Member Info for pablo2

crossed. Surely we must hear soon - MAFL loan now due today.

Summer crop update Largely as expected, no further news on juice processing plant, keeping the news on a 'need-to-know' basis, why tell the poor old pi's anything we don't have to. Average to poor results as predicted and no further news. sp won't move on this IMO, certainly not northwards.

I was thinking the same thing the other day - it's a pretty lame threat that Dominion are going to sell off our prime asset to the highest bidder if it's worth zilch. I'll leave a written bid of 50p - that should secure it for me if it's worth nothing. On the other hand if this situation gets anywhere near July 15th, I don't think it's going to be a happy outcome. If it's getting sorted, it'll be this week or early next - our debt to MAFL becomes due on July 1st.

My opinion is this will come back in the next 6 months. Needs a good winter crop though and news of the 3rd juice processing plant up and running at full production. The company's sp IMO is often manipulated and heavily traded for short term gains up and down. Should get back to 30p+ one day. When - don't know.

See Hon Peregrine Moncreiffe is getting a few - RNS. This has had a bad ride the last few months, are you thinking it might bounce soon? since 28th March RNS, there really has been no news offered has there?

It seems scandalous that we've been kept in the dark about the flow rates for so long from the I-1 Well. From the Operations update Sep 28th 2012 : "Silvermere Energy plc, the independent oil and gas company focused principally on appraisal and production opportunities in the US, is pleased to announce further progress with the tie-in of the I-1 well in its Mustang Island 818-L Field. This is based on information provided by the Operator, Dominion Production Company LLC ("Dominion"). Production from the I-1 well was resumed on 29 August 2012 under supervised and choked (deliberately limited flow) conditions. Gas and condensate were produced along with quantities of drilling mud and other solid material during the clean-up phase. By 5 September, production consisted of clean gas and condensate, suggesting that the clean-up was substantially completed. It is too early to know what long term flow rates will be achieved, but reservoir and flowing tube pressures are encouraging and there are indications that condensate production may exceed internal projections" ------------------------------------------------------------------------------------------- This and a lot of further updates seemed to indicate flow-rates were just around the corner and commercial. Now if you are correct k80, and you may well be, the whole thing has been going nowhere for months. I wonder if Mr.£80k default heard about this. AM has stated we're not getting Dominion updates but surely he knows what's going on. Looks like a complete mess and if this well is not commercial looks even worse. I'm not Mr.Hopeful.

to that clever Caveat Emptor guy? He was on the ball - presumably got out before some of the final collapses.

It's surely got to be too late for even a placing and certainly not a rights issue. There's no time. However, I'm confident that if, and it's a big IF, there are no foul deeds, this will be sorted. Nobody should be happy to see us go under unless there are foul deeds afoot. MAFL, Dominion, the Bod, surely a little tweaking of the finances if the oil is flowing. Not long to wait. Well tried smasher, you did your bit, and you never know.

I think it's about a bigger pot of money than Dominion's - see my earlier posts.

Just think we need MAFL to renegotiate the terms(due 1st July), surely we can find Dominion's money somewhere. Think this will get sorted soon. All we've had today is Dominion's position on our outstanding payments which we knew was bad. They've given us a good bit of time already and we've still got a few weeks. Next RNS will be the one - continuing or dying.

I never called you a liar but we all were a bit dubious that you seemed to have information that was price sensitive. Anyway, we're all in the same boat and though we're still sinking we're not sunk yet. When I spoke to Andy ages ago, he gave me the impression that no-one was going to put in even small amounts of money if the big picture could not get sorted. That is what I'm concerned about, we have to sort out the Mineral & Financial Investments Limited loan and everything with regards dominion, suspension, etc. will all fall into place. We don't know if the oil is flowing properly but the £750,000 loan is the thing holding things up IMO.

At least our position is now out in the open. We are still in discussions to save the company and we've been left in no doubt as to where Dominion stand. Nothing has changed IMO from before the RNS. We're still waiting to see if this mess can be sorted. We owe dominion £146,563.69 - not a lot. It'll get paid if we're going to keep the company going. Surely that sort of money is nothing and illustrates Dominion are NOT the problem. "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" This is with Mineral & Financial Investments Limited, formerly Athol Gold and Value Limited - that IS the problem and we still await developments.

Smasher reported his talk to AM on Monday - see his 15:41 post. The one thing about being suspended is the sp didn't go down today like almost everything else I own.

Nothing, there's nothing I don't like. Great company, just wish the sp would respond. I've thought for a couple of years this would be bought out at some stage, but they've resisted so far. Nice statement today : 'year to date revenue has increased by over 35% compared with the same period last year.'

Smashing, thanks very much for taking the time to contact Andy. So, as we hoped, it's NOT all over and we're where we were, just waiting to see if this will be resolved. GL

Any luck with Andy M.?

Collapse is NOT hopeful. We will find out soon enough but don't say that horrible word again. Goodnight and GL.

That sounds better, you're Hopeful, I'm hopeful. This whole k80 saga will, hopefully, blow over too.

To directly answer your earlier question, I don't think we know Dominion's terms. We're certainly late paying them and they are not amused but no-one has stated any further facts on the terms. Isn't it, they drill and do general work on pipelines etc and we pay them. They send invoices with due dates probably. We're not paying up at the moment. Who knows what they will do, but like any creditor they won't really want us going bust will they?

Don't think it's the money we owe Dominion that's crippling or the £80k we are owed by some punter. It's the bigger loan due at end of June : "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." This is the big money and why the director's are not willing to stump up the £80k or the money we owe Dominion. They won't put money in if it's a dead duck and there just throwing their money away. It's the deal with Athol Gold & Value (now renamed something) that is the problem. They issued an RNS just after our suspension one, saying they are still in discussions with us. It's these discussions that are DO or Die IMO.