News and Press Releases

Company Update

31 March 2015

 

Update on potential sale of Kansas Assets

Further to the announcement of 24 February 2015, the board of Sefton (the "Board") can provide an update on the discussions regarding a potential future sale of TEG MidContinent Inc. and TEG Transmission LLC, (collectively, the "Kansas Assets") which have progressed. The Company has agreed terms to provisionally sell the Kansas Assets, but there are a number of elements yet to be agreed. A further update will be provided once the position is clarified.

Appointment of CFO

The Board announces the appointment of Raylene Whitford as the Company's Chief Financial Officer, (initially a non-Board position). Miss Whitford is a Chartered Accountant (Institute of Chartered Accountants in England and Wales) with business experience in both her native Canada and the UK. She spent 7 years working for KPMG LLP in London, where she worked with a number of oil companies of various sizes and locations, before moving in 2014 to work for an independent oil drilling contractor in Alberta. Miss Whitford will also take up day-to-day responsibility for the Company's new head office in London (as announced on 23 March 2015), and has already gained familiarity with the Company having been engaged as a consultant in February 2015 to assist with the work around the lifting of the bank security (as announced on 20 March 2015) and the negotiations on the possible sale of the Kansas Assets.

Dan Levi, Interim Executive Chairman stated; "The Board is working hard to conclude the disposal of the Kansas Assets, as the next step in turning the Company around and moving forward. The appointment of Raylene is another important element in the Company's progress. She brings both strong financial acumen and a solid understanding of the oil industry."

Visit www.seftonresources.com or contact:

Daniel Levi, Executive Chairman Tel: 07912 864 195
Nick Harriss, Nick Athanas, Allenby Capital (Nomad) Tel: 020 3328 5656
Nick Bealer, Cornhill Capital (Broker) Tel: 020 7710 9612