Chariot Share Discussion Threads

[cherisher] 11/10/2012 19:51

triples,

yes, but the deal was signed this week. The moroccans would know about CHAR`s cash position and whether they can deliver or not on their commitments.
Difficult to see this deal going through without the backing of BP or Vallares ( Sinclair is a director on both CHAR and Vallares board).

I agree with you.. we should see a re-rating soon. i think the brokers with their 30p target are so got that wrong once again...

[triples] 11/10/2012 19:44

Hi Cherisher

I had read CEObob's posts. His theory will be hard to prove or disprove.

When Chariot applied for these blocks it wasn't a £60m MCap company - it was three times that value! It was worthy of those blocks in its own right, in my view.

What does seem to be apparent is the manipulation of the share price. The last month's trading range is unnatural - it should have moved about more. The UT this evening sat on the last 20 minutes upward momentum.

I have a notion that we'll see a bit more share price movement going forward... L2 looked very different at the close this evening than the previous evenings this week.

[cherisher] 11/10/2012 19:34

Triples,

I think Ceobob is bang on on iii.
CHAR appears to be BP`s Torjan horse.
How on earth did CHAR manage to get 2 new acreage in 2 countries in last few months.
CHAR appears to be acting in the interest of BP but in the process its the shareholders of CHAR who are suffering. ultimately with oil finds, farm-outs we will get there but at the moment the BP big brother tag is not helping.

[triples] 11/10/2012 19:02

Evening fairenough and dodger. Thanks for posting.

I am sure that if the directors could buy at this level, they would. So if we get no RNS re directors holdings, then what's bubbling in the background?

[triples] 11/10/2012 18:53

HB... Thanks for the cross-post. I have put the dropbox link in the header. Thanks also to niszczu on III for finding this doc.

[pedramp] 11/10/2012 18:48

I don't think we will necessarily see BoD buys as of yet as we are still awaiting the results of bids for acreage in Greece. BoD may still be restricted from buying.

[hedgebetter] 11/10/2012 18:30

FROM III Re the New Moroccan Licenses. Says he found this:


Just found MPE farmout brochure containing our licences.

https://dl.dropbox.com/u/71724176/MPE.pdf (it would not open for me - and goodness knows how he had access to a dropbox folder - !)


Casablanca starts from p42 and is followed by Loukos.

Highlights:
1. Casablanca
- large structure at interpreted Lower Cambrian level, with a structural closure of up to 550 km2
- conservative estimates range between 1 and 2 Tcf of Gas initially in place for the mapped prospect.

2. Loukos
- In 2000, the LBS-1 well was drilled. The well encountered gas shows in Tortonian (Upper Miocene) sands and in Cretaceous limestones. The well has been suspended and can be reentered.

- The offshore LBS -1 well encountered the Lower Tortonian sandstone reservoir with a porosity of 20% and the Upper Cretaceous (Cenomanian) limestone reservoir with a porosity of 18%.

- The LBS 1 well established the presence of hydrocarbons (mainly methane) in an
overpressured Tortonian reservoir between 3084 and 3095 mbdf.
- the well flowed on several occasions which indicates that the gas is producible.

- Three leads have been identified :
MBS1 (three objectives) : Paleozoic 100 km² Cretaceous 70 km² Tortonian 45 km²
MBS2 (two objectives) : Paleozoic 15 km² Cretaceous 20 km²
MBS3 (two objectives) : Paleozoic 10 km² Cretaceous 10 km
- gas discovery (Repsol & Dana) situated at 30 Km north of MPE block.

More about LBS-1 well:

Exploration well LBS-1 was drilled in 2000/2001, reached a TD of 3,399 mbDF in
early Cretaceous carbonates (Berriasian). The well did not continue to penetrate the deepest objective, Jurassic sandstones, due to the drilling problem. When the Tortonian reservoir was penetrated for the first time, it started to flow and a blowout was narrowly escaped. Twice during the operations in the side-tracked hole, the well started to flow and the BOP had to be closed.

The LBS 1 well established the presence of hydrocarbons (mainly methane) in an
overpressured Tortonian reservoir between 3084 and 3095 mbdf.
On three occasions (23/12/2000, 15/1/2001 and 5/2/2001) the well started to flow. The reservoir pressure calculations based on the mud weight and the pressure observed at the BOP gave similar values. During the first two events gas had to be evacuated from the BOP, the third time the mud was passed through the mud system and levels reached 8% C (well in excess of 100 times the normal
background levels). Log evaluation based on a formation water resistivity of .030 Ohmm and porosities between 15% and 23% calculates a hydrocarbon saturation of respectively 80% and 40%. It is believed, on balance, that the higher porosities prevail and consequently the lower water saturations. The fact that the well flowed on several occasions indicates that the gas is producible.

