Chariot Share Discussion Threads

[kiwimonk] 03/5/2013 11:08

My thoughts exactly F11

[kiwimonk] 03/5/2013 11:08

it is not a case of gambling
its a case of making an investment decision
it's really quite black and white

[fairenough11] 03/5/2013 10:03

There's gonna be 16 3rd party wells drilled in and around CHAR's acreage in the next 18 months so no ONE WELL is do or die.Plenty more to come.

[fairenough11] 03/5/2013 09:59

Should get HRT second NAMIBIAN Farm In announcement BEFORE the Wingat Well RESULT,so anytime in the next few days.

[salpara111] 03/5/2013 09:58

Have watched this one ever since the spectacular share price crash last year but wisely decided not to get involved when the senior management abandoned ship.
The question now is...a punt at 19p?
It really is a case of gambling but if HRT draw a blank where does CHAR go? down to 10p or relatively stable?
What is the potential upside? initially back to 30p?
I guess you could say that it is a 50/50 play here now.
I am not feeling well disposed towards oil plays at present due to the fact that I hold a big chunk of Heritage Oil that is well under water and I don't like to be too exposed to any one sector.
I guess I may take a small stake by my standard and see if it plays out.

[kiwimonk] 03/5/2013 09:48

well it be this one or well it be the next one
from £39m to £390m
or just stay where we are
oh what a risky bet!

[crosswire] 03/5/2013 06:50

Namibia Well May Revive Skeleton Coast Drilling After Failures

By Paul Burkhardt - May 2, 2013 11:00 PM GMT

HRT Participacoes em Petroleo SA is expecting results this week from a well in offshore Namibia that may revive interest in oil exploration in the southwest African nation after two failures last year.

The Wingat-1 well, in an area where shipwrecks line the country's Skeleton Coast, is expected to be finished at a depth of about 4,200 meters (13,800 feet) by the end of this week, Patricia Odenbreit, an HRT spokeswoman, said in an e-mailed response to questions. The well is being drilled by Transocean Ltd.'s semi-submersible Transocean Marianas rig.

BP Plc, Chariot Oil & Gas Ltd. (CHAR) and Repsol SA (REP) all have stakes in offshore blocks in Namibia, where 18 wells in past decades have failed to find commercial crude deposits. The explorers are betting west Africa's coastal shelf may mirror Brazil across the Atlantic, and that Namibia will yield major finds like neighboring Angola.

"A successful oil well in Namibia would be very positive for all companies involved in Namibia as there is considerable skepticism over the oil potential," Anish Kapadia, a senior research analyst for Tudor, Pickering, Holt & Co. International, said by e-mail.

"Most believe it is gassy."
Investors have punished Chariot, which drilled two dry holes in Namibia, sending its shares down 89 percent in the past year. Rio de Janeiro-based HRT is the cheapest energy stock in the Americas after it found natural gas rather than oil in Brazil's Amazon jungle. Investors are assigning no value to the Namibia licenses, Chief Executive Officer Marcio Mello said last month.

'Not Critical'
HRT gives the Wingat well a 27.5 percent chance of success and is considering a fourth well, Odenbreit said. Galp Energia SGPS SA is its partner for its first three wells.

"It will be very important, but not a critical issue" that HRT finds oil with this well, she said. "Most important is to evaluate the basin with our exploration campaign of three wells at the moment."

Companies are expected to drill nine wells in Namibia from 2012 to 2014, equal to the rate seen from 1994 to 1998, said Immanuel Mulunga, Namibia's petroleum commissioner at the Ministry of Mines and Energy. At that time, explorers withdrew from the country after oil prices dropped.

In 2010, more than half of the 57 licenses were still available; now there are none, drawing interest in partnerships from companies not yet involved, Gil Holzman, CEO of Toronto- based Eco Atlantic Oil & Gas Inc. (EOG), said in an April 29 phone interview.

"The door will be shut when HRT makes that all important discovery," Mulunga said in a speech last month at an energy conference in the capital, Windhoek.

'Overcooked' Gas
Geologists at the conference highlighted seismic charts from offshore blocks, making comparisons to major finds on the coastlines of Brazil, where billions of barrels of oil have been found in the last decade, and to Angola, Africa's second-largest oil producer.

Natural gas discovered in the Kudu Field off Namibia's southern coast was once potential oil that became "overcooked" deep beneath the earth, according to a 2011 report by Chariot Oil, which holds acreage north of the area.

HRT is the operator in 10 of the 12 blocks it holds in Namibia, covering almost 69,000 square kilometers (26,600 square miles) and holding 6.9 billion barrels in prospective resources, according to the company website, citing a third-party assessment.



Chariot and Eco Atlantic have interests in blocks neighboring the prospects being drilled by HRT. About half of Chariot's 60,000 square kilometers of acreage is in Namibia.

The Skeleton Coast, a barren stretch of land south of the border with Angola, became notorious among European navigators after ships wrecked on its rocks or ran aground in fog. The name is said to come from the bones left behind from whale and seal hunts, and from the stranded sailors who perished there.

Chariot Oil, HRT, Eco Atlantic, Petroleo Brasileiro SA, Repsol and Signet Petroleum Ltd. have local offices while others are in the process of setting up, Mulunga said. Namibia is still considered a frontier area, unlike Mozambique where major natural gas deposits have been found.

"The activity level hasn't been Mozambiquesque because there hasn't been a rig that's come in for several operators; it's been a bespoke rig that's come in for a particular project," Larry Bottomley, CEO of Chariot Oil, said in an April 23 interview. "The thing that would transform that would be success."

[wild_goose] 02/5/2013 21:14

I feel a "Larry" RNS coming on.

[wild_goose] 02/5/2013 20:53

Ok, the drill has gone the reservoir, and it is now know, if there is oil.

There is a theory, that CHAR bod/Larry, etc, are working with hedge funds, to control the situation.

Both HRT and CHAR share price continues to be controled, until the various parties agree on the game plan.

Don't know what it is, but, for sure, we will know soon.

Aimo, etc.

[here and there] 30/4/2013 17:52

new namibian presentation

[kiwimonk] 30/4/2013 15:54

countdown!

[indian3] 30/4/2013 13:24

thanks guys for clarifying

[belisce6] 30/4/2013 11:44

yeah... but its nothing news... i mean... one person cannot hold both positions, so he gives up the chairman spot, but remains ceo... the ceo is always on the board, like in all other companies... so there is nothing to this news... at least there should not be any negative reaction, particularly if the change is simply due to regulations/administration...

but ur right, all should b revealed thru company announcement... hopefully afta they tell us about the 1 billion barrels of oil that they r trying to contain with a plug...

[fairenough11] 30/4/2013 11:34

reported on iii.Still on the board though,they say.

Maybe a release when their Market opens.

[belisce6] 30/4/2013 11:25

mello is hrt chairman and ceo at same time... the (local ?) stock exchange rules do not allow for one person to fill both positions within the same company, so mello is giving up the chairmanship on 29april but holding on to CEO...

nothing else...

[mariopeter] 30/4/2013 11:16

Actually had not realised Angola (immediately north of Namibia) is loaded with the black stuff and BP have spend like $10b on an enormous FSPO there. Chariot shareprice is pants

[indian3] 30/4/2013 11:08

where did you read that, you have a link?
thanks

[fairenough11] 30/4/2013 11:02

Marceo Marcello stepped down as HRT Chairman??

Strange time to do it just before Wingat result.