Month-on-month oil production up 25 per cent at Sefton Resources

15th May 2013 09:11

AIM-listed independent oil and gas exploitation and production company Sefton Resources has reported that oil production figures for California were up a quarter on the previous month.In an operational update issued on Wednesday, the group reported that oil production figures for California reported to the California Division of Oil, Gas & Geothermal Resources (DOGGR) were 3,874 barrels of oil in April, representing a 25% increase over the previous month. This equated to 129 barrels of oil per day (BOPD).Sefton Resources said that it had further recorded proven resources of an estimated 3.5m barrels of oil in California as at December 31st 2012. Jim Ellerton, Chairman of the board, commented: "The surface work mandated by the State of California within our California properties has been completed and production is recovering from such." He added: "As our water disposal facilities are improved, we should be able to process more fluids, thus further increasing oil production. Our ongoing cyclic steaming programme is adding to production and providing good data for Dr Ali to complete his thermal simulation study."Sefton Reources' share price was up 11.11% to 0.50p at 08:56 on Wednesday.MF