Another day another dollar or in the case of penny dreadful Sefton Resources another FANTASY RNS. More piss & wind came today from Jimmy.
Today’s’ Fantasy concerns Kansas wells of course what Sefton fail to tell people is that this is nothing new. It’s the same old dross being regurgitated as in 2004 right up to present day read here http://www.investegate.co.uk/sefton-resources-%28ser%29/rns/issue-of-equity/200408200955111624C/
Hey if you’ve got a tried and tested method of extracting money from newbie investors then why change it? Just keep rolling it out eventually when the gaffs up just buy some more Abandoned & Exhausted wells and carry on the Fantasy! It’s all part of the Jimmy Ellerton show. Three wheels on his wagon & he’s still rolling along! Those Cherokees are after me…. We all know the rest
Of course we were all told that the 100% working interest would be tied up by October. It’s now November & they’ve only got the cash to pay for 42%. Ellerton is now saying that the Company has targeted six initial areas for immediate development, which includes 48 oil & gas wells (100% WI on 34 wells and 42% WI on 14 wells) with future additional development areas will be based on completed engineering/geology field studies and our own geological mapping techniques. And guess what Jimmy is hinting that each well will deliver 27 bopd!! I nearly pissed my pants laughing at this blatant attempt to lie to the market. Yes that’s right Ellerton is trying to infer that he’s done the deal of the century buying 100% of 34 wells & 42% of 14 wells each delivering 27 bopd!For a $75 thousand dollar initial payment with the balance of $125k to be paid whenever Jim can get the money from his draw.. oops drawdown!
Let’s just look at this 27 bopd from first production claim. It’s sheer Fantasy and I’ll tell you exactly why. They are Abandoned & Exhausted wells that have ALREADY had FIRST PRODUCTION BACK IN THE 1990’S!
Check what Tom Winnifrith dug up on Kansas/leavenworth production. Click here. In 2011 there were 202 producing oil wells in the County they produced a total of 60,254 barrels of oil. This is an average of 298 barrels per well in simple terms 0.8 of a barrel of oil per day per well. “This is a very mature province and the wells here are very old indeed” Quite right Mr Winnifrith so old in fact you can pick them up for a couple of thousand dollars in much the same way as tourists can pan for gold in the Rockies! It’s a sham RNS literally a desperate attempt. Jimmy says this; “Sefton is moving rapidly towards the important milestone of establishing consistent oil production at Kansas with a programme of workovers and recompletions planned over the coming months. The second revenue stream of E&P in Kansas is beginning and is expected to grow significantly over the next few years. Production data will be reported”
“Consistent oil production” What oil production? There’s never been any oil production from Kansas in 8 years! It’s been trumpeted out as a COAL BED METHANE PLAY FOR THE LAST 8 YEARS. KANSAS GAS!. Now it’s a 48 well 27 bopd per well play! The RNS is titled; Kansas Exploration & Production Operations Report. It is sheer Ellerton FANTASY! Sefton are desperate!
Sefton Resources should be immediately SUSPENDED from the London Stock Exchange. Their NOMAD is a disgrace for allowing such utter bullshit to be fed to share-holders.
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Viva
Dan
