- Sefton Resources' [LON:SER] shares fell after it standing by its current strategy.

It said shareholders' interests are best served by the continuance of the company's current strategy, after a EGM was requisitioned seeking to shake up the board of directors.

Its present strategy was to build a scalable production profile within South East Asia, with an initial focus on Indonesia.

On Sept. 8, Sefton received notice of requisition for an EGM that proposes to remove Thomas Milne, Keith Morris and Raylene Whitford as directors, and the appointment of Clement Chambers as Interim CEO and Michael Hodges as Non-Executive Director.

The Requisition has been made by former interim chairman, Daniel Levi, Christopher Williams and Charnjit Matharu (the "Requisitioners"), who collectively represent 11.29 per cent of the Company's issued common shares of no par value ("Common Shares").

"The Board notes that the Requisitioners include a previous Executive Director of Sefton who had failed to make certain required disclosures under the AIM Rules for Companies (the "AIM Rules"). It was subsequently revealed in the Times that he had committed serious criminal offences that resulted in 16 years in jail.

"The Board also notes the presence on the Requisition of Mr. Chris Williams, who was subject to a ruling by the Panel on Takeovers and Mergers on 11 May 2015 in relation to his activity in the shares of New World Oil and Gas plc.

"The current Board recognises that long-term Shareholders have suffered a prolonged period of governance issues, however the current Board believes this EGM is an opportunity for investors to make a clean break from the previous legacy and support the strategic repositioning outlined in detail below.

"Following consultation with the Board, the Company's Nominated Adviser, Allenby Capital Limited, has informed the Board that while it will continue to act and support the current Board and strategy, it will resign with immediate effect should the EGM resolution be passed and the change of control outlined in the EGM resolution take place.

"Under the AIM Rules, any company that does not have a Nominated Adviser has its admission to trading on AIM immediately suspended, and if a new Nominated Adviser is not appointed within one month of the previous Nominated Adviser ceasing to act, then the admission to trading on AIM of its shares will be cancelled.

"As of today, Jossy Rachmantio, a Non-Executive Director of the Company since 8 May 2015, has been appointed Executive Chairman ("Chairman") of Sefton to continue final due diligence work relating to the anticipated acquisition of potential cost-effective hydrocarbon assets within Indonesia.

"The value of these assets will be optimised through the Company's application of technical expertise and targeted capital expenditure. As Chairman, Mr Rachmantio intends to build near term revenues and profits in a region with significant domestic energy demands with Sefton's limited resources and continue to strengthen corporate governance within the Company."

* * *

Xtract Resources [LON:XTR] has negotiated revised terms with Auroch Minerals NL regarding the conditional acquisition of 100% of the Manica gold project in Mozambique.

The cash consideration will now total $7m and has been re-structured such that $2m of cash payable to Auroch three months after Completion is expected to be settled through project finance and a further $1m of cash will be retained by the Company to settle any tax liability relating to the capital gain due on the disposal of the asset in due course.

On 29 June 2015 the Company announced that the total consideration for the Transaction was $12.5m and would be satisfied through a payment of $4.5m in cash, the issue of new ordinary shares of 0.01p per share ("Ordinary Shares") to the value of $6.5m, and a further cash payment by Xtract of up to $1.5m to settle project related creditors.

* * *

PetroNeft [LON:PTR], an oil & gas exploration and production company operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67, is pleased to provide an update on operations at Licence 61. Highlights:


⬢ T-502 horizontal well brought on line at sustained rate of over 450 bopd.

⬢ T-503 horizontal well currently producing at around 400 bopd.

⬢ T-507 control well and water injector spudded on 25 August.

West Lineynoye

⬢ L-10 horizontal well currently producing at a sustained rate of 130 bopd.


⬢ Current gross production from Licence 61 is about 2,700 bopd.

⬢ Represents a 46% increase in production in 2015.

* * *

Global Energy Development [LON:GED] posts a pre-tax loss of $2.8m for the six months to the end of June - up from $2.5m a year ago.

Revenues fell to $217,000 - down from $348,000 a year ago - while the gross loss rose to £194,000 from $81,000.

Managing director Steve Voss said: "Despite the continued volatility and instability in the energy sector, Global has performed well for the period. With the Group's strong cash balance, streamlined, debt-free and low overhead structure, the Company, with the assistance of its advisers, is equipped to find and unlock value for its shareholders through investment, strategic or acquisition opportunities with other energy sector companies."

* * *

The sector's biggest riser was Pantheon Resources [LON:PANR] - up by nearly 15% in late trading.

At 4:05pm:

[LON:AUR] Aurum Mining PLC share price was +0.01p at 0.88p

[LON:BOR] Borders Southern Petroleum PLC share price was -0.12p at 3.1p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.19p at 7.39p

[LON:ENQ] EnQuest Plc share price was -1.12p at 30.88p

[LON:FOGL] Falkland Oil Gas Ltd share price was +0.38p at 21.38p

[LON:GED] Global Energy Development PLC share price was +1p at 30.5p

[LON:GKP] Gulf Keystone Petroleum share price was -1.87p at 29.88p

[LON:GPX] Gulfsands Petroleum PLC share price was 0p at 4.75p

[LON:INDI] Indus Gas Ltd share price was -2.5p at 106.88p

[LON:PANR] Pantheon Resources PLC share price was +3.51p at 26.88p

[LON:PET] Petrel Resources PLC share price was 0p at 2.5p

[LON:PTR] Petroneft Resources PLC share price was +0.06p at 4.48p

[LON:RKH] Rockhopper Exploration PLC share price was -2.12p at 45.88p

[LON:RPT] Regal Petroleum PLC share price was +0.25p at 4.13p

[LON:SER] Sefton Resources Inc share price was -0.01p at 0.06p

[LON:XEL] Xcite Energy Ltd share price was -0.25p at 27.75p

[LON:XTR] Xtract Resources Plc share price was 0p at 0.26p

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