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Further, there is clearly an NDA surrounding the exit clause, which would carry through to this point.

NTD

Had there not been a cash penalty and an imminent expectation of a material cash inflow, I think there would have been a small raise and or loan from AP.

Interesting

Yes, we need cash, but

Anchois:

A partial sale through a farm-out might secure anywhere from £37.5–75 million in immediate cash, depending on the asset's maturity and the risk premium negotiated in the distressed environment.

Etana:

Monetising the 34% stake might yield £12–27 million.

The share price is too low versus the asset base and could 💥 upwards.

Namibia:

Might we receive news on a new licence soon?

Oil

Any clues?

Namibia licence

Some form of financing?

Markets clocked that today's news is very positive.

75% of circa 300 bcf, with massive upside potential. Several offers were received prior to signing with Energean.

Valuation Basis – Conservative Scenario

Resource (2C or lower-end estimate): 300 Bcf

NPV (at 10%): ~$500 million (as stated by Chariot)

Chariot’s 75% share of that = $375 million

Market Reality – Sale Valuation Discount

In real-world M&A for pre-development gas assets, buyers rarely pay full NPV. Typical discounts range from 0.1x to 0.4x NPV, depending on:

Resource risk

Infrastructure

Regulatory progress

Market demand

Gas pricing terms

Even at 0.2x NPV, that’s:

$375m × 0.2 = $75 million potential sale value

At a more optimistic 0.3x NPV:

$375m × 0.3 = $112.5 million

Conclusion

Chariot could reasonably sell its Anchois stake for $75–$115 million, depending on market appetite and how much perceived risk a buyer is willing to take on.

And that’s before accounting for:

Any upside from additional drilling

Value in Rissana

Onshore Morocco position

Strategic interest from regional energy players

Gooner

I think this time they might sell Anchois and focus on Etana and Namibia.

The question then is, what could they fetch for Anchois? It has to be a minimum of 2X of the current market capitalization?

It is great news. Char tested the outer limit of Anchois free of charge, while also receiving $10 million. There may even be some cash left in the Energean subsidiary.

The data from A3 has significant value.

Char also received multiple offers to develop A2, with no need for A3.

Expect rapid progress from here as AP has not been sitting on his hands

Aligns with the $85m gross carry

Chariot could sell their stake for a multiple of current market cap.

Market has priced in failure, but Chariot now has more equity in a still-commercial project with strong government support and infrastructure readiness. The upside pitential us 10–15x potential on delivery, ignoring what's progressing with Etana

💥

Yes, apologies, I haven't been keeping track. They agreed to sell the Egypt assets during June 2024, but I just read that the deal collapsed in Q1 2025 due to regulatory issues.

Odd time to contribute to this panel, when you've divested all African assets and in process of exiting Anchois......

The silence from AP re Morocco is now exciting!

Oil

Minus the DST, I don't think they spent close to $77m on 1 well.

Adonis has backed CHAR big time, so to think he didn't fully protect himself in the event of A3 failure wouldn't make sense. He's a smart guy.

If Adonis structured the Energean deal knowing:

A3 = high-risk step-out, testing expansion of Anchois (not A2 core)

Chariot retained full carried exposure on that well

If Energean proceeded — great, they fund the development

If Energean walked — Chariot gets:

100% of the licence back

A cash settlement (potentially $15–20m)

A derisked and updated understanding of the core A2 field

Clean, simplified asset to re-market to pre-identified partners

1. Final Capitalization Step

This is likely the last step in Energean’s financial restructuring before a formal exit.

It appears to consolidate or capitalize any remaining intra-group debt or investment tied to the Anchois project.

2. Triggers Transfer Readiness

Once capitalized, Energean Morocco becomes a cleaner, zero-debt shell. This sets the stage for:

Returning the Anchois license to Chariot, and/or

Winding up or transferring the corporate entity.

3. Imminent RNS Possible

May 9th is a strong signal that Energean’s internal sign-off is complete, and regulatory or operational confirmations may follow within days or weeks.

Chariot may now be waiting on final legal title reassignment or Moroccan ministry confirmation.

4. Explains Chariot’s Silence

The company may be in an NDA or blackout period while this financial activity is completed.

The timing supports the idea that Chariot already knows the outcome; hence, no cash raise or urgent funding activity.