Chariot Share Discussion Threads

[cherisher] 20/3/2013 11:47

Bod and Mgmt has gone on a shopping spree. won`t be surprised if mgmt and the Bod raised their stakes from 20% to 25%.

[fairenough11] 20/3/2013 10:22

So it will be no great surprise that the Central Blocs(already plenty of interest)and Northern blocs will be farmed out,so its not correct to say that we don't know where the funding will come from then is it?It will come from Farm In partners as that's the tried and tested business model.They have already stated this as per presentation:-

2014

NAMIBIA
Northern Area Drilling with a partner
Central Area Drilling with a Partner

[greyingsurfer] 20/3/2013 10:16

Of course they could, as I acknowledged in my post. The point is a simple one - the company is currently not funded for the planned 2014 program. No great surprise, and in due course it will almost certainly be, but at present we don't know where the cash will come from (or who will be paying). It shouldn't have needed saying, but I was responding to an earlier critical response by you to someone who had pointed it out.

[fairenough11] 20/3/2013 10:11

greyingsurfer,

maybe they could Farm Out Central Blocs/Northern Blocs,as they are 90%/100% owned?Just a thought.

Of course in 2014 we have yet more 3rd Party Drilling

NAMIBIA
Repsol drilling campaign
BP-Serica drilling campaign ?
MAURITANIA
Dana well, Block 1
Kosmos drilling?
MOROCCO
Genel drilling
Plains - Pura Vida drilling

[greyingsurfer] 20/3/2013 10:05

""The Company is fully funded to carry out its work programme for 2013 as well as undertake all of its contractual commitments to the end of 2014."

What part of the above don't you understand?

Well, the key is the difference between contractual commitments for 2014 (not a great deal) and what they would actually need to spend to carry out the program outlined (which is a pretty big gap). Of course, what's needed for 2014 is going to depend very heavily on the outcomes of the various data rooms, but in the worst case CHAR will either have to do nothing in 2014 (not likely) or raise funds elsewhere. I suspect that the OP understood the bit quoted perfectly well, but remained uncertain about just what the funding requirement for 2014 is going to be, like the rest of us who have read and understood it.

Peter

[jxman] 20/3/2013 09:19

Ce 15p will go lower

[caveat_emptor] 20/3/2013 09:18

FairenoughI suppose....
All that cash probably explains why the share
price is revisiting it's all time low!!!

I out in an order for a few at 15!!!!

[stockriser] 20/3/2013 08:55

No must admit cannot see any amendments, but like what LB says ;-)

You tell em Larry.............NOTE: he does not say MAY but WILL OCCUR....does he know something we don't?

"We consider Chariot's portfolio to hold giant prospectivity which has the potential to create transformational value. The Company is dedicated to delivering on its strategy and will be using the significant data accumulated this year to develop its asset portfolio."

"There are MULTIPLE VALUE TRIGGERS THAT WILL OCCUR DURING THE COURSE OF THE YEAR with regional third party drilling activity providing read through to the Chariot portfolio as well as developments within our own programme."

[ronan7] 20/3/2013 08:43

er why the 2nd news alert>???

can`t see any admendments

[fairenough11] 20/3/2013 08:42

"The Group is debt free and held cash balances of US$68.3m at 31 December 2012 (31 December 2011: US$129.0m)"

""The Company is fully funded to carry out its work programme for 2013 as well as undertake all of its contractual commitments to the end of 2014. Third party drilling in neighbouring acreage to all of our areas of exploration will contribute to the development of the understanding of the petroleum systems in these regions and assist in the maturation of our prospect portfolio."

What part of the above don't you understand?

Char's business model is to get early mover advantage in potential massive new Oil frontiers and then Farm out the RISK,thus getting cash/free carries and back payments for Seismics already undertaken.They have $68.3M in cash.

They have no need for more cash as they are about to Farm Out the Central Blocs in Namibia.

[fairenough11] 20/3/2013 08:35

HRT will be drilling in the Walvis Basin, several hundred kilometres southwards of Tapir South. The company contracted the semi submersible rig Transocean Marianas for a 280 day term from January 2013. The rig will commence drilling operations on the Wingat Prospect, in the Petroleum Exploration License 23 (PEL-23), by March 2013. Wingat is located in 1,000 meters of water and drilling operations are expected to last approximately 60 days. Wingat does not, at a glance, necessarily come across as the best looking of the "four prospects that company has mapped and evaluated", in the Petroleum Exploration Licences(PELs) 23 and 24.

[caveat_emptor] 20/3/2013 08:34

Char has come up on my bottom fisher's alert system.
They say fully funded this morning?
To when.....reading it comes across "weak",
almost contradictory?
I get the sense that they are putting off as much as
might necessitate a funding which clearly would be disastrous
for the share price right now.

Still if I get a clear answer here I may be tempted,
to stick away for 1-24 months?

[alex hawk] 20/3/2013 08:26

60 day drill - so somewhere around end of may

[crosswire] 20/3/2013 08:10

When does HRT reach TD?

[fairenough11] 20/3/2013 08:01

No negatives so yesterdays sellers are now looking down the barrel of almost 12 months continuous 3rd part drilling on Char's acreage plus in the next couple of weeks a potential forward plan post Kab-1.

Our acreage plus seismic data is worth less than ZERO apparently:-)

[alex hawk] 20/3/2013 07:57

So news due for another quarter? 16p looks even more likely now - will take some if it drop there for build up to HRT results.

[wild_goose] 20/3/2013 07:45

Looks like we go back the Nimmrod.

PB will complete the analysis of the well data by end of March, a week away.

Then keep it secret for 6 months while BP work the take over.

[stockriser] 20/3/2013 07:40

FE, yes the drill bit will soon be turning, and I believe the Co. shares your thoughts re "one strike Bingo"

"We now have a strong foothold in three very interesting geological provinces for oil and gas exploration and have created a portfolio that contains a variety of regional plays; exploration success in any of these regions has the potential to deliver transformational value to the stakeholders in Chariot."

[fairenough11] 20/3/2013 07:29

Go figure

"Final evaluation of the well results from the Kabeljou-1 well is still underway by Petrobras and an update to the prospect inventory in 2714A is pending further to the completion of this work which is expected at the end of March 2013. An update on the well evaluation results will be provided in due course followed by the forward plan as agreed with the partners in the block, expected in 2Q 2013."


Lots of potential still there by the look of it and meanwhile the share price gives a negative value to all Char's acreage/Expensive seismic data sets.

Meanwhile HRT/Tullow/Cairn have the drill bit turning for the rest of the year in and around Char's acreage.One strike--BINGO!

[crosswire] 20/3/2013 07:16

3013

I'll be dead and gone!!!!!

LOL!

[mr.oz] 20/3/2013 07:15

I know timescales are being put back ... but this Outlook part of the RNS looks extreme :)

"Kabeljou-1 well analysis to be completed by Petrobras end of March 2013, forward plan for Namibian Southern Block 2714A to be decided subsequently, expected 2Q 3013 "

[andonis] 20/3/2013 06:56

perhaps maybe

[andonis] 20/3/2013 06:20

better now the EURO