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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sefton Res. | LSE:SER | London | Ordinary Share | VGG7996N1298 | COM SHS NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.015 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSER
RNS Number : 6279A
Sefton Resources Inc
30 September 2015
30 September 2015
Sefton Resources, Inc.
("Sefton" or the "Company")
Half Yearly Report for the six months to 31 July 2015
The Board of Directors of Sefton (the "Board") wishes to advise shareholders of the Company's performance during the six months to 31 July 2015 (the "Period").
In the face of significant challenges over the past six months the Company has seen a strengthening of its balance sheet with net assets increasing by c$2 million following successful equity issues in a difficult market in 2015. During the Period the Company has also materially reduced its aged payable balances, implemented robust financial controls and strengthened the Company's corporate governance.
Together with the strengthening of the Company's financial position, the Board has continued to pursue the wider development of the Company's South-East Asian strategy and have highlighted three potential investment opportunities for which technical due diligence is well-progressed and commercial discussions are underway. The Board has a credible, fixed strategy to build revenues based on regional knowledge and technical ability, as well as the drive and commitment to deliver these.
In support of this strategy, the Company contributed GBP500k to a Development Agreement (the 'Agreement') with UTAS Petroleum Services Ltd ('UTAS') to facilitate the identification and screening of potential asset targets in the region. The Board maintains this structure is in the best interests of Shareholders as it acknowledges the actions brought in the US federal courts by a former Chairman have had a severe negative impact on the Company's ability to arrive at commercial terms with Sellers, attract a suitable CEO candidate and close such deals independently. The Board is pleased to report that the technical and financial due diligence for three asset targets is now complete and commercial negotiations are now ongoing under the joint venture. To date, UTAS has spent a total of GBP197k in business development expenses in this process. All funds are under the direct control of the Development Committee, of which Sefton has the majority of votes.
The Development Agreement still remains in effect, although potential CEO candidate Mr Rob Shepherd and the technical teams are no longer pursuing further due diligence. If the Agreement is terminated in the future by Sefton, UTAS will have the first right of refusal to all opportunities investigated as per the terms of the agreement. By keeping the agreement active, Sefton retains the right of first refusal.
In May 2015 the Company appointed Jossy Rachmantio as a Non-Executive Director and in September 2015 he was subsequently appointed as Executive Chairman of the Company. Mr Rachmantio, an Engineer by training, has over 25 years' experience in the energy industry, mostly focusing on Oil and Gas Exploration and Production in Indonesia. The Board are delighted to have made this appointment and it is a significant milestone in the implementation of the Company's strategic plans.
The Company continues to keep its legacy U.S. assets on a care and maintenance regime whilst a study on the underlying value of the assets is commissioned. The Company continues to seek potential buyers, however it recognises the difficulties in the market due to the current depressed oil price. Furthermore, the Company notes it has received instruction from the US federal courts that it may not dispose of these assets whilst the bankruptcy claim is outstanding.
Whilst pursuing the strategic goals of the Company, the Board has continued to contest with a number of challenging legacy scenarios, notably concerning the activities of former officers of the Company, as detailed in recent press releases. Whilst such matters have proven to be a distraction of senior management's time as well the Company's limited resources, the Board remains hopeful that these matters will be resolved in the Company's favour, enabling the Company to focus wholly on building a value-accretive portfolio of sustainable oil and gas production.
In this Interim period, the Management Team of the Company has clearly demonstrated commitment to delivering real value despite the various legacy issues. The Board has a clearly articulated strategy to build a real production portfolio in a region that, due to its domestic energy demands, commands lucrative price premiums and is partially decoupled from global commodities prices. The Board looks forward to the opportunities that this will bring to the Company.
For further information please visit www.seftonresources.com or contact:
Jossy Rachmantio, Executive Chairman Tel: 020 7872 5570 -------------------------------------------- ------------------- Nick Harriss, Nick Athanas, Allenby Capital Tel: 0203 328 5656 (Nomad) -------------------------------------------- ------------------- Nick Bealer, Cornhill Capital (Broker) Tel: 020 7710 9612 -------------------------------------------- ------------------- Tim Blythe, Camilla Horsfall, Blytheweigh Tel: 020 7138 3224 (PR) -------------------------------------------- -------------------
Financial review for the six months ended 31 July 2015
Summarised financial information (unaudited)
6 months 6 months to to 31 July 30 June 2015 2014 $'000s $'000s Loss before non-cash charges, interest and taxes (1,402) (264) Total comprehensive loss for the period (1,493) (959) Cash and cash equivalents 1,017 9 Total assets 2,525 15,708 Total liabilities (780) (9,186) --------- --------- Net assets 1,745 6,522 --------- ---------
Unaudited consolidated statement of comprehensive income
