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CHAR Chariot Limited

7.76
0.00 (0.00%)
Last Updated: 08:12:34
Delayed by 15 minutes
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
  0.00 0.00% 7.76 5,267 08:12:34
Bid Price Offer Price High Price Low Price Open Price
7.51 7.79
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs USD USD -14.88M USD -0.0154 -5.04 74.78M
Last Trade Time Trade Type Trade Size Trade Price Currency
08:49:27 O 4,911 7.552 GBX

Chariot (CHAR) Latest News

Chariot (CHAR) Discussions and Chat

Chariot Forums and Chat

Date Time Title Posts
19/3/202408:17Chariot Oil & Gas - Moderated13,814
22/10/202303:36Chariot - Transitional Energy411
05/9/202305:51CHARTS9,989
17/12/202213:06Chariot Limited - Green Energy in Africa345
04/11/202120:26NEW * Chariot Oil and Gas - A balanced portfolio with Giant Potential111

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Chariot (CHAR) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
08:49:287.554,911370.88O
08:24:207.5535626.89O
2024-03-18 17:28:327.7260,3204,659.12O
2024-03-18 17:12:137.568,568647.74O
2024-03-18 17:12:067.561,652124.89O

Chariot (CHAR) Top Chat Posts

Top Posts
Posted at 19/3/2024 08:20 by Chariot Daily Update
Chariot Limited is listed in the Crude Petroleum & Natural Gs sector of the London Stock Exchange with ticker CHAR. The last closing price for Chariot was 7.76p.
Chariot currently has 963,694,463 shares in issue. The market capitalisation of Chariot is £74,782,690.
Chariot has a price to earnings ratio (PE ratio) of -5.04.
This morning CHAR shares opened at -
Posted at 18/3/2024 13:29 by hsfinch
Forget about the kiddy pillars. They aint worth a sh1t. Let's focus on whats coming down the pipe in the next few months. First them onshore wells. If they're dusters, the share price drops a bit but not much. If they hit gas, thats where the problems start. What they gonna do. They will need a shed load of cash to move forward. But no one's gonna farm into a pound shop SDX operation. No...theyre gonna have to do a cash raise. Hot on the heals of that, you've got the Anchois drilling. If that disappoints, the share price goes down the toilet. If it's ok, they facing another mega cash raise of 300 million. Or more likely a winter sale at a knockdown price. No wonder they had a strategic review. I wonder if AP, Julie and Jock remuneration packages were discussed.
Posted at 07/3/2024 10:37 by brazilnut1
I have never known of a company whose share price falls on every positive RNS issued. AP and his bod obviously have nothing to say about this disgraceful performance other than to say "I don't know why the share price is at 9p", well its now @ 7.5p but no comment. Shows the contempt they heve for LTH's. The feeling is mutual.
Posted at 04/3/2024 09:40 by hsfinch
I asked Copilot why Chariot's share price has fallen. Here's the answer. The share price of Chariot Ltd (CHAR:LSE) has experienced a decline recently. Several factors may have contributed to this downward trend:Farm-Out Agreement with Energean: Market reactions to Chariot's farm-out agreement with Energean could be influencing investor sentiment. The specifics of this deal and how it impacts Chariot's financials and prospects may be affecting the stock price1.Cash Needs and Funding Strategies: Concerns about Chariot's future cash requirements and its funding strategies might be contributing to the share price decline. Investors closely monitor a company's financial health and its ability to meet its obligations1.Long-Term Prospects and Valuation: Broader investor sentiment regarding Chariot's long-term prospects and the valuation of its flagship project could also play a role. If investors perceive risks or uncertainties related to the company's growth potential, it can impact share prices1.
Posted at 13/2/2024 23:23 by hsfinch
How about Julie on Proactive Investors TV back in August last year promising 7 wells this year (3 offshore and 4 onshore). And BB probably was onto something regarding Soc Gen. First SocGen is leaving the oil & gas space. Second SocGen charges big bucks which Chariot did not have. Third the sort of partner Chariot was after dont need no SocGen. Now here we are where we are and like I speculated a few weeks back, Chariot meeds to be careful. They probably dropped Soc Gen thinking they won't need em. But if I understand right there aint a carry on development if ENOG dont take up the optional 10% extra. In that scenario, Chariot would ned 300 mill to pay its 30% share. So maybe they will need Soc Gen after all. It could get real messy. This is how tiddlers like Chariot get squeezed out of the pond by bigger fish.
Posted at 31/1/2024 09:12 by someuwin
Aucus


