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I have time and time again asked questions about the utterly misleading statements issued by AIM listed penny share dreadful Sefton Resources (LSE:SER) about its output in California. It seems that the company just cannot help itself because we now have proof that what it said about September data is misleading. Is it time for another RNS – correction or does the Nomad to this worthless enterprise (Fox Davies) not care about the truth anymore?
On October 8th Sefton issued an RNS stating:
A preliminary oil production estimate has been compiled for oil production in the month of September, 2012 using operational data. This data indicates an estimate of 3,244 barrels of oil produced or approximately 108 barrels of oil per day (BOPD) albeit this operational data will need to be adjusted for any shrinkage to oil quality specifications and water content. This compares to an average of 98 BOPD in August as reported to the California Division of Oil Gas and Geothermal Resources (DOGGR).
Over the course of the next three months, the Group has planned a number of production enhancements including: workovers, additional drilling, cyclic steaming, water disposal restriction resolution and surface equipment optimization which are expected to have a positive impact on its daily average production rate once they are operative.
Okay, with Sefton shares up sharply at 1.45p I thought I should check out the DOGGR website to see if, for once, Sefton had beaten targets. Fear not. It has not. You can see for yourself here
September output was in fact 2,932 barrels which works out at 97.7 bopd – the lowest monthly total this year.
Remember this was a company that on September 11th stated:
Although oil production for the first half of 2012 at 21,755 barrels or an average of 120 barrels of oil per day (bopd) was higher than in the comparable period (19,968 barrels or an average of 110 bopd in 1H, 2011), there were several factors that served to restrict oil production. Encouragingly, since this period ended we have seen production in excess of our targeted level of 200 bopd and average in the vicinity of 170 bopd over a limited period. Production rates at these levels provide evidence in support of the effectiveness of the recent drilling, ongoing workovers and cyclic steam flood programmes.
Well we now know that monthly output since the half year has been 116, 98 and 97 bopd. And you believe a word this company says?
Fox Davies must today insist that Sefton publishes an immediate clarification of its most recent misleading statement or it must resign at once. There is no other way forward if the Nomad is to retain its otherwise excellent reputation.
As for Sefton, after $18 million capex in seven years generating just $5 million operating profit from Tapia production falls ever lower month on month. This stock is virtually worthless.
Tom,
I personally think, the share price rise fueled you. Unfortunate for you and your ex-team who were shorting SER on hearing your words! everything is ex in your life from professional to personal, no wonder, I think it’s high time for you to retire rather than misleading the market. Even FD is not respecting your shout that proves how people treat you in the city! enjoy shouting and smoke less! 1 life, live it and be professional (not a failure)
Dan
Dan Old fruit.
Sefton said it produced 107 bopd. I pointed out it was 97 bopd.
You must be seriously on the whacky backy to think that it is me misleading anyone.
I think that another Dan (Mr FD) respects me rather more than you think. Keep reading.
Tom
Tom
Chill, I’m not as old as you who started thinking of Viagra. oh genius!!! you found 97bopd.. lol.. Now do a daily well average per day, you will end up with 107bopd. Though I take your share tips as joke, I definitely enjoy reading some of the blogs on public issues. Finally to say for a man of failure like you, only whacky backy will come in mind. No wonder you are a failure empire!
Dan
Dan
Old Fruit is an idiom. As to Viagra – check out the quote young man and you will see where it comes from. Personaly I have no need for the stuff.
Maths clearly not your forte. Go to DOGGR website check the Sept production number & divide by 30. You will get a number which is not 107 but 97.7 as I stated.
Failure, well maybe I am. But pro tem I shall go on running a company providing employment for 10 folks, supporting those I need to support and entertaining you on my blog ( and assisting you as you learn basic maths). I guess that is some sort of achievment is it not?
Tom
Tom,
I know you old fruit, just want to make a link with your viagra thoughts. Really no need???? lol
Yes, I agree your 30 day division logic. What I say is go to individual well summary, average each day and sum up to reach 107bopd. This might look misleading, but that is how they showcased so far!! I’m not against your blog or SER, a neutral thought! What is the point of employing 10 folks to make a failure empire? If you say that as achievement, keep doing and soon you’ll see your reputation in the city. I appreciate your supporting and entertaining nature, really great. But don’t expect your supporting and entertaining nature credits your share tips/business empire. Get well soon, though I’m not a pro..I pray for your real achievements.
Dan
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