Chariot Share Discussion Threads

[triples] 14/11/2012 11:14

Someone dropped 100k on the ask (10:55am), soaked up the bids and leaves a bit still sitting on the ask at 26.75p

This is good news as the seller seems a bit more interested in getting a better price than they have done of late AND it's another lump that they have (nearly) got rid of.

I reckon this is the big seller still and they must be getting closer to being completely out. It looks like a top-level decision to get out. It wouldn't surprise me if one of two members of staff were looking elsewhere for work.

[triples] 14/11/2012 11:08

Clumpweight,

It's official. See page 17:

[clumpweight] 14/11/2012 10:55

HRT Drills.

Word on the street (roomer) is that HRT have contracted Transocean to do their drilling.

The rig is currently in Ghana, and moved down, possibly drilling before year end.

Do not know if it is true, need to wait and see.

[triples] 14/11/2012 10:42

Hi f11,

I'm really looking forward to HRT's Wingat well. It's in the Centrals and the HRT map of oil seeps shows that there is an active working HC system there. I think it's very promising. I hope they get to farm out this one - I suspect that they have.

Repsol clearly like TRP's acreage. TRP clearly like their acreage as they have gone from their 15% carried to 30% WI (although much of that was due to Arcadia's financial position).

The drillship wil soon be on its way. Centrals does look good.

(I think there Orange basin will come up with oil and it sounds like Kaj-1 caught the down dip of something interesting. It will be a while before that's revisited though.)

[clumpweight] 14/11/2012 10:31

HRT Drills.

Word on the street (roomer) is that HRT have contracted Transocean to do their drilling.

The rig is currently in Ghana, and moved down, possibly drilling before year end.

Do not know if it is true, need to wait and see.

[cherisher] 14/11/2012 10:22

any oil find in Namibia and watch CHAR going up by 10x in a matter of weeks. watch this find

[sos100] 14/11/2012 10:21

thanks...

start adding next year...

[fairenough11] 14/11/2012 10:09

Triples,

there are no more licensing rounds in Namibia so any entrants now will either have to Farm-In or Buy a company who has a WI in Namibian blocs.Char are very well placed and it speaks volumes that HRT have completed a Farm Out AFTER Nimrod:-



2nd UPDATE: Brazil Oil Startup HRT Moves Closer to Namibia Stake Sale

--HRT reports wider third-quarter loss, reins in exploration to cut costs

--Oil startup expects to drill first offshore Namibia well in first quarter 2013

--HRT expects to complete sale of stake in Namibia exploration blocks in Decembe

[triples] 14/11/2012 10:03

f11,

Ta for posting that. One of the key bits for me is re Centrals: "We expect it to be easily farm-out-able,"

[triples] 14/11/2012 09:54

Kev, Whilst I don't agree with your point of view, I appreciate what you have posted in that you have both shared your concerns and the actions you have taken.

Best of luck.

[hub here] 14/11/2012 09:22

char on 30/31 December

[kev0856153] 14/11/2012 09:17

I've bitten the bullet and sold 70% of my shares. I'm unhappy at the amount of money being spent on seismic on Mauretania which is 25% of what they will have at the moment. CHAR have all that sesimic data in Namibia and a dozen good prospects there I cannot fathom why they are spending their money on more seismic somewhere else. I think they are trying to make the company bigger but at the expense of shareholders. I think placings will be a regular occurrence with this company. GLA

[sos100] 14/11/2012 08:35

take it your good with your timing hub?

so whats worth buying now....

[hub here] 14/11/2012 08:33

your losses are mounting though newsseller. to get under 29 you must have bought another couple of hundred thousand below 27. you have no patience and are a poor investor. timing is everything in this game. I told you to wait but you knew best of course. muppet

[pedramp] 13/11/2012 23:55

Kev I would be very suprised if they do a placing after the drill. If my memory serves me correct, we did a placing before the Tapir drill which was very successful as it covered the costs. CHAR is very careful with any sort of placing. I can reassure you that they will never do any placing at this share price But when we are trading around 70p they might do a placing before spudding the centrals. GL

[newswseller] 13/11/2012 23:07

love the way cash is apparently so important just for CHAR, don't see anyone else so concerned about cash positions on all the other explorers, trading over 5-30x cash, where the cash holdings won't even fund any seismics

CHAR will have enough cash left ($112m - $26m shown in accounts, which I guess covers the announced 3D as it would have been known at the time) to go it alone if needed, remember Tapir only cost $65m to drill

Look at SQZ, market cap same as CHAR, less than $20m cash and plans to drill later than CHAR, no concerns over there.

new knockers out in force today, especially on LSE


Kev, 10p why not 1p?

Everybody knows this will get pumped big time before the next drill, expect most here will reduce positions before any well results

[kev0856153] 13/11/2012 22:46

pedramp point taken but think on this - that 20 million pays for CHAR's share of a drill in the southern licence. I think they took Mauretania on expecting to have had success in namibia by now. They also have Morocco to fund as well! Which ever way you look at it they will need more money. The question is do they raise now or wait until they drill in 2nd half of next year in namibia. Risky because if they wait and the drill fails the price may be 10p.

[newswseller] 13/11/2012 22:43

orinocor, speculation by some

[orinocor] 13/11/2012 22:37

Where does the $20M come from. The news release does not mention a value. I don't think it will be $20M

[triples] 13/11/2012 22:16

Tullow will soon be busy drilling in Mauretania. Chariot doing the 3D now will add value in a year or so. This is how exploration companies have to operate. A pipeline of projects is a good idea.

[pedramp] 13/11/2012 22:13

Kev, spending £20m as you say is worth it IMO as I think diversifying our PF is very important at this stage. Mauritania looks very attractive IMO esp with Tullow Oil and their 4 well drilling campaign early 2013 in its Mauritanian licences. My answer to your question of whether one would invest knowing they will spend c20 mil on Mauritania is yes. Our block (C19) is adjacent to Tullow's C18 block. Now tell me if Tullow were to strike oil which they seem to be very good at, how much of an effect will this have on our C19 block? Increased probability of a farm-in covering back costs? I am investing in CHAR (Long-term). GL with your investment.

[kev0856153] 13/11/2012 20:59

Yes diversification but diversify into something you can drill soon. Not something that is years away and costs a lot of money just to get to 1st base, and may not even discover any prospects. I think its madness.

[newswseller] 13/11/2012 20:57

It's called diversification, why put all your eggs in one basket (Namibia)

[kev0856153] 13/11/2012 20:55

answer this question truthfully newsweller. Would you have bought shares in CHAR if you new they were spending $20M on seismic in Mauretania?

Farm-out is great if they can do it but they have no option do they? There is no alternative.