"Chariot Limited (AIM: CHAR)

January 31, 2024

Share price: £0.09 Target: £0.50

Milestone for the electricity trading business in South Africa

• Etana Energy (49% held by Chariot) has signed a PPA with Growthpoint Properties to supply 195 GWh per year of renewable energy. Etana will wheel electricity to their commercial property buildings located in several jurisdictions in South Africa.

• The electricity that will be wheeled by Etana includes 30GWh per annum of hydroelectric power from Serengeti Energy. The plant is currently under construction and is expected to start production in 2Q25.

• Etana will be paid a fee for the electricity wheeled through the grid.

• While the terms of the agreement have not been disclosed this is an important part of the electricity business that Chariot is building. This is also South Africa’s first multi-jurisdiction, multi-building, multi-source renewable energy wheeling arrangement. • The electricity trading business is not only expected to enhance the margins of electricity generation but also to enable Chariot to secure interests in further power generation projects by capturing electricity commitments. These electricity generation/trading combined projects could potentially deliver double digit returns; which is much higher than similar projects in Europe.

• Chariot is already maturing its interest in 4 wind projects totalling a gross 400 MW using the trading business as the enabler that provides access to PPAs with end-users. It is currently meeting banks and other financial institutions to finance its involvement in these projects through project and mezzanine finance at the asset and subsidiary holding level.

• We re-iterate our target price of £0.50 per share.

Who is Growthpoint? Growthpoint is a publicly listed real estate company trading on the Johannesburg stock exchange with a market cap near US$2 bn. The company has assets in South Africa, rest of Africa, Eastern Europe, Australia and the United Kingdom. Growthpoint owns a 50% stake in the V&A Waterfront and a majority stake in South Africa’s first healthcare property fund. The electricity contract with Etana represents 32% of Growthpoint total current annual electricity consumption.

Valuation While the focus remains on the Morocco onshore and offshore drilling campaign with unrisked value of £0.13/sh associated with Anchois East and £0.11/sh with Gaufrette and Dartois, the power business could become increasingly material. The cost of capital for the power business is also likely to be lower than for the gas business. Our Core NAV for Chariot is unchanged at £0.28/sh. Our Sum of the Parts valuation stands at £0.53/sh."
Posted at 19/1/2024 14:31 by hsfinch
I just read the deal terms again. Chariot's getting a carry on an appraisal well. BUT it has to pay-back the costs from future revenue. If the project is sanctioned, Chariot get's a carry on development costs but again has to pay back them costs from future revenue. Bottom line IF all goes well and the project is sanctioned, Chariot will receive $25million in exchange for 45% share of the field. I seem to remember Julie saying Anchois was worth a billion. Now who's paying for the second offshore well? Sounds like Chariot is deffo gonna need more money. Just like BB said. No wonder the share price has been hammered. Finchy
Posted at 08/12/2023 09:35 by ashkv
Just doing the math in regards to further cash needs for CHAR

Based on H1 2023 Results -> Cash Outflow for the Half Year was approximately USD 9.5 million

At the end of the Half Year CHAR had USD 2.7 million and subsequently raised USD 18 million

Going forward all costs on Anchois until FID will be carried by ENOG

Therefore other than Morocco Drilling (USD 3 million for initial well as updated by management) - cash burn should only be admin costs and other "two pillars"

On deal close CHAR gets a further USD 10 million plus USD 15 million at Final Investment Decision (FID) and another USD 50 million zero interest rate convertible loan on a successful flow test.

CHAR should have around USD 15 million cash at present add another USD 10 million on close of Anchois Farmout for a total of USD 25 million that should suffice CHAR through to FID/Well Flow Results.

Subsequent to Flow Tests/FID CHAR are eligible for FID payment of USD 15million plus USD 50 million zero interest rate loan that will tide them to First Gas.

