News and Press Releases

Update on Proposed Refinancing

8 December 2014


Further to the announcement of July 16, 2014 (the "Announcement"), and subsequent updates, the Board can now provide the following update with respect to the forbearance agreement with the Bank of the West (the "Bank").

Sefton, the Bank and Hawker Energy Inc. ("Hawker") are continuing discussions to try to reach a mutually agreeable position in relation to the refinancing of the Company’s wholly owned subsidiary, TEG USA Inc., and the proposed joint venture with Hawker, Tapia LLC.

While several key points have been agreed, an agreement has not been reached, but further discussions will be held this week to try to reach a mutually agreeable position. All feasible options are being explored.
Discussions and negotiations amongst the parties are ongoing.

Visit 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