Chariot Share Discussion Threads

[cherisher] 04/12/2012 17:55

Bago alert.....
Hub here back with a new name.
In the bin please

[newswseller] 04/12/2012 17:36

MMs like to keep flat book, so they wouldn't want to accumulate

[triples] 04/12/2012 17:24

LIBC were high on the bid and the ask today. WINS too. LIBC certainly seem happy to trade this most days.

[hedgebetter] 04/12/2012 17:18

Makes you wonder whether the MM's have a large non-declarable position and are buying and selling to themselves to churn it on a flat line...waiting.....for an announcement. Would MM's fall into the category of the last paragraph below? If so an MM could get up to 4.999999% before having to disclose. And there are many MM's..or am I barking up the wrong tree. Even at 2.9999999% several MM's could accumulate a lot of stock. That is the only explanation I can think of. Accumulating to sell - but just below a declarable interest. They therefore shake out and accumulate keeping the price static. Then shake a little more...it's a bit like the 'shake and vac' except without the freshness... :-)

A person must notify an issuer if the percentage of voting rights which he holds as shareholder:

 reaches, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100%; or

 reaches, exceeds or falls below those thresholds as a result of events changing the breakdown of voting rights and on the basis
of information disclosed by the issuer in accordance with DTR 5.6.1R (Disclosures by issuers of total number of voting rights).

Different notification requirements apply to voting rights which may be exercisable by qualifying asset managers, investment managers, operators of authorised unit trust schemes/UCITS schemes etc. These are to be disregarded except at the thresholds of 5% and 10% and above (DTR 5.1.5R).

[triples] 04/12/2012 17:05

bago, we will have to wait and see.

O&G has not been brilliant this year, but Chariot's position is more driven by drill bit results and odd disclosure of information.

[newswseller] 04/12/2012 16:51

All that volume on Friday, one trade alone was almost 0.5% of the company and no holding rns or reduced short positions shown since. Makes zero sense

[bagowank] 04/12/2012 16:51

But will they get any takers for the farm out? Happy to be proved wrong and genuinely sorry for anyone losing money here but has been the case for most O&G shares this year.

[triples] 04/12/2012 16:10

1) Yep, the lack of director buys (aside from PW's) is a concern.

2) Placing risk is minimal. PW has stated quite clearly of Chariot's intent to farm out both the 3D costs in Mauritania and the two wells in offshore Namibia.

Chariot will probably pay for its 25% on a re-drill of Nimrod, but that is about $15m of a ~ $100m to $110m of cash held. That re-drill could be in 2014 and will be after the other two wells, most probably.

Placing risk is a red herring (and I believe you know that).

3) Yep, weak market agreed. Across all of O&G.

4) Poor sentiment & not enough buyer volume - two sides of same coin - and would appear to be the case. Buyers don't seem to like to take on the managed grind down.

It will change.

[bagowank] 04/12/2012 15:55

No director buys despite trading at or below cash. As we all know drilling costs a lot of money and a lot has been spent thus far. Fear that a further placing may be on the cards in the new year at a discount to today's share price plus poor sentiment and not enough buyer volume in a weak market.

[triples] 04/12/2012 15:16

Bago, please could you give your reasons behind your price target?

[hedgebetter] 04/12/2012 14:59

22 Nov 2012 Profile created - sounds like Hub Here to me....

[bagowank] 04/12/2012 14:57

Everyone has price targets. Just stating mine that's all. Time will tell whaether I am right or not. What's wrong with that. Or is this a rampers only thread?

[fairenough11] 04/12/2012 12:24

from iii cheers

11:36
GALP MORROCO
jimmy24
2
A company called GALP recently farmed into 3 of HRT's blocks in Namibia.
GALP have to day announced a farm in to a block offshore Morroco and acquired a 50% licence interest with a value of $41 million.

Chariot have acreage in Morroco, currently valued at Nil by the market. If a similar deal was done for Chariot it would be worth £0.128 per share.

If a similar value is applied to the Mauritanian acreage the aceage in North West Africa is equivalent to the share price.

