The Sefton fraud reached new lows today as the company announced that they had further diluted the share capital once again after issung highly mis-leading RNS announcements which were specifically designed to entrap the not so savvy private investor.
On 10th & 23rd of Jan and the 8th & 15th Feb 2013 Jim Ellerton, Chairman of the Board was telling UK Investors “The board believes that 2013 will prove to be a successful year for Sefton. This is a year when many separate value creating initiatives at our 100%-owned oil and gas projects in both California and Kansas have been scheduled to come to fruition. California oil production in December 2012 continued the improving trend witnessed over recent months as the Company begins to see the benefits of the acidisation and steaming of the Yule wells ahead of the resolution of the water disposal issues. We look forward to the completion of the thermal stimulation report on Tapia and absorbing the results of this detailed analysis to plan the future development of this field. This year will see the establishment of two new revenue streams in Kansas from the conventional oil and gas Exploration & Production and natural gas Transmission operations. I look forward to updating investors on the good progress being made in Kansas over the coming weeks.
Of course what Jim wasn’t telling investors was that he was desperate to get off another placing either through the EFF or a placing with a broker. It’s obvious that an EFF was impossible so Jim plumped for Dowgate who began flogging stock at a 30% discount to the closing price of just over 0.9p a week ago. We knew about the placing but couldn’t disclose it. Dowgate Capital should hang their head in shame.
We could go on and tell you about Jim’s deceptions till we were blue in the face. There’s 13 years of them. The most recent being the RNS of the 15 Feb 2013 Jim Ellerton, “All permits are now in place for the drilling of the new water disposal well Hartje #21 and a rig has been located that is available in March 2013” “I am pleased to report that the new water disposal well at Tapia is now fully permitted. Water disposal has been the critical limiting factor in optimizing production at Tapia and the Company can now look to the benefits that upgraded water disposal facilities coupled with the progress that has been witnessed following the acidization and cyclic steaming of the Yule wells. Further progress has been made towards the completion of the thermal simulation study on Tapia which will allow the value of the Enhanced Oil Recovery (EOR) project at Sefton’s 100%-owned Tapia Canyon oil field to be maximised in negotiations with third parties to scale up the size of this project to its ultimate potential.”
Of course what Jim knew when he made that statement is that he never intended to drill because 18 days later Jim came out and said this: With the completion of the thermal stimulation report pending, the Board plan to review the findings of this report ahead of drilling any new wells (the Hartje #21 new water disposal well and the Hartje #20 new development oil well etc), so that they can be incorporated into a more comprehensive development plan.
By then todays’ placing had been filled. Yes your Chairman Jim Ellerton has been caught tripping over himself yet again. Don’t worry campers we’ve got 13 years of this kind of bullshit to put to Jimmy and his Board at the forth coming libel trial..
Today I formally lodged our papers responding to the High Court of Justice Queens Bench Division, libel allegations. I intend to fight this company all the way to the bitter end. No quarter will be given & none will be sought. It is a fight to the death.