News and Press Releases
Outcome of Annual General Meeting and Update
July 9, 2007
Sefton is pleased to announce that at the AGM held today all of the resolutions
tabled in the circular dated 13 June 2007 were duly passed.
At the meeting, Jeremy Delman-Morgan, Chairman, made the following statement:
"Sefton I would just like to bring you up to date with some of the activities
taking place at Sefton since my annual statement.
Finance
I revealed in my annual statement that discussions were well advanced with
Banking institutions. The final phase of the agreement with a suitable bank
without complex and restrictive terms is now very near. This is weeks away
rather than months.
Oil
Oil production at Tapia has averaged 4,100 BO during the last five months. Which
is in line with last years levels. Once this finance is in place we will be able
to move ahead with drilling.
Drilling
We have stayed close to drilling contractors and we are ready to move forward
quickly when this finance is available.
Steam generation
The equipment is now in place at Tapia. Preparation time is needed to connect
the equipment and carry out the necessary trials required to get the main work
started. We anticipate this steaming will start in the next couple of months. If
successful a significant amount of oil resources will move into the Proven
Producing Reserves category.
Joint Ventures
Discussions continue with a number of interested parties to develop our Anderson
counties gas assets.
New finance team
A new CFO has been appointed with good knowledge and experience of the oil
industry. A new assistant to undertake all the daily needs has also been
appointed.
I would like to reassure shareholders that work has continued throughout the
year to improve and develop the Group and this work continues."
ENDS
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