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
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
