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.
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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
