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Share Name Share Symbol Market Type Share ISIN Share Description
Chariot Limited LSE:CHAR London Ordinary Share GG00B2R9PM06 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.75 -4.07% 17.70 3,643,089 16:35:10
Bid Price Offer Price High Price Low Price Open Price
17.90 18.05 18.50 17.90 18.45
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -5.15 -0.74 170
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:10 O 250,000 18.075 GBX

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Date Time Title Posts
26/6/202221:09Chariot - Transitional Energy152
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04/11/202120:26NEW * Chariot Oil and Gas - A balanced portfolio with Giant Potential111

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DateSubject
26/6/2022
09:20
Chariot Daily Update: Chariot Limited is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker CHAR. The last closing price for Chariot was 18.45p.
Chariot Limited has a 4 week average price of 17.90p and a 12 week average price of 16.95p.
The 1 year high share price is 26.60p while the 1 year low share price is currently 5.02p.
There are currently 958,002,421 shares in issue and the average daily traded volume is 5,475,315 shares. The market capitalisation of Chariot Limited is £169,566,428.52.
24/6/2022
08:44
888icb: Some enlightenment for nutjob regarding the future sp: Cenkos Reissued Buy `Recommendation Last 2 paragraphs of the Cenkos report which is very conservative at 51p pending the CPR: “ Significant Value Triggers - We see a number of key re-rating opportunities for Chariot ahead of a FID, including the delivery of an updated CPR post the result of the Anchois-2 well and the finalisation of project/debt financing. In parallel with these workflows, strategic partnering discussions will continue with a view to finding a partner with its interests aligned with Chariot's over the long-term. As a reminder, Chariot previously signed a MoU with a leading international energy group, relating to the key terms of a gas offtake and partnering between the parties in respect of the Anchos gas development, tisewhere, we would expect Chariot to continue to crystallise the 500MW+ Transitional Power project pipeline. Multiple Source of Upside Potential - Whilst we leave our valuation and target price unchanged at 51p/share, within our valuation we see significant potential for re-rating opportunities. We model the Anchos field using the pre-drill resource estimate of 361Bcf (2C); however, we would expect this figure to increase following the confirmation that the Anchois-2 well encountered more than 150m of net gas pay - significantly exceeding pre- of exoectations. Similarv. the Anchois-…well result nas de-risked numerous addrional material exploration prospects on the Lixus licence that exhibit similar seismic attributes to the Anchos discovery. We model the c3Tct of prospective resources on the Lixus licence using the ore-drill chance-of-success. noting that this is likely to be highly conservative vs an updated CPR. At 51p, our target price is 2.6x the current share price. BUY”
21/6/2022
09:41
888icb: Also useful to remind ourselves of the investment case here and the conservative target of 51p as set out by Simon Thompson a month ago: “ Bargain Shares: Backing an energy transition winner An African-focused energy group has pulled off a successful fundraise to progress its flagship Moroccan gas project which should create substantial value for shareholders. May 19, 2022 By Simon Thompson $25.5mn placing and subscription completed one-for-47 open offer to raise $4mn Directors invest $0.6mn in subscription offer Chariot (CHAR:19.55p), an African-focused energy group, has announced a $29.5mn (£23.6mn) fundraising, at 18p a share, to advance its low-cost flagship Anchois Gas development, offshore of Morocco. Pitched at a tiny 2 per cent discount to the market price, the placing and subscription element of the equity raise completed in double quick time, a sign of strong investor support. Existing shareholders have until 8 June to submit their open offer applications. I would advise doing so for multiple reasons. Firstly, at the start of the year, Chariot announced a major gas discovery at its Anchois-2 well. Having encountered multiple high-quality gas reservoirs, net pay estimates – a key parameter in reservoir evaluation – have been raised from 100m to 150m. This has a positive impact on the size of the resource, and on the project economics, too. A post-drill reserves report is in the process of being updated, but on a base case development with a 70mn standard cubic feet (scf) per day plateau production rate from the 2C contingent resource (pre-drill), Anchois has a net present value of $900mn (applying a 10 per cent discount rate) and is expected to generate an eye-catching 45 per cent internal rate of return for its project owners. Secondly, Chariot’s board is looking to advance the Front-End Engineering Design (FEED) project to reach the Final Investment Decision (FID) as quickly as possible, whilst progressing the development of the group’s wider portfolio. Around $15mn of the fundraising proceeds will help accelerate this process while a further $5mn has been earmarked to progress Chariot’s renewable power pipeline, strategic partnering and