Sefton Resources Share Discussion Threads

[the matador] 04/2/2008 19:32

Mickey, reckon we'll soon know lol!

[mickey take] 04/2/2008 19:27

The time when this management should be applauded is when they understate and over deliver, I am not belittling the success with the drilling, but this is a well mapped area and all they are doing is perforating existing reservoirs with more drilling locations.

The true litmus test is when they demonstrate success on the steaming pilot and make inroads and report progress on the cbm

Only then can we say that the tables have turned imo

Before any jumps in and says what about the finance deal?

Well just like me the bank have viewed Seftons assets and have determined they have sufficient collateral in the way of oil and gas to provide the bank with sufficient security and offer them such a lucrative deal.

The gamble the bank are taking is.... do Sefton have the right people within the company to develop this potential?

The bank could not make any real judgement on the managements ability since Sefton have not been in a position of demonstrating their skills at oil field development or cbm before

That's where the risk is folks.....

The question you need to ask yourself is..... Do you think the management have the qualities and skills to take this company forward?

Off out so see you all tomorrow!

[jellyman2] 04/2/2008 17:43

WELL SAID PETEARK but bet it dont happen

[dropside] 04/2/2008 17:17

Well said Scrutable - on the Meldex Serious Investors board - and the sentiment is equally applicable to Sefton IMO...

SCRUTABLE - 2 Feb'08 - 12:35 - 8571 of 8644

poorold - 2 Feb'08 - 12:21 - 8567 of 8567
....................Meldex has been incubating for a frustratingly long time....

There is nothing unusual about the time frame. It took ASOS four years to emerge as a 30-bagger from start-up loss making. It has taken Emerald Energy eight years, and it will still not touch cash flow from its large discovery in Syria, until end 2008. The same time lapse before Toledo Mining enjoys stable earnings from the worlds third large nickel deposit. I could go on and on.

I am sorry to say that the Sell-at 110p-Gang are all young and/or otherwise inexperienced. Nothing will make them more money than switching their evaluation time frames from one year to five.

Three to five years' frustration is par for the course to tap fortunes ahead of what is visible to brokers relying on profitable annual reports.

[the matador] 04/2/2008 15:22

Lots to say about you Iain lol!

[iain g] 04/2/2008 15:09

96 new articles I suppose most of them will be a Veggy barrage !!!
I'll come back in a week or so !! ta ta for now

[markinthepark] 04/2/2008 14:23

Well Yarso is tougher to get rid of than herpes (but much more unpleasant) slowly but surely he will lose the will to post here......just got to stop feeding his big fat ego....and it doesn't matter what I say as he has me filtered in case anyone was worried about me contradicting myself there....

[suprstud] 04/2/2008 14:19

yas0 >>> sad >>> nutter

[yas0] 04/2/2008 14:17

Now let me check the volume at Sefton..oh dear.

No doubt market maker shenanigans. Market makers loading up stock preventing others from buying...have been doing so for two years....no stock around....no online bids....and the rest.lol

We have heard all the nonsense above from bulls for some time. The reality is there appear to be few willing buyers.

[yas0] 04/2/2008 12:44

A new way for Matador to respond to the posts of the gracious fellow: Simply create a new pseudonym, pixel8, and then copy and paste it.

Now ask yourself this - pixel8 is a new poster, why would he paste the post? Surely he would just read it. The next post is Matador, saying, I have him on filter but have just read pixels post.....etc. It really is so obvious, and rather sad.

[petermoran] 04/2/2008 12:34

Yes indeed, a very sad and pathetic individual, Should be steered clear of imho.

[the matador] 04/2/2008 12:33

Peter, he does not have to understand them, he doesn't care about their positive points, only the negative!

[markinthepark] 04/2/2008 12:32

Peter, TM and Pixel8......I agree.

I really do not know what planet Yarso is on these days....

[petermoran] 04/2/2008 12:22

Good job I have yas0 on filter if he posts that bilge!!! obviously does not understand SER or what they are about.

[the matador] 04/2/2008 12:14

Scaremongering? Yas0? Surely not!

Didnt see the post above but fair response to his points, certainly as valid P8!

[pixel8] 04/2/2008 12:12

yas0 - 4 Feb'08 - 11:40 - 12254 of 12255


Here goes - reasons as to why debt may be a problem for Sefton:

1) Look at how much Sefton have currently drawn down from the debt facility
IT IS NOT KNOWN EXACTLY HOW MUCH HAS BEEN DRAWN, WHAT IT HAS BEEN SPENT ON AND HOW MUCH IS STILL LEFT UNSPENT.
2)Look at current production over 06 and 07 and note it is fairly flat. PRODUCTION WAS SUSTAINED WHICH IS AN EXCELLENT RECORD.
3)Look at profitability over past two years on this production (here's a clue - there is'nt any) PROFIT WAS RECORDED IN THE INTERIMS. SEFTON HAVE MADE CONSIDERABLE STRIDES TO IMPROVING FINANCES AND MUCH WAS SPENT ON FACILITY UPGRADES, OBTAINING FINANCE, PREPARATION AND ORDER OF STEAMER ETC.
4)Now look at production (and time taken to generate the same) from wells 16 and 17 . EXCELLENT AND SUSTAINED FLOW RATES.
5) Now look at cost per well. NOT KNOWN SO NOT AN ISSUE AT PRESENT
6) Now look at how many additional weLls can be REALISTICALLY drilled next year. UPWARDS OF 5 EASILY. 11 FULL MONTHS TO GO AND MONEY TO DO IT.
7) Now look at cost per each well and anticipated production. REFER TO 5.
8) Now look at how much of that debt facility has to be drawn down again. SCAREMONGERING BASED ON YOUR LACK OF INFORMATION. SPECULATION ONLY
9) Simple multiplication gives you total cost figure and expected production figure. NOBODY IS EXPECTING SEFTON TO PUMP ENOUGH OIL TO PAY BACK 10M IN ONE YEAR. FINANCE WILL BE REPAID OVER A LONGER TERM, SO IRRELEVANT.
10) Now look at profitability on that production based on margins for current output (assume a robust oil price since gondola is being generous) PROFITIBALITY BASED ON SPREADING REPAYMENTS WILL BE GOOD. LOANS WILL NOT BE CONSIDERED A LOSS!!
11) Now get your figure for expected profitability and match it against amount needed to be paid back. AS ABOVE, IRRELEVANT!
12) Now ring JDM and ask when amounts drawn down need to be paid back by , as part of the financing arrangement. I WOULD EXPECT SEFTON TO HAVE ACTUALLY WORKED OUT A SATISFACTORY AGREEMENT, MORE SCAREMONGERING!
13)Now ask yourself what the likely impact in terms of enhanced production you anticipated from steaming in the latter months of 07 and the whole of 08. IMMATERIAL, THE STEAM PILOT WILL DICTATE THE RESERVE VALUE, GETTING MORE OIL OUT WILL HAPPEN WHEN IT HAPPENS, THE CONFIRMED RESERVES IS THE IMMEDIATE ISSUE.
14) Then ask yourself of progress on steaming to date. Ask yourself if the pilot to demonstrate viability has even been completed. Has it ? No, thought not. YOU HAVE NO MORE IDEA OF THE PRESENT SITUATION THAN ANYBODY ELSE. ARE YOU BASING YOUR OPINION ON THE COMMENTS OF IAING LOL?
15) Ask yourself what cost have been incurred in setting up the steamer. I DOUBT MUCH BECAUSE ACCORDING TO YOU IT HAS NOT BEEN SET UP!
16) Ask yourself the cost attributed to implementing the tests on the steamer to date. SEE ABOVE
17) Ask yourself the impact on both production and costs if the steaming process is not proved viable. ALREADY PROVED VIABLE BY PREVIOUS OPERATOR WHO HAD EQUIPMENT THAT WOULD NOT BE AS EFFICIENT AS THE NEW STEAMER.
18) Then tell yourself that the above gloomy scenario is a best case scenario, since Sefton, based on past operational performance are likely not to be able to achieve it.NOT HAD THE FINANCE IN THE PAST, BUT THEIR OPERATIONAL PERFORMANCE HAS BEEN MORE THAN ACCEPTABLE IN BOPD.
19) Then ask yourself if the debt is likely to be a probolem going forward?
NO, THE ADDITIONAL PRODUCTION. INCREASED OIL PRICES AND LOWER INTEREST RATES SINCE TAKING OUT THE LOAN MAKE THEIR BORROWING EVEN MORE ATTRACTIVE

Still think Sefton is a no brainer? No, thought not.

YES, IT IS DEFINITELY A NO BRAINER!

[yas0] 04/2/2008 11:40

Here goes - reasons as to why debt may be a problem for Sefton:

1) Look at how much Sefton have currently drawn down from the debt facility
2)Look at current production over 06 and 07 and note it is fairly flat.
3)Look at profitability over past two years on this production (here's a clue - there is'nt any)
4)Now look at production (and time taken to generate the same) from wells 16 and 17 .
5) Now look at cost per well.
6) Now look at how many additional weLls can be REALISTICALLY drilled next year.
7) Now look at cost per each well and anticipated production.
8) Now look at how much of that debt facility has to be drawn down again.
9) Simple multiplication gives you total cost figure and expected production figure.
10) Now look at profitability on that production based on margins for current output (assume a robust oil price since gondola is being generous)
11) Now get your figure for expected profitability and match it against amount needed to be paid back.
12) Now ring JDM and ask when amounts drawn down need to be paid back by , as part of the financing arrangement.
13)Now ask yourself what the likely impact in terms of enhanced production you anticipated from steaming in the latter months of 07 and the whole of 08
14) Then ask yourself of progress on steaming to date. Ask yourself if the pilot to demonstrate viability has even been completed. Has it ? No, thought not.
15) Ask yourself what cost have been incurred in setting up the steamer
16) Ask yourself the cost attributed to implementing the tests on the steamer to date
17) Ask yourself the impact on both production and costs if the steaming process is not proved viable.
18) Then tell yourself that the above gloomy scenario is a best case scenario, since Sefton, based on past operational performance are likely not to be able to achieve it.
19) Then ask yourself if the debt is likely to be a probolem going forward?

Still think Sefton is a no brainer? No, thought not.

[murrayteller] 04/2/2008 11:31

You must be so bored yas0 – the same old refrain day after day. Why don't you turn bull just to change the record a bit?