News and Press Releases

Final Results for the 13 Months to 31 January 2015

30 June 2015

 

The board of directors of Sefton (the “Board”) is pleased to announce the Company’s financial results for the thirteen-month period ended 31 January 2015.

Period & Post-Period Highlights:

  • Successful Sale of TEG USA to Hawker Energy LLC
  • Successful release from $4m contingent liability to Bank of the West
  • Major corporate restructuring and significant reduction of Company overheads
  • Relocation of the administrative office to the UK
  • A recent successful equity placing raising £799,500 in June 2015
  • Provisional sale of Sefton’s Kansas assets for US$400,000 agreed
  • Development agreement signed with UTAS Petroleum
  • Experienced CEO identified pursuant to finalisation of identified acquisition

 

Reflecting on the progress to date, Raylene Whitford, CFO of Sefton, commented:

“The prior year brought a significant change for the Company, not least through the sale of the Company’s largest asset to Hawker Energy LLC, the lifting of the Company’s co-borrower status on the outstanding loan with the Bank of the West and the closure of its administrative office in Denver and relocation to the UK. A key element of Company’s sustainability was a major internal restructuring to reduce overheads to a minimum to ensure cost effective operations.

Cash conservation continues to be of high importance for the Company and its shareholders, as is the identification of opportunities to acquire a robust asset portfolio outside of the US. The Board has made significant progress in this regard and has identified producing assets in Indonesia, which we believe we are well placed to investigate further through the establishment of a Development Agreement with UTAS Petroleum.

Whilst we acknowledge that near-term challenges remain on the forefront as we seek to stabilise and refocus the Company, the Board has made clear progress in the last few months and we have a distinct strategy to grow the Company in order to generate long term value for our shareholders.”

The Company’s annual report and audited accounts for the 13 months ending 31 January 2015 have been published on the Company’s website, www.seftonresources.com, in accordance with the Company’s articles of association and AIM Rule 20, and are available to shareholders.

 

Visit www.seftonresources.com or contact:

Raylene Whitford, Chief Financial Officer Tel: 020 7872 5570
Nick Harriss, Nick Athanas, Allenby Capital (Nomad) Tel: 020 3328 5656
Nick Bealer, Cornhill Capital (Broker) Tel: 020 7710 9612
Ben Romney, Buchanan (PR) Tel: 020 7466 5132