-A3 levels. I don't see any justification for trading at current levels other than fear of the immediate placing (which is now in the past).

Gooner,

Based on some facts (not ramps) 8p and above is possible. In time, perhaps 13p+

With 1.5 billion shares in issue and =>$8 million cash on hand (post-raise), here’s a reasonable equity value estimate based on a sum-of-the-parts (SOTP) approach:

1. Etana Energy (34% stake)

Implied valuation: $34 million

Fully funded, first revenue in 2 years, scaling quickly with trading margins and PPA deals.

Assign full $34m.

2. Power Generation Projects

Expected $9m EBITDA from initial assets (315MW wind + 40MW solar).

Use 8x EBITDA (reasonable for renewables infrastructure):

$72m enterprise value

Assume Chariot's net interest (post-financing) is ~30%

$21m equity value

3. Power to Mines, Water & Hydrogen

Early-stage, minimal current income but significant strategic potential.

Assign modest placeholder value:

$10m combined

4. Moroccan Gas Assets (Anchois + Loukos)

Revised Anchois development plan and >100 Bcf Loukos resource.

Assign low-end upstream EV/2P multiple (e.g. $0.50–$0.75/Mcf for Morocco).

If you assume 250 Bcf net recoverable (Anchois + Loukos) $125m–$190m

Discount for execution/farm-out:

$80m

5. Namibia Back-In Right (10%)

Optionality value, speculative.

Assign: $5m

SOTP Summary (USD)

Asset/Division Value

Etana (34%) $34m

Power Generation Projects $21m

Water, Power-to-Mines, H2 $10m

Morocco (Gas) $80m

Namibia $5m

Total Enterprise Value $150m

Net Cash (post-raise) $8m

Equity Value $158m

Per Share Value

$158m / 1.5bn shares = $0.105 per share ~8.25p per share

This suggests shares are deeply undervalued at the current ~1.4–1.5p level, assuming these asset values are realised. Execution risk, dilution from project-level equity, and farm-outs remain key uncertainties, but the demerger may help unlock this valuation over time.

1. Strategy

Chariot plans to demerge its Upstream Oil & Gas and Renewable Power divisions to unlock value due to differing investment profiles.

Funds raised will secure stakes in gas, wind, and new upstream assets and support the demerger process.

2. Transitional Power (Etana Energy)

Etana Energy: Chariot holds a 34% interest.

Operates in South Africa’s deregulated energy market, trading green electricity via wheeling across the grid.

Secured $175m in financing (includes $20m equity) to fund projects and operations.

First project: 75MW solar (Du Plessis Dam PV2), 20-year PPA signed.

Projects expected to deliver:

15% average margins,

$10m annual EBITDA/free cash flow within 2 years,

$34m implied valuation of Chariot’s stake.

3. Power Generation Projects

Chariot has direct equity in 315MW of wind projects (with a major European IPP).

Additional 40MW solar project at Tharisa’s mine nearing financial close.

$9m net EBITDA expected from initial generation projects.

Equity funding of up to $30m at the subsidiary level is in progress.

4. Power to Mines & Water

Zambia: 430MW solar/wind for First Quantum’s copper mines.

Zimbabwe: 30MW solar for Karo Mining.

Water: Pilot project in Djibouti operating well; further expansion and funding discussions ongoing.

5. Green Hydrogen

Mauritania: Project Nour with TEH2 (TotalEnergies' JV).

Morocco: Pilot electrolyser project with Oort Energy.

To be included in the Renewable Power arm post-demerger.

6. Upstream Oil & Gas Expansion

Broadening into production, development, and exploration assets, aligned with renewed investor interest.

Moroccan Portfolio

Lixus & Rissana (Offshore):

Chariot now 75% operator (post-Energean transfer).

Anchois-3 found gas but failed to add volumes; rescaled development now planned based on Anchois-1 and -2.

Rissana has large, drill-ready oil & gas prospects.

Loukos (Onshore):

Two wells drilled in 2024; gas discovery at OBA-1.

New seismic data reveals >100 Bcf of resource potential.

Farm-out underway to fund multi-well development.

7. Portfolio Expansion

Namibia: Chariot retains a 10% back-in right on Blocks 2714 A&B offshore.

Continues to target low-cost, high-impact upstream opportunities in Africa.

It's not all bad!

Harry,

If there is no value in Chariot, then who would invest £4m in CHAR? Your story makes no sense.

Not only invest, but invest at today's market rate. Show me another example of an AIM placing at only a 3.6% discount. Very unusual, and thus I think a re-rate next week is likely.

A rerating is now increasingly likely, for several reasons:

1. Dilution Overhang Removed

The placing and open offer remove near-term funding uncertainty, which has been a major drag on sentiment and share price.

Investors now have clarity on cash runway and a defined strategy—key ingredients for market confidence to return.

2. Clear Strategic Direction

The planned demerger of renewables offers a compelling new value proposition: two focused, investable entities. This is a known catalyst for rerating when executed credibly.

3. Valuation Now Ridiculously Low

At ~£20m market cap and ++£5m cash, the market is valuing:

Etana (with a $175m funding package) at essentially £0

Anchois and the new onshore oil discovery at near scrap value

That’s not sustainable if either arm begins to deliver commercial progress or signs a partner.

4. CEO Buying Sends Signal

Adonis Pouroulis putting in $0.9m personally in the raise is a strong confidence signal. Institutional and retail investors often follow insider commitment.

5. Low Expectations = Rerating Potential

The market has clearly priced Chariot for failure or stagnation. Any positive news from:

Progress on the demerger

Etana growth or monetisation

Anchois or onshore licensing/farm-outs

…could spark a significant revaluation.

Bottom Line:

The conclusion of dilution risk, combined with strategic clarity and asset backing, creates ideal conditions for a rerating. The market may still wait to see signs of execution, but sentiment could shift quickly now that the overhang is gone.

Expecting news flow to commence in the weeks ahead.