Chariot Ltd. (OIGLF)

[DrillaHill]

Staying Power and Balls of Steel

:)

some words of an investor who attended the AGM (06/05/14)
by "OldCobbler1" from iii:
www.iii.co.uk/investment/detail/?display=discussion&code=cotn%3ACHAR.L&it=le&action=detail&id=11242225

Just off out So I have to make this quick, but long version wouldnt be much different. Pretty much everything that was said is on the presentation and Larry was very careful to stick to the script. However to me, as I've said before, he comes over very well. He has built an experienced team which has a growing reputation within the industry, hence being able to acquire the Brazillian licenses. This is a very high risk business but they are going 'elephant' hunting in the right places with a team that has done it all before. He did clarify strategy in that he has no intention of taking any find to production. He wants to maximise monitisation and start the whole process again. He mentioned as an example ideally with Find to go from 30p to £4.00 then cash back to shareholders, back down to 30p and start the whole process again. Tongue in cheek I almost mentioned we had already done that (note to self take the money out next time) not looking at any more prospects at the moment but did emphasise that the strong team were moving quickly through seismic etc to get licenses drill ready. seismic costs in Brazil are very high at the moment due to other new license drill requirements so he has held off ordering at the moment. Expects prices tomcome down in next 12 months. I like the way he was talking about husbanding our cash.

2015 was described as an exciting year for Chariot. He would not be drawn on Bp Petrobas usual rules and 'didnt want to give industry information' this is just a personal opinion but to me he gave no hint that bp/petrobas were not still fully interested. Possibly waiting for Tower drill to make a final decision on where to drill. He did mention that their prospect as the new one of ours (just forgotten name) requires a very long oil migration.

Anyway came away, the same as last year feeling my investment is in good hands. However this is very high risk but those with staying power and balls of steel will reap the rewards in the end. Of course a big find in current Namibia or Morocco drills and ................(boom)