Month-on-month oil production up 25 per cent at Sefton Resources

AIM-listed independent oil and gas exploitation and production company Sefton Resources has reported that oil production figures for California were up a quarter on the previous month.

AIM-listed independent oil and gas exploitation and production company Sefton Resources has reported that oil production figures for California were up a quarter on the previous month.

In an operational update issued on Wednesday, the group reported that oil production figures for California reported to the California Division of Oil, Gas & Geothermal Resources (DOGGR) were 3,874 barrels of oil in April, representing a 25% increase over the previous month. This equated to 129 barrels of oil per day (BOPD).

Sefton Resources said that it had further recorded proven resources of an estimated 3.5m barrels of oil in California as at December 31st 2012.

Jim Ellerton, Chairman of the board, commented: "The surface work mandated by the State of California within our California properties has been completed and production is recovering from such."

He added: "As our water disposal facilities are improved, we should be able to process more fluids, thus further increasing oil production. Our ongoing cyclic steaming programme is adding to production and providing good data for Dr Ali to complete his thermal simulation study."

Sefton Reources' share price was up 11.11% to 0.50p at 08:56 on Wednesday.

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

Lab-grown meat: how “moo’s law” will drive innovation
Soft commodities

Lab-grown meat: how “moo’s law” will drive innovation

Jim Mellon and Anthony Chow, co-founders of Aim-listed Agronomics, explain why they believe that “cellular agriculture” will benefit from massive long…
16 Apr 2021
The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
Lab-grown meat: the new agricultural revolution
Soft commodities

Lab-grown meat: the new agricultural revolution

Vegan alternatives are taking off, but the future of food technology lies in lab-grown meat – cultivating steaks and burgers from animal cells, says A…
16 Apr 2021