new venture opportunities. The partnering process is already underway as Chariot looks for long term, strategically aligned partners in both upstream and downstream capacities. The next commercial steps will be negotiating and completing gas sales agreements, and securing project finance. At the end of April, investment bank Societe Generale was appointed to lead the project financing. Chariot already has a Memorandum of Understanding (MoU) with a leading international energy group for future gas sales agreements for 40mn scf per day for up to 20 years on a take or pay principle, thus anchoring the development whilst retaining the opportunity to sell surplus production into the gas hungry European market which is in urgent need of alternative sources of gas supply. Thirdly, the gas project offers green credentials in a growth market. Currently, Morocco imports around 90 per cent of all its primary energy supply and is heavily reliant on coal. Supplying growing power and industrial energy demand in Morocco will be Chariot's main market, a factor that is supportive of securing the funding for the initial capital expenditure of $300mn (£244mn) needed for the project. The positive back drop explains why Chariot’s share price has kicked on 11 per cent to 19.55p since I highlighted the progress being made (‘Hitting pay dirt: Chariot on Fire’, 31 March 2022) during which time the FTSE Aim All-Share index has lost 10 per cent of its value. The holding has also delivered a 543 per cent return in my 2017 Bargain Shares Portfolio. Cenkos Securities conservative looking 51p target highlights the value still on offer. Buy.
29/5/2022
22:38
highly geared: Mirabeau29 May '22 - 17:41 - 43 of 43 0 5 0 Many thanks to Jimmy23 on LSE : ------- Corporate presentation29 May 2022 13:55 Chariot issued a new corporate presentation on Friday with lots of new information. Set out below is the new information I have identified. 1. Adonis is now described as ceo and not acting ceo. 2. The pre drill 2c audited reserves of 361 bcf now has a 10% npv value net to chariot of $900 million. 3. The first years gross revenue forecast for chariots 75% interest in the anchois is forecast at $200 million. Based on chariots previous forecast of 70,000 mcf per day this equates to an average price of $10.40 mcf up from the previous forecast of $8 mcf. The price of gas in Spain is currently $38 mcf 4. Chariot have stated that they have commenced a partnering process for down stream activities. I honestly do not know what this is about. It could possibly be a joint venture to sell the gas, use the gas in Morocco to build and operate power generation or indeed get into get into the gas transportation pipeline business. More clarity needed here. 5. The geology section is interesting. “ wider prospectively in different plays derisked. “ 6. The plié prospect , which is located above the A sand and above anchois west is given extra prominence with additional prospects located in the anchois west area. The anchois 1 well is shown as having encountered a pinch out of the plié prospect reservoirs. There may be some interesting news to follow on this reservoir potential. 7. There is more detail on the anchois 2 reservoirs, there are 8 gas water contacts shown in the cross section, which would indicate that even small thickness of shale are acting as top seals for the reservoirs. 8. Anchois West is now described as “ significant derisked gas in adjacent fault block” . This looks to me like this gas could be classified as “probable proven gas reserves “ in the forthcoming reserve audit. That’s because the cross section clearly shows proven gas in reservoirs crossing and continuing across the anchois west fault. This compares to the description of the anchois north prospects as “ footwall prospects derisked”. Expect news on anchois west I suggest. 9. The anchois 2 well is shown as having penetrated a thick reservoir in the O sand, but with a shallow gas water contact in a compartmentalised section of the O sand. The O sand reservoir down dip is shown as gas derisked. 10. The FEED project for the anchois development is ready to commence. This indicates to me that chariot have now completed their reservoir analysis of the anchois field and it’s likely to have been passed to reserve auditors for review. 11. Chariot now report their internal estimates of gas reserves. 1tcf for anchois field, anchois satellites 600bcf, other chariot prospects in lixus licence 1.7 tcf 12. Multi tcf volumes in deeper exploration play have been identified. I believe that this refers to the sub nappe prospects from where the gas originated. There is a giant prospect called Oirsin below the anchois field. 13. Anchois field development shows three production wells at anchois, the next development well is shown in the plié and anchois west area, with further wells that look like they produce from anchois north and the anchois o sand area. 14. The rissana licence prospects show the large prospects in the very south. I seem to recall there was a chariot estimate of prospect size of 6 tcf from a long time ago. 15.strategic partnering on development and exploration acreage has commenced. 16. Surplus gas to be sold to European customers. Current price of gas in Spain $38 mcf 17.banks to provide debt project finance are Soc Gen and AFC 18.gas new venture is the next deal to be announced. 