Re: Great Volume Still getting big volumes through. Lots of large sales today, particularly over 20 blocks of 50,000, 2 blocks of 100,000 and a 150,000 block at the end of the day. I don't see these as random individual sales from shorters, but much more the hallmark of a larger entity (RG still). Looked like they were clearing out towards the end of the day. Nice to see Brent hit $70 an hour ago.
Re: Great Volume The BOD talk of returning shareholder value in all their presentations.....I guess that could mean anything...I do agree that adding inventory or acreage/turning the drill bit should add more value than just handing back dividends etc.Having said that I suspect institutions would take anything they can get #pigsinthetroughWe have changed our strategy before so anything could happen...
Re: Great Volume Absolutely, Jamesons, both options are a waste of cash, which should be used to grow the business and therefore build shareholder value.Only in very unusual circumstances (certainly not relevant here) are either option useful.Keep piling the money into the business and see the share price rise....thats value!Luck allTP
Re: Great Volume Cannot agree there. Buybacks are not creative ideas. The CEO should be creatively making value creating situations which take cash usually. Special divi probably rewards himself disproportionately. Do buybacks ever directly increase the price by the pro-rata amount? Id rather they use the cash in the business.
Re: Great Volume Share buybacks are better than a one off special divided as it means future exploration success has a bigger impact for shareholders who continue to hold.J
Re: Great Volume MOst companies over pay for their shares which destroys shareholder value. If say CHAR assets were 100p and the share price was 59p then it makes sense to buy the shares.
Re: 2018 TEN BAGGER AND BEYOND A quick update on this weeks entries.5.5p paysformybooze25p Ripley9450p Perspicacity67p Olaf lc299p discoste2100p Hibeesfan112p wheepo133p Rathers1137p dcarn140p jimmy24145p Capx150p Jamesons150p solid7160p preciousmaj171p intercom174p Jamesons175p waldpyk180p Theprior185p grubler200p TheAssassin224p Wizard47236p AndyBest225p Affs237p Lady Jennifer240p Accredops250p CITYTTRADER275p dctiffield324p JStandMick335p TexDrilla350p sagres-bohemia632p Vtwin1700p trickler
Re: Great Volume Share buy-backs are an idea explored by a CEO with no other ideas IMO
Re: Namibia Farmout Value I assume ONGC (30%) paid at least the "farmout value" PCL got from AEC which would be US$12.6m. Tullow (35%) is the operator of the license and will have to carry PCL (20%) and AEC (10%).
Re: Namibia Farmout Value TD, according to that last video Larry said we are in discussions and negotiations with those third parties already involved in the Cormorant drill - he did not single out Tullow.So I think it is much better to emphasise that could be with Tullow and/or ONGC, rather than the usual singular reference to Tullow.Tullow decided that they were over leveraged and their portfolio was skewed towards the high risk end. They have systematically set out to redress both those issues.They have given up two chunks of Nambian based assets in return for cash from ONCG.So if Char wants to get Tullow on board, they will be trying to sell Tullow the idea that Char's Prospect S is worth putting cash back into Namibia.Trying to persuade someone, who decided to derisk in an area, that they ought to rerisk in the same area could be a challenge...The strengths of Char's argument are the different type of DHI, the "dimming" observed at Prospect S, rather than the Type 2 AVO anomaly at Cormorant; the significantly higher GCoS and size: plus they will have an extra go at hitting a sealed reservoir.I cannot find any figures for what ONGC paid to Tullow and what sort of value they got in the deal - how "distressed a seller" were Tullow?IF ONGC got great value then it would seem reasonable to assume they would want the same from Char.
