Chariot Share Discussion Threads

[rhomboid] 08/8/2013 18:24

Hi repo

Any idea what Chariot paid for entry into Mauritania?

Plus that cash and more is surely destined for their share of future licence commitments and therefore counting the value of the acreage AND the cash is double counting?

Even so it's beginning to look worth paying close attention to as at some point someone surely must get a result drilling offshore Namibia?!

Cheers

[lanaken] 08/8/2013 12:30

7hxxp://www.chariotoilandgas.com/files/8613/7588/7873/Investor_Presentation_Aug_2013.pdf

Solid presentation.

Year end 2013 $54m cash
Value of Mauritania implied by today's deal ((11/7)*26)=$41m
$97m/200m shares 48.5c per share or 31.2p. Current price 21p.

So in for free

Namibia with a big and expensive seismic data set, large hugely prospective acreage and as yet not fully released drilling results.

Morocco with acreage between Exxon/Repsol and Brazil.

It'll take time and they may run out of money before any success on their blocks, but the potential prizes are huge for a company worth 42m quid at the moment.

Anyone buying the company at today's price and netting off the cash gets all the acreage, seismic, drilling results for £7m. Hmmm?

DYOR, though

repo

[flyfisher] 08/8/2013 10:57

Updated presentation.
hxxp://www.chariotoilandgas.com/files/8613/7588/7873/Investor_Presentation_Aug_2013.pdf

[vwnige] 08/8/2013 10:41

The uptrend has started.

[triples] 08/8/2013 10:20

Good news today. September will see a good rise here, imho.

[rabbitman2] 08/8/2013 09:48

Ambrian comment and target price

CHARIOT OIL & GAS - Farm-out Agreement with Cairn in Block C19 Offshore Mauritania - Chariot Oil and Gas (CHAR) has signed a farm-out agreement with Cairn Energy whereby Cairn will acquire a 35% interest in Block 19. Cairn will pay approximately US$26m for the costs of the 3,500km2 3D seismic data and other back costs. Chariot will retain operatorship. The funds will be used to develop Chariot's portfolio further. If before the end of the first phase of the licence (15 June 2015) Cairn were to increase its interest to more than 50%, Chariot would approve Cairn's application for operatorship of the block. Block C19 covers 12,175km2, 30km off the coast of Mauritania, in water depths from 5m to 2,100m. To date Chariot has exceeded its work commitments on the licence. On the 3D seismic, fast track data was received in March. Final Pre Stack Depth Migration (PSDM) volumes are due to be received in November this year, which will be interpreted and analysed to identify a drillable prospect in 1Q14. Subject to the results of this, drilling planning and the evaluation of partnering options will commence. Chariot shares closed at 17.5p yesterday.
RFC Ambrian Comment: The farm-out of a 35% interest in Block C19, Mauritania, to Cairn is the first piece of really good news for Chariot Oil and Gas shareholders for a while. It shows that management is following through on its strategy of aiming for "zero cost exploration". Our previous fair value estimate had included no value for this permit as it had only recently been acquired and Chariot was in the process of acquiring 3D seismic over the block. Based on the US$26m Cairn is paying for 35%, we think that Chariot's 55% interest is worth US$41m, or ~12.8p/share. We estimate year-end net cash should be US$50-55m, assuming Chariot receives the US$26m for this farm-out by then. Thus, we consider cash backing is worth 15.7-17.2p/share; Chariot closed at just 17.5p yesterday. We think that more good news is likely over the coming months as Chariot still has substantial interests in its Namibian Central Blocks, three Moroccan licences and a Brazilian licence that it aims to farm out. Management plans to open the Namibian Central Block data room in September. We reiterate our Speculative Buy on the stock and 56p fair value estimate.

[lanaken] 08/8/2013 09:07

Nice to get some decent news.

CHAR has big chunks of some hugely prospective acreage and enough cash to have a chance to see it through until there is a big hit or two.

That's when everybody will pile in, but the time to do it was when the boards were full of people moaning about Larry. Like last week!

Oil will be found in and around CHAR's acreage. The big question is whether management have the nous to steer a course through the exploration and financing challenges for CHAR to be around long enough to succeed. Today's news suggest they might;-)

We'll see.

repo

[epiphany99] 08/8/2013 08:45

£35million market cap, half of which is now underpinned by this new cash.

decisions, decisions

[epiphany99] 08/8/2013 08:43

tbh this news looks so significant for CHAR

With HRT about to drill again in Namibia, a planned drill in Mauritania in Q1 next year, then further Namibia drilling after that, even on today's rise I am tempted to get into this.

The problem is I hate buying stocks on AIM that have risen....

