The desperation at Sefton Resources to try to position themselves for yet another cash call is patently obvious. For a company that announced on 13 June 2013 READ HERE that they’d be reporting oil production on a quarterly basis, todays shambolic RNS is testament to exactly the opposite of what they claimed.
They keep banging on about July production increasing which means that they’ve invested a lot of time, money and water into getting the numbers temporarily up. Remember that no matter what they tell you Tapia is uneconomic. They’ve squandered over $20 million dollars of your cash in the last 5 years returning approx. $5 million. That’s a loss of at least $15 million dollars. While diluting the post 2006 consolidation shares in issue by over 600%. The bank debt is approx. $6 million dollars and will almost certainly have to be rolled over. What other debts? 5 known Top hat pensions, Nomad fees, Broker fees, Expenses, Consultancy fees, Board room pay, Libel legal fees & God knows what other hidden bomb-shells there are. Sefton Resources are a Bankruptcy in waiting. You invest here and you lose the lot.
The Company/Ellerton are little more than a Ponzi fraud. The only people who have financially benefitted from this Company are Ellerton, his wife, family, corpoRAT hangers on Allenby, Dowgate, Cadogan etc And Ellerton’s greedy in or out of favour Boardroom Bankruptcy Brigade, such as Arleth, Milne, Smith.
Today we get yet another Ju-LIE production cash call ramp of 170bopd for 29 days this was of course lower and predicted by yours truly than the first Ju-LIE production cash call ramp trumpeting in excess of 180bopd READ HERE. Don’t forget that this is subject to Jim’s infamous “Bottom tank sediments and non-saleable fluids shrinkage trick”. So you can expect that the true July 2013 figure will be closer to 150bopd. This is after they’ve pissed away more cash bringing two extra wells on to production. A master stroke.
This isn’t news to the enlightened we’ve heard the same old guff trotted out for years. The references to water disposal being the single most limiting factor on production can be traced back to 2001. The water lie gets dusted off by Ellerton every now and then finding it’s way into RNS’s.
The recent fantasy RNS’s about rigs being available to drill the Hartje21 water disposal well & permits in place are all part of the scam. No well was ever drilled and none was ever going to be drilled. This was trumpeted so that they could drawdown in Dec 2012 EFF £648,855 pocketed. 58 million shares dumped onto the gullible at 1.10p.
Remember this from February 2013? “The Company has completed the permitting for the drilling of the new water disposal well Hartje #21. A rig has been located that is available in March 2013 and negotiations on the drilling contract are proceeding. The drilling of this water disposal well will resolve the most critical oil production limiting factor at Tapia.” Then you got this in March 2013 another placing/dilution of £650,000 through a placing of 108,333,333 Common Shares at 0.6p discounted by 30%. That’s £1,300,000 million pounds raised on the back of a water well that was never drilled.
Which is what happened on the Hartje20 well 2 years ago and beyond. Big fanfares suckering in UK Investors, cash banked, wells never drilled. Jim fly’s back to Hawaii with your cash. Suckers! You’re left with two stripper oil wells on a 10 acre parcel of land known as the Brandon lease bought for $34,000. “Suckers!”
Dr Ali’s 3 years late ‘Magical Report of Steam’ is now in draft form! How many drafts are now on the way? 3, 4, 6, 10? Let me tell you all an inconvenient self evident truth about how the market/company’s work.
If the Ali Steamflood Report had said what Ellerton wanted it to say then Ellerton would have released it years ago. Unfortunately for Ellerton Dr Ali isn’t Dr Onat. When a report that should have been released 3 years ago still hasn’t been released then the truth is that it is bad news being manipulated by the company. http://epetitions.direct.gov.uk/petitions/52766
PS. What’s a non-Sefton well? According to Hardman&Co 22 July 2013 (Paid for bullshitters) these wells contributed an average of 69 bbls per month to the California Company figures. Oh Dearie me!