9th Jul 2007 14:54
Sefton Resources Inc09 July 2007 SEFTON RESOURCES INC. ("Sefton" or the "Company") Outcome of Annual General Meeting and Update Sefton is pleased to announce that at the AGM held today all of the resolutionstabled in the circular dated 13 June 2007 were duly passed. At the meeting, Jeremy Delman-Morgan, Chairman, made the following statement: "Sefton I would just like to bring you up to date with some of the activities takingplace at Sefton since my annual statement. Finance I revealed in my annual statement that discussions were well advanced withBanking institutions. The final phase of the agreement with a suitable bankwithout complex and restrictive terms is now very near. This is weeks awayrather than months. Oil Oil production at Tapia has averaged 4,100 BO during the last five months. Whichis in line with last years levels. Once this finance is in place we will be ableto move ahead with drilling. Drilling We have stayed close to drilling contractors and we are ready to move forwardquickly when this finance is available. Steam generation The equipment is now in place at Tapia. Preparation time is needed to connectthe equipment and carry out the necessary trials required to get the main workstarted. We anticipate this steaming will start in the next couple of months. Ifsuccessful a significant amount of oil resources will move into the ProvenProducing Reserves category. Joint Ventures Discussions continue with a number of interested parties to develop our Andersoncounties gas assets. New finance team A new CFO has been appointed with good knowledge and experience of the oilindustry. A new assistant to undertake all the daily needs has also beenappointed. I would like to reassure shareholders that work has continued throughout theyear to improve and develop the Group and this work continues." ENDS For further information, contact: John James (Jim) Ellerton, CEO Tel: 00 1 303 759 2700Jeremy Delmar-Morgan, Chairman Tel: 077 8900 4874David Millham, Investor Relations Tel: 020 7796 9999Nicola Marrin, Seymour Pierce Limited Tel: 020 7107 8000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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