Jimmy

[triples] 04/12/2012 11:50

Here's a copy & paste from LSE (with thanks to niszczu)



BP to Raise Upstream Spending in Bid to Find More Oil, Generate Cash

By Selina Williams
Published December 03, 2012
Dow Jones Newswires

BP PLC (BP, BP.LN) said Monday that it is raising the amount it spends on exploring, developing and producing oil from now until the end of the decade as the company seeks to generate more cash, find more higher-margin oil and increase its reserves.
In a strategy update, the U.K. energy giant told investors it is raising capital spending to between $24 billion and $27 billion a year in 2014 to 2020 from $19.1 billion last year, with an even bigger chunk going into upstream than before.
The proportion earmarked for upstream will rise to around 80% of total capital spending in 2014 from around 70% in 2011, underscoring the company's renewed emphasis on its upstream division. BP has agreed to sell around $37 billion of assets in the past two years to help cover in part costs stemming from the 2010 Deepwater Horizon disaster in the Gulf of Mexico that caused 11 deaths. Those assets have included mature oil fields with declining cash flows and not much growth potential, pipelines and marketing networks and refineries in the U.S.
Just over a week ago, BP appointed its America president, Lamar McKay, to run the company's upstream division, freeing up Chief Executive Bob Dudley, who had taken up the position after the Deepwater Horizon disaster spurred a shake-up in that segment of the business.
Last month, BP agreed to accept criminal responsibility for the Deepwater Horizon disaster and to pay $4.5 billion in fines and restitution. But it still faces a costly battle with the U.S government over civil penalties for the pollution unleashed that resulted in the worst offshore oil spill in U.S. history.
Mr. Dudley said the bias of the company would be toward finding and producing more crude oil, particularly in higher margin areas such as Angola and Azerbaijan, saying that they presented better value for the company in the long term.
The cash for the upstream spending will come from ongoing divestments, additional funds generated from operations such as higher-margin oil-producing projects and other investments such as the modernization of BP's Whiting refinery in the U.S. Midwest.
Since early 2010, BP has acquired interests in around 400,000 square kilometers of new exploration acreage, more than doubling the access to new areas compared to what it had in the nine years prior to 2010.
This new acreage includes new licenses as well as equity in existing projects in Australia, Brazil, India, China, deepwater Trinidad and the Gulf of Mexico, so it's a mix of new plays and work around existing known basins.
This year, BP expects to complete nine exploration wells, including in Angola, Brazil, the North Sea and Namibia. That number is expected to increase to 15 to 25 wells a year between 2012-15.

(nb, my bold)

[bagowank] 04/12/2012 11:38

Good luck then

[ronan7] 04/12/2012 11:23

don`t see that baggy

if we can get to and stay past 28p it may run on

[bagowank] 04/12/2012 11:03

near term action...........sub 20p.

[fairenough11] 04/12/2012 10:56

near term action

Central blocs--complete 3d Interpretation
Tapir South--complete well result analysis
Mauritania---commence 3d seismic acquisition
Morocco--2d data to be reprocessed and reinterpreted
All before year end and HRT second Farm out(MAJOR OIL) any time.
Data Room open for Central blocs Q-1 2013
and HRT drilling campaign begins.

Gonna be a busy few weeks imo.

[fairenough11] 04/12/2012 10:26

from the platts note Re HRT---Namibia


"is evaluating offers to buy a third of its interest in its 12 Namibian blocks after more than 20 companies studied the data. ExxonMobil, Shell, Petrobras, Anadarko and Murphy are among the companies that have studied the data.
A successful sale is likely to bring in another major to help bankroll HRT's planned drilling campaign."

Cue another MAJOR entering Namibia via HRT farm out.

There's OIL in them there hills,of that I am almost certain.

[triples] 04/12/2012 10:26

Thanks. Yeah, I thought I'd actually do some research for a change. Copying and pasting stuff form other boards was getting dull ;)

[hedgebetter] 04/12/2012 10:18

Nice find triples...!

[triples] 04/12/2012 10:16

It looks like BP are staying in offshore Namibia.

This is BP's "Upstream Investor Day" presentation from yesterday:



Page 15: "New Access: Brazil deepwater, Namibia, Uruguay, Trinidad, Gulf of Mexico, Utica Shale in the US and Canada Nova Scotia deepwater."

Page 19: "A strong pipeline of high-margin Upstream projects."

Page 28: "priorities to 2014" includes "15 high-margin upstream projects".

Namibia is mentioned specifically and there is this bias to high-margin upstream projects. Could have done with more meat on the bones, but the overall picture is good.

No mention of Mauritania and Morocco, but they do mention increasing to 15 upstream projects, so those extra areas are being kept a secret at the moment.