Sefton Resources, Inc., a British Virgin Island corporation, is in the business of oil and gas production through wholly owned subsidiaries TEG Oil & Gas USA Inc. and TEG MidContinent Inc. The core area of activity is the East Ventura Basin in California, in which Sefton owns 100% of two oil fields; Tapia Canyon (heavy oil) and Eureka Canyon (medium gravity oil), both of which have over twenty years of expected production life.
Sefton Resources Inc Price and Volume
Previous Close: 0.45p* (real time prices at ADVFN) Previous Range:0.41 - 0.47* Previous Volume:10949668 shares (up on average)* Trading:below the 50 day M.A. (1.5863) & below the 200 day M.A. (1.8326)*
Not much by way of bb posts last few days, even the rampers have gone quiet. MA did put a lot of effort into his 'analysis' of SER, but there was nothing new there, just an optimist's veiw of SER. Optimism is all sh have to go by, not a lot of 'good news' in the air from the SER BoD (and that is just JE solo!).
No 'outside capital' provider in sight (unless the 'Katar' Sovereign Wealth Fund volunteers!);
No increased oil output by way of monthly bopd, despite ongoing cyclical steaming;
No TSR or Dr Ali simulation models output data or reports;
No Kansas Pipeline gas-flow revenues yet, or oil and gas sales (over-imminent now!);
No JV partner in sight, unless SER goes into a 'Same Sex Civil Partnership' and JV's
with another similarly broke oil explorer (one can forget about Oxy or Berry Pet).
So it is still ' next year in Jerusalem' !! And don't say I am de-ramping, @ 0.44p it can only go UP (one hopes !)
I also don't understand "outside capital" if not a placement
perhaps (and my tongue is well and truly stuck in my cheek!) the outside capital is what they expect to receive in damages from the BMD/TW libel case....!!!
No doubt that MA has put a lot of effort into that analysis, which is well presented. One would not say he is trying to present a rosy picture of SER in it, but it does have a pinkish' hue to it and is attempting to project a positive future for SER. That is for others to debate (on iii and LSE)
But the fact remains the sp is down to it's lowest, and could so remain for some months. I still feel the PV10 figures for the Calif assets (HO reserves) may have been overstated by over-opimistic and 'tweakable' consultants. The market reflects that in the sp. By BeanStalk69
Although I disagree with his assessment, I like this sort of debate.
I should probably come over and participate on LSE, but I can't stand those bulletin boards.
I do want to clear one point up.
I didn't misquote MA. His second sentence in his original analysis reads;
"Some placings money (US$2.5m) was used to buy additional Kansas oil and gas acreage and to connect gas pipelines to S Star and to develop Vanguard pipeline into LAGGS/S Star interconnect"
Perhaps it is a typo and he meant US$1.5m?
I also don't think I misquoted or misinterpreted the next statement, when I referred to it as a "game changer"
"It seems Kansas is where Sefton sees its real future in the long term."
So even if he objects to the use of "game changer", my point still stands. If Sefton really does see its long-term future in Kansas, why has there been such a huge disparity between cap-ex in Kansas and cap-ex in California?
I understand his points about what the cap-ex was spent on, but as of today it is not looking like a good use of company funds.
Production is down dramatically over the last 4 years and it looks like the $3.8million was barely able to arrest this decline. This looks extremely expensive.
The company urgently needed to deliver substantive revenue growth over the last 12 months, if it was to stand a chance of meeting its own long term goals.
It hasn't and I believe there are very valid questions to ask as why it hasn't.
Finally MA maintains his defense of the corporate overhead.
He is wrong, it's as simple as that.
The corporate overhead has been squeezing every last cent it can out of this business for far too long.
Remember the $1million profit in 2008 and what happened to that?
The following quote makes me laugh so much, I am seriously considering getting it framed and hanging it in my toilet so I can sit and reflect on the subtle nuances of the general standard of management of AIM companies, while emptying my bowels....
"We have for the first time charged a retirement annuity provision of $1,112,000 of which $730,000 relates to our Chief Executive (who is closest to retirement), and the balance to other employees. The greater part of this non-cash charge relates to amounts incurred in respect of prior years service. The directors believe that the relevant employee contracts are necessary to ensure the Company's continued success. "
No doubt we will all be revisiting this in the coming months, but I believe we are all going to look back on this one and say "oh my God, it was so obvious all along".
They have until the end of May to post the April figures, after that they are in default. In the past, DOGGR themselves have been known to occasionally forget to post the results and will chase them up if you drop them an email once they are in default. By nahkit
Per SER RNS dated 15th May 13 " Note: April final numbers are being submitted to the DOGGR to be posted on its website. " No doubt, they will have been submitted to DOGGR 'imminently' ! QED By BeanStalk69
I also don't understand "outside capital" if not a placement
Bank funding? By epiphany99
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The last time trades of this size started to go through it was a placing, I'm guessing the EFF has been drawn down again. For the sake of holders I really hope it's not the EFF, because if it is, the SP is going to half again. No doubt Sifc would view that as really exciting and find some positives from yet another fund raising.
don't believe so, we have the facility avaiulable. The problem is that with the SP as it is it will take a lot of shares to get any sort of real money. I do feel the noose is getting tighter around Jim's throat and I ma hoping that whoever comes up with the money puts his departure as a condition.
Although I don't like the attitude of the bloggers the articles are scary, and the one thing that really scares me and I feel has some truth to it is the way they treat expenses that I feel should be costs as capital investment. I really have tried to keep optimistic but I think he has to go and he has to go soon, otherwise we might eb in deep trouble and I truly hope not for you and everybody else on here.
as we can see from the accounts directors purchases, at least if it is Jim or his wife bring us no new cash. I wonder how close we are to a placing, the cash must be very low now. Further dilution getting even closer.
In that case mate..10 million worth of buys is defiantly something we should be shouting about because it's a clear signal.
If we had weeks of it doesn't mean anything but to have low volume then suddenly two large trades then that is something worth talking about.
Director purchase RNS Monday??
I doubt those shares were bought, if that was true then the SP is even lower than we thought
AGM 19th JUne, there is traditionally no new information at such anevent and this one promises to be a bloodbath after this last years performance
Production, yes we get production figures most months and so what, look at the figures for the last year and tell me tahtthere si anything to be excited about
Dr. Ali update, we were promised that and got that and for the umpteenth time we were told that we are getting close. It is now 19months after we were promised the report, so sorry if I don't get excited and as you can see neither does the market.
Trust me I have done the research over 5 years on this share, know it better than my iside pocket and have a sadly too good track record in reading the signals. One thing and one thing only will save SEfton, Jim's resignation and it has to come pretty quickly.
DYOR and good luck
Huge trades gone through earlierare they buys disguised as sells using the just below mid price??
As hawk says 10.5 million is huge.
Where have they come from..out of no where.
Question is seriously why?? Have we got a big update coming next week. Trades generally tell all. We have had tiny volume then suddenly this??
I can understand your frustration if you have lost the sum and have sold.
FWIW as for agreeing with BMD nonsence - sorry I must disgree the guys is a joke and has no creditabiity for me, he will get what is coming to himself sooner than later I feel.
Approx. 10.5 million shares bought - try buying at a simular price or less!!
AGM 19th June - May production figures (April announced on 15th May) - Dr.Ali update - Third party / JV etc, etc.
Please DYOR and best wishes to all Shareholders