AIM Admission and Directorate Changes

RNS Number : 2708N

Silvermere Energy PLC

31 August 2011

 



31st August 2011

Silvermere Energy plc

("Silvermere" or "the Company")

AIM Admission and Directorate Changes

Silvermere Energy Plc ("Silvermere" or "the Company") is pleased to announce that, following shareholder approval granted on 30^th August 2011, the Company has completed the acquisition of the Mustang Asset located in Kleberg County, Texas waters in the Gulf of Mexico and that dealings in the Company's Ordinary Shares and Pre-CVA Warrants have today commenced on AIM.  Definitions in this announcement are as used in the Company's admission document dated 2 August 2011.

Accordingly, Andy Morrison, Frank Moxon and Stewart Dalby have been appointed to the board. 

Andy Morrison has been appointed as Chief Executive.  He has spent his entire career in the oil and gas industry, including Shell, BG and BOC, and from 2007 until 2010 was CEO of Xtract Energy plc.  Frank Moxon is an experienced corporate financier specialising in natural resources and was previously head of corporate finance and head of natural resources at Williams de Broe, and has been appointed as non-executive Chairman.   Stewart Dalby, who has over 40 years' experience of the oil and gas industry, has been appointed as a non-executive director; Bruce Evers, formerly executive chairman, remains on the board as a non-executive director. Reinhold Heus and John Roddison have stepped down from the Board, and the Company wishes to express its thanks for their service.

The Competent Person's Report produced by RPS Energy and included in the Company's admission document dated 2^nd August 2011 assigns proven and probable reserves attributable to the Mustang Asset valued at approximately £18.35 million.

The Company's market capitalisation at admission at the placing price of 25p is approximately £4.25 million.

Under the guidance of the new Board, the Company intends to pursue a strategy of acquiring a portfolio of US oil and gas licence interests onshore and in shallow offshore waters, characterised by relatively low risk and low cost with the potential for near term production.

Chief Executive Andy Morrison said:

"We are delighted to have completed the acquisition of an interest in such a promising asset, which forms an excellent starting point for the Company in acquiring a portfolio of US oil and gas assets. We are committed to maximising the potential of the Mustang Asset and preparations for the tie-in of the I-1 Well are on track.  We look forward to updating investors in due course."

In addition to the Company, the New Directors hold or have held the following directorships or are or have been partners in the following partnerships within the five years prior to the date of this document:

Andy Morrison

Current Directorships/Partnerships

Spinnaker Management Resources Ltd

Past Directorships/Partnerships

Xtract Energy plc                                                          Elko Energy Inc

Xtract International Limited                                          Xtract Oil Ltd

Xtract Energy Holdings Ltd                                          Xtract Energy Spain SA

Zhibek Resources Ltd                                                  Extrem Energy AS

Zhibek Oil and Gas Ltd                                                Xtract Energy (Oil Shale) Morocco SA

Frank Moxon

Current Directorships/Partnerships

Chartered Institute for Securities & Investment Imperial Minerals plc

Cove Energy plc                                                           Imperial Minerals (UK) Limited

Diabetes UK Services Limited                          Reach Volunteering

Hoyt Moxon Ltd                                                          The British Diabetic Association

Hoyt Moxon Capital Ltd                                               Whetstone Minerals Ltd

Past Directorships/Partnerships

London Energy Group Ltd                                           Securities & Investment Institute

Stewart Dalby

Current Directorships/Partnerships

Oilbarrel.com Limited

Past Directorships/Partnerships

None

The holdings of the Directors in the Company are as follows:

	Number of Ordinary Shares	% of issued share capital	Placing Warrants	Options
Andy Morrison	67,920	0.40	67,920	200,000
Frank Moxon	144,000	0.85	144,000	200,000
Stewart Dalby	-	-	-	100,000
Bruce Evers	96,000	0.57	96,000	200,000

Save for the above, there is no further information required to be disclosed under paragraph (g) of Schedule 2 of the AIM Rules for Companies, with respect to the appointment of the New Directors.

ENDS

For further information please contact: Silvermere Energy plc Andy Morrison, Chief Executive	[phone]
Merchant Securities Limited (Nominated Adviser and Broker) Lindsay Mair/Virginia Bull Rivington Street Corporate Finance Limited Jon Levinson/Dru Edmonstone Old Park Lane Capital Luca Tenuta	+ 44(0)20 7628 2200  [phone] [phone]
Bishopgate Communications Nick Rome/Shabnam Bashir	[phone]

 

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