For a company that announced on 13 June 2013 “Following the announcement of the California oil production for June 2013 in mid-July, the Company will be reporting production data on a quarterly basis for both California and Kansas.” Todays latest RNS (Trading Update) is yet another schoolboy attempt to ramp up the share-price by alluding to increasing production on the Hartje lease. Since Mid July they’ve already updated on production twice in August alone! Whatever happened to the quarterly production reporting? We’ve had no less than 8 RNS’s since they said they’d be “Quarterly reporting oil production”. The funny thing is there’s no June 2013 production data on the California Division of Oil & Gas Website
Jim tells us that “As a whole the Hartje lease has improved from a production baseline of 2,204 BOPM/ 73 BOPD (2012 average) to a July total of 3,477 barrels of oil (112 BOPD), a 55% increase.” Really? But what about Jan, Feb, March, April, May, June 2013 Hartje production figures? Why has Jim NOT included them in the average? It’s abundantly clear when you do the math. It shoots holes through the 125 bopd Hartje claims made on 19 July 2013. As well as the 112 bopd Hartje claims made in todays laughable, placing, ramptastic RNS.
Average production on the Hartje lease for 2013 based on the GENUINE figures posted on DOGGR is what exactly? 57 BOPD! That’s being generous the low June 2013 Hartje figures have still not been posted which will bring it further down. To deliberately Omit 6 months of your latest oil production so that you can say 112 bopd in todays’ RNS should tell investors just how far gone this company are. Mr Ellerton is a Pathological Liar.
Would Mr Ellerton care to explain the Hardman & Co 22 July 2013 reference to this? “It would appear that non-Sefton wells contributed an average of 69 bbls per month (2% of the total) over the period.” What is a NON-Sefton Well? Who owns this production? Has Jim been cooking the production books adding oil that isn’t his to Sefton figures? Is he doing a favour to a neighbouring small operator and allowing their oil to be added to Sefton’s for ease of transport? We just don’t know. Come on Mr Ellerton What are “Non-Sefton Wells?”
So now Jim’s talking to “third parties” about funding Tapia steamflood. These wouldn’t be the same third parties that they’ve been periodically talking to in Kansas over the last 3/4 years would they? “Third parties” that conveniently ‘Pop’ up when there’s a cash call/placing then just as quickly vanish into the night once the cash is banked. Turd parties maybe? Who do you think you are kidding Mr Ellerton?
The biggest load of doublespeak must be the Steamflood report, oops sorry I meant Steamflood Draft, still not released after 3 years; This is laughable;” Because the field is broken into geologic fault blocks, these can be initially treated as separate oil recovery areas. The development of the steam flood can thus be approached in a similar modularized manner on the ground. This approach not only makes sense scientifically as we continue to learn more and more about the Tapia reservoir, but also from a capital expenditure perspective“
“A modularised manner?” What does it mean? It means that it’s more of the same. More cyclical steaming on individual wells! It makes sense from a “capital expenditure perspective?” Interpreter not needed here. We don’t have any cash. Déjà vu, the Hartje 21 water disposal well! The well that was permitted, rigged and ready to rock & roll! Sadly once the placing cash found its way into Jim’s pockets the well never got drilled.
A new improved Steam generator is needed the cost is $2,000,000 dollars. (We’ve heard this one many, many times over the last 13 years.) Money the company simply does not have.
Which brings me on nicely to a very pertinent question. Are Sefton Resources trading while Insolvent? The answer in my opinion is YES. They need cash and they need it fast hence why they are desperately manipulating the production data and throwing out manipulated deceitful figures.
This question is crucial. It is a question I asked Allenby on the 9th August 2013. A question that they have FAILED to answer. Once again I openly ask Allenby Capital’s Nick Harriss to answer this question. Are Sefton Resources trading while Insolvent?
You too can ask Nick Harriss the very same question either by email at email@example.com or why not give him a call on his Direct Line 020 3328 5658
Make no mistake Sefton, like the dishevelled town drunk from a cowboy film, are in mid-air, halfway through the swing doors of the last chance saloon about to land full face in the mud. With those immortal words chasing them out of the City of London “Get out-of-town!”