25 May 2012

Sefton bullish after turnaround

26/05/2011 Robert Tyerman

US-focused Sefton Resources (SER) is seeking to boost assets and production after turning $295,300 (£184,000) losses into $403,200 net profits. Steered by the entrepreneurial Jim Ellerton, the AIM-quoted company increased oil and gas sales 31 per cent to $3.8 million last year, with most of its revenues coming from the Tapia Canyon heavy oil deposit in California's Ventura Basin.

Based in Denver, Colorado, Sefton, which has strengthened its board after a previous period of internal dissent, has begun to produce from Eureka Canyon, 20 miles from Tapia, while working to build up its gas assets in Kansas. Ellerton speaks of lifting costs of $15 a barrel, against an average realised oil price in 2010 of $71.40 a barrel.

The company has also been building up its oil and gas interests in Kansas, where it has obtained an independent report from Dr Nafo Onat of Denver-based Sure Engineering putting a potential present value of $100 million (£62 million) on them. Sefton now owns two gas pipelines in Kansas, which it expects to start producing revenues by the end of this year.

Highlighted by Growth Company Investor at a depressed 2p in February, Sefton shares now trade at 3.95p, valuing the company at £11 million. Partial profit taking might be prudent, while retaining a chunk for further potential gains.

Tags: AIM market, California, Gas pipeline, Jim Ellerton

Sector: Oil & Gas Producers

Companies: Sefton Resources

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