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Sefton Resources: ½ Price Pizza ahead of IR Event 9th October

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As you may be aware I am not a great fan of AIM listed penny share dreadful oil and gas outfit Sefton Resources (LSE:SER). Its RNS statements are a disgraceful exercise in smoke and mirrors. While investors have lost 98.5% since its IPO as the shares now languish at 1.575p, Chairman Jim Ellerton has trousered millions of pounds over the years. After ten fund raisings in the past three years Sefton is still not generating cash (after bloated PLC costs). I doubt it ever will and frankly I still think the shares are still at least 80% overvalued but Jim reckons that all he needs to do is get the message across to investors. So I am here to help.There is no need for Jim to thank me I am just an all round nice guy. What are you doing on Tuesday 9th October and how would you like a half price pizza as a bonus?

Lucky Jim is presenting the Sefton investment case at 6 PM at a seminar in the City. You can register to attend for free HERE. I have. I will be attending and have a series of questions to ask.

I think it more than possible that I will be refused entry and so I have an offer for anyone who is bored and fancies a night out.

If you turn up at my restaurant in Clerkenwell (The Real Man Pizza Company) at 4.45-5PM we will serve you a half priced pizza and I shall hand out a free question from me. At 5.45 I shall walk the ½ mile with any co-conspirators who care to come along to the Sefton shindig. If I am denied entry you can ask the questions anyway. An associate of mine will be inside taking careful notes.

Come on, it will be fun. Maybe not for Jim but there is nothing on the telly (apart from a bunch of tax dodgers and paedophile protectors, well that is the BBC anyway) so why not give it a whirl. To reserve your place at my pizza joint can you email manager@therealmanpizzacompany.com – just state your name and reference Sefton, and my pal Aldo will take care of everything. And remember to pre-register for the seminar as well.

My previous pieces on Sefton can be found HERE, HERE, HERE, HERE and HERE.

 

 

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Comments

  1. Rafa says:

    Questions that need to be asked:
    – Where does Sefton get $50m from?
    – Why is Ellerton paid $500,000 (he’ll avoid the answer)

    Jim will

  2. Rafa says:

    – Where does Sefton get $50m from?
    – Why is Ellerton paid $500,000 (he’ll avoid the answer)
    – Why did Jim lie about production figures? (isn’t that illegal?)
    – Why is production down after two recent placings ?
    – How did they waste the recent placing cash?
    – How much have they spent on acquiring the new leases?
    – Is the delayed Ali report intentional as to avoid the fact Sefton CANNOT AFFORD $50m???
    – How will the $15m EFF be spent? (more bullshit from Jim coming)

  3. Jim W says:

    So isn’t the LAGGS pipeline supposed to open by now?
    That was September, o sorry, October now…., o sorry, November…

    Pis are being taken for such a ride on this one.

  4. Nathan Peters says:

    If you are going I would like to know why the 3 new wells (Yule 12, Yule 9 and Hartje 19) Sefton drilled in November/December 2011 have only produced a combined total of only 4810 barrels in 8 months. That’s an average of about 7 barrels per day per well. One of the wells, Yule 12, has only produced around 1 barrel a day.

    These 3 wells must have cost over $1.8m to drill and were expected to contribute 80 bopd in total, not 20. They said in the 4th November RNS that they expected production to rise to 240 bopd, it was 130 bopd at the time so four wells (they did not drill 1) were expected to add about 110 bopd in total.

    Was it worth the effort or money and shareholder dilution? The weak production was never explained. Nor was the obvious fall in production from other wells in the field, hence the failure to meet the 240 bopd target implied on 4th November 2011.

    It seems to me they issued 47m shares at over 2p to pay for the wells.

    $10m has been raised in about 20 months and nothing material seems to be evident from these cash raises as production is now lower than before they raised the money? Kansas and pipelines have absorbed some money but $10m?

  5. Pankaj Bansal says:

    I don’t see any reason whatsoever Tom being denied entry.

  6. James De Brias says:

    Tom,

    Well done, you have made Jim Ellerton issue a admission of guilt today. In other words, you forced his hand before tomorrow’s meeting, by writting all those frank articles on ADVFN. I guess you saved a lot of people a lot of money…. as surely the SP will tank today.

    Tomorrow, I guess, it is time for you to finish the job. Good luck.

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