CHAR need to update the market as to cost controls and financing for other pillars. As the placement route will be limited for them going forward.

Three raises in the past 2 years and 1 month - Raise prior to Anchois 2 drill results are in the money. However, subsequent raises at 18p and 14p are deeply out of the money - I highly doubt that funding will be so forthcoming going forward.

CHAR need to batten down hatches and undertake massive cost cuts or present a plan to finance the other pillars -> spin off, stake sale etc etc
Posted at 07/12/2023 14:27 by 888icb
Simon Thompson on Todays RNS
Chariot’s transformational farm-out is underrated

The fall in the company’s share price is a harsh reaction to what looks a good farm-out of its flagship gas project
The conclusion to the article:

“Clearly, the farm-out transaction fell short of the expectations of some investors as Chariot’s share price fell 15 per cent from 13.7p to 11.6p following the announcement. The share price is also below the 14.75p level when I assessed the farm-out possibilities (‘Chariot could soon announce a 'game-changing' deal’, 20 September 2023), albeit the holding has still delivered a 282 per cent gain in my 2017 Bargain Shares Portfolio.

It’s a very harsh reaction. That’s because Cavendish’s total risked valuation per share of 57.7p for the company is not only five times the current share price, but it rises to 71p assuming Energean exercises its option to acquire a further 10 per cent stake. This highlights the value embedded in the Anchois gas project and which Energean has clearly recognised. So, although the initial reaction to the news is disappointing, expect the heavily oversold shares to bounce when the dust settles. Hold.”
Posted at 07/12/2023 14:13 by ashkv
Simon Thompson Investor's Chronicle

Chariot’s transformational farm-out is underrated

The fall in the company’s share price is a harsh reaction to what looks a good farm-out of its flagship gas project

December 7, 2023

Energean acquires stakes in Lixus and Rissana licences

Option to purchase a further 10 per cent interest

Chariot’s share price falls 15 per cent on news

Chariot (CHAR:11.6p), the Africa focused transitional energy group, has announced a farm-out agreement with Energean (ENOG:995p). The transaction covers its Lixus Offshore licence, which holds the company’s flagship Anchois gas development project, and the nearby Rissana offshore licence in Morocco. Energean is a £1.8bn market capitalisation FTSE 250 company that has a proven track record of successfully developing large offshore gas projects.

The agreement provides funding for both Chariot and the Anchois gas project through upfront consideration, deferred consideration and potentially a full carry to first gas. There is potential to upscale the development and target further exploration prospectivity across the two licences, too.

Energean is acquiring 45 per cent and 37.5 per cent interests in the Lixus and Rissana licences, respectively, to take operatorship. It reduces Chariot’s stakes to 30 per cent (Lixus) and 37.5 per cent (Rissana) with Moroccan state company National Office of Hydrocarbons and Mines maintaining a 25 per cent stake in each licence. In return, Chariot will receive $10mn on completion of the transaction; $15mn on Final Investment Decision (FID); and has an $85mn gross carry that covers its Lixus costs up to FID, including the additional Anchois well being drilled, which will have a gas flow test in 2024.

Following completion of the Anchois well, Energean has the right to acquire a further 10 per cent of Chariot's equity in the Lixus licence for an $850mn gross development carry to first gas; $50mn five-year zero coupon convertible loan note with a strike price of 2,000p or by issuing 3mn Energean shares; and 7 per cent royalty payment on Energean's gas production revenues in excess of a base hurdle on the realised gas price (post transportation costs).

Analyst James McCormack at house broker Cavendish values Chariot’s retained 30 per cent interest in the project at $476mn (35p) on an unrisked basis, or $310mn (23p) on a risked basis using a 65 per cent commercial chance of success. Assuming Energean exercises its option to acquire an additional 10 per cent in Lixus, Cavendish values the 20 per cent fully carried interest at $595mn (risked) or $447mn (unrisked), using a higher 75 per cent commercial chance of success (due to the lower financial risk and result of the Energean carry). This implies a valuation of 29p (risked) to 44p (unrisked).

