News and Press Releases
Sefton Update and Grant of Options
September 27, 2007
Sefton Resources Inc, the AIM listed oil and gas production company with assets
in California and Kansas announces that the gas separator and meter system for
the Steam Pilot gas supply well at Yule 8 has been delivered. The laying of the
line the rest of the way to the Steam unit will be completed next week. The
piping tie-ins are also being undertaken for the pilot steam programme to start
on Yule 7 and 10.
The drill rig, previously expected in September is running a little late, due to
the operator encountering slow drilling on its current drilling activities. The
rig is now expected in two weeks time and two wells will be drilled in the
vicinity of Hartje 14 and 15.
The Board also announces the granting of 3.5 million options to directors and
others with a 3 year vesting and 10 year exercise period at an exercise price of
5.25p a share. The total options granted conform to the stock option plan
adopted on September 12, 2001 whereby the number of options would not exceed 10%
of the issued and outstanding shares.
Name Current Options New Grant TOTAL
John J. Ellerton 2,666,667 950,000 3,616,667
Jeremy Delmar-Morgan 333,333 500,000 833,333
Tony Ashton 300,000 300,000 600,000
Bruce Mackay 666,667 400,000 1,066,667
Harry Barnum 666,667 650,000 1,316,667
Others 2,233,333 700,000 2,933,333
TOTAL 6,866,667 3,500,000 10,366,667
Current Options exerciseable at £0.06 and will expire 22/9/2014
All Options granted under "New Grants" exerciseable at £0.0525 and expire
25/9/ 2017
For further information, contact:
John James (Jim) Ellerton, CEO Tel: 00 1 303 759 2700
Jeremy Delmar-Morgan, Chairman Tel: 077 8900 4874
David Millham, Investor Relations Tel: 020 7796 9999
Nicola Marrin, Seymour Pierce Limited Tel: 020 7107 8000