Member Info for Wiggly

Jimmy

I think that makes sense.

Recent signals from Energean point to a near-term return of 100% ownership of the Anchois gas licence to Chariot. The capitalisation of ~$67m in loans and full provision of Energean’s investment suggest a clean exit is underway — and likely accompanied by a cash settlement, estimated around $15–20 million.

With a market cap of just £17 million, Chariot is priced as if Anchois has failed — yet the pieces are falling into place for a full strategic reset. If it receives a $15–20m cash settlement and regains 100% of a still-commercial asset(200-250bcf), the valuation disconnect becomes stark.

On a conservative basis, a re-rated valuation of £60–80 million is entirely achievable on confirmation of:

Licence return

Cash injection

Updated CPR

Farm-out progress

That implies a 3x–5x upside from current levels, even before FID or development de-risking.

Oilt

Do you know why they would capitalise $67m when maybe 25% +/- has been used ?

Sur

When ENOG farmed into Anchois, they committed to funding Chariot’s costs up to FID, capped at $85M.

Based on disclosures and estimates, only ~$15M has likely been spent so far (A3 well, subsurface work, etc.).

This $67M injection looks very much like ENOG preparing to fully settle their funding obligations, regardless of whether they move forward or exit.

1. If ENOG is exiting, this shows it’s not a walk-away – they’re doing it properly, funding their commitments in full.

2. If they stay, it suggests they are readying for a major development step or operator switch.

3. Either way, this is incredibly bullish for Chariot – the company could soon own 100% of Anchois again, with all pre-FID spend covered.

This kind of capitalisation doesn’t happen for no reason. Something big is happening. Add to that the timing of the IAE Africa forum, where ENOG’s CEO is speaking, and you can’t help but feel we’re near a major pivot point in the Anchois story.

With CHAR still trading at a fraction of its NAV, this could be the spark we’ve been waiting for.

Chariot's pre-FID funding cap of $85M makes this capital injection particularly relevant. If Energean is contributing roughly 55-60% of the required funds, their $67M share aligns with expected commitments, supporting the project through to FID. This reaffirms that Anchois is on track, and Energean remains a key player in its development.

Does the silence from the BOD and no rushed cash raise now make sense??

The linkedin post below really makes sense now.

WOW!!!!

We will be attending Invest In African Energy Forum in Paris 13 & 14 May, with CEO Mathios Rigas speaking on a panel "Seizing Africa’s Untapped Market Opportunities" - where he will make the case for Africa's opportunity to enhance development through to production, which in turn underwrites both #energysecurity & #energyaccess and therefore regional prosperity

Jt, that is an incredible find - thanks for sharing.

Remember, Chariot is already funded up to FID, capped at $85M. That was made clear in prior RNS updates. So any incremental spend required to get Anchois to FID now sits with Energean — and they’ve just stepped up.

This capital move suggests several key things:

1. Commitment to Progressing the Project

You don’t inject $67M unless you're funding real activity — whether it’s EPC prep, upstream work, or pre-FID commitments. This is not a “walk away” signal. Quite the opposite.

2. De-Risks Chariot

With Energean funding their share, Chariot doesn't need to exceed its $85M cap. No surprise placings. No last-minute scramble for funds. They're fully aligned and protected.

3. Signals Near-Term Activity

You don't front-load $67M into a dormant shell. It looks like they’re either:

Covering pre-FID costs as things ramp up, or

Preparing the vehicle for a JV transfer or asset sale — either way, it gets done cleanly and with funding in place.

4. Strategic Leverage for Chariot

If Energean does eventually step back, this is being handled in a structured way. The asset is being prepped for progression, not abandonment. Chariot stands to benefit from any transition or sale.

5. Very Bullish for Project Momentum

This level of capital commitment, in this market, is not casual. It points to confidence — either in delivering the FID with current partners, or in shaping it for new ones.

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Bottom Line: This move strongly reinforces the Anchois story. Energean is either doubling down or ensuring the asset is fundable and clean for the next stage. Either way, Chariot shareholders win.

Tick tock — momentum is back.

Wow. That's significant. Suggests they are about to start spending in Morocco.....

