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Another beaten up oil junior starting to bounce (CHAR)     

kate bates - 02 Apr 2009 13:29

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.

Proselenes - 04 Aug 2011 02:17 - 422 of 474

And given this thread has no charts of anything, I will start a new one.

markymar - 30 Nov 2011 08:15 - 423 of 474

Easy money Pro........Guess RKH was a safer bet.

Chart.aspx?Provider=EODIntra&Code=CHAR&S

hlyeo98 - 30 Nov 2011 11:38 - 424 of 474

No rig and more delays in Namibia.

HARRYCAT - 30 Nov 2011 12:19 - 425 of 474

FT oil sector watcher comment:
"CHAR has failed tosecure a drilling rig to drill its large Tapir South prospect offshore Namibia before year-end due to the tight market for deepwater rigs globally. Whilst disappointing, the group had flagged this as a risk in an IMS in October, but nevertheless I imagine the shares will react negatively. The group is now hoping to secure a rig by Q2 next year although clearly there is no guarantee of this. Frustrating for the group, following the well-received farm-out it completed to BP in August whereby the latter is taking 25% of CHAR's 50% stake in return for carrying its costs on the well. Short-term can't see much of a reason to hold the stock. "

HARRYCAT - 30 Nov 2011 12:20 - 426 of 474

Peel Hunt comment:
"A tightening in the deep-water rig market has meant that Chariot has found it difficult to secure an appropriate rig for a one-well drilling slot. The rig option that had been indentified has been contracted elsewhere and is no longer available. As a result Chariot will not spud Tapir South before end-2011, as previously guided.

The Tapir South prospect (592mmbbl net) is located in block 1811a in Chariot's 100%-owned northern licence area and is scheduled to be the first exploration well to be drilled across its portfolio.
Short-term negative - It is now expected that Tapir South will be drilled in Q2 2012. The shares will likely weaken on this news, but we highlight the investment rationale for Chariot remains firmly intact, albeit with an anticipated six-month drilling delay.
Rig contracted elsewhere - We understand the rig that had been identified to spud Tapir South before year-end has been contracted to another operator in Angola, and so management is now considering other options to locate and sign a contract with another contractor.
Despite the tightness in the market for the right type of deep-water rig, we understand there are several options available and this means the new guided date ought to be achievable. So despite missing the near-term target, Tapir South will still be tested inside the next six months.
An indirect potential benefit from the drilling delay lies in the now increased chance of completing a farm-out over the northern blocks before drilling takes place. Chariot now has more time to progress discussions on this front, so the introduction of a new larger partner into the licence before the 2Q12 spud is more likely.
Although this mornings news will likely have a short term negative impact, we retain our Buy recommendation and 250p target price."

mitzy - 14 Dec 2011 09:41 - 427 of 474

I cant believe Peel Hunts 250p target.

Balerboy - 14 Dec 2011 20:07 - 428 of 474

Are you not a follower now mitz?

mitzy - 14 Dec 2011 20:16 - 429 of 474

not at the moment Balerboy.

HARRYCAT - 15 Feb 2012 12:05 - 430 of 474

Stockmarketwire.com
Chariot Oil and Gas (LON:CHAR) has completed the 3,500 square kilometres of 3D seismic data to identify further drilling targets offshore Namibia.

The survey covered the company's Central Blocks, targeting an area in the north-east section of the licence that contains 11 leads with a combined prospective resource potential of 3.972 billion barrels of oil.

Processing and interpretation of the data is under way and the company expects to report the results in the second half of this year.

Chief executive Paul Welch said: "This 3D seismic survey is the largest undertaken by Chariot to date and, due to the Geostreamer technology, has provided excellent quality data despite difficult weather conditions at times.

"The Central Blocks are the least mature of our portfolio and we look forward to receiving the processed information, which will enable us to identify further targets to include in our long term drilling campaign."

Balerboy - 15 Feb 2012 12:11 - 431 of 474

Oh well whats a bit longer to wait before more drilling.......,.

Balerboy - 27 Mar 2012 20:19 - 432 of 474

This one climbing nicely..... I wonder if £4 is still on the books?? another 15p and I break even at the mo.,.

parrisf - 04 Sep 2012 10:48 - 433 of 474

Anyone know the reason for the drop?

HARRYCAT - 04 Sep 2012 13:24 - 434 of 474

Daniel Stewart note today:
"It may be the classic AIM tree shake, but it seems unlikely that Chariot are anywhere even close to announcing a result from the well. There are plenty of rumours of gas shows but, with this being a 3,350 metre drill, it seems unlikely that they will have reached target depth yet.

One to watch, could be an elephant of a field! Or not!

We see the results as being the number one upcoming catalytic event for Chariot’s share price; in the event of a success we anticipate a dramatic upturn. However, in the event of the well coming up dry, a collapse is more than likely.
We believe that the current share price represents a good buy-in point and that the market is under-estimating the chance of success of the Kabeljou-1 well. Netherland and Sewell has independently assessed the Nimrod prospect as having a 24% chance of success but the current market cap indicates that the market is rating this far lower. We thus re-iterate our Buy recommendation and 202p target price."

