Member Info for Wiggly

We are working on a plan for our portfolio in Morocco and we are rescoping our new venture remit to encompass both oil and gas assets.

The demerger is a strategic unlock, not an asset strip. Done right, it positions Chariot for growth, clarity, and better market recognition.

Not a massive raise. Look like just enough to generate non dilutive funds

That's a dramatic view, surety

Anchois is far from worthless, so if the plan enables significant non-dilutive funding, which enables DST + development of Anchois, that's not a bad plan.

It's not insignificant, especially when they backed the last placing and have also bought on the open market.

CEO funding circa 25% of the raise!

As part of the Subscription, certain Directors and senior managers of the Company intend to subscribe for New Ordinary Shares for approximately US$1 million (£0.7 million), of which Adonis Pouroulis intends to subscribe for approximately US$0.9 million (£0.7 million)

For new buyers:

In this market, it is not often you see a placing at only a 3.6% discount!

I doubt you will be able to buy close to 1.4p following the conclusion.

Fair market cap is £80m+.

Energean's interest in the Lixus and Rissana licences (Morocco) transferred to Chariot Limited, removing further liabilities or obligations in the country.

I'm sure they paid something to CHAR to take on those obligations

In effect we are back to 8th March 2023 when they announced FEED completed

Yes, that is true and the share price was 10x (15p and a MC 7x current) and arguably the portfolio is in stronger shape now vs then. No reason why CHAR should not be trading back at 6p+

Harry is full of SHTI.

Harry - what happened with the predictions below?

On May 12th he wrote:

Enog holds all the cards and they ain’t gonna hand over another cent to Chariot chancers unless they absolutely have to.

Enog could simply let the license time out in Q4. Then what?

I’m pretty sure that the details of the farm out deal are very different from what you think they are. Big let’s see. The truth will out. Or maybe it wont.

On April 30th

Obvious to me that discussions with enog and ministry are ongoing else announcement would have been made. Obvious also it ain’t the slam dunk which some on here have suggested . You know my theory…the SPA was different to the heads of terms published or was renegotiated after the duster. Enog payment for testing off the table. In fact enog probably holding out for a chariot payment. If I’m right, heads should roll but they won’t. More likely AP and co will boast of a great deal and announce juicy bonuses all round. Nice work if you can get it.

It does seem strange. The return of the license from ENOG was major news and would expect it to be backed up by some media interviews.

This discrepancy arises because the website reflects Chariot's legal equity ownership, while the Proactive Investors article discusses the economic interests resulting from the recent financing arrangement.

Sentiment can change quickly. Good chance to average down...

I think the risk of entering here is low.

Lots of upside with the only downside risk being dilution however, recent raises have not been significantly discounted, so I am not fearful of that, especially at such a bargain basement level

Disagree. It's a false bid and decent demand above 1.4..

Often overlooked, due to the A3 drill that followed.

Chariot has installed a Christmas tree at the OBA-1 well in the Loukos license, signaling strong confidence in the discovery.

The well encountered approximately 70 meters of gas-bearing reservoir with no water-bearing zones.

Installing a tree (rare at this stage) suggests they expect successful flow testing and potential near-term production.

Based on typical onshore metrics, the discovery could hold 30–50 billion cubic feet of recoverable gas, possibly more.

At approximately $10/mcf gas pricing in Morocco, that implies $300–$500 million in gross field revenue.

Net present value (NPV10) to Chariot could range from $60–$200 million, highly material for a company of its size.

The find is onshore, low-cost, and close to local industrial demand—meaning fast monetization is possible.

A successful test could significantly re-rate the company.

I am sure there is an option here for significant non-dilutive funding.

Oiltdr

Can you elaborate?

What's the potential value to 'back-in' to these blocks?

Option to back-in to the 2714 A & B “Southern Blocks” licence

Namibia is 'hot'property, so it's possible majors would be interested

In the absolute worst-case scenario, $7 million should be allocated for seismic work.

I am unsure when the seismic survey needs to be conducted, but perhaps Chariot can access these funds, provided they commit to completing the survey within the license requirements.

The farm is was approved by OHYM, so of course there are penalties for failure to deliver on the contract