This is an oldie word....it means an old friend...
How ya doin 'ol chap? or Where to 'ol chap? (Where do you want to go)
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Usually written ol' chap since the apostrophe should be placed where the missing letter is. Short form for "Old Chap", which is a British way of saying "Dude".
"My word, 'ol chap, the Queen just snogged that fag." means "Check it out, dude, the Queen just french kissed that cigarette."
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