Silvermere Eng Share Chat (SLME)

can you please tell me more on why people have lost there invesment here?we have a p 2 maybe p3 res play with three drills left to do and an ongoing work over,together the nav of 3mill as is so why on earth do you think we have lost our investment,our company imo has done there best and has suspendended to stop your sort of posts on bb and to sort out funding for the better long term of the company.i call the broker again and talks are moving forward .when you post back to this if you do as i thought you said you sold so you are gaining what by posting ?

with you on that one yes lots of answers ?? but I am afraid I think lots have lost there investment here

Default in Feb

Talks in Mid March re silvermeres financial difficulties

RNS to shareholders 16/4 and only when exposed.

AM has a lot of questions to answer

should be complete soon - hopefully this would put us in a better position

("Mineral & Financial" or the "Company")

MARKET UPDATE

The Board of Mineral & Financial notes the announcement today from Silvermere Energy regarding the suspension of trading in Silvermere's shares, pending clarification of its financial position.

Mineral & Financial has been engaged in active talks with Silvermere since mid-March regarding a potential resolution to Silvermere's financial difficulties, and talks remain ongoing.

so not over yet lets all hope they can sort this out soon gla zooom

i think your posts are very to the point and very informative,thank you,terry we have more than 1 well to drill on our ami,so this to me is good news the people are there to lend if needed,imo this is far from over but may take time gla zoom

Athol (now MAFL) shouldn't have to lend us anymore just defer the loan til we get revenue - then AM & others can cough up the 80k (maybe more?) and we can get the workover done and production underway.
They are obviously tough negotiations as both sides have plenty to lose.
I think we will here one way or the other in the next week.

is that any new funding or loan extentions wont be forthcoming until production has been established and flow rates known . this well is now 14 months or so behind schedule . I personally would nt lend money on something that has proven problematic when it should have been a straight forward operation . I think ahg or whatever they are called now , are reluctant to throw good money after bad , and may think to cut their losses , rather than bail out another delay . they have just been bitten by ascot falling by the wayside , and may not feel their risk appetite is upto funding more delay . am has now backed them into a corner by suspending the shares with the thought that if the adminastrators move in they could get very little back . it may be a calculated bluff , but it may bring ahg back to the table with a fresh sense of perspective , as nobody will want to lose out so close to what could be production and cash flow .
I think somewhere between the two scenarios lies the truth , for me , I think am has bought us more time , so I am not expecting a speedy resolution .

The way I read it is 750k due if B loan notes not converted - also in RNS re funding "The Company also has an unsecured convertible loan (the "Loan") of £750,000, repayment of which is due by the Company on 1 July 2013."

how much can we afford to give away on the l1 well an can we still hold onto forth coming wells if 12month finacing is agreed ?