27th Sep 2013 07:35
LONDON (Alliance News) - Sefton Resources Inc was the biggest gainer on AIM Friday morning as it restarted trading following an investigation into former chief executive Jim Ellerton and the leak of information onto the web, reporting higher production and positive cashflow.
The oil and gas explorer, which is now conducting a strategic review to decide on its future, said revenues were USD2.23 million in the first half of the year from oil sales of 22,975 barrels. That compared to revenues of USD2.28 million from 21,652 barrels in the first half of 2012. Gross profit rose to USD1.35 million, from USD1.34 million, but its net loss widened to USD253,000 from USD64,000.
Sefton has been investigating how confidential internal information had been published on a website. It said September 4 that it believed its computer systems may have been hacked.
"The company has now taken steps to correct this problem and is undertaking investigations," it said in its statement Friday.
A week earlier, former Chief Executive Jim Ellerton had stood down after getting into a dispute with bloggers who alleged the company had been misleading investors by overstating its oil production in California.
In its statement Friday, the company said oil production in California in August was 5,096 barrels, an average of 164 barrels a day. Oil production in Kansas was being maintained at 450 to 500 barrels a month, it added.
Sefton Resources shares were up 37% at 0.48 pence in early trade.
By Steve McGrath; [email protected]; @SteveMcGrath1
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