SER.L Regulatory News (SER)

27 Sep 2007 07:00

Sefton Resources Inc27 September 2007 Sefton Resources Inc Sefton Update and Grant of Options Sefton Resources Inc, the AIM listed oil and gas production company with assetsin California and Kansas announces that the gas separator and meter system forthe Steam Pilot gas supply well at Yule 8 has been delivered. The laying of theline the rest of the way to the Steam unit will be completed next week. Thepiping tie-ins are also being undertaken for the pilot steam programme to starton Yule 7 and 10. The drill rig, previously expected in September is running a little late, due tothe operator encountering slow drilling on its current drilling activities. Therig is now expected in two weeks time and two wells will be drilled in thevicinity of Hartje 14 and 15. The Board also announces the granting of 3.5 million options to directors andothers with a 3 year vesting and 10 year exercise period at an exercise price of5.25p a share. The total options granted conform to the stock option planadopted on September 12, 2001 whereby the number of options would not exceed 10%of the issued and outstanding shares. Name Current Options New Grant TOTAL John J. Ellerton 2,666,667 950,000 3,616,667Jeremy Delmar-Morgan 333,333 500,000 833,333Tony Ashton 300,000 300,000 600,000Bruce Mackay 666,667 400,000 1,066,667Harry Barnum 666,667 650,000 1,316,667Others 2,233,333 700,000 2,933,333 TOTAL 6,866,667 3,500,000 10,366,667 Current Options exerciseable at £0.06 and will expire 22/9/2014 All Options granted under "New Grants" exerciseable at £0.0525 and expire 25/9/2017 For further information, contact: John James (Jim) Ellerton, CEO Tel: 00 1 303 759 2700 Jeremy Delmar-Morgan, Chairman Tel: 077 8900 4874 David Millham, Investor Relations Tel: 020 7796 9999 Nicola Marrin, Seymour Pierce Limited Tel: 020 7107 8000 This information is provided by RNS The company news service from the London Stock Exchange