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.

Signs of a recovery here.

Chariot Oil could soar 35% soon - By Alistair Strang | Wed, 21st September 2016 - 10:42

Chariot Oil could soar 35% soon Back in 2012, Chariot Oil & Gas (CHAR) was one of the first shares we employed our "real life" targeting methods, successfully mapping the rise to just over 2 quid with exquisite precision.
Unfortunately, what happened after it reached this upper target was as precise and the price reversed below 175p, and some grotty drop potentials made themselves known.

Of course, when the price gapped down to 55p on May 12th, it entered an entirely new phase of existence, one which calculated a bottom at 3p eventually.

In a slight saving grace, it now looks like Chariot bottomed at 4p and all targets given in our last outlook in March this year have been achieved.

The share price is now hopefully entering the first phase of undoing the damage caused by price manipulation in 2012 - the second phase commencing when the price manages to actually close above the dashing blue downtrend currently at 15p. Thankfully, a couple of things have happened recently which hint this may actually prove possible.



Firstly, the Solid Blue line has been the ruling downtrend and Chariot - closing at 8.12p on the 20th - has successfully closed a session in safety. The ruling trend is currently at 7.996p mid-price! This creates the situation where movement now above just 8.9p points at continued growth to 12p next with secondary a longer term 15.5p. Importantly, future closure above that Dashed Blue line is seen as facing an attraction of 22p.

Of course, this could all be a dreadful mistake but the share would need close below blue (7.996 currently) to justify any alarm. If wanting an excuse to be afraid, intraday traffic below 7.5 would break the immediate uptrend in minute by minute mode since the 14th September.

StockMarketWire.com
Chariot Oil & Gas says it has continued to progress and enhance its portfolio over the past 12 months while protecting its position in challenging market conditions.

It says that as a result of a combination of prudent cash management, partnering, securing new acreage and maturing the portfolio while capitalising on current seismic costs, it has been able to preserve a strong cash position while developing an inventory of drill-ready prospects with material follow-on potential. Chariot expects an unaudited cash position at year-end of approximately US$25 million. The company remains debt free with cash in excess of licence commitments.

The company says it continues to evaluate new venture opportunities to further enhance the portfolio through the addition of value accretive assets.

Chief executive Larry Bottomley said: "We have made significant progress throughout the year, proactively pursuing our exploration programmes, completing another farm-out, maturing our current portfolio and securing further prospective acreage in line with our strategy of rigorous portfolio management and capital discipline.

"As we reported at the time of our interim results, we are now focused on delivering three exploration wells in the next two years. We expect the tough market conditions to continue into the next year but Chariot has established a strong position within this environment which will allow us to deliver on our plans."

smashing chart for 2017.

Hmmmm.....not sure why this year is any different from the last five?

The Market likes it Harry.

StockMarketWire.com
Chariot Oil & Gas said Monday that the Rabat Deep exploration well failed to find a hydrocarbon accumulation.

This comes after the Rabat Deep 1 well was safely drilled to a total depth of 3,180m. The well did, however, penetrate thick top seal and tight, fractured carbonates in the primary Jurassic target.

'Whilst the results of the Rabat Deep 1 well are very disappointing, the fact that we encountered tight carbonates in the Jurassic target with a thick top seal will be invaluable in calibrating the existing data sets and determining the implications for the prospectivity in the Rabat Deep Permits,' the firm said.

The data collected will be used to calibrate the existing data sets to understand the implications of the well results on the prospectivity of the surrounding area, the firm said.

Chariot said it was on track and fully funded to drill Prospect S in Namibia in the second half of 2018 targeting a gross mean prospective resource of 469m barrels.