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3 Dec 2012 07:00
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03 December 2012
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Silvermere Energy plc
("Silvermere" or "the Company")
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Director's Dealing
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Silvermere, the independent oil and gas company with assets in the Gulf of Mexico announces the issue of new ordinary shares as set out below.
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Director's Dealing
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In accordance with the terms of his engagement, 34,783 new shares have been allotted to Stewart Dalby, a non-executive director of the Company, at a subscription price of 8.625p per share, this being the mid-market closing price on the specified date of 30 November 2012. Following the issue, Mr Dalby holds a total of 114,575 shares in the Company, representing approximately 0.39 per cent of the total shares in issue detailed below.
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Application will be made for the new ordinary shares to be issued pursuant to the above arrangements to be admitted to trading on AIM and dealings are expected to commence on 10 December 2012.
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Total Shares in Issue
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Following the above share issue, the total number of ordinary shares in issue will be 29,239,356. Shareholders may use this number when calculating their percentage holding in the Company.
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-ENDS-
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For further information please contact: Β Silvermere Energy plc Andy Morrison, Chief Executive Β | Β Β Β +44(0)7980 878561 Β |
Merchant Securities Limited (Nominated Adviser and Broker) Lindsay Mair/Virginia Bull Β Peterhouse Corporate Finance Limited Jon Levinson Β | Β + 44(0)20 7628 2200Β Β Β +44(0)20 7469 0937 Β |
Bishopgate Communications Nick Rome | Β +44(0)20 7562 3350 |
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About Silvermere Energy Plc
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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.
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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.
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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.
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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.
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Silvermere is quoted on the AIM Market of the London Stock Exchange plc (AIM: SLME) with its offices in London.
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