Chariot Oil & Gas Forum

Investor Conference Call As I live in the US, I seem to be one of those off track betters that Theoryman referenced. What conference call are we discussing? I see nothing on CHAR's web site and have not received and e-mail notifications Thank you...

Regarding TexDrilla's geology comments---mature source rock is not an issue. The seabed in this area has many "pockmarks," which result from gas venting out of the rocks. Source rock has also been proven in near by wells. The presence of sand bodies is also very likely, as the mountains or hills on shore should be a good sediment source. Also, the seismic data which they have presented shows sediment formations which are very likely sand bodies. As a practicing exploration geologist/geophysicist, I look favorably on their Namibia prospects and the interpretations they have presented. I do have two questions, however. 1) Is there an effective seal over the forecast reservoir rock? Drilling will tell. 2) Does anyone know why they chose to not drill the deeper structure? I would not expect the incremental cost increase to be that much and, to my eyes, that structure is comprised of folded sediments, as a potential anticline trap. I am sure there are good reasons for not drilling that little bit extra but I don't know what they are. Has CHAR explained their reasoning somewhere?

Sorry, sending 3 copies was my bad

Jimmy23 is correct regarding the farmout market. L. Bottomley has touted many times that seismic was acquired at the bottom of the cost cycle and that the current drilling is also being done at the bottom of the cost cycle. He is correct. The majors also know that this is the bottom of the cycle for farmin deals and that cash starved startups will be tempted to take any trash deal they need to survive. It is both scary and risky for CHAR to drill this well solo, but given market conditions, they would have had to give away the farm to get a deep pocketed partner. I think that they chose the right path.

Jimmy23 is correct regarding the farmout market. L. Bottomley has touted many times that seismic was acquired at the bottom of the cost cycle and that the current drilling is also being done at the bottom of the cost cycle. He is correct. The majors also know that this is the bottom of the cycle for farmin deals and that cash starved startups will be tempted to take any trash deal they need to survive. It is both scary and risky for CHAR to drill this well solo, but given market conditions, they would have had to give away the farm to get a deep pocketed partner. I think that they chose the right path.

Hey guys, any clue on why Zeal has been nominated ? He didn't seem really related to CHAR till now. I cannot find anything on his upcoming functions...

Re.jimmy 24 /Brazil ,much appreciated the link i never knew there were so many lady boys in Brazil still makes a change from going on about turbite sands and three way dips again very much appreciated

It's also risky to wait for the company as a failed drill will make a farmout so very cheap and the drill has a 14 CoS !! IT'S GOOD TO LOOK A BOTH SIDES AND NOT BE BLINKERED

Or it's simply clued up investors reading the amount tied up in bank garantees + cash needed to drill + cash needed to buy new area = placement !!

Well that almost confirms my thought here for a while - a placement is on the way to pay for drilling and a new area - we have possibly $18m in the bank but have £7m tied up in guarantees which is hardly enough to concider a new venture never mind a drill..This may well be the reason why ii's have been holding off taking a stance on Chariot - it would make sense they are usually well informed !!