Sefton Fact 95p to 1p!
The lies are coming thick and fast from Sefton Resources.
Today’s latest Desperate RNS ramp failed miserably once again. Reading through the Petrel presentation it is abundantly clear that SEFTON are continuing to use Smoke & Mirrors in-order to create a market for them to dump stock via their EFF.
There is absolutely nothing in this presentation that wasn’t already out there. It is a rehashing foisted upon the not so sophisicated to grab their cash.
The Petrel simulation scenarios can take between 3/6 months per scenario to run! How many scenarios & how many months? Petrel tell us. “Most full field optimization simulations will require 20-30 scenarios to be investigated”. According to slide 31 it is another 10 months wait before the simulation model is even near completion. How many times do we have to go through this utter bullshit. They are no nearer a full field steamflood report than they were three years ago. They are no nearer implementing a steamflood project then they were at their IPO in the year of Our Lord 2000. Where’s the money coming from to pay for it? It’s a minimum of $20 million dollars! Probably more closer to $50 million as touted by the company some time ago!
Ellerton has consistently inflated oil production while making bogus statements “Oil production in California is continuing to edge higher and measures are now being adopted to optimise production at Tapia” FACT; October figures have now been revised down to 112 bopd. September has finally been revised down to 103 bopd & August down to 96 bopd. It is totally false and deceitful to claim that output is “continuing to edge higher” Especially from a man who has for eleven years creamed in millions upon millions of dollars in pay, expenses, options & retirement entitlements while holding out delusionary promises of 800, 1750, 400 & 600bopd cherries. Historic FACTS have proven beyond a shadow of a doubt that these figures were nothing but bullshit.
Output has only ever ONCE in 121 months of stalled production risen over 200 bopd. 20012 H1 production is 21,739 barrels. 2012 H2 production thus far comes to 13,199 Barrels. That means that for November & December 2012 monthly production needs to average 4290 barrels per month to match 2012 H1 production. Thus the Jim Ellerton lie of improving production is laid bare for all to see.
Sefton are mired in debt of at least $12 million dollars. They have wasted approx $20 million dollars in Capex over the last 5 years. They have had 10 placings over the last 3 years. They have already had a share consolidation from nearly 2 billion shares down to approx 118 million in 2006. For the last 11 years they have been paying themselves Bloated salaries as well as extra “Consultancy” fees . This is payment for 11 years of FAILURE. A monkey could have run this company better than Jim Ellerton.
More Lies Lies Lies
Let’s take a quick look at the Petrel guff released today. The May 2nd RNS stated that Dr Ali’s full report was expected in June. Slide 25 proves that this was a LIE “Final data from 2011 wells received in June 2012. Revised Full Field Model signed off in September 2012” What that tells investors is thus; they lied in May. How could Dr Ali’s report be ready in June when Petrel hadn’t received the final well data until June & it wasn’t signed off until September. The May 2nd RNS was nothing more than a cock & bull story to get the £2 million pound placing off. The May 2nd RNS says “Dr Farouq Ali’s full field steam flood report on schedule to be received by the Company in June” How could the full steam flood report have been expected in June if they hadn’t received all the data from the 2011 drilling & it wasn’t signed off until September?
The whole company is nothing but a fraud. The strategy is to lie & collect BLOATED pay for as long as possible. Having checked every RNS & researched every piece of news it is as clear as crystal that Sefton Resources has lied & mis-lead investors for years. They should be suspended immediately. Today’s RNS referred to September as being 103 bopd, yet although this was known the company continued to quote 108 bopd right up until last week. That’s a $500 per day material inaccuracy carried on for 8 weeks. I could go on & on pointing out errors & lies being used to keep the Board in their finery.
Nice ipad Jim. Who pays for that?
At what point during the 95p to 1p eleven year decline in value or the recent $20 million dollar Capex beanfeast that has snared & embroiled the company into a debt repayment agreement that is sucking out the life-blood of the company does Jim Ellerton consider he has brought “Real Value” to Sefton Resources?
At what point during the massive dilution of the company stock in issue (Over 4,000% in 11 years) or the annual trousering of $541 thousand dollars in pay (Not including expenses or Jimbo’s retirement payments) does Ellerton consider he has brought “Real value” to the company?
At what point during the last eleven years of regurgitated spurious facts regarding oil production, assets, rotten rusty pipelines & Doctor Farouq Ali’s steam-flood, still to be delivered, report or the mountain of excuses littered on the eleven year life of this company or indeed currently being used to deflect away from the cold hard facts that Ellerton has used and abused his position as Puppet master in chief at Sefton to line his own pockets with your money, my money, does the penny drop? Where is the honour & integrity of this man? At what point does he consider his position is untenable? The answer is Bankruptcy!
I have called for a full investigation into this company. The London Stock Exchange AIM Regulation Team are well aware of our concerns here.
Get the hell out of this stock. They are Morally & Financially #Bankrupt
Viva!
Daniel Levi
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