Chariot Share Discussion Threads

[wardy333] 11/10/2012 09:09

Needs some news on the Namibia front to move this forward.

[c2b] 11/10/2012 09:07

Is this announcement short of details? What do Maghreb get out of this for giving up their 75% ?

[guesswhosback] 11/10/2012 08:48

Nice new thread triples ;-) and some decent news to launch it!

[bulltradept] 11/10/2012 08:46

Let's see what the market makes of this over the coming days and weeks.

I get the feeling sentiment is going to take it's time in changing towards CHAR, no matter how much seemingly more er interesting news is released given the last two results..

[newswseller] 11/10/2012 08:30

I do wonder if the directors now have the green light to buy shares or as there is another acquisition in late stage discussion they might have to hold off.

[peteh1] 11/10/2012 07:48

Now that is bloody good news and a smack in the eye for those that proclaim that Char is dead and buried.

[triples] 11/10/2012 07:44

Thanks Pete and David.


Nice acquisition in shallow waters off Morocco this morning :)


11 October 2012

Chariot Oil & Gas Limited

("Chariot", the "Company" or the "Group")

Acquisition of Offshore Exploration Blocks, Morocco

Chariot Oil & Gas Limited (AIM: CHAR), the independent Africa focused oil and gas exploration company, is pleased to announce that its wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco) Ltd., has entered into an agreement with Maghreb Petroleum Exploration S.A. ("MPE") whereby MPE will transfer its 75% ownership and operational interests in two of its offshore licences, Loukos and Casablanca/Safi, to Chariot. In exchange, Chariot will take on the work commitments and obligations of the initial exploration phase for each licence. This transfer remains subject to the approval of the Moroccan authorities before it becomes effective.

On approval, Chariot will hold a 75% equity interest in the Loukos and Casablanca/Safi exploration permits with the Office National des Hydrocarbures et des Mines ("ONHYM") holding the other 25%.

The Loukos licence is 1,925km2 in size and extends from the coast to some 50km offshore with water depths between 5m and 110m. The Casablanca/Safi licence is 3,500km2 in size and is similarly situated to Loukos in terms of its extent offshore with water depths between 5m and 165m. Following approval, Chariot will be required to reprocess 835km of 2D seismic data within the Loukos licence and 1,200km of 2D seismic data within the Casablanca/Safi licence, a total of 2,035km within a six month exploration period. Once complete, Chariot will have the option to move forward into further exploration phases which would involve the acquisition of 3D seismic data and the subsequent undertaking of exploration drilling activities.

The Loukos and Casablanca/Safi licence areas areexcellent further additions to Chariot's existing offshore West Africa portfolio. Morocco has proven oil reserves and working petroleum systems ranging from the Jurassic to the Tertiary with the potential for the extension of the prolific Paleozoic systems of Algeria into the area. Chariot will be targeting the potential of the Paleozoic and younger systems in these permits. The country also offers competitive fiscal terms, a supportive regulatory framework and an excellent state oil company in ONHYM which contributes to the overall attractiveness of the opportunity. It is Chariot's intention to apply modern exploration techniques to the results of previous exploration work carried out in these licence areas with the aim of identifying substantial potential.

Paul Welch, CEO of Chariot, commented:

"In line with our strategy, Chariot has continued to seek out underexplored highly prospective opportunities with the intention of maturing them into drillable oil prospects. The Loukos and Casablanca areas have been of interest to Chariot for some time and we are pleased to have these additional assets, which we consider to hold significant potential, as part of our broader West African portfolio. We look forward to evaluating and developing this valuable acreage alongside our new partner ONHYM."

[david brent] 11/10/2012 00:11

nice new thread triples, cheers.

[newswseller] 10/10/2012 23:34

spotted on lse



Nonetheless, Greece has received bids from major companies such as Hellenic Petroleum, UK-based Chariot Oil and Gas, and Schlumberger, the world's biggest oil services company by market value, in association with local partner Energean Oil and Gas. The government is expected to unveil the lucky bidders soon.

[peteh1] 10/10/2012 22:49

Just found this thread.Excellent and some would say about time too :)

[triples] 10/10/2012 20:47

Hi Cherisher

Thanks for posting.

Even if Nimrod II doesn't happen for a year, there will be other companies drilling in Namibian waters. Repsol, HRT (2x, 3x or 4x with luck), possibly ECO post fundraising or farm-out, Serica perhaps and at least one or two more across the many licences.

The licences are very prospective, many seeps have been identified, source rock (prone to oil) has been tested... it's just a question of getting on with some well-thought-out drilling. That will help Chariot's share price.

[pedramp] 10/10/2012 20:25

Even if the share price is dragged down, we have very good support at these ranges.

Cherisher - If there is a takeover, great. It might be at a cheap price (for example 70p), but a take over would be great to see nonetheless.

