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

Tom Winnifrith Wednesday 5 June 2013

 

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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

 

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Tom Winnifrith is the editor of TomWinnifrith.com. When he is not harvesting olives in Greece, he is (planning to) raise goats in Wales.
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