Sefton Resources thwarted by oak trees
Sefton Resources, the US-focused oil company, has seen the drilling of one of its wells in California delayed by a bureaucratic impasse.
Sefton Resources, the US-focused oil company, has seen the drilling of one of its wells in California delayed by a bureaucratic impasse.
Sefton needs "permit clearance" from the Los Angeles authorities to dig its Hartje 20 well but officials have raised concerns over the "proximity of the well to nearby oak trees and the impact of the drilling to significant ridge lines in the area."
The company says it has provided evidence that these concerns are unfounded but admits it has been waiting six months for a decision.
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
Sefton says it has completed drilling of the three other wells planned at its Tapia site, one of which encountered 30 feet of oil, the results from the other two wells are still being assessed.
Jim Ellerton, Executive Chairman, commented: "Whilst we are disappointed not to have drilled the last of the four wells planned at this time, we are very encouraged by what we have been able to achieve with the resources available, which will increase production at Tapia Canyon field in California."
So far this year Sefton has seen its share price rise 67%.
BS
Sign up for MoneyWeek's newsletters
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.
-
Barclays begins paying up to £100 compensation to customers after banking outage
Barclays will pay up to £7.5 million in compensation to customers after its banking services were disrupted by an IT outage
By Daniel Hilton Published
-
Review: Shangri-La Paris – an ode to the world’s best food
Natasha Langan enjoys fine French and Chinese cuisine at the Shangri-La Paris
By Natasha Langan Published