In my work, during tough times, we general cut back on non essential travel. Must have a decent business case to be at these events, or AP has some explaining to do.

Duncan was in Namibia a few weeks back.

Any potential for a deal where they gain access to Nambia, through Chariots ability to secure licence.

Now that would be interesting

Interesting, considering the only asset Energean has in Africa is Anchois.

What's going on?

I don't see why an update cannot be given—even if it is to say they cannot comment due to contractual obligations in the near term.

It may be that it is close to conclusion, hence waiting for confirmation before an update.

Just guessing, though.

They must have completed the remodeling and revised resource estimates by now? The fact that they claimed during March that huge potential remains is encouraging.

I suspect something is afoot with Anchois that explains the lack of a public update. The most recent comments, made in March (Etana proactive update), stated there was still huge value.

Fingers crossed for a comprehensive update soon, including revised resource and forward plans.

Has anyone had any direct contact with the BOD?

I recall that after the A3 drill, the ENOG CEO said they would have to negotiate with the Moroccan government. "There is gas, not as much as hoped or expected, but commercialization will depend on the Moroccan government's support."

Has ENOG formally withdrawn? If not, perhaps this has all been part of a negotiation with Moroccan gov.

Adds substantial value to Chariots Anchois position, which could multiply further if Enog hand back their position

The type of pipeline described in the article—a large-diameter, state-led transmission pipeline (48-inch, 220 km) and its branches—would previously have been considered part of the midstream infrastructure Chariot needed to facilitate commercialization of Anchois.

While Chariot’s original FEED (completed March 2023) didn’t propose building a massive national-scale line, it did include costs for:

A spur pipeline connecting the Anchois processing facility to the Maghreb-Europe Gas Pipeline (GME).

Possibly part of the route now being covered by this new state project.

Now that Morocco is taking responsibility for this infrastructure—including direct connection from Anchois into the national grid via the Kenitra–Mohammedia corridor—this has major implications:

1. Reduced Capex Burden:

Chariot may no longer need to fund or co-develop long-distance onshore gas transport infrastructure. This could remove tens of millions of dollars from capex.

2. Improved IRR & NPV:

Lower capex means higher internal rate of return and a shorter payback period, boosting project attractiveness to partners or lenders.

3. Faster Time to Market:

With state infrastructure in place, Chariot can focus on exploration and upstream development—not infrastructure.

4. Better Financing Terms:

A lighter capital load and government support could allow Chariot to secure better project financing or attract stronger farm-in partners.

The Moroccan government’s new pipeline does overlap with and likely replaces key components of what Chariot would otherwise have needed to build. This is not just supportive—it materially improves the economics, lowers execution risk, and signals strong governmental alignment with the commercialization of Anchois.

This is an exciting development!

Further:

1/ This kind of infrastructure is expensive—and only makes sense if there’s a reliable, large-scale domestic gas supply.

2/ Right now, there’s only one project that fits that bill: Chariot’s Anchois gas field.

It’s the most advanced, de-risked, and strategically located discovery in Morocco.

3/ By committing to infrastructure before first gas, Morocco is making a bold call:

Anchois will be developed.

That’s a huge vote of confidence—not just in the asset, but in Chariot and development plans.

4/ For Chariot, this changes the game:

Lower capex (no need to self-build pipelines)

Easier gas sales (domestic + export potential via GME)

Higher project NPV

Better farm-down terms for Rissana and Lixus

5/ Without Anchois, this infrastructure plan wouldn’t happen.

It’s the anchor.

Rissana exploration and future gas ambitions depend on this foundation.

6/ Bottom line:

This is not just bullish.

It’s strategic validation—from the state level—that Anchois is real, needed, and moving forward.

And Chariot is sitting on the front edge of that wave.

The creation of state-backed infrastructure removes the need for Chariot to fund large-scale midstream assets alone. This leads to materially lower CAPEX, reducing the breakeven threshold for Anchois and improving the commercial case for future exploration at Rissana.

It improves the economics of the Anchois development, strengthens the investment case for exploring Rissana, and increases the likelihood of near- and long-term monetization. This significantly enhances the overall value proposition and makes Anchois + the stock materially more attractive.