Member Info for Wiggly

Joey

What are you expecting from the diamond sale ?

Any 3rd validation of the estimated value ?

Positive Diamond update 21st, placing 23rd. Why would you boost share price 2 days prior to a placing?

How do they get away with it?

99/100 AIM companies in char position would be ramping this via RNS. Revenue may not be material but it’s a significant milestone

The fact they have not yet is positive. Hopefully a comprehensive strategic update being drafted

Suspect an RNS will be released - perhaps tomorrow. It’s a significant moment

The new Boston Hydro project confirms Etana Energy (49% owned by Chariot) is now delivering baseload power into its long-term Growthpoint PPA. This marks a major step from concept to revenue, proving the private wheeling model works.

The Growthpoint deal covers about 195 GWh per year, worth around $14–15m in annual revenue and $7m EBITDA, giving Etana a platform value of roughly $60m+. Chariot’s share is about $28m (£23m), nearly the full current market cap.

This excludes the huge upside from Anchois Gas and Mauritania Renewables. Etana’s execution shows real progress and growing value that the market is yet to price in. A demerger or external funding event could easily re-rate Chariot toward 3–5p per share.

Possibly a tie up with SLB/SS7?

Yes, OHYM and another

Looking back, it’s starting to look like there’s been a clear plan in motion.

The small $6m raise back in May wasn’t a survival raise; it was a bridge. Chariot likely wanted to extend runway just long enough to reach the ONHYM partnership announcement for Anchois, without heavy dilution at a depressed price.

Once ONHYM’s new structure is confirmed and the partnership formalised, Anchois becomes state-backed and fully de-risked. That’s the moment to raise bigger at a stronger valuation.

With that funding in place, the focus shifts to OBA-1 at Loukos, a low-cost, quick-cycle onshore gas play that could generate early cash flow and demonstrate commercial delivery capability.

Meanwhile, Etana in South Africa gives optionality. If a strong offer comes, they can sell down part or all to recycle capital without issuing new shares.

In short, the likely roadmap is:

Small raise to bridge until ONHYM deal

ONHYM announcement leading to full funding for Anchois

Larger raise at higher valuation to drill OBA-1

Etana optionality as a liquidity lever if needed

If that’s the playbook, it’s capital discipline at its best: minimal dilution, state partnership, and multiple catalysts that could finally move Chariot from a £30m microcap into a few-hundred-million-pound growth story.

The ONHYM S.A. reform could be the missing piece enabling Morocco to co-fund and de-risk Anchois.

If Chariot retains 25%–30% but is fully carried to first gas, the market will likely revalue it sharply

potentially to £150–200 million market cap (10–15 p/share) once confirmed.

Not long now, as Mr Olidtr advised recently…..

Yesterday and today

Egypt vs Morocco – are investments bypassing Morocco?

Egypt is ramping near-term well count in proven basins; Morocco is prioritising route-to-market (LNG, pipelines) and selective, de-risked drilling plus farm-outs.

Different strategies: Egypt = volume now; Morocco = infrastructure-led monetisation that can lift project bankability for domestic gas.

1) Rock strata / reservoir plays (Morocco, Chariot acreage)

Lixus / Anchois: stacked Miocene turbidite gas sands (“A” and “B” intervals) with three wells to date all encountering gas.

Rissana: large Tertiary basin-floor fans and Jurassic clastic plays with multi-TCF potential.

Loukos (onshore): shallow gas fairways tied to legacy well control and reprocessed 2D/3D; OBA-1 discovery demonstrates play.

2) Seismic coverage

Offshore (Lixus/Rissana): multiple modern 3D cubes plus reprocessed legacy 2D/3D; six historic wells for calibration.

Onshore (Loukos): reprocessed 2D/3D integrated with new wells; portfolio matured post-2024 campaign.

3) Why LNG port + pipeline first

Guarantees immediate security of supply as domestic fields mature and ties industrial demand to gas availability.

Reversed GME and new trunklines underpin offtake, improving bankability for Anchois/Loukos and any future tie-backs.

Aligns with phased regional pipeline ambitions and rising power/industrial gas demand.

4) What recent re-evaluations indicate

Anchois/Lixus: pivot to an optimised, lower-capex Phase-1 with near-field upside (e.g., Anguille-type tie-backs) retained.

Rissana: giant-scale prospects remain the step-change; farm-out process active to fund testing.

Loukos: >100 bcf portfolio matured; multi-well programme outlined; farm-out targeted to accelerate appraisal/commercialisation.

5) If a partner is secured for an Anchois appraisal/flow test

Expect near-field appraisal and exploration to follow, aiming for quick tie-backs into Anchois Phase-1 infrastructure.

Partnering de-risks capital and validates the development concept, enabling phased growth.

6) Why “radio silence” on Loukos OBA-1 and the Vivo collaboration

Likely NDA-bound commercial talks (farm-out, midstream/offtake) rather than technical stall; onshore is cheaper but still needs offtake certainty.

Company focus on corporate split and asset-level funding means sequencing: secure partner/offtake first, then commit to flow-tests and facilities.

“Rapid commercialisation” remains contingent on CNG/midstream contracting and scale-up plan across multiple shallow targets.

Making move for takeover

Bongo

One of the most overlooked positives with Chariot is just how tightly held this company actually is.

CEO Adonis Pouroulis continues to back the business personally – repeatedly. Every placing, he steps up with real cash, not options. That’s rare on AIM. He’s already one of the largest individual shareholders, holding a significant personal position built over multiple years.

