Chariot Share Discussion Threads

[ticato] 22/1/2013 18:40

Hi everyone,

I said the other day that I'd written back to Larry Bottomley to ask him if I could post his reply to my first email on this thread. I'm pleased to say that Julia Webb from Chariot emailed me today to say that I could go ahead. Reading between the lines of some of his comments I'm guessing some positive news might be on the horizon in the not too distant future. Purely based on speculation, I've got my own theories surrounding the last drill. Anyway, hope you guys can spot some positive vibes in Mr Bottomley's comments.


Dear Mr. ......,



I would like to assure you that the Chariot strategy remains the same. The goal of the Company is to create transformational stakeholder value. This will require the discovery of material accumulations of hydrocarbons and our strategy is to explore in new or emerging hydrocarbon provinces, take large equity positions in the early phases of exploration and manage risk through levered partnering, portfolio diversity and the application of technology. We strive to ensure capital discipline throughout our projects.



We remain focused on Namibia. Our technical team is currently working on delivering a prospect inventory from the recently processed 3D seismic in the Central blocks, and we continue our technical evaluation post drill results in the Northern and Southern blocks (the latter in conjunction with our partners Petrobras and BP).



Concurrent to our work in Namibia, we are also furthering our work programmes offshore Mauritania and Morocco - these license acquisitions have both broadened the Company's West African focus and also de-risked the exploration portfolio as Chariot now operates in frontier, emerging and proven hydrocarbon provinces.



With regard to our communications strategy - we look to inform the market as often as possible with the Company presentation updated almost on a monthly basis. The Pre-Close Update issued on 21st December summarised the status of all our projects, including detail on Namibia, and also referenced updates on the prospect inventory and the forward work programme which will be announced this quarter. Please note that there are very strict Stock Exchange rules on communications, and we abide by these rules with the support of our NOMAD, Brokers, PR Advisors and with the oversight of the Board. With specific reference to the fall in the share price post the Kabeljou well in September, we were restricted in what we could announce as we did not operate this well and were bound by partner confidentiality. Going forward, we will continue to provide timely updates to the whole market on all progress across our portfolio.



Our focus is on making a material hydrocarbon discovery, and success in this goal will create transformational value. I trust we maintain your support in this endeavour.



Very best regards,



Larry Bottomley

CEO

[hedgebetter] 22/1/2013 18:28

If you contact

[e-mail] - Bevan - Victoria (Shareholder Services)

Ask to see the register for Chariot oil and Gas ....they will ask you to fill in a form then quote you.....etc

[newswseller] 22/1/2013 17:34

Clear as mud then.. I think they fudged n meant to put 3%, who proof reads these RNS's

[stockriser] 22/1/2013 17:26

Well the last disclosure they made was 30th Oct last year - Held 11,888,498

I believe that RNS is misleading - I personally believe they are now just below 5% - the bit about no longer having a disclosable interest as they are under 5% cannot be correct. Making it look like they now have no shares - a load of [e-mail]

[hedgebetter] 22/1/2013 17:04

Hehe....28p has long gone...few day traders out from yesterday...hurrah...let's crack on....

[vwnige] 22/1/2013 17:03

we will probabily get another later this week saying someone has got more than 5%

there has been some big buys lately..

[stockriser] 22/1/2013 16:51

Come on Newsy - I think it was more than two days ;-)

[newswseller] 22/1/2013 16:43

I realise that nothing goes up in a straight line, but give us more than two days

[triples] 22/1/2013 16:37

newswseller,

You weren't always so glum on Chariot. What changed?

best regards,

triples

[hedgebetter] 22/1/2013 16:35

Fe -Jimmy is a top bloke.

No one can buck the market forever...

:-)

[fairenough11] 22/1/2013 16:28

jimmy iii

16:27
Buy Morroco
jimmy24
Cairn Energy have announced to day the drilling of a multiwell program offshore deep water Morroco, commencing in Q4 2013.

Tullow are drilling 3 wells offshore Mauritania this year.

These are all locations where Chariot has built up a sizable acreage area and Chariot is well positioned to benefit from any success others may have in these areas.

All for free as Chariot trades at its cash value.

Jimm

[newswseller] 22/1/2013 16:27

Pointless selling now. If you wanted to lock in profit should have done above 35p. Almost 10% swing today.

