Result of General Meeting

RNS Number : 8102S

Silvermere Energy PLC

05 December 2012

 



AIM: SLME

5 December 2012

Silvermere Energy plc

("Silvermere" or the "Company")

Result of General Meeting

Further to the announcement released on 3 December 2012, at today's adjourned general meeting of the Company, Resolution 2 (to disapply pre-emption rights for share issues) was duly passed.

The SEDA facility, also announced on 3 December 2012, to provide additional funding flexibility, will only be used in consultation with major shareholders.

--ENDS--

For further information please contact:

Silvermere Energy plc Andy Morrison, Chief Executive	[phone]
Merchant Securities Limited (Nominated Adviser and Broker) Lindsay Mair/Scott Mathieson/Catherine Miles	+ 44(0)20 7628 2200
Peterhouse Corporate Finance Limited Jon Levinson	[phone]
Bishopsgate Communications Nick Rome/Anna Michniewicz/Ivana Petkova	[phone]

About Silvermere Energy PLC

The Company has a 33.33 per cent working interest and 20.00 per cent net entitlement interest in the Mustang Licence Area, an area within the southern half of the north-west quarter and northern half of the south-west quarter of the Block 818-L field as defined in State of Texas Oil and Gas Lease numbers 108873 and 108874. The Mustang Island 818-L field (the "Field"), located in Kleberg County waters of the Gulf of Mexico, is home to a field re-habilitation project targeting bypassed or only partially produced gas-condensate.

According to a recent update to the independent Competent Persons Report published at admission in August 2011, the Mustang asset, operated by Dominion Production Company, has an NPV10 of Proven and Probable reserves (P1 + P2) estimated to be US$14 million attributable to the Company's interest. It has an additional NPV10 of US$57million net from the potential upgrade of Possible (3P) reserves. These reserves are based on a projected three well programme.

Initially, Silvermere is focussed on progressing production from the I-1 re-entry well where it has a 16.66 per cent working interest with a view to underpinning its long-term objective of creating a bankable and cash generative oil and gas company during the medium term and then drilling the three new wells to access the NPV identified in the CPR.

The Company maintains an active business development programme which aims to identify and acquire additional valuable assets either in or near production. These will be used to expand the business and provide additional value to shareholders over time. The Company's search is focused on the US for the time being, both on-shore and off-shore, but may be expanded further afield in the future.

Silvermere is quoted on the AIM Market of the London Stock Exchange plc (AIM: SLME) with its offices in London.

 

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