Sefton Resources, an independent oil and gas exploitation and production company with interests in California and Kansas, has said it looks forward to 2013 with confidence, as its operations continue to progress as planned.
In California, preliminary oil production totalled 4,353 barrels of oil, compared to 3,422 barrels actually produced in November.
Jim Ellerton, Chairman of the board said: "The board believes that 2013 will prove to be a successful year for Sefton. This is a year when many separate value creating initiatives at our 100%-owned oil and gas projects in both California and Kansas have been scheduled to come to fruition.
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"California oil production in December 2012 continued the improving trend witnessed over recent months as the company begins to see the benefits of the acidisation and steaming of the Yule wells ahead of the resolution of the water disposal issues. We look forward to the completion of the thermal stimulation report on Tapia and absorbing the results of this detailed analysis to plan the future development of this field.
"This year will see the establishment of two new revenue streams in Kansas from the conventional oil and gas Exploration & Production and natural gas Transmission operations. I look forward to updating investors on the good progress being made in Kansas over the coming weeks."
Despite the upbeat report the share price dipped 2.17% to 1.12p.
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