cynic
Have a look then ZNI 137% up lol

cynic - 24 May 2007 15:53 - 597 of 600
but heading south again

What do you mean by this cynic?

Driver, pray tell, what news are we expecting and when?

soul

Financing for more wells to increase production, we have been waiting a long time most punters including me expect it at any time and have been building a position on these, if the announcement is good as we expect SER could well multi bag from here.

OilBarrel Jan 2007

Sefton Resources Weighing Up Its Options To Progress US Field Developments
Unlike a few of its AIM-listed peers Sefton Resources is not one to churn out reams of news flow every other day. This can be a good or a bad thing, depending on what the news has to say, of course. But the latest trading update from the Denver-based firm released this week - covering the six-month period to the end of 2006 - sees business ticking along nicely though the company is coming to an important juncture.

Seton continues to trade profitably, thanks to some established fields in California, and has deployed cash flow to renew and refurbish surface facilities at Tapia Canyon, while looking into other development opportunities nearby and in the Mid-West. The question it is now facing is whether to dip into the debt markets or to take on a new joint venture partner to further progress its development objectives.

The good news is that oil flow at Tapia - about 40 miles to the north of Los Angeles - is averaging 4,000 barrels of oil each month, which loosely translates to 133 barrels of oil per day (bpd). Importantly, decline rates appear to have bottomed out with the current rates now being sustained, though Sefton believes there is plenty more life in the field yet.

More facilities upgrades and repairs at the site this year could see Tapia - in which Sefton holds a 100 per cent stake - capable of handling an additional 500 bpd, the company said in its update. This is a significant hike, though work on this mature heavy oil field is not always plain sailing, and frequently a stern test of the firm's technical skills.

In December, the company commissioned the building of a steam generator that will initially be used to stimulate production at the Tapia field; this should all be in place by the middle of the year.

Preliminary approval has also been granted to drill three additional wells on the Snow USL lease, to add to five other planned wells already approved at the Hartje and Yule leases.

Though rigs appear to be available, Sefton must source additional funding to see the programme through, as well finalise permitting arrangements. This could mean securing some debt financing or even hooking up with a joint venture partner.

At Eureka Canyon, the company's other Californian asset, reconnaissance geochemical mapping work has been completed, with results supporting plans for further field development work. This field, about 20 miles west of Tapia, produces around 435 barrels of oil a month, about 15 bpd. Again, the injection of additional funding will provide the leverage for Sefton to squeeze more out of the field.

These developments fuel hopes that Sefton can at last start to unlock some of its upside in Kansas where it holds a large portfolio of interesting coal bed methane (CBM) assets.

In Anderson and Franklin Counties, where subsidiary TEG Midcontinent holds 30,000 acres, a recent project nearby achieved some upbeat conclusions. Sure Engineering was contracted to work on an area to the west to consolidate and expand available data. It concluded that the thickness of the Riverton and Bevier coals on the TEG acreage nearby are near the maximum for the region.

Sefton has also picked up some more acreage at Leavenworth County and now holds over 7,500 acres in the area. It is currently in talks with pipeline operators over gas gathering infrastructure and market access.

Another positive is that it has settled a long-running dispute with Caza Drilling, which dates back to the 2002 blowout in the Tapia field. It has been a story full of twists and turns, but following a court ruling on 3 January 2007, Sefton is paying $250,000 to Caza in exchange for the resolution of all matters between the two parties.

Further results from the company are expected around April or May, with an annual meeting to follow about a month later.

Hmmm. Interesting. I know that whoever got in around the beginning of the year, when I thought this looked cheap, has done well. Needless to say I didn't buy any, as I was busy with other things!

Thanks for the info, Driver. Will have to give this some consideration.

good to reread the oilbarrel comment. The clock is certainly ticking to results/financing or jv - let's just hope it's not much longer and meets expectations.

Desperate sellers willing to get 5.5p now. Idiots or clever clogs? Remains to be seen but I suspect the former at this price.

Finished 0.50 down but 62k more buys than sells

Those RNS announcements may take some time, look at the history this company has with announcements! Been in this many years now and yes progress has been made very slowly.... One day is the story of this share so anyone looking for a multibagger this year, well I wouldn't hold yer breath.

Very frustrating for all holders. I'm actually quite looking forward to updating the Header, hope it's with the expected good news and not a total management disaster. Personally, I'm still banking on the former rather than the latter, but then as a shareholder I would, wouldn't I?

The company has the elements required to grow and this one looks good on paper. The problem is as its always been, with the board. Lets not forget that they are responsible for getting Sefton where it is today. They just don't seam to have mastered how to shout all the good points to the market! I would love to see an investors pack or even the old dallas looking website updated!!..

The finance package is the key here. If they can just get it, this will transform the company from two cowboys sitting looking at an oilfield into a dynamic operation, drilling wells, doing deals. It can't do anything without these funds. Revenue from production covers operating expenses and admin and sometimes even allows a bit of cash to spend on an extra storage tank or two, or some new pumps etc. But they need $millions at their disposal if they're going to do anything worthwhile.

If they can only announce that they have signed a deal for a few $million credit line, this company will transform over night.

We wait with baited breath!

This from the other side PANR up 84% today to SER

Still, the fact remains JJ that PANR has risen 77% to a market cap of 12m on news of a net 12bpd and 1.1mbbls equivalent compared to SER's 150bpd and 7.6mbbls. Those are the cold, hard figures.

(SER) NEXT

Well i've added some more this morning. Gone dirt cheap again.

RAS
Results out soon hope there is news on the financing in it, we have been waiting far to long.

interesting driver. If we could only get on with getting it out we might see some value added.

From the other side.

From: xxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Sent: Saturday, June 02, 2007 9:10 AM
To: gdillabaugh@seftonresources.com
Subject: sefton final results
Importance: High


Gary hi, not mailed you for a while, do we have a problem.......................

ie: "The Company is pleased to announce that Chantrey Vellacott DFK has been engaged
as the Company's auditors and we expect results to be released in April/May"

We are now past your stated period, this happened last year and does not encourage confidence in the company.

regards Graham.

REPLY:......................

Hi Graham

We await the final sign off by the auditors which is anticipated shortly and a press announcement will then be made. The delays are frustrating for all of us but some things are beyond our control.

Thanks for your continued interest in Sefton.
Kind regards,
Gary

diplomats answer there.

see how he appears to answer the question but actually tells us nothing at all. A very useful skill to have.

I think we're looking at the end of june/early july here.

rhino, let's hope june/july - which year did you have in mind!

rhino, greyhound,

The stock market rules state that Sefton must get their results out by the end of June ie 6 months after the year end, or they will be suspended.

Still 3 weeks to go until then though.