Daily production at Sefton drops
Independent oil and gas exploitation and production company Sefton has said the preliminary oil production estimate compiled for September of this year on its California operations has indicated 3,244 barrels oil, equal to about 108 barrels per day, significantly lower than the average 170 barrels reported in July.
Independent oil and gas exploitation and production company Sefton has said the preliminary oil production estimate compiled for September of this year on its California operations has indicated 3,244 barrels oil, equal to about 108 barrels per day, significantly lower than the average 170 barrels reported in July.
The firm warned that its water disposal issues continue to be the limiting factor in its production, but did say that daily average production is expected to improve significantly once the company carries out a number of planned enhancements, including cyclic steaming and water disposal restriction resolution.
September's figures are somewhat better than the previous month's, which came in at 98 barrels per day.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In a statement the firm said: "With uncertainties associated with resolution of water disposal and timing of other factors, the company expects to see production steady for the balance of the calendar year with some mild improvements associated with the group's on-going cyclic steaming and production enhancements."
It added that the final production number for September will be available after oil sales numbers are provided to the company by the oil purchaser, which it expects to receive about mid-October.
The share price fell 19.35% to 1.25p in early trading.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Thousands of Brits switch to Nationwide, Monzo and HSBC – which banks are least popular?
As current account bank switches reach a record high, we look at the most and least popular banks and building societies among Brits. Is it worth switching?
-
Are these FTSE 100 pharmaceutical stocks worth a look?
Pharmaceutical stocks are some of the biggest in the FTSE 100. The sector is threatened by tariffs, but some have posted encouraging results regardless.