News and Press Releases

Strategy Update

2 February 2015

 

Following the announcement of 30 January 2015, the board of directors of Sefton (the "Board") is pleased to provide an update on progress with the plans for the future of the Company. Daniel Levi, who will assume his position as an executive director with effect from 3 February 2015, is already leading efforts to identify a new strategy for the Company, recruit a new team to implement this strategy and work on the next stage of the turnaround of the Company.

Over a considerable period of time Mr Levi has been in discussions with the Board regarding proposals for the turnaround of Sefton.These proposals include investigating new producing oil assets, a prospective new management team, consisting of a current Chief Executive Officer of a London quoted oil company and a FCA regulated Financier, both of whom have agreed outline terms to take active roles upon a renegotiation of the Bank of the West security agreement.

The first producing assets being investigated are believed to be currently producing 250 bopd. It is hoped that a Memorandum of Understanding might be entered into shortly, but it remains at this time at an exploratory stage.

The new strategy is intended to align the interests of management with shareholders & stake holders including the Bank of the West. It is intended to position the Company as a consolidator of oil & gas assets in the USA and Asia, leveraging off the multiple available distressed targets which represent a significant opportunity for acquisition. Various potential targets have again been identified however these are all at a very early stage and the Company has yet to undertake due diligence on any of the identified targets.

Mr Levi said: “I’d like to personally take this opportunity to thank Tom Milne, Mark Smith and Keith Morris. All have worked tirelessly and diligently in what can only be described as a very difficult period in the Company’s history. They have conducted themselves professionally and diligently. Going far above the duty of non-executive directors. Shareholders owe them a debt of gratitude. Without their efforts Sefton would be another AIM oil casualty. Their continued support in the transition is essential.

Today we go forward with renewed hope and vigour. It is a new exciting chapter in the 'Sefton story'

My fellow investors in the SaveSure Consortium members, including Jim Mellon, also deserve our thanks for their help & finance but most importantly their invaluable advice and continued support.

Sefton Resources can be saved, real value can be brought back. It is a difficult task made even harder by the present oil price slump, but with determination we can together snatch victory from the jaws of defeat. Share-holders are the life blood of any company. Our Shareholders have had a torrid time. It is now coming to an end. We go forward together into a new future. We hope others will get behind the strategy and back the turnaround.”

Visit www.seftonresources.com or contact:

Keith Morris, Director   Tel: 0207 448 5111
Nick Harriss, Nick Athanas, Allenby Capital (Nomad) Tel: 0203 328 5656
Neil Badger, Dowgate Capital Stockbrokers (Broker) Tel: 01293 517744