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.

slippery elm? beats your job of sucking a fishermans friend LOL!!

ain't as good as sucking the fisherman, especially if he's been at sea a few days

Oh, cynic, you certainly have experience on that one.

i do i do ...... yummy yummy! double rations of salt

Prospective Resources = Pie in the sky and will remain pie in the sky until CHAR get on with some drilling. Even then, the prospective resources (meaning chance of discovery) will only become Contingent Resouces (meaning chance of development) if they find something and then possibly Reserves (meaning chance of commerciality).

I guess CHAR can declare prospective resoucres to thier hearts content, but they haven't discovered a single barrel.

Bob Tyerman tipped these at 27p.

amazing ability to rise every day.

Rocketing as well.....amount of oil in the ground is mind boggling....10 billion barrels ?....I wish for an immediate spud please .....

Superb.

and then you suddenly get whacked by a fairly large discounted placing in which you have no chance of participating .... had be regretting slightly that i did not hold these, but not today

even so, if your in like mitzy from 20p i doubt if he/she cares.,.

meanwhile, i have just bought a few as fall now looking overdone with very few sellers

The sp will recover.....big fund raising can do this......the amount of possible oil in the ground is mind blowing ; 13 billion barrels....only the Saudis have something like that !.

as a layman, i'm pretty suspicious of that "big number" ..... if i understand correctly, that is just the amount they THINK is there but has yet to be proved, and further, the % then recoverable, once anything at all is found, is perhaps 40% of that

It does seem rather large.....TRP is another oilie in that area worth keeping an eye on....

recollect getting rather singed on TRP a while back ...... while they will of course rocket if they ever find anything worthwhile, i'ld have thought CHAR to be a better bet in that region - being well counter-balanced by AFR (other coast!) and TLW

Do you not think the board think it was at a at silly overhauled price and thought lets raise a huge amount of money which they did and have played a blinder.

Still overhauled!!!

perhaps, but quite possibly a turn to be made

Again, just a cautionary note from The FT sector watcher:
"CHAR this morning announces a 90m ($146m) equity fundraising at 250p/share, a hefty 18% discount to Fridays close. I mentioned a couple of weeks ago that there was a good chance of a sizeable fundraising happening soon, hence todays news is no huge surprise. The cash will be used to fund the groups initial drilling activities on its offshore Namibian acreage, including the drilling of a well on its 100%-owned Northern acreage ($65m), a second well on its 50%-owned Southern acreage ($25m net CHAR), as well as the acquisition of 5,000 sq km of 3D seismic ($50m). The first well is due to commence drilling in Q4 this year, although Im not aware that a rig has actually been signed yet.
Id be cautious of getting involved with this one, I suspect that the reason the group has gone to the equity market for cash is that it has not been able to attract decent farm-out terms from industry CHAR has had a data-room open since February 2010. The group maintains that it will conclude a farm-out deal by the end of this month, Ill be interested to see the terms. Whilst the group claims it is targeting over 10bn barrels of prospective resources (net) across 12 exploration leads, these all appear extremely high-risk, and the stock remains a long-term sell in my view.