HARRYCAT - 04 Sep 2012 13:32 - 435 of 474

Chariot Oil & Gas Limited
Response to Share Price Movement

Chariot Oil & Gas Limited (AIM: CHAR), the independent Africa focused oil and gas company, notes the recent fall in the share price.

As announced on 27 July 2012, the drilling of the Kabeljou exploration well on the Nimrod prospect has commenced and operations are continuing. The results of the well are not yet known. Once the well has reached TD and the results have been logged a further announcement will be made.

cynic - 04 Sep 2012 13:37 - 436 of 474

daniel stewart must be company brokers!

Balerboy - 10 Sep 2012 09:18 - 437 of 474

So where does char go now..... down the pan or .... is there more drillilling?

HARRYCAT - 10 Sep 2012 09:22 - 438 of 474

StockMarketWire.com
Chariot Oil & Gas has revealed disappointing results from the Kabeljou exploration well in the Orange basin offshore Namibia.

The company said preliminary logging results indicate that no commercial hydrocarbons were found and the well will be plugged and abandoned.

All pre-drill reservoir targets were evaluated.

The well intersected the Nimrod delta as planned, although the reservoir was less developed than anticipated at this location.

A comprehensive evaluation programme was conducted to further understand the stratigraphy, lithology and the nature of the formation fluids in this remote area.

Detailed analyses will now be undertaken on the data collected and this information will be used to calibrate the existing data set.

A resource update of the remaining prospectivity in the block will be provided once this evaluation has been completed.

Chief executive Paul Welch said: "Whilst the results from Kabeljou are disappointing, the fact that we encountered source rock within this well is important.

"The Nimrod prospect was our largest target in the south but there are still other areas of interest in this licence and these well results may provide us with the ability to identify additional prospectivity in other horizons.

"Information of this detail is invaluable when working in frontier environments so this well will have a significant impact on our future exploration programme.

"We will be discussing these findings and the next steps with our partners Petrobras and BP and will update the market with plans in due course."

HARRYCAT - 10 Sep 2012 13:32 - 439 of 474

Peel Hunt comment today:
"The drilling result at Chariot’s much anticipated high-impact exploration well offshore Namibia is a dry-hole. We had previously carried 480p/sh on a risked basis for the Nimrod prospect, however stripping this out of our RENAV leaves us with only adjusted balance sheet cash of £67.7m or 33p/share as Core NAV. We set our target price just above this at 40p/sh until we have clarity on which firm prospects may become the focus of Chariot’s next exploration drilling campaign and could therefore be included within a near-term drilling programme. We understand the large Delta-1 lead (711MMbbl P50 net), located in the central blocks could feature in the Chariot’s drilling plans in 2H13. Following this morning’s news we downgrade from Hold to Sell.
Poor reservoir quality: Despite intercepting a mature source rock, we understand target reservoirs were less well developed than anticipated, ie reservoir characteristics such as porosity and permeability were poor. In the immediate future partners will now undertake an evaluation of all geological data obtained in an effort to understand remaining prospectivity within the block, we point out the full implications with regard to future upside on the licence will not be known until this is complete.
Central blocks to come into focus: Following this morning’s disappointment Chariot will now focus its efforts on the interpretation of the new 3D seismic over the central blocks where a 3,500km2 survey was recently completed. Guidance has suggested that drilling could take place here by 2H13 at the earliest. With respect to the 4 to 5 well drilling programme… Chariot has c$100m on the balance sheet and we anticipate that a well in the Central Blocks to test Delta-1 next year will likely cost c$60-65m; considering this along with ongoing G&A and the cost of additional G&G work in Mauritania (acquisition of new 3D survey) and Namibia, we suggest that in order to meet the drilling programme further farm-out activity will be necessary.
Valuation and recommendation: Despite having a robust balance sheet with c$100m net cash, Chariot’s pipeline of drilling related news looks to have run dry until 2H 2013 at the earliest. In the absence of any near-term potential material share price catalysts we expect the shares to fall considerably and point out the ultimate back stop to valuation will be our estimate of Core NAV (predominantly cash) of £67.7m or 33p/share.
With limited news flow in the short-term (except 3D seismic in the central blocks) that could be meaningfully supportive for the shares we move to a Sell recommendation."

magicjoe - 11 Sep 2012 11:54 - 440 of 474

Share price staying around NAV cash of 33p today

Is she ready for the bounce back ( cat ) and go for a punt?

Chart.aspx?Provider=Intra&Code=CHAR&SizeChart.aspx?Provider=Intra&Code=CHAR&Size

magicjoe - 11 Sep 2012 14:43 - 441 of 474

It does not seem like just yet down to 31.875p
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