[ronan7] 08/8/2013 08:33

got a few more

ready to get a few more

[vic_frost] 08/8/2013 08:30

Shorts bound to be closing fast this morning :)

[ronan7] 08/8/2013 08:16

clearing out sellers ...let them go
will get some more at 22p

[fairenough11] 08/8/2013 08:09

looks as though not many of us were still IN--LOL.

+30%----Nice!

[zero the hero] 08/8/2013 08:02

Fill or Kill only from my broker

[epiphany99] 08/8/2013 07:53

Exactly Zero, I'm thinking the same if I get a decent price

Wish I had bought the other day, but figured there was still time

Hey, ho nevermind

Congrats to all holders here. Even the most cynical are going to be forced to admit this is a good deal and there is still Namibia to play for

[zero the hero] 08/8/2013 07:49

Cash in the bank, no loss of control, and new drive for developing their assets, a very good RNS I think and worth a dip at the bell for me.

[stockriser] 08/8/2013 07:47

Molatovkid - 2 dusters which have provided more information and direction therefore more chance of success on future drills ;-)

[molatovkid] 08/8/2013 07:42

Namibia - where there have been 2 dusters which is why the share price is where it is ??

[ronan7] 08/8/2013 07:37

er WG

you read too much into it all


cash and support from cairn good news me thinks

[wild_goose] 08/8/2013 07:21

Very sneaky trick by Larry, takes the attention away Fromm Namibia, while BP steal it.

[fairenough11] 08/8/2013 07:20

$26Million???

lol!

Char Mckcap £35Million.

Hmmm--a tad undervalued I would say:-))))

[52ron] 08/8/2013 07:16

RNS Number : 2143L

Chariot Oil & Gas Ld

08 August 2013








08 August 2013



Chariot Oil & Gas Limited

("Chariot", the "Company" or the "Group")

Farm-out agreement signed with Cairn Energy PLC ("Cairn")in Block C19 offshore Mauritania

Highlights:



· Cairn, through its subsidiary Capricorn Mauritania Limited, to acquire 35% interest in Block C19 offshore Mauritania

· Cairn to pay approximately US$26 million for the costs of the 3D seismic data acquired by Chariot on the block and other back costs

· Chariot to retain operatorship with 55% equity and SMH with 10%

· Funds to be used to further develop the Chariot portfolio

· Partnering process for drilling based on 3D data interpretation to take place 1Q 2014



Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas exploration company, is pleased to announce that its wholly-owned subsidiary, Chariot Oil & Gas Investments (Mauritania) Ltd., has signed a farm-out agreement with Capricorn Mauritania Limited, a wholly owned subsidiary of Cairn Energy PLC. Following completion of this agreement, Cairn will hold a 35% equity interest in Chariot's C19 licence offshore Mauritania in return for paying approximately US$26million for the costs of the 3D seismic data acquired by Chariot on the block and other back costs. Chariot will have a 55% stake and operatorship of the licence, with the Société Mauritanienne des Hydrocarbures (SMH) holding the remaining 10% as a carried interest. If, before the end of the first phase of the licence (15 June 2015), Cairn were to increase its interest to greater than 50%, Chariot would support its application for operatorship of the block.

This agreement remains subject to the approval of the Ministry of Hydrocarbons in Mauritania and includes standard representations and warranties given by both parties.

Block C19 covers an area of 12,175km2 and is located 30km off the coast of Mauritania with water depths ranging from 5m-2,100m. To date, Chariot has exceeded its work commitments on the licence with the acquisition of a 3,500km2 3D seismic programme. Fast track data was received in mid-March and final Pre-Stack Depth Migration (PSDM) volumes are due to be received in November this year. This data will be fully interpreted and analysed with the objective of identifying a drillable prospect in 1Q 2014 and, subject to the results of this, drilling planning and the evaluation of partnering options will commence thereafter.

Larry Bottomley, CEO commented:

"We are pleased to have agreed a partnership on C19 in Mauritania with Cairn, whose focus on exploration-led growth is aligned with Chariot's objective of creating transformational value for stakeholders through the discovery of material accumulations of hydrocarbons.

"This agreement also demonstrates Chariot's ability to implement our strategy of identifying and accessing large equity positions in underexplored hydrocarbon provinces, adding value in the early stages of exploration and securing farm-out partners to validate our assets, diversify risk and provide funding to further develop our portfolio. Furthermore, this partnership will enable us to continue to expedite our exploration efforts offshore Mauritania, where we see significant prospectivity and we look forward to maturing our prospect selection for drilling."

[mirabeau] 08/8/2013 07:15

Is this a good result for CHAR?

Cash is something CHAR won't be short of

[vwnige] 07/8/2013 22:02

MM..

This drill is right next door to the Chariot acreage....


I feel confident about this drill..

[logans run] 07/8/2013 19:40

AIM's Namibia explorers eye HRT's third wildcat -