Don't like doing threads but have been alerted to this one as it trades well below cash position and allegedly has directorate links with the massive Petrobas. Last broker target was something like 165p - currently 26! The bates is in.

A billion barrels of oil cynic.
my new target is 250p.

that's quite a lot! ..... but no mention i think of what % is likely recoverable, and isn't that the important number? .... confess i find the industry jargon somewhat opaque

Not like DES

.

I'm finding it a job to believe this one....not one well sunk...pure 100% speculation...but there you go 200p....incredible...missed it completely..

End of the game here.....EK is shorting this big time....and a certain RF has joined in....280 million cap based on what ?....thin air....and if DES comes up dry...might just trigger a drop....why it would not sure....

i was very surprised to note what a poor record EK/TW have, but the bulletin makes quite interesting reading from time to time

Amount Gained on the Markets since last Report: Breakeven
Amount Retrieved from Bookmakers: minus 10,000

I've been thinking about it for some time....and the market cap is nonsense.....100 million would be enough but close to 300 million pounds with no drilling in sight yet...crazy....has to peak and drop....

Yes, I think EK takes a %age position spread over a large number of stocks.

I agree with him over this...that's how I missed the rise...just could not believe how far it could go....ridiculous sp.....second time only that I've shorted.....might get it right this time....

Sp starting to slip.....little too early to say if this is going to be a trend but I can imagine a 30p drop in a matter of minutes if it gets going....

mitzy will be upset if that is the case

She (I presume that she is a she) had better jump out quick.....been far too high for too long....

What on earth are the bonkers crowd that are buying this doing...they should be selling.........

Did a daft thing .....put a tight stoploss on...got stopped out at a profit....and then could not get another short !!!.....told me : I could only go long.....drat !....

From T1ps.com (EK):
"Chariot Oil & Gas (CHAR)s interims are out today. Was Shakoor comments as follows:

Lots and lots of fluff in this statement but the key point that stands out to me is that, at 193p, this company is worth 280m but held only 8m cash at period end.

Also, they have found an interesting way to spin a delay in the timetable for achieving a farm-out:

Dataroom Update: As previously announced, we have invited a select number of potential partners to review technical information on the Company's assets with a view to agreeing a farm in contract on one or more of the Company's projects. The dataroom visits have been going very well with excellent levels of interest from a range of blue chip companies. Due to unprecedented demand the dataroom schedule has been extended by 3 additional weeks and is now fully booked until the end of November. As well as scheduling new entrants, repeat visits have required that a second dataroom be opened in our London offices to accommodate all interested parties. As a result of this response, it is unlikely that a farm-in agreement will be concluded in the final quarter of the year so timing on this is expected to shift into early 2011. The feedback continues to be positive and management is delighted with the responses received to date.

Timescales also seem to be slipping for the renewal phase of the acreage where Petrobras have a farm-in interest too, where there doesn't seem to be any great rush on their part to get a well drilled. In fact, Petrobas's involvement as described by Chariot has been reduced to a single throwaway line rather than the previous effusing over their close partnership with a major.

I would merely add that Chariot is clearly a high risk investment. On it breaking down, the damage could be spectacular."

Back to 200p then.

From Collins Stewart initiating coverage with a Buy recommendation, target price 275p.
"We are initiating coverage on Chariot Oil & Gas with a Buy recommendation and a target price of 275p/share (+48%). Chariot is a pure-play frontier exploration stock with a 30,000km2 position offshore Namibia and an independent assessment of gross unrisked resource upside at c.10bn bbl. We see strong potential catalysts for the stock in the coming months, but not yet from drilling the first well is up to a year away. Rather, we see catalysts in 1) farm-outs of the blocks to partners, which should give further validation of the quality of the upside potential and 2) subsequent announcements of specific drilling targets.

CPR highlights the scale of the upside potential. Chariot recently published an independent Competent Persons Report (CPR) from highly-regarded consultants NSAI. The report estimated gross prospective resources across the companys license areas of 10.1bn bbls on an unrisked basis, equivalent to 847mb net to Chariot on a risked basis. On receiving the report, Chariot estimated a total risked value for the licenses of 4.6bn, equivalent to $9.27/bbl.

Farm-down process the key to near-term share price performance. Although a frontier exploration play, the investment risks in Chariot do not lie in drilling at this stage, with first drilling only likely in late-2011. We think the upside in the next 6 months will be driven by the current process of Chariots farming down interests in its licenses. The level of industry interest in the farm-downs has reportedly been very strong necessitating a 2nd data room and an extension of the process. The market is often cautious of early-stage CPR estimates but if Chariot can bring in high quality partners in its North and Central blocks to add to its partnership with Petrobras in the South, this could be a major positive step.

Provisional NAV shows substantial upside. We expect firm drilling plans to be the second major catalyst for Chariot, with newsflow probably some time in 2Q/3Q11. At this stage we have constructed a provisional NAV based on drilling of two prospects in the Northern Area and two in the South. On this basis, we derive an NAV of 365p/share, nearly double the current share price. We have set our 275p target price at a c.25% discount to this figure. Although we would stress the high risks around these estimates at such an early stage, we think they are offset by the scale of the upside potential."

One of my favorites.

Complete claptrap from Collins Stewart.....I might even see if I can get another short on this.....and when you think that there are people paid to put out that crap......only the drill bit which is at least a year away can tell.....sounds like that labour lot again...you know...(the ones that have just been booted out)...perhaps they have got in on the oil ramping.....