The conclusion:

“ Clearly, the farm-out transaction fell short of the expectations of some investors as Chariot’s share price fell 15 per cent from 13.7p to 11.6p following the announcement. The share price is also below the 14.75p level when I assessed the farm-out possibilities (‘Chariot could soon announce a 'game-changing' deal’, 20 September 2023), albeit the holding has still delivered a 282 per cent gain in my 2017 Bargain Shares Portfolio.

It’s a very harsh reaction. That’s because Cavendish’s total risked valuation per share of 57.7p for the company is not only five times the current share price, but it rises to 71p assuming Energean exercises its option to acquire a further 10 per cent stake. This highlights the value embedded in the Anchois gas project and which Energean has clearly recognised. So, although the initial reaction to the news is disappointing, expect the heavily oversold shares to bounce when the dust settles. Hold.”
Posted at 07/12/2023 12:43 by sev22
Introduction to a new Broker note from Cavendish.

Delivering an Expanded Anchois Project.

Chariot has signed a partnership agreement with Energean (LON:ENOG), funding Chariot and the Anchois project through an upfront consideration, deferred consideration and potentially a full carry to first gas, with Chariot retaining a material stake in the project. The partners will now accelerate the drilling and flow testing of the Anchois East well in 2024, with rig contract negotiations underway. The multi-objective well, designed as a future producer is being drilled to unlock up to an additional c383Bcf of resource to enable the existing offshore development plan to be expanded to accommodate production significantly above the existing 105MMscf/d development concept. We believe Energean is a perfect counterparty for Chariot and Anchois given its gas development experience and the materiality of Anchois to Energean’s portfolio.

- Potential Funding to First Gas Under the agreement, Energean will acquire a 45% equity interest in the Lixus licence (containing the Anchois development) and a 37.5% equity interest in the Rissana licence. In consideration, Chariot will receive US$10m in cash on completion of the farm-out, a US$85m gross carry including all Lixus costs up to FID, including the Anchois well with a gas flow test and the planned Rissana seismic acquisition costs separately capped at US$7m and a further US$15m in cash on FID. On completion of the Anchois East well, Energean will have the right to acquire a further 10% of Chariot’s equity in the Lixus licence in exchange for a development carry to first gas (capped at US$850m gross) the issuance of either three million Energean shares or a US$50m 5-year zero coupon convertible loan note and a royalty of 7% on Energean’s gas production revenues in excess of a base hurdle on the realised gas price. Energean’s share of Chariot’s costs has a coupon of 7% over SOFR and is repayable from 50% of Chariot’s net sales revenues from the offshore licences. At 7% over SOFR, the terms of the financing with ENOG are better than the c15% we currently see in the market.

- An Ideal Fit Energean is a FTSE-250 independent E&P Company, with a proven track record for developing material offshore gas resources, having successfully brought onstream the 1.4Tcf Karish gas field in Israel.

- Near Term Appraisal Drilling The partners will accelerate the drilling of the Anchois East well, a planned producer well location in the Anchois development, with drilling expected to commence in Q2/24. The objectives of the well are to further appraise, and flow test the discovered gas sands and importantly to evaluate the Anchois O reservoirs in the previously undrilled Anchois North Flank and Footwall targets, which in aggregate are estimated to contain 383Bcf of best prospective resources and high chance of success. On success, Anchois East will demonstrate the productivity of the Anchois field in producing gas to surface, materially increase the discovered resource base and provide a clear path to FID.

- An Upscaled Development Success at Anchois East would support an upscaled development in excess of the existing 105MMscf/d development concept, accelerating project paybacks, reducing unit development costs and improving IRR’s.

- Imminent Price Catalysts Chariot will commence a drilling programme in early 2024 at the Loukos Onshore licence. The Loukos Onshore licence contains several low-risk prospects, geologically similar to Chariot’s offshore portfolio, which can be rapidly monetised via nearby existing and planned infrastructure.

- Discount to Valuation We update our valuation to 58p, with the decrease in Chariot’s working interest partially offset by a combination of the committed consideration and a reduction in commercial risk. If Energean exercise its option to acquire a further 10% in Lixus our valuation increases to 71p.
Chariot share price data is direct from the London Stock Exchange

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