Sefton Kansas statement- the normal rubbish: tick tock tick tock on the cash front

Tom Winnifrith Wednesday 5 June 2013


Share this

Sefton Resources (SER) – the AIM Cesspit company that is suing me for libel – has served up May output data from its Kansas operations. At least we will not have to suffer much more of this rubbish as it is 20 seconds to midnight on the great cashburn clock. Tick Tock Tick Tock.

Sefton boasts that output in May rose from 400 barrels in March and April to 450 barrels. Of course it only has a 42% working interest and so on a $30 margin (including transport costs) that will have generated a gross profit for Sefton of about $5600. Chuck in Sefton’s additional admin costs and I very much doubt that it was in the black on this business.

And then, of course, there is the capex. Getting each of these old wells onstream required $15,000 or more. It strikes me that payback will be… er… quite some time.

So how many wells were onstream in April and how many in May? Er


Read the full article on Shareprophets | Comments
About Tom Winnifrith
Tom Winnifrith is the editor of When he is not harvesting olives in Greece, he is (planning to) raise goats in Wales.
[email protected]
Read next

FREE Podcast: ShareProphets Radio Edition EIGHT with Tom Winnifrith, Frisby, Bramhill & Friel

In this eighth edition of the ShareProphets Radio podcast, sponsored by Yorkville Advisors, in order I discuss my guest next week (the biggest name yet on the show) and Burford (BUR) and the more genberal issue of revenue recognition. I then chat for about an hour to liberatrian comedian, songwriter and singer, Brexit Party activist, gold & bitcoin guru Dominic Frisby. Prepare for a few laughs.  Then it is Cathal Friel of Open Orphan (ORPH), where I am a shareholder, and finally David Bramhill of Union Jack Oil (UJO). After that section I discuss nearology with reference to Union Jack, UK Oil & Gas (UKOG) and more generally.  If you like this and can’t wait seven days for more of the same you should listen to my Bearcast every day.

On ShareProphets
Monday 9 September 2019 Copyright © . All rights reserved.
Created by Everywhen