Chariot Share Discussion Threads

[hub here] 01/11/2012 09:55

triples, you are a useless idiot. you can't even set up a thread properly.

I will remind everyone on here that I suggested everyone to wait before buying. Nevertheless alot of muppets bought from 34/34 down. Very silly. Everyone on this thread but myself is underwater due to lack of patience.

Now is the time to start buying IMO. Trade it or hold as year end is the trigger point.

Hope that helps.
Hub Here.

[hedgebetter] 01/11/2012 09:21

I agree fairenough11. Re the short positions of individual companies and disclosure on e FSA website or rather via a website that the FSA will point to - has anyone actually found it? I looked and turned up nothing. This is day 1 where companies etc are supposed to comply. I get stock loan data for analytics.squaremiledata.com - works for me - shows Stock on loan compared to stock being cleared which is a good sampzle size most of the time...

[fairenough11] 01/11/2012 09:07

Read between the lines

Char have not relinquished the blocs

therefore seismics have thrown up something that has meant they have to retain the blocs.

SP being held at the moment,but that won't last.You can only hold share price below cash value and valuing acreage/3D Seismic data below NIL,for so long.Its like a coiled spring imo.

Buy low.

[hedgebetter] 01/11/2012 09:01

From tarles at iii:

Very positive news today in light of what UBS said on the 17th October...


Chariot management is currently in the process of reprocessing seismic from the blocks and recalibrating this with temperature data from Tapir-South and other wells in the area. There is a possibility that Tapir-North, a 400MMbbl prospect, could lie within the oil-maturity window. Results of this work should be available soon and, should these fail to show promise we would expect Chariot to relinquish these blocks. There are no further commitments on the blocks

So I take this as the results must have shown promise as we haven't relinquished the blocks.

Tarles

[triples] 01/11/2012 07:54

re 252

Yeah. I had a re-read of the naked short selling rules that kick in today and realised that MMs (and others) won't even miss a beat.

[triples] 01/11/2012 07:50

Okay, I've put 'stock on loan' in as a chart. It shrunk in the wash! Let's see what the bb's other users think.

[newswseller] 01/11/2012 07:44

Wouldn't be hard to close the shorts if you control the order book

[triples] 31/10/2012 23:03

Blueblood,

That's interesting. So there will now be a ban on naked short selling. Was today's odd trading part of the preparation for that in some way?

The drop off of SoL may be partly explained by the new rules, but wouldn't that cause a squeeze?

edit: Were IIs or PIs or MMs who want to buy at lower prices and use naked short selling as a way to get the price down having their last hurrah today, 31st Oct? (No doubt they'll find another way to get more without paying more, though.)

[triples] 31/10/2012 23:00

The header is getting a bit busy already but I am happy to paste the link in the header, except for the url is too long an broadens the window. Any way of shortening the url or making it wrap?

[newswseller] 31/10/2012 22:33

Is this like XEL where there is no requirement for holders to RNS their holdings when % levels are crossed?

[blueblood] 31/10/2012 22:33

Wonder if this will make anything clearer?

[triples] 31/10/2012 22:27

There were 4m shares traded today. Is is someone just toying with the order book, squeezing out weaker holders to gather more shares?

Definitely odd. But there were a lot of buyers stepping in at 28.25p.

I guess we'll never know. Let's see what tomorrow brings....

[newswseller] 31/10/2012 22:13

triples I don't buy the seller idea, there are only 2 IIs and both of those had reduced by 14th Sep. Since then almost 100% of the company has been traded, more than enough to cover any seller.

You wouldn't wait for volume to drop off to reduce.

[triples] 31/10/2012 21:57

What a weird day of trading.

There was a definite seller but why now? End of year stuff or even end of month?

I only got to read the order book in the morning. There were some large sell orders appearing. They'd slowly get eaten and then more would appear.

By the end of the day, some chunky buys were coming in to meet the seller's (or sellers') keenness to be out.

Close at 28.25p again. Strong support there and hopefully enough until the seller has done their job.

Highish volume too... a mixed result, I guess, but the close has been 28.25p before.

We don't know who's selling, but equally, we don't know who's buying ... and a lot of that buying wasn't PIs.

So no answers here, nut at least there is a significant buyer out there.

[triples] 31/10/2012 21:52

Evening Ticato,

A word of thanks does no harm should the Ministry happen to read the RNS.

Yonks ago I believe that Chariot management cried foul when Serica was alleged to have behaved improperly when applying for a licence. IIRC, the relevant minister (Mulunga?) was cast in an improper light. The claim had no effect and Serica was able to secure the licence after a long delay. The claim may have had an adverse affect on Chariot.

I suspect that there is a bit of rebuilding here.

[ticato] 31/10/2012 20:54

Could it be that Paul Welch is trying to persuade us to believe that some sort of special relationship exists between Chariot Oil and the Namibian Ministry of Mines and Energy with his latest comments about the second renewal phase of licences. I just find it a little bit strange how he's now so vocal expressing gratitude for the renewal of licences when he stayed so silent after the crash of Chariot's shares.