Adonis Pouroulis holds 143,586,381 Chariot shares, which was 9.10% of the company immediately after the June 19, 2025 fundraising.

Chris

I’ve laid out expected events and IMO they are all high probable.

Please challenge them if you see reason to.

Current market cap around £30m. Roughly 1.5bn shares, so 20p/share = £300m valuation.

Here’s a realistic sequence that can take it there

1. Updated CPR (Anchois)

• Confirms commercial gas volumes ~250–300 bcf

• De-risks project after Energean exit

• Restores institutional confidence

• Market revalues gas division to £75–100m

• Potential share move 2p to 4–5p

2. Strategic Farm-Out / New Partner

• Brings carry or upfront payment on Anchois

• Removes funding risk on ~$350m capex

• Validates asset quality through partner entry

• Implied project equity value £100–150m

• Share potential 4–5p to 8–10p

3. Etana Power – First PPA Signed

• 34% Chariot ownership in South Africa IPP platform

• First industrial solar + storage PPA close to signature

• Cashflow visibility and bankable platform

• Portfolio >500 MW renewables in pipeline

• Adds £50–75m of equity value

• Share potential 8–10p to 11–12p

4. Project Finance Mandate for Anchois

• Debt package secured for remaining funding

• Confirms pathway to FID and first gas

• Market begins pricing Chariot as a near-term producer

• Share potential 12–15p

5. Renewable Expansion + New PPAs

• 2–3 additional PPAs in South Africa and region

• Positions Etana as scalable IPP platform

• Renewables business valued £100m+

• Share potential 15–17p

6. Mauritania Hydrogen Progress

• TotalEnergies JV advances Project Nour

• Multi-GW wind/solar hydrogen concept gains traction

• Adds optionality value of £25–50m

• Share potential 17–19p

7. First Gas (2027 target)

• Transition from explorer to producer

• >$100m annual cashflow potential at $10/mcf

• Producer multiple supports £300m+ valuation

• Share potential 20p+

Summary

• Gas, Renewables and Hydrogen each form a distinct growth leg

• Strong government support in Morocco and South Africa

• Management heavily aligned and consistently funding

• Capital-light strategy limits dilution

• Multiple catalysts ahead, each with real asset value attached

At ~2p, the market is pricing Chariot like a failed explorer.

Yet every upcoming milestone can deliver genuine step-change value.

The risk/reward here remains one of the best on AIM.

With positive news there willl be a long way to run

Market cap currently sub £30m. With positive developments across the range of drivers listed in previous post there is a CLEAR PATHWAY TO 10 BAGS.

YES SIR, 10 BAGS FULL!

Value drivers

Gas Division – Anchois & Morocco Basin

• Large, high-quality shallow-water gas discovery in Morocco

• Low capex, low opex, strong margins and rapid payback once producing

• Direct access to Moroccan industrial gas users via existing grid

• Premium gas pricing expected ($8–12/mcf) due to local demand

• Nationally strategic project with strong government support

• Updated CPR expected to confirm commercial scale and de-risk reserves

• A3 well improved geological understanding and basin potential

• Farm-out discussions likely to attract a strategic partner and reduce funding risk

• Significant exploration upside across Lixus and Rissana

Renewables Division – Etana Power

• 34% Chariot ownership in Etana Power, South Africa

• First PPA with a major industrial client nearing signature

• 500+ MW project pipeline under active development

• Strong demand for private renewable power amid Eskom shortfalls

• Cashflow expected once first PPA reaches financial close

• Scalable Build-Own-Operate model with low capital exposure

• Expansion potential across southern Africa through partnerships

Green Hydrogen & Transition

• Project Nour (Mauritania) JV with TotalEnergies Hydrogen

• Multi-GW green hydrogen and ammonia potential

• Supported by Mauritanian government with export routes to Europe

• Long-term optionality not yet priced into market cap

Financial Strength

• ~$8m cash post May 2025 raise

• Minimal debt and lean cost base

• Capital-light structure through farm-outs and JVs

• Management and insiders continue to invest personally

• Strong alignment with shareholders

Macro Tailwinds

• Morocco gas demand growing >8% annually

• Domestic supply deficit driving structural pricing support

• Africa-wide transition push for renewables and local energy security

• EU–Africa integration creating long-term export opportunities

Re-rating Catalysts

• Updated CPR and resource statement

• Farm-out or strategic partner announcement

• Etana PPA signature and project finance milestone

• Financial close on first renewable project

• Mauritania hydrogen progress update

• First gas target (2027)

Valuation View

• Gas assets alone could exceed $400m NPV(10)

• Renewables worth $50–100m+ on PPA basis

• Hydrogen adds significant long-term upside

• Market cap around £60–70m remains deeply undervalued

• Multiple near-term catalysts ahead — risk/reward strongly asymmetric

The goal is clear: to position natural gas as a long-term strategic asset—one that can power Morocco’s future, drive industrial expansion, and enhance the country’s standing in the global energy landscape.

Very confident Anchois will be developed

See Oildtr post

Chariot have a farm in offer in the wings - they have had for a while but it’s been contingent on getting buy in from the state on their field development plan for a scaled down development - without it the costs would be significantly higher. Once all parties are happy on direction I suspect an RNS will find its way quickly to market.

While domestic gas production remains limited for now, promising signs are emerging. Projects like Tendrara and the Anchois permit are gaining momentum.................