Sefton Resources, the oil and gas company with interests in California and Kansas, is up sharply on news of a new equity financing deal.
The £15m deal has been agreed with Darwin Strategic, a subsidiary of Henderson Global Investors.
Sefton reckons its US fields are worth £173m but it needs investment to bring them to full production.
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
The agreement allows Sefton to sell shares to Darwin, whenever it wants, up to the value of £15m. In return Darwin will receive a discount on the share price.
As Sefton makes clear, its main objective at the moment is to assemble a basket of financing agreements that will enable it to exploit its proven resources.
At 10:23 the stock had climbed 4%.
BS
-
December 2023 NS&I Premium Bond winners - check now to see what you’ve wonIf you hold money in NS&I Premium Bonds, you can check from today (2 December) to see if you have won in the December prize draw. Here’s how to check.
-
OpenAI – corporate drama unleashed
OpenAI, the firm behind ChatGPT, was in uproar as its boss was booted out, briefly snapped up by Microsoft and then brought back again.