Wild_Goose - If they are trying to bore out people, then I don't mind. The sooner weak holders sell and move on, the sooner we will see some normality return. We can be sure that most big sellers are done, many short-termers have moved on, many stop losses triggered.. With all the sellers out of the way, the buys can pile in. I'm sure many potential long-term investors are waiting for prices of around 28p before jumping in. Remember, last time, it took around 50 days for the share price to climb from around 70p to around 120p.

My point is if you can't go a day without watching the SP, then it is probably best that you don't invest in AIM. You have to look at it in the long-term view. I'm sure the BoD who own 25% of the company wouldn't want the share price to drop. It would be in both our and their best interests for the share price to recover. We have plenty of RNS coming up (look at the presentation) as well as holding's RNS. An RNS is very likely headed our way this month and more following that. Relax and remember, patience is virtue.

[newswseller] 10/10/2012 19:38

Paul Curtis is still holding and adding on the way down as well.

[triples] 10/10/2012 19:35

Hi WG and newswseller. Thanks for posting here.

WG... I can see that happening, but there must be bits of news we can find to post up here. HRT and ECO stuff, for example. Bits about Mauritania, etc.

news... agreed, the cash position is a great comfort.

[newswseller] 10/10/2012 19:33

Still believe this is being played with, any large holders who wanted to sell, would have already sold out given the huge volume days after the duster.

Remember there has only been 2 holding RNSs, for just under 19m but well over 236m traded (from duster to 24th Sep)

Vast amount of churn going on



newswseller - 24 Sep 2012 - 20:14:28 - 7918 of 8371
Some post duster stats for you.

Shares traded

10th 73,237,136
11th 34,712,158
12th 38,184,833
13th 31,129,963
14th 12,774,470
17th 9,070,002
18th 5,276,404
19th 8,116,444
20th 9,753,862
21st 10,084,414
24th 4,059,072

So we have 118% of the entire share capital traded in the last 11 days and only 2 holding RNS's

BGC 24,162,578 to 17,337,280 (10th sept) = 6.8m

JCC 16,275,291 to 4,270,541 (14th sept) = 12m

So it appears that there is a vast amount of churn going on here.

I stand by my thoughts that currently the bots are at work trying to shake out those on T20s and bore out other PIs that thought it would have bounced by now.

Just look at the 'AT' trades all hitting the BID at exactly the same time (e.g. trades 366-375 today).

[cherisher] 10/10/2012 19:33

Wild Goose,

Why is the share price being controlled?
the only reason could be a cheap takeover... the silence of Mgmt, unclear RNS, the silence of BP on Nimrod II, mgmt not buying. seem they are acting together to make shareholders leave and slowly prepare for a takeover... Mgmt seem to want to dampen expectations.. We know they have other plans already with Helios.
Is BP helping Helios get acreage in Africa?

Given that we are not due to drill until 1 year from now, this is a game they can take their time on. They can delay Nimrod II until 2014 and further give a blow to the share price.

I have to say the risk of us being taken over is the highest in CHAR`s history.
Day by day we are not vulnerable due to a shortage of cash but due to cheap takeover...

Mgmt is not controlling the company. It is BP. Mgmt and the BOD are the "yes men".

[newswseller] 10/10/2012 19:26

diku, if there is a market sell off I believe a share like this will be fairly safe place to be holding stock.

Trading at NET cash so must be very limited downside.

Lots of other oilers around with no cash, very bubbled market caps and no plans (or not enough cash) to drill any time soon. I'd be afraid of holding those.

I'll ask again, if anyone can point to another oil share which is trading at cash and with active licences and plans to drill.

[wild_goose] 10/10/2012 19:21

The share price is being controlled, very tight.

CHAR was a hot share, soon it will not be.

There will be 2 or 3 posts a day, on the BBs.

To make matters worse, by this I mean, bored to death, they will take the share price down, VERY SLOWLY, no excitement.

They want everyone to move on.

[diku] 10/10/2012 19:03

Some of the PI's who bought on T10 & T20 bailout rather than hanging around just in case the wider market gets sold off....too many in it for a quick buck or they move on....

[triples] 10/10/2012 18:53

Pedramp ... thanks. I'd like to see that re-rating soon!

[triples] 10/10/2012 18:52

diku... it would appear like that. There were some long spells today with no trades going through and then some PI sellers. The price did jump a bit towards the end of the session but was brought back down again.

I think were near the bottom but we'll have to wait and see.

However, cash is a really good cushion.

[triples] 10/10/2012 18:46

Thanks for posting jhonboy.

I'd noticed that some decent posters had stopped posting on the other thread for fairly obvious reasons. Hopefully we can now return to sensible discussions.

Cheers.

[diku] 10/10/2012 18:42

Still think its giving an impression it wants to go up but actually down....

[jhonboy] 10/10/2012 18:40

nice thread triples ...dont have to listen to the tiresome ramblings of a sad person who has no share holding in the company...just likes to argue the toss 24 hrs a day. what a life they must lead can u imagine sad really!!!