LONDON (Alliance News) - Sefton Resources Inc Wednesday reported a widened pretax loss for the first half of 2015, as it pursued due diligence on three potential investment opportunities, and navigated ongoing issues with former officers of the company.
Tuesday the company reported that it had bowed to pressure from some shareholders by proposing to oust and replace a majority of its board, however, it is now at risk of its shares being suspended, as its nominated adviser will resign if the proposed board changes are approved by shareholders.
"Whilst such matters have proven to be a distraction of senior management's time as well the company's limited resources, the board remains hopeful that these matters will be resolved in the company's favour, enabling the company to focus wholly on building a value-accretive portfolio of sustainable oil and gas production," the company said WEdnesday.
For the half year to end-June the company reported a pretax loss of USD1.0 million, widened from a pretax loss of USD264,000 a year before. It did not post revenue in either period.
The company said it continues to keep its legacy US assets on a care and maintenance regime whilst a study on the underlying value of the assets its commissioned. It continues to look for potential buyers, but said it recognises the difficulties in the market due to the current depressed oil price.
Shares in Sefton were up 4.0% at 0.0624 pence Wednesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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