19. Final investment decision on anchois in early 2023. 20. A lot more information on the renewables. Firstly an example of the economics was provided. 50mw project has capex of $50 million with 70% debt finance and 30% equity finance. 21. 50mw will generate $9 million per year ebitda. 22. Chariot currently three projects started for a total of 485 mw, with a further 515 mw to added by end of year. 23. Ebitda calculation for the projects estimated as follows. A . 430 mw 15% interest ebitda estimate $11.61 m p.a B . 15 mw 10% interest $0.27 million p.a C 40 mw 49% interest $3.528 million per year D 515 mw new projects 2022 assume 15% interest estimated Ebitda $13.9 m per year The renewable projects operate under a take or pay contract and typically have an operating life of more than 25 years. To be conservative I have valued them at 9x ebitda which .re#ults in a value of 11p for the projects announCed to date and 10 p for the pipeline of projects to be announced in the rest of 2022. 24 . Green hydrogen pre feasibility study completed which has confirmed that Mauritania will produce one of the lowest green hydrogen costs of production in the world. Cenkos previously provided an unrisked value of 86p and assumed a 3 % chance of success for value purposes. Increase the success rate to 25% and the value increases to 19p. Just my observations and thoughts. Please add as appropriate Jimmy ------- Chariot report 1tcf of gas as a chariot estimate of the gas reserves at anchois. They also announced that 361 bcf of gas was worth $900 m in npv value. If we pro rata adjust for 1000bcf then the value is £2 billion or approx £2 per share. Add 21 p for the renwables, and 19 p for green hydrogen to get a value of £2.40 per share. Happy days, take up your open offer. Jimmy ---------------
29/5/2022
17:41
mirabeau: Many thanks to Jimmy23 on LSE : ------- Corporate presentation29 May 2022 13:55 Chariot issued a new corporate presentation on Friday with lots of new information. Set out below is the new information I have identified. 1. Adonis is now described as ceo and not acting ceo. 2. The pre drill 2c audited reserves of 361 bcf now has a 10% npv value net to chariot of $900 million. 3. The first years gross revenue forecast for chariots 75% interest in the anchois is forecast at $200 million. Based on chariots previous forecast of 70,000 mcf per day this equates to an average price of $10.40 mcf up from the previous forecast of $8 mcf. The price of gas in Spain is currently $38 mcf 4. Chariot have stated that they have commenced a partnering process for down stream activities. I honestly do not know what this is about. It could possibly be a joint venture to sell the gas, use the gas in Morocco to build and operate power generation or indeed get into get into the gas transportation pipeline business. More clarity needed here. 5. The geology section is interesting. “ wider prospectively in different plays derisked. “ 6. The plié prospect , which is located above the A sand and above anchois west is given extra prominence with additional prospects located in the anchois west area. The anchois 1 well is shown as having encountered a pinch out of the plié prospect reservoirs. There may be some interesting news to follow on this reservoir potential. 7. There is more detail on the anchois 2 reservoirs, there are 8 gas water contacts shown in the cross section, which would indicate that even small thickness of shale are acting as top seals for the reservoirs. 8. Anchois West is now described as “ significant derisked gas in adjacent fault block” . This looks to me like this gas could be classified as “probable proven gas reserves “ in the forthcoming reserve audit. That’s because the cross section clearly shows proven gas in reservoirs crossing and continuing across the anchois west fault. This compares to the description of the anchois north prospects as “ footwall prospects derisked”. Expect news on anchois west I suggest. 9. The anchois 2 well is shown as having penetrated a thick reservoir in the O sand, but with a shallow gas water contact in a compartmentalised section of the O sand. The O sand reservoir down dip is shown as gas derisked. 10. The FEED project for the anchois development is ready to commence. This indicates to me that chariot have now completed their reservoir analysis of the anchois field and it’s likely to have been passed to reserve auditors for review. 11. Chariot now report their internal estimates of gas reserves. 1tcf for anchois field, anchois satellites 600bcf, other chariot prospects in lixus licence 1.7 tcf 12. Multi tcf volumes in deeper exploration play have been identified. I believe that this refers to the sub nappe prospects from where the gas originated. There is a giant prospect called Oirsin below the anchois field. 13. Anchois field development shows three production wells at anchois, the next development well is shown in the plié and anchois west area, with further wells that look like they produce from anchois north and the anchois o sand area. 14. The rissana licence prospects show the large prospects in the very south. I seem to recall there was a chariot estimate of prospect size of 6 tcf from a long time ago. 15.strategic partnering on development and exploration acreage has commenced. 