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.

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.

daniel stewart must be company brokers!

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

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."

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."

Share price staying around NAV cash of 33p today

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

It does not seem like just yet down to 31.875p

Director thinks is time to pick up some stock at under 30p >>>>>>>>>>>>

Director Deals - Chariot Oil & Gas Ltd (CHAR)

Paul Welch, Chief Executive Officer, bought 20,000 shares in the company on the 25th October 2012 at a price of 29.20p. The Director now holds 500,000 shares.

MJ - your tone and slightly earlier chart indicates that you think CHAR will have a little burst for glory from 29.1p ..... do you think charts and similar have a true value for these minnows? ..... i confess i am not entirely convinced, though i suppose if the average PI gets it into his head that it's time to jump in, then there's a good, though probably short, momentum play to be had ..... is that the way you see it?

Nothing wrong with momentum plays the difficult decision is when to stay long.,.

i agree, but as MJ uses charts to determine his entry point, i was merely raising the question of a chart's validity for a minnow

It's done me no harm and keeps trading interesting, but must say this is an odd chart and won't be dabbling just yet.,.

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Video presentation with Chariot Oil & Gas (AIM-CHAR)
Paul Welch, Chief Executive Officer
AIM quoted Chariot Oil & Gas holds frontier acreage offshore Namibia and recently diversified into Morocco and Mauritania.

Click the link below:

http://www.brrmedia.co.uk/event/106556/paul-welch-chief-executive-officer

29.50 / 29.75p

On the bounce with good volume today, and after profit taking, buyers are back again

Having a good move up today, getting ready for a BREAKOUT from the last Intraday high

Volume and oil price rise will help to the objective

What's the oil price got to to with it?

CHAR don't have any oil and are a long way off to actually find any.

FUNNY

Are their licence for gold then?

Another one with no idea of how the market works.

do some research this weekend if you got time.

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Stock On Loan

chuckle chuckle chuckles - i knew you would draw some abuse; keep it up old bean! ..... perhaps question whether licences = blue sky = black gold!

Has broken through the 50 days EMA ( resistance ) on short term RISING TREND

come on MJ, break the habit of a lifetime and tell us what level you are now targetting

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good grief!
i see CHAR were 200 in march/april last year and then collapsed almost as impressively as VOG did all those years ago