4188 days ago
I ask you to cast your mind back to November 2012. The 15thto be exact. It was when AIM Cesspit listed Sefton Resources (SER) announced the acquisition of new oil operating assets in Kansas. It was all terribly exciting stuff.
The company stated that in an RNS of that day:
Competent Person Dr Nafi Onat has made a study of the oil fields in Northeast Kansas for Sefton, from which detailed information was announced on 12 March 2012. Below are some of the key points that he has made on the potential of this area for oil and gas production.
Analysis of 320 wells on 23 McLouth fields reveals initial average production was approximately 27 bopd and 350mcfg per well during the first month of production. Based on completion reports and deliverability tests, initial gas producing fields varied from 150 mcfg to 2mmcfg per day.
Frigging hell. Sefton paid only $200,000 for these assets and what is that about 27 bopd in month 1? Cripes this sounded exciting.
On December 7th 2012 Sefton issued shares to stop it going bust by Christmas. It raised c £700,000. But heck with those exciting Kansas wells surely this was a winner. Hmmmmm.
Now wind forward to this month
4196 days ago
AIM Cesspit listed Sefton Resources (SER) has today announced that its June output in Kansas reached 500 barrels. That is up from 450 in May. That sounds good but I suggest that you do the maths because when you do you will realise just how dire this performance is.
4304 days ago
As you are aware AIM listed joke oil company Sefton Resources (LSE:SER) is suing myself and my pal Dan Levi (Brokerman Dan) for libel. We cannot wait for our days in court as this is getting more amusing by the day.
A day or so I asked Sefton the simple question – how many flights to and from Hawaii (where Jim Ellerton lives in a luxury mansion) have been paid for by Sefton? The answer could be nil and if so I would have hoped for a speedy reply. I have had no such reply. Perhaps shareholders might have more luck putting that question to the company directly- I suggest calling its PR man Alex Walters on his mobile 07771 713608 - good luck.
But I now have a few more questions and this time I move from Hawaii where Jim spends his millions to Kansas and Leavenworth County where in 2009/10 Sefton ponied up a total of $215,000 to buy some gas pipelines.