16. Surplus gas to be sold to European customers. Current price of gas in Spain $38 mcf 17.banks to provide debt project finance are Soc Gen and AFC 18.gas new venture is the next deal to be announced. 19. Final investment decision on anchois in early 2023. 20. A lot more information on the renewables. Firstly an example of the economics was provided. 50mw project has capex of $50 million with 70% debt finance and 30% equity finance. 21. 50mw will generate $9 million per year ebitda. 22. Chariot currently three projects started for a total of 485 mw, with a further 515 mw to added by end of year. 23. Ebitda calculation for the projects estimated as follows. A . 430 mw 15% interest ebitda estimate $11.61 m p.a B . 15 mw 10% interest $0.27 million p.a C 40 mw 49% interest $3.528 million per year D 515 mw new projects 2022 assume 15% interest estimated Ebitda $13.9 m per year The renewable projects operate under a take or pay contract and typically have an operating life of more than 25 years. To be conservative I have valued them at 9x ebitda which .re#ults in a value of 11p for the projects announCed to date and 10 p for the pipeline of projects to be announced in the rest of 2022. 24 . Green hydrogen pre feasibility study completed which has confirmed that Mauritania will produce one of the lowest green hydrogen costs of production in the world. Cenkos previously provided an unrisked value of 86p and assumed a 3 % chance of success for value purposes. Increase the success rate to 25% and the value increases to 19p. Just my observations and thoughts. Please add as appropriate Jimmy ------- Chariot report 1tcf of gas as a chariot estimate of the gas reserves at anchois. They also announced that 361 bcf of gas was worth $900 m in npv value. If we pro rata adjust for 1000bcf then the value is £2 billion or approx £2 per share. Add 21 p for the renwables, and 19 p for green hydrogen to get a value of £2.40 per share. Happy days, take up your open offer. Jimmy ---------------
24/5/2022
14:22
pro_s2009: https://uk.advfn.com/stock-market/london/chariot-CHAR/share-news/Chariot-Limited-PFS-and-Framework-Agreement-for-Hy/88198827 24 May 2022 Chariot Limited ("Chariot" or the "Company") Completion of Pre-Feasibility Study and Framework Agreement Signed for Large-Scale Green Hydrogen Project Confirms Mauritania's potential as world-class green hydrogen producer and exporter The Government of Mauritania through the Ministry of Petroleum, Mines & Energy and Chariot, the Africa-focused transitional energy group, are pleased to announce that the Pre-Feasibility Study ("PFS") for the large green hydrogen project "Project Nour" in Mauritania has been completed and a Framework Agreement has been signed, mapping out the next phases of development. -- PFS confirms that Mauritania is exceptionally well-placed for green hydrogen production due to its world class solar and wind resources and the project has the potential to produce some of the cheapest green hydrogen in the world. -- With up to 10 GW of electrolysis installed, Project Nour could become one of the largest green hydrogen projects globally by 2030. -- Mauritania has unique and complementary wind and solar conditions, underpinning attractive project economics. -- Benefits from proximity to large European markets, potentially making Mauritania one of the world's main producers and exporters of green hydrogen and its by-products. Chariot recently signed a partnership agreement with the Port of Rotterdam for sales of green hydrogen and its derivative products into Europe. -- In-country value creation is designed to be core to Project Nour and across the value chain. -- Domestic benefits for Mauritania include providing baseload power to the national grid, diversifying industrial activities (e.g., green steel), promoting job creation and developing local infrastructure with the potential to have a significant impact on GDP. -- Framework Agreement defines the terms and guiding principles to pave the way for the in-depth feasibility study that will be undertaken over the next 24 months . -- Partnering process underway with the objective to form a world class consortium. H.E Minister Abdessalam Ould Mohamed Saleh of Mauritania's Ministry of Petroleum, Mines & Energy, commented: "We are very pleased that the PFS has confirmed the world class potential of Project Nour, both in its unique capacity to generate green hydrogen and for the broader development opportunities that it could bring to Mauritania. It is exciting to be looking to harness our natural resources in this way and Chariot has our full support as they progress this through the detailed feasibility studies." Adonis Pouroulis, Acting CEO of Chariot, said: " Green hydrogen is a strategic priority for Chariot and will form a substantial part of the global energy transition going forward. We also believe that progressing this project will result in significant investment in Mauritania and benefit the region as a whole. The results of the PFS h ave underlined our belief in the economics and scale of this asset. Project Nour has the potential to be one of the key sources of green energy of the future with the opportunity to deliver a wide range of positive impacts and we are delighted to be partnering with the Government to help realise its ambition to become a world leader in the production and export of this valuable resource."
