Last checked at 3 Sep 2012 13:02
3 September 2012
Silvermere Energy plc
("Silvermere" or "the Company")
Director's Dealing
Silvermere, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the US, announces