Micro-cap oil and gas exploration and production company Sefton Resources (AIM: SER) reiterated that it expected full year results to be inline with expectations. The company operates the Eureka and Tapia heavy oil fields in California and also has amassed a sizeable land position in Kansas, prospective for coal bed methane. Sefton Resources also stated that a litigation case based on a blow out in 2002 had finally come to an end. All matters where settled out of court and the settlement was only marginally larger than the contingency Sefton had allocated to the case.
Despite stating that operations are running to expectations and that the company is cash flow positive and still making progress on a number of fronts, the shares dropped another 5% adding to a poor run over the past few months.