[dodger777] 11/10/2012 18:14

Will we see some director buy rns in the next few days or is there still more news to come... interesting times ahead hopefully.

[fairenough11] 11/10/2012 18:01

hello from spain.ON HOLIDAY,JUST LOOKED IN.

cheers for the new thread Triples.

Good news today,showing that Char is way way undervalued imo.

Newsflow now resumed so ride the rise back up to correct levels.

GLA.

[hedgebetter] 11/10/2012 17:49

Will do - hope that helps :-) hehe...

[triples] 11/10/2012 17:48

Thanks HB... when I am worn out by boneheaded posters, you can take over the baton :)

[hedgebetter] 11/10/2012 16:59

Nice new thread Triples - was thinking of doing the same... :-)

[ernestly] 11/10/2012 16:34

should be plenty of newsflow with morocco.. LON:FAST, posted an updated presentation today, spawned from the selloff of COVE are newly listed on aim and involved in Morocco.. be interesting to see how CHAR play this out from here..

[triples] 11/10/2012 13:39

For those L2 watchers that may be interested, Panmure has sat near the top of the bid all day whereas earlier this week, they weren't interested and were way off the best bid.

I wonder who they are filling an order for?

Yawn....

1st Edit: Panmure now moved off from top spot on the bid. Order filled?

2nd Edit (4:28pm): L2 looking at its best for a while. Lots of orders stacking up on the bid and orders leaving the ask.

[triples] 11/10/2012 10:38

Hi KiwiMonk and thanks for posting.

The price has ticked up a little with this news, so as you say, neutral in itself but positive in that it shows a maturing company.

Re Morocco: I guess the 2D re-interpretation can be done in-house. The 3D will cost but with 75% equity in these licences, a PGS style farm-in is feasible. That should still leave enough equity to get a well or two drilled - given the shallow waters and general interest in the area - on a free carry.

[pedramp] 11/10/2012 10:25

Four broker updates:
11 Oct CHARIOT OIL & GAS... Finncap Buy 29.25 65.00 - Reiterates
11 Oct CHARIOT OIL & GAS... Seymour Pierce Hold 29.25 31.00 31.00 Reiterates
11 Oct CHARIOT OIL & GAS... Merchant Securities Hold 29.25 34.60 34.60 Retains
11 Oct CHARIOT OIL & GAS... Northland Capital Buy 29.25 51.70 51.70 Reiterates

[cherisher] 11/10/2012 10:24

KiwiMonk,

the Bod knows the score. They only have $100m to play with. so i assume they have already lined up farm-outs for Namibia for next year and are confident they will only need $20m per drill which will leave enough cash to fund some other exploration activities in 2013.

[peteh1] 11/10/2012 10:08

Yes I am sure we will get well rewarded here,as you say patience is the key.
Now how much interest is my building society paying.Better off by far in here.
Good thread triples..

[guesswhosback] 11/10/2012 10:00

Just picked up another 33k a bargain in my opinion under 30p.

[triples] 11/10/2012 09:42

Hi Stockriser,

Welcome to the new thread and thanks for posting.

The charts look good and for good reason. This company is at bargain prices and is shedding its 'one trick pony' label.

Namibian blocks, 90% of a 12,175 km² block offshore Mauritania and now 75% of ~ 5,500 km² offshore Morocco.

Patience is the key here, I reckon.

[triples] 11/10/2012 09:20

C2B,

It's not entirely clear and usually never is. The RNS first paragraph does say "in exchange", but that doesn't necessarily mean that's the full consideration.

As it's early days on those blocks, my guess is 'not very much', ie, back costs, etc.

[stockriser] 11/10/2012 09:19

Back from portugal last night, and nice to see the new thread - TKS triples.

As some may recall before I went on holiday I posted a chart displaying a positive (bullish) divergance of the RSI and share price At the time it was based on an 8 day RSI and HUB quite rightly corrected me saying that it should be based on the 14 day RSI.

Well, the chart below is based on the 14 day RSI, and it quite distinctly diplays a Pos Divergance. VERY BULLISH ;-)

HUB if you are around I am sure you will agree m8.

[peteh1] 11/10/2012 09:17

Don't agree wardy.Chariot are doing what they said they would and that's looking at all area's where they consider it has good potential.Just another string to their bow.