30th Jun 2015 08:10
LONDON (Alliance News) - Sefton Resources Inc on Tuesday said it has sealed a provisional agreement to sell its assets in Kansas, removing substantial cost obligations for the company in the third quarter, as the company said its loss narrowed in its last financial year.
Sefton did not name the potential buyer of the TEG MidContinent Inc and TEG Transmission LLC businesses, but said it would receive around USD400,000 from the sale. Offloading the pair will mean Sefton is no longer liable to cover around USD500,000 in cost related to plugging liabilities for wells in the third quarter.
Should the deal complete, it would mean Sefton has exited from all of its US operations.
"This is a significant milestone for the company and is consistent with our stated strategy to refocus our business outside of US, where we are already progressing exciting opportunities," said Sefton Chief Financial Officer Raylene Whitford.
The news came as Sefton published its results for the thirteen months to January 31, for which it posted a pretax loss of USD8 million, compared to a USD13.8 million loss a year earlier. The previous year figures are for the twelve months to December 31, 2013.
Sefton shares were up 5.3% to 0.079 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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