Sefton Resources: Drilling Starts At Tapia, Making Progress In Kansas
November 23 2011 - 3:20AM
Dow Jones News
Sefton Resources Inc (SER.LN), an independent oil and gas
exploitation and production company with interests in California
and Kansas, said Wednesday drilling of four new wells has begun at
the Tapia Canyon oil field in California and further progress has
been made in the development of its gas operations in Kansas.
MAIN FACTS:
-Drilling of four new wells began at Tapia Canyon on Nov. 16 and
expected take five weeks to complete.
-Oil production in early 2012 is expected to rise by up to 75%
to an estimated 240 barrels of oil per day, once the new wells are
on stream.
-Vintage Production LLC, an Occidental Petroleum Corporation
(OXY) subsidiary, appear to have successfully drilled two
horizontal wells in the adjacent oil field to Sefton's in Tapia
Canyon.
-Tapia Canyon has potential to become an up to 1,750 barrels of
oil per day operation.
-North and West parts of the LAGGS gas pipeline system in Kansas
now certified for operations with the adjacent Vanguard pipeline
system expected to also be operationally certified shortly.
-Sefton now has in place a diversity of revenue generating
operations and a strong platform for increasing levels of cash flow
which will position it well to achieve sustained growth and pursue
new opportunities.
-Shares at 0825 GMT unchanged at 3.05 pence valuing the company
at GBP10.68 million.
-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296;
ian.walker@dowjones.com
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