Member Info for harford

I will be watching the end of September deadline. If they don't publish the accounts by then I will be onto JP Jenkins to do something about it.

On admission shareholders were offered two warrants at 1.5p for every share they bought at 1p. Subsequent investments by the Chairman and Stanley Davis were offered on the same terms.

I cannot see how this implies any future commitment to raise at 1.5p. I think the best we could expect would be a raise at 1p with 2 for 1 warrants at 1.5p as per the original and subsequent raises.

There is no commitment to raise at 1.5p where did you get that idea?

I emailed investor relations at Fulcrum a week ago asking when they will next update. No reply so far. Doesn't bode well for their concern for investors going forward.

They have to comply with certain rules as part of the conditions of being listed with JP JENKINS. Note 8.2 means results must be published by the end of September 2024 at the latest (March year end + 6 months).

8. Issuer obligations after joining JP Jenkins

8.1. The Issuer also agrees to:

8.1.1. Maintain accurate and up-to-date information on JP Jenkins,

including but not limited to its financial information, corporate structure, and

management details;

8.1.2. Regularly update JP Jenkins with any significant changes in its

business operations, including but not limited to changes in its financial

performance, leadership, or legal status;

8.1.3. Ensure that all disclosures and statements made on JP Jenkins are

truthful, accurate, and complete and that they do not contain any false or

misleading information;

8.1.4. Provide timely and appropriate disclosures to ensure JP Jenkins is

always adequately informed of any matter that:

8.1.4.1 May result in a substantial movement in the price of those

securities, or the case of debt securities, significantly affect the

Issuer’s ability to fulfil its obligations; or

8.1.4.2. Investors would reasonably require or expect to make an

informed assessment of:

(a) The Issuer’s assets and liabilities, financial position,

profits and losses and prospects; and

(b) The rights attached to the Issuer’s securities, are

subject to exceptions that JP Jenkins may reasonably

prescribe.

8.1.5. Promptly notify JP Jenkins of any suspected or actual breaches of

applicable laws and regulations, including, but not limited to, Section 21 of the

Financial Services and Venues Act 2000 (Financial Promotions) and FCA

Rules; and take all necessary steps to rectify the situation; and

12

8.1.6. Notify JP Jenkins of all transactions by its directors in the Issuer's

securities admitted to JP Jenkins within two business days of the transaction

date, specifying the nature of the transaction; the number of securities or units

involved, and the price per security or unit.

8.2. Companies must publish annual accounts prepared per the UK Generally

Accepted Accounting Principles or International Accounting Standards no later than

six months after the end of the financial period;

8.3. The Issuer must notify JP Jenkins in case of termination of their relationship

with their Registrar and must have a new approved Registrar in place.

Sterling up 30% in the past two trading days, CHF barely moving.

And half of that in cash...

Mathew Wilson, CEO and Director of Sterling, commented, “We are excited to complete the acquisition of Copper Road, adding a complementary and compelling project to our growing Canadian exploration portfolio. The timing of Transaction represents a significant opportunity for existing and new shareholders of Sterling, as we enter a new copper supercycle, largely the product of years of underinvestment and lack of discoveries. As we look ahead, we are excited to begin our Phase I exploration program in the coming weeks. Our exploration team as been diligently gathering historical and current data and we look forward to providing plans with the aim of making important discoveries in eastern Canada.”

Relieved to see the cash balance still healthy.

The Group’s cash position at 31 December 2023 was £278,675 (2022: £304,022).

Outlook

Chesterfield continues to seek new opportunities and is consistently evaluating many such possibilities. Whilst no transaction is imminent, I am of the belief that a shareholder accretive opportunity will be executed in due course and that is a key objective for me in 2024 and beyond.

I would like to thank shareholders and stakeholders for their continued support in 2023 and look forward to updating the

market as developments occur.

Kashif Afzal

Executive Chairman

29 April 2024

Not forgetting: "The Board aims to make the most of the Company's resources through what it aims to be a transformational investment into a new area of activity. Extensive work is underway to consider a number of possible options on offer. The most important criterion behind this work will be to generate significant shareholder value in the near term, and the goal is to be able to announce the direction of this next phase in Chesterfield's development by the end of 2023..."

Pity they missed that deadline but better to get it right than rush things.

Cenkos (now Cavendish) target price reduced to 32p (from 37p) in their latest broker note published today.

Sterling up almost 3x from the February lows. News about the next phase of Chesterfield's development now well overdue.

Falcon Oil & Gas (FOG.L, 7.15p, £75m) has elected to reduce its participation interest in the proposed Shenandoah South Pilot Project from 22.5% to 5%, significantly reducing Falcon’s cost to participate in the Pilot. Despite only having to pay 5% of the costs of the two wells to be drilled in 2024 as part of the Pilot, Falcon will retain a 10% working interest in c.72,000 acres around the Pilot and a 22.5% working interest in the remaining 4.52m acres. Falcon also retains the benefit of a further A$16.67m of gross carry that will be used to offset against the costs of the Pilot in 2024, thereby further reducing Falcon’s cost to participate.

Clearly, as the basin matures and the industry becomes more established drilling costs and operational risks per

well will reduce substantially. Therefore, we see the decision by Falcon to reduce its exposure in these early

wells as prudent risk management. Each successful well drilled will derisk the basin as a whole, adding significant

value to Falcon’s residual 4.52 million acres, and meanwhile Falcon still retains a 10% stake in the pilot area

(which is equivalent to just 1.6% of its overall acreage position). Were Falcon to participate in the next two pilot

wells, it would likely have to raise a significant sum of equity which would have been very dilutive at the current

share price. Falcon will now only require a small amount of funding to complete the next two wells, which gives

the company flexibility and minimises dilution (options include equity, debt, pre-payment for gas, or farmdown). Should the wells be successful, they will have a positive impact on the market value of its entire acreage

position, and Falcon can decide whether to raise additional equity to participate in forthcoming DSUs, raise

finance from industry or a strategic partner, or indeed make the decision to sell the entire company.

SS1H Production Indicates Large Connected Resource The SS1H well has achieved an average 60-day initial production (IP60) rate of 3.0MMscf/d, normalised to 6.0MMscf/d over 1,000m. The exit rate trajectory continued to show a steady, low decline type-curve (2.76MMscf/d) and downhole pressure implying a highly effective frack that is connected to a sizeable volume of gas. The IP60 flow test indicates that future development wells with lateral lengths of 10,000ft may be capable of delivering average rates of 18.4MMscf/d over the first 60 days of production. The rates continue to track average flow rates from the core regions in the Marcellus Basin in the US – the world’s largest unconventional shale resource. The SS1H well is planned to be flow tested until IP90, which is scheduled to be announced in late April 2024.

Warrants at 2p and 4.8p from previous placings expiring late 2025 must be a target here. Plus 2p warrants from the CLNs expiring in 2027.

An RNS would tell us what they paid for the shares. Did they pay market price, a premium, or did they negotiate a discount?

It's good to hear it sounds like the share sale to Juniper is a done deal. The last we heard in September was "The final completion of the sale of the shares by Polymetal remains subject to certain regulatory considerations and it is expected that formal notification will be issued upon completion of the remaining formalities."

They should have RNS'd this.

Juniper will own almost 18% of the shares once the transfer from Polymetal takes place. Plenty of incentive to make something of this.

Kashif Afzal looks like a heavy hitter. Seems to specialise in the energy/renewables space. One of his directorships is https://blockbasegroup.com/ could be we make a move into something similar.