2nd Feb 2015 10:26
LONDON (Alliance News) - Sefton Resources Inc on Monday said incoming Executive Director Daniel Levi has outlined a range of proposals to turnaround the struggling company, including a potential acquisition of a new producing asset and the appointment of a new management team.
Levi, who will take up his position as executive director of Sefton on Tuesday, has been in talks with the board of the company over a series of turnaround proposals for the busines.
Among these is the idea to investigate the acquisition of new producing assets, the first of which Sefton said is understood to produce around 250 barrels of oil per day. Sefton said it hopes a memorandum of understanding will be entered into shortly, but said talks remain at an early stage. It provided no other details on the assets it is running the rule over.
Levi has also proposed an overhaul of the Sefton board, with a target to poach a chief executive from another oil and gas company and to appoint a Financial Conduct Authority-regulated financier. Sefton said both unnamed appointees have agreed to take active roles at the company following the renegotiation of its financing facility with Bank of the West.
"Sefton Resources can be saved, real value can be brought back. It is a difficult task made even harder by the present oil price slump, but with determination we can together snatch victory from the jaws of defeat," Levi said.
Sefton shares were trading flat at 0.155 pence on Monday mid-morning, having risen earlier to 0.19p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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