20/5/2022
08:20
sev22: Bargain Shares: Backing an energy transition winner. An African-focused energy group has pulled off a successful fundraise to progress its flagship Moroccan gas project which should create substantial value for shareholders. May 19, 2022 By Simon Thompson *$25.5mn placing and subscription completed. *one-for-47 open offer to raise $4mn. *Directors invest $0.6mn in subscription offer. Chariot (CHAR:19.55p), an African-focused energy group, has announced a $29.5mn (£23.6mn) fundraising, at 18p a share, to advance its low-cost flagship Anchois Gas development, offshore of Morocco. Pitched at a tiny 2 per cent discount to the market price, the placing and subscription element of the equity raise completed in double quick time, a sign of strong investor support. Existing shareholders have until 8 June to submit their open offer applications. I would advise doing so for multiple reasons. Firstly, at the start of the year, Chariot announced a major gas discovery at its Anchois-2 well. Having encountered multiple high-quality gas reservoirs, net pay estimates – a key parameter in reservoir evaluation – have been raised from 100m to 150m. This has a positive impact on the size of the resource, and on the project economics, too. A post-drill reserves report is in the process of being updated, but on a base case development with a 70mn standard cubic feet (scf) per day plateau production rate from the 2C contingent resource (pre-drill), Anchois has a net present value of $900mn (applying a 10 per cent discount rate) and is expected to generate an eye-catching 45 per cent internal rate of return for its project owners. Secondly, Chariot’s board is looking to advance the Front-End Engineering Design (FEED) project to reach the Final Investment Decision (FID) as quickly as possible, whilst progressing the development of the group’s wider portfolio. Around $15mn of the fundraising proceeds will help accelerate this process while a further $5mn has been earmarked to progress Chariot’s renewable power pipeline, strategic partnering and new venture opportunities. The partnering process is already underway as Chariot looks for long term, strategically aligned partners in both upstream and downstream capacities. The next commercial steps will be negotiating and completing gas sales agreements, and securing project finance. At the end of April, investment bank Societe Generale was appointed to lead the project financing. Chariot already has a Memorandum of Understanding (MoU) with a leading international energy group for future gas sales agreements for 40mn scf per day for up to 20 years on a take or pay principle, thus anchoring the development whilst retaining the opportunity to sell surplus production into the gas hungry European market which is in urgent need of alternative sources of gas supply. Thirdly, the gas project offers green credentials in a growth market. Currently, Morocco imports around 90 per cent of all its primary energy supply and is heavily reliant on coal. Supplying growing power and industrial energy demand in Morocco will be Chariot's main market, a factor that is supportive of securing the funding for the initial capital expenditure of $300mn (£244mn) needed for the project. The positive back drop explains why Chariot’s share price has kicked on 11 per cent to 19.55p since I highlighted the progress being made (‘Hitting pay dirt: Chariot on Fire’, 31 March 2022) during which time the FTSE Aim All-Share index has lost 10 per cent of its value. The holding has also delivered a 543 per cent return in my 2017 Bargain Shares Portfolio. Cenkos Securities conservative looking 51p target highlights the value still on offer. BUY.