[newswseller] 22/1/2013 16:20

Well the pump n dump didn't last very long.. Now we have to suffer all those who bought on t10s bailing over the next couple of days.. Someone tell me why i didn't sell any earlier?

[triples] 22/1/2013 16:05

This sounds a bit hackneyed, but you don't bump into many opportunities like Chariot each year.

[newswseller] 22/1/2013 16:04

Normal service resumed i see.. Two days of gains obviously too much.. Notice overpriced crud like bpc just going up day after day.

[hedgebetter] 22/1/2013 16:02

No worries VWNige. I tend to build a substantial holding in a share - then hold onto them for a few years....I am happy to sit out the multi-baggers...!

[vwnige] 22/1/2013 15:56

Fairenough and Hedge..

Thanks very much for the info...

Seems we have multiple chances of substantially increasing the share price this year..

The tricky part will be when to sell..

[fairenough11] 22/1/2013 14:38

Cash as at last results was around 35p a share.

[fairenough11] 22/1/2013 14:01

from iii--good post from MF



Chariot Oil & Gas is an Exploration and Production company focused on West Africa. They hold acreage offshore of Namibia, Mauritania and Morocco.

Namibia is an area that has generated considerable interest from O&G companies over the past couple of years, and Chariots shareprice rose as high as £3 in 2011 on predrill enthusiasm. Two non commercial wells later the price has languished at around 30p for the past 4-5 months. The first well drilled in 2012, Tapir, in the Northern Namibian block found good reservoir but poorly developed source. The second well, on the Southern Namibian block, fully funded by BP as part of their farm in to the block, found source, but poorly developed reservoir. The results from these wells are being integrated into the exisiti9ng 3D seismic data from the blocks, and new 3D from the as yet undrilled Central Namibian block is currently being analysed. These steps will be followed in H1 2013 with resource updates for the 3 blocks and potential farm outs of the Northern and Central blocks - currently 100% and 90% held by Chariot respectively. (The Southern Block was previously farmed out to BP and Petrobas, leaving CHAR with a 25% interest). These events, plus the possiblity of further drilling later in the year, all have potential to move the share price upward over the next year. In addition, HRT the Brazilian O&G company will shortly be drilling adjacent to Chariot's Southern block. Success here could help swing sentiment on offshore Namibia back to positive again.

In addition, Chariot has aquired significant interests in blocks offshore of Mauritania and Morocco. Analysis of exisiting seismic, and collection of new data will be carried out over 2013.

The whole West African Margin is beginning to be of considerable interest, in part because of recent large discoveries on the east coast of South America which shares a geological history with the west coast of Africa. Chariot has a very significant position in several blocks on the coast that are very likely over the coming years to produce commercial discoveries. The question for CHAR, and its shareholders, as ever with small E&P companies is are their pockets deep enough to fund the expense of finding them? Which may require several, very expensive, drills. They are currently "well" funded, with cash approximately equal to the market cap, which is sufficent for short term plans. However, they could not fund a major drilling campaign. The main way forward for them is going to be via further farm outs. They have plenty of large interests which could be farmed down, in exchange for back costs and funding of future drilling. A key issue will be the terms on which those happen. Promising results from the current seismic analysis, or success by HRT will put them in a much stronger position to obtain good terms, and also allow funds to be raised at a higher share price should that be needed.

There is a good argument to be made that Chariot was overpriced prior to the start of their 2012 drilling campaign. I would argue that sentiment has now gone too far the other way and that is potential for significant upside from here.

I have between 2-3% of my portfolio in CHAR. It is not the share that I am most confident of a positive return from in 2012, but it is one which has the possiblity of producing large returns if things go well. I may well reduce my holding if the price appreciates well from here, as I do still see a fair degree of risk attached, certainly at prices much above the current share price

Peter

[lanaken] 22/1/2013 13:32

fairenough,

Good posts though most in the markets just don't get that at all despite the recent strongish share price performance. Most see no farmouts and CHAR eating all their cash with drilling failures.

It will change dramatically at some point;-) I don't think that we're near that point at present. Holding tightly onto my shares.

repo

[highlander7] 22/1/2013 13:19

Cash in bank = 28p a share.