Sefton Resources (LON:SER) announced today that production is averaging 170 barrels per day and is on a rising trend in California. In Kansas, the joint construction of the LAGGS-Southern Star Interconnect is now in progress.
Jim Ellerton, Chairman of the Board, said: "Sefton is entering a period of substantial news flow as a number of the Company's projects are now reaching a critical stage in their development which will see the Group become a far larger business and turn the value that has been created into profits.
We continue to receive a premium to Nymex for our heavy oil in California and the gas price has rebounded strongly with the twelve month future strip price now at the $3.30 level. Certainly futures prices support our positive view for oil and gas prices over the next twelve months as we begin to ramp up production both in our operations in California and Kansas in order to drive revenue significantly higher and greatly improve profitability.
Looking ahead, in the next few months, we expect to announce the results of the Dr Farouq Ali's steam flood report on Tapia, Southern Star Interconnect being completed, first oil revenues from Kansas, updated Competent Persons Reports on both California and Kansas, interim results and further operations updates."
Broker FoxDavies said: 'Following this announcement, we are more confident in management's understanding of its assets, and more importantly, the next steps that need to be taken to continue to unlock their value. We remain supportive of this stock.'
Sefton Resources is currently trading at 1.73 pence a share, up 5.00% on opening.
Matra Petroleum (LON:MTA) announced today that Vladimir Lenski and Ekaterina Sapozhnikova have been appointed to the board with immediate effect.
Maxim Barskiy, Chief Executive of Matra said: "I'm delighted to welcome Vladimir and Ekaterina to the Board of Matra at this exciting time for the company. This further strengthening of the team, as we look to realise our ambition to become a leading international oil and gas Company, will be central to Matra's future success."
Matra Petroleum is currently trading at 1.77 pence a share, up 7.87% on opening.
Red Emperor Resources (LON:RMP) shares have fallen by 5.34% this morning and are currently trading at 22.60 pence a share.
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