18/5/2022
22:56
888icb: Recent Placings have been good for Shareholders. I took my entitlements in the last to open offers at 5.5p and 7p and took extra at those prices. Needless to say I am very pleased with my gains although when the placings were announced I was none to pleased due to the discount to the previous higher share prices. With the benefit of hindsight I think the 7p placing just as drilling was starting was a great benefit to shareholders. It curtailed a serious rise in the share price while the drill was underway and the inevitable profit taking prior to completion of the drill. Instead it encouraged shareholders to buy more shares at 7p and look how well that turned out when the drill results were announced. The difference this time is it’s a certain winner because the board essentially know how good the CPR is going to be and how much the share price is likely to rise. Raising the money now will allow the coming rise to run its course without investors thinking another fund raise is coming at the higher price. Also the CEO can invest another £500000 at 18p something he couldn’t do in the market because he has inside information about how good the CPR will be. This looks like a win win situation for all parties and gives the Board maximum flexibility to go it alone or negotiate a high price takeover.
12/5/2022
10:41
ashkv: The troll Brazilnuts is back at it - pretty much every share is selling off... look at HBR included in FTSE100 as of today (12 May), Trading Update specifying USD600mn of debt repaid and net debt now USD1.7 billion etc etc and it is trading down along with almost ever E&P Share I own... Buy when Vix elevated at around 35p and sell when 20p - CHAR is now down 25% since May - and trading only 6% above 17p close on 31 March 2022 when RNS specifying that lab tests of drilling core samples / and other drill samples have confirmed Gas and are better than expectations... thinking of top averaging here... worked for me for TXP from my initial 13p buy to my purchases all the way to mid 20s which I then sold along the way to top price of 170p in less than a year. CHAR a compelling value if I ever saw one - Below update from Cenkos for those who are getting taken in by the likes of troll Brazilnuts. Cenkos note from 31 Mar 2022 - subsequent to RNS detailing lab results for Chariot Drilling core samples and other related tests... Cenkos kept CHAR 12 month Target Price at 51p - even though should be raised per Cenkos... From the report which is available post registering on the Cenkos website -> " Trading at a Significant Discount – We leave our valuation and target price unchanged at 51p/share, a c3.7x premium to the current share price. However, given today’s positive news this is likely to be conservative. Given the Company’s significant discount to our target price, high-impact near-term newsflow and the substantial 500MW+ pipeline of African mining power projects we reiterate our BUY recommendation"
08/4/2022
17:49
highly geared: Apologies davidro77: 18.59p and 18.60p Investment Chariot Ltd Created 07/04/2022 08:29:09 Buy or Sell Buy Order type At best Amount £10,004.87 Incl. Charges Yes Status Contracted, Archived Execution details Dealt 07/04/2022 Settlement 11/04/2022 Price dealt £0.186 Quantity dealt 53,763 Consideration £9,999.92 Dealing charge £4.95 Stamp duty reserve tax £0.00 Investment Chariot Ltd Created 07/04/2022 08:30:54 Buy or Sell Buy Order type At best Amount £10,004.94 Incl. Charges Yes Status Contracted, Archived Execution details Dealt 07/04/2022 Settlement 11/04/2022 Price dealt £0.185939 Quantity dealt 53,781 Consideration £9,999.99 Dealing charge £4.95 Stamp duty reserve tax £0.00 I’m sorry if I’ve upset you. Are you short ( in the investment sense) or a disillusioned holder sat on losses? We’re all here to make money , so chin up and try and be optimistic. Some of us are straight up. I have 600k shares at average price 11.88p. Yes, I want to share price to go up and I think it will based on the 3 business divisions under Chariots umbrella. If you research comparative valuations for 1TCF gas fields , it will tell you where this may end up. You pays your money and takes your chances ..
31/3/2022
15:00
someuwin: Malcy comment: "...You don’t need me to tell you that this is an exceptional result from Chariot, every which way the news couldn’t be much better and the Anchois gas project goes from strength to strength. With better than expected volumes of better quality gas confirmed, even the treatment of the gas will be minimal and development relatively simple. It is also good to hear CEO Adonis Pouroulis saying that he wants to bring this development on quickly which will not only satisfy local demand but repay Chariot shareholders. Indeed with current European gas prices and no sign of any demand waning I’m sure that the Moroccan authorities will create perfect conditions for a speedy move to first gas. As I write the shares are up some 16% at 16.15p which is fine but in no way recognises the potential value being created at Chariot at the moment. I would go so far to say that the Anchois development on its own can be valued at a minimum of three times the current share price. If you add on the transitional power business which assists mining companies in Africa transition to renewable energy sources for their operations, then as already mentioned here before now the upside is a matter of a multiple the current share price."
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