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SER Sefton Res.

0.015
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
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

Sefton Resources Inc Half Yearly Report (6279A)

30/09/2015 7:01am

UK Regulatory


Sefton Resources (LSE:SER)
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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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