Is he trying to pull the wool over our eyes with this cosy little 'buddy type' of statement?

Below is the official Namibian Licence Application Documentation...read it and make your own mind up.


OPEN LICENSING SYSTEM IN NAMIBIA

INVITATION TO APPLY FOR ONSHORE/OFFSHORE LICENCE
AREAS

Introduction

1. The Government of the Republic of Namibia invites international oil
companies to apply for petroleum exploration licenses in Namibia, under the
Open Licensing System. Companies can now apply at any time for acreage.

2. The areas open for bidding are the unlicensed offshore areas as shown on
the attached map. The offshore areas have been divided into licence areas
of 1º x 1º (approximately 10,000 km²) and 1º x 30' (approximately 5,000
km²). The offshore is subdivided into licence areas of 1º x 1º, (approximately
10,000 km² in size).

3. Data available are 2,000km of non-exclusive which was acquired in the
Lüderitz Basin (1996), as well as 1,200 km in the Namibe Basin (1997) and
1,000 km in the Orange Basin (1997). Recently (1998), approximately 5,500
km seismic was acquired by Western Geophysical in the deep water areas
(down to 2,500 m water depth in the Walvis and Lüderitz Basins). This data is
now available commercially, as is the non-exclusive seismic acquired by
Intera Technologies Ltd in 1989 and 1991, and the offshore seismic, gravity
and magnetic surveys amounting to 11,160 km and an onshore
aeromagnetic survey of 27,000 km acquired by NAMCOR (with the
assistance of Geco-Prakla, PGS Nopec, Geoseis and J. Arthur and
Associates) in 1992 and 1993. An offshore aeromagnetic survey of 27,000
km that was acquired in 1998 is available from GEODASS.
Submission of Applications

4. Applications (in duplicate) must be sent by registered mail to: The Permanent
Secretary, Ministry of Mines and Energy, Private Bag 13297, Windhoek,
Namibia. Alternatively, applications may be delivered by hand in duplicate to
the Permanent Secretary, Ministry of Mines and Energy, 7th Floor, Ministry of
Mines and Energy Building, 1 Aviation Road, Windhoek.

5. Applications from individual companies or groups of companies (joint
applications) may be submitted.

6. Separate applications must be presented for each license area. If the
applicant submits proposals for more than one licence area, the priority given
by the applicant to each licence area should be clearly indicated. An
application fee of N$ 30,000 payable to the Ministry of Mines and Energy for
each licence area must accompany the application.

7. Each application must be consistent with the provision of the Petroleum
(Exploration and Production) Act, 1991, the Petrol (Taxation) Act, 1991, the
Petroleum Laws Amendment Act, 1998 and the Model Petroleum
Agreement.
Bidding Requirements

8. Each application shall contain the following information given in the following
order:
(a) Name, address and country of registration of the applicant;
(b) Nature of business of the applicant, the company's financial strength and
technical competence. The applicant is required to submit audited
accounts and annual reports for the last 3 years;
(c) Documentation regarding relevant operative, research and development
expertise and experience, particularly related to technical and geological
matters for cost effective operations in Namibia;
(d) Name of person who will be appointed as the Company's representative,
resident in Namibia, if a license is granted;
(e) Licence area number applied for as per the attached map;
(f) A full work programme, considered necessary by the applicant to
evaluate completely the petroleum potential of the acreage applied for.
When drilling is included in the work programme, the total depth of each
well should be given either in terms of the true depth in metres or in terms
of the deepest geological horizon to be penetrated;
(g) Definite proposals with respect to the following biddable terms:
(i) minimum exploration work programme for each of the exploration
periods;
(ii) minimum exploration expenditure for each of the exploration periods;
(iii) the second and third tier incremental ATP rates; and
(iv) minimum annual training sum.
The Government will generally waive the requirement to provide a Bank
Guarantee except in specific cases such Guarantee is necessary.
(h) A geological and geophysical evaluation of the licence area applied for.
Documentation of the evaluation interpretation should be attached to the
application as separate enclosures according to the following guidelines:
(i) a complete reference to the database used (e.g. shot point maps, well
locations etc.) for the evaluation and as the basis for the application. It
is expected that the applicants will have purchased all relevant data
available;
(ii) regional/semi-regional studies performed as the first step in the
geological/geophysical evaluation. Regional maps should be at a
suitable scale (typically 1:1, 000,000 or 1:2, 000,000);
(iii) 1:100.000 and/or 1:200.000 scale two-way-time contour maps of all
prospective levels covering the blocks applied for, together with a
description of the methods and data used in the depth conversion;
and
(iv) where prospects have been mapped, the applicant should give
detailed evaluations of such prospects with documentation of
reservoir parameters used together with an estimation of the
hydrocarbon pore volume and recoverable hydrocarbons in metric
units.

