Financial Position Update

RNS Number : 3059H

Silvermere Energy PLC

18 June 2013

 



18 June 2013

Silvermere Energy plc

 ("Silvermere" or the "Company")

Further re Financial Position

Further to the announcement made on 16 April 2013 with respect to the Company being in default of significant outstanding financial commitments on its I-1 Well, Silvermere announces that it has received a demand notice from Dominion Production Company LLC, the operator of the I-1 Well, for full payment of amounts outstanding to them totalling $229,445.29 on or before 15 July 2013. The demand notice states that if these payment terms are not met then Silvermere's interest in the 818-L Field will be sold by way of a public auction to the highest bidder on 6 August 2013.

The Company remains in discussions with various parties with respect to refinancing the Company and a further announcement will be made as soon as practicable.

Enquiries:

Silvermere Energy plc Andy Morrison, Chief Executive	Tel:  [phone]
Sanlam Securities UK Limited (Nominated Adviser and Joint Broker) Lindsay Mair/Scott Mathieson/Catherine Miles	Tel: [phone]
Peterhouse Corporate Finance Limited (Joint Broker) Jon Levinson	Tel:  [phone]
Bishopsgate Communications Nick Rome/Anna Michniewicz/Ivana Petkova	Tel: [phone]

 

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