Notes 6 months 6 months 13 months to to to 31 July 30 June 31 January 2015 2014 2015 $'000s $'000s $'000s Revenue - - - Cost of sales - - - ---------- ---------- ----------- Gross profit - - - General and administrative expenses (1,002) (249) (305) Retirement obligation expenses - (15) 117 ---------- ---------- ----------- (1,002) (264) (188) ---------- ---------- ----------- Profit/(loss) before exceptional administrative expenses (1,002) (264) (188) Exceptional expenses - release of cross guarantee (400) - - ---------- ---------- ----------- Profit/(loss) before non-cash charges, interest and taxes (1,402) (264) (188) Depletion, depreciation and amortisation - - (54) Share based payments - (103) (176) ---------- ---------- ----------- Operating loss (1,402) (367) (418) Finance costs (1,429) (39) (82) Loss for the period from continuing operations (1,429) (406) (500) Loss for the period from discontinued operations (64) (553) (7,535) ---------- ---------- ----------- Total comprehensive (loss) for the period attributable to equity holders of the parent (1,493) (959) (8,035) ---------- ---------- ----------- Per share Per share Per share $ $ $ Basic and diluted loss per share from continuing and discontinued operations 2 (0.00044) (0.00132) (0.00989)
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:01 ET (06:01 GMT)
Unaudited consolidated balance sheet
As at As at As at 31 July 30 June 31 January 2015 2014 2015 $'000s $'000s $'000s Non-current assets Investments 853 - 180 Intangible assets - - - Property, plant and equipment - 54 - --------- --------- ----------- 853 54 180 Current assets Non-current assets held for sale - disposal groups 632 15,531 632 Cash and cash equivalents 1,017 9 27 Trade and other receivables 23 114 124 --------- --------- ----------- 1,672 15,654 783 --------- --------- ----------- Total assets 2,525 15,708 963 Non-current liabilities Retirement obligation - 132 - Asset retirement obligation - - - --------- --------- ----------- - 132 - --------- --------- ----------- Current liabilities Liabilities associated with non-current assets held for sale - disposal groups 247 7,862 232 Trade and other payables 533 1,012 651 Current portion of borrowings - 180 129 --------- --------- ----------- 780 9,054 1,012 --------- --------- ----------- Total liabilities 780 9,186 1,012 --------- --------- ----------- Net assets 1,745 6,522 (49) --------- --------- ----------- Shareholders' equity Share Capital 28,598 24,879 25,311 Retained deficit (26,853) (18,357) (25,360) --------- --------- ----------- Total equity attributable to equity holders of the parent 1,745 6,522 (49) --------- --------- -----------
Unaudited consolidated statement of changes in equity
Common shares, no par value Retained Shares Amount deficit Total $'000s $'000s $'000s Balances 1 February 2015 1,069,644,495 25,311 (25,360) (49) Shares issued for cash 3,633,100,675 3,421 - 3,421 Shares issued in lieu of payment 43,873,227 24 - 24 Share issuance costs (158) (158) Comprehensive income - - (1,493) (1,493) Balances 31 July 2015 4,746,618,397 28,598 (26,853) 1,745 -------------- ------- --------- -------- Balances 1 January 2014 704,089,741 24,692 (17,501) 7,191 Shares issued in lieu of payment 7,154,724 32 - 32 Shares issued on conversion of loan notes 18,063,854 155 - 155 Compensation expense related to share options - - 103 103 Comprehensive income - - (959) (959) Balances 30 June 2014 729,308,319 24,879 (18,357) 6,522 ------------ ------- --------- ------ Balances 1 January 2014 704,089,741 24,692 (17,501) 7,191 Shares issued in lieu of payment 128,988,778 355 - 355 Shares issued on conversion of loan notes 76,565,976 150 - 150 Shares issued in placing 160,000,000 120 - 120 Share issuance costs - (6) - (6) Compensation expense related to share options - - 176 176 Total comprehensive income - - (8,035) (8,035) Balances 31 January 2015 1,069,644,495 25,311 (25,360) (49) -------------- ------- --------- --------
Unaudited consolidated statement of cash flows
6 months 6 months 13 months to to 31 July 30 June 31 January 2015 2014 2015 $'000s $'000s $'000s Cash flows from operating activities Operating loss (1,493) (959) (8,035) Finance costs 27 264 679 Share based payments 24 103 176 Retirement benefit expense - 36 706 Depreciation - 152 390 Impairments - - 3,401 Loss on disposal of subsidiary - - 1,430 Loss on disposal of equipment - - 3 --------- --------- ----------- (1,442) (404) (1,250) Changes in operating assets and liabilities: Changes in trade and other receivables 101 204 613 Changes in trade and other payables (99) 91 225 --------- --------- ----------- Net cash provided by operating activities (1,440) (109) (412) --------- --------- ----------- Cash flows from investing activities Purchase of intangible assets - (94) (1) Investments in business development activities (673) - - Purchase of property, plant and equipment - (28) (122) Net cash outflow on disposal of a subsidiary - - (8) --------- --------- ----------- Net cash used in investing activities (673) (122) (131) --------- --------- ----------- Cash flows from financing activities Proceeds of issue of new shares 3,263 - - Expenses of new share issue - - - Proceeds from notes payable - 102 329 Payments on notes payable (129) - - Interest paid (27) - (13) --------- --------- ----------- Net cash provided by financing activities 3,107 102 316 --------- --------- ----------- Net decrease in cash and cash equivalents 994 (129) (227) Cash and cash equivalents at beginning of period 23 250 250 --------- --------- ----------- Cash and cash equivalents at end of the period 1,017 121 23 --------- --------- ----------- Represented by Cash and bank balances 1,017 9 27 Cash and bank included in disposal groups held for sale - 112 (4) --------- --------- ----------- 1,017 121 23 --------- --------- -----------
Notes to the Unaudited Financial Information
for the 6 months ended 31 July 2015
1. Accounting polices
The interim financial information in this report has been prepared on the basis of the accounting policies set out in the audited financial statements for the period ended 31 January 2015, which complied with the International Financial Reporting Standards as adopted for use in the European Union ("IFRS").
IFRS is subject to amendment and interpretation by the International Accounting Standards Board ("IASB") and the IFRS Interpretations Committee and there is an on-going process of review and endorsement by the European Commission.
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:01 ET (06:01 GMT)
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