9. When an application is presented on behalf of more than one company the
following conditions will apply:
(a) the groups must not consist of more than five companies;
(b) the participating interest of each company must be clearly stated;
(c) the designated operator must be stated; and
(d) each company in the group must submit information as specified in
paragraph 9 (b) and (c) of this Announcement.
Evaluation of Applications

10. An Inter-Ministerial Government Negotiating Team (GNT), chaired by the
Ministry of Mines and Energy, will evaluate each application, taking mainly
into consideration the following aspects:
(a) the technical and financial capabilities of the applicant for ensuring
safe and cost-effective exploration and production of petroleum in
Namibia;
(b) the applicant's willingness to perform a complete evaluation of the
petroleum potential in the licence area within an agreed time frame.
This would include the proposed minimum work programme and
expenditure; and
(c) the economic terms offered in accordance with the bid requirements.

11. After having evaluated the applications received, GNT will invite selected
applicants to Windhoek. The invited applicants will then have the opportunity
to present their application to the GNT, and negotiation of the terms of the bid
will be invited.

12. The Ministry of Mines and Energy reserves the right to accept or reject any
application without any obligation to give any reasons or to otherwise justify
its decision.
-----------------------------
SISEHO C SIMASIKU 23 August 1999
PERMANENT SECRETARY

[hedgebetter] 31/10/2012 15:02

Yep - I have said it time and again - this is a simple MM (or their ilk) strategy. They are accumulating in order to sell at a much higher price. So a sell out of X, shake out 4X and then buy 4 X, then repeat.The flat-line share price is a dead giveaway. Stock on loan is not going up - on the contrary.

I am still accumulating and bought again today - I would be happy to continue up to 1% of their share cap at these prices. This is a rare opportunity imo.

Jimmy's post on iii is quite telling.

[newswseller] 31/10/2012 14:13

Obviously it must be awful that they want to continue drilling in Namibia hence the drop.. Or someone playing games hitting the bid continually with small trades at exactly the same time causing a drop and then buying back in a single chunk.

[fairenough11] 31/10/2012 10:09

Agree with Jimmy over at iii

Retained 100% of the blocs that have so far thrown up "DUSTERS".

Read between the lines guys/gals.

Those Billions of barrels are still there and IMO will be found and extracted.

I have said it before,but I'll say it again,this is a CAIRN moment

DUSTER----DUSTER----BUY Shells WI for a song-----Next DRILL---BINGO!!!The jackpot,huge commercial field discovered.

I'll have to buy some more meethinks.
===============================================================================
09:49
Re: Renewal Phase for Namibian Blocks 18...
jimmy24
2
To days news about the renewal of the licences offshore Namibia is VERY significant.

1. Chariot has renewed its licence forBlocks 1811 a&b , where the Tapir South well found excellent reservoirs but no source rock that was mature oil at the drill location. Chariot had previously written off the costs associated with this block in its interim report for 30th June 2012. They could very easily have relinquished the block and there would have been no further downside. The fact that the block has been retained 100% without the usual 25% acreage retention is effectively telling the world that most of the acreage remains valid as prospects. That means they re mapped the source rocks based on the well results and now have a much better understanding of the acreage.
There has been no mention of a work program but Chartiot are saying that they will continue their aggressive exploration program. The usual requirement for a renewal of a licence is a commitment to drill, in this case by October 2014, plenty of time to farm out.

2. The renewal of Block 2714 B which lies directly below the Nimrod prospect in Block 2714 A is very telling. Chariot hold that Block 100% and have attributed NO prospective resources to the block previously. They could very easily have relinquished the block and it would hardly have been noticed. The fact that it has been renewed indicates to me that Chariot have now re mapped the block and found prospects as a result of the information in the Nimrod well. The cretecauous fairway which deposited sand reservoirs runs from the north west corner of Block 2714 A and then diagonally through the center of Block 2714 A and into block 2714 B. Now we do not know what prospects are Block 2714 B, but we do know that the Nimrod well found all the ingredients for a viable oil field except a porous reservoir at the well location. Using modern 3D seismic integrated with the well results strongly indicate where the reservoir gets better, and looks like it might include Block 2714 B..In addition the Nimrod well also encountered hydrocarbon shows at an unexpected level. Could this indicate prospectivity in Block 2714 B also.
Another really interesting thing about Block 2714 B is that Chariot own it 100%, and as such they are not bound by the JV rules on confidentiality that applies to Block 2714 A with BP &PB. They can very easily and openly talk about its potential. Now if that does not happen, then it stongly indicates that the Nimrod well results were much more significant than the market has indicated and that the results of that well have regional implications which they want to keep quite about.
In addition there is no mention of the work program so its either more 3D or a well, either way its a stong commitment to a block with no reported prospects.

GAME ON

Jimmy

[triples] 31/10/2012 10:06

Anyhow, L2 looking a bit better than earlier. Buyers returning and more orders on the bid.

[triples] 31/10/2012 10:05

HB... already done :) Let's see what gives. Cheers.

[hedgebetter] 31/10/2012 10:03

Hi Triples - that is very odd. Check with the support team - 'Hub Here' guy is an unwelcome troll. I cannot see what he is posting but his mere presence makes me want to vomit.

[hub here] 31/10/2012 09:47

In too deep IMO