Namibia Farmout Value In September 2017 AEC farmed into Tullows Blocks paying PCL US$7.7m for a 10% free carried interest in the 124mmbbls Cormorant well to be drilled in September 2018. [link] to PCL estimated costs to drill the well amounted to US$35m at that time. If we deduct the carried well costs (US$35m*0.1= US$3.5m) from the acquisition price we get a farmout value of US$4.2m for 10%.It seems to me that one of our goals in the ongoing partnering process is to stay operator. Chariot CEO:"We also have great pleasure in welcoming David Brecknock to the leadership team to increase our drilling operating capability which, with success, will enable us to realise transformational value. At the same time, we will continue to use our strategic discipline to develop our portfolio for long-term sustainable growth.[link] to drill prospect "S" in Namibia are estimated to amount to US$20m. That would be US$13m net to Chariot at current 65% ownership. If we want to stay operator with let's say 35% that would be US$7m net to Chariot. If we get the same farmout value PCL did that would be US$12.6m for 30%, more than enough to cover costs to drill prospect "S". However our prospect "S" with a 29% COS is 4 times larger compared to Tullows, we have 1.4bnbbls follow on potential prospects within our acreage plus 5,000km² of 3D seismic, so I estimate our farmout value to be somewhat higher. We're currently in negotiations with Tullow to synergize our drilling programs offshore Namibia - I would not be surpised to see Tullow and/or its partner ONGC to farm into our blocks in the very near term.# targeting to drill prospect "S" in Namibia 2H18
Re: 2018 TEN BAGGER AND BEYOND 31 investors so far with average price target of 240p(without extrem values (5.5p, 1700p) average is 198p)5.5p paysformybooze25p Ripley9450p Perspicacity67p Olaf lc299p discoste2100p Hibeesfan112p wheepo133p Rathers1137p dcarn140p jimmy24145p Capx150p solid7160p preciousmaj171p intercom174p Jamesons175p waldpyk180p Theprior185p grubler200p TheAssassin224p Wizard47225p Affs236p AndyBest237p Lady Jennifer240p Accredops250p CITYTTRADER275p dctiffield324p JStandMick335p TexDrilla350p sagres-bohemia632p Vtwin1700p trickler
Re: Chariot - Namibia.. Hi wheel.Chariot needs to target the structural prospects first because offshore Namibia had some late geological inversion. Its not known if this could cause the stratigraphic prospects to have top seal failure and lose its oil.More information needed on the top seal which can be got by drilling the structural prospects first. In addition, we know that avo anomalies in seismic as direct hydrocarbon indicators can be fooled by presence of volcanic rock, however other direct hydrocarbon indicators in seismic such as flat spots and dimming could be tested in the structural prospects and used as a guide for follow prospect drilling once it is known which system works,Jimmy
Wingat Results CC Porosity is Key [link] EVER WE SAW POROSITY IN THE ENTIRE WELL BORE WE HAD HYDROCARBONS IN IT, WE HAD OIL IN IT, NOT JUST WEAK KIND OF HYDROCARBONS AND SO ITS A VERY SIMPLE LINK TO THINK THAT WHERE EVER WE HAVE POROSITY IN A WELL WE DRILL IN THIS BASIN WITH SUCH PROLIFIC SOURCE ROCK WE WILL CHARGE IT AND WE WILL HAVE OIL! "
Chariot - Namibia.. Chariot Namibian inventory exceeds 4 billion barrels prospective resources...( chariot 65%) Chariots dip-closed prospects target the same good quality Upper Cretaceous deepwater turbidite reservoirs as penetrated in the Murombe-1 well and are modeled to have received hydrocarbon charge from the proven, excellent quality Aptian marine source rocks identified in both the Wingat-1 and Murombe-1 wells. These five new prospects ADD to the portfolio of principally stratigraphic prospects and leads described from the legacy 3D seismic data, the company said.Chariot added that these five structural prospects have been independently audited by Netherland Sewell and Associates (NSAI) who estimate gross mean prospective resources for each prospect ranging 283 459mmbbls. Each of these prospects has 2 or more targets and NSAI report the Probability of Geologic Success as ranging up to 29%. The portfolio of dip closed structural prospects EXCEEDS 1.75Bbbls of gross mean prospective resources. Chariots stratigraphic portfolio Prospect B, Chariots principal drilling candidate, is an Upper Cretaceous canyon-head trap in the shallower petroleum system and has an audited Unrisked Gross Mean Prospective Oil Resource of 469mmbbl, with an estimated probability of geologic success (Pg) of 22%. For this trap type and age of reservoir there are an additional three prospects (Prospects A, C and D) in the 3D seismic volume and three leads (Leads E, G, and H) in the 2D area. These additional prospects and leads range in Unrisked Gross Mean Prospective Oil Resource from 290mmbbl to 1,487mmbbl and success in Prospect B would offer significant follow-on exploration potential in these targets.Within and to the west of the 3D seismic area, Chariot has identified a fairway with Upper Cretaceous deep water fan and channel sands draped over an outboard structural high, with the base of those reservoir sequences eroding into the marine source rocks. In this shallower petroleum system there are two further prospects in the 3D area (Prospects 4 and 6) and three leads in the 2D area (Leads 3, 4 and 5) and these targets range in Unrisked Gross Mean Prospective Oil Resource from 213mmbbl to 758mmbbl. Encouragement in Prospect B would offer significant additional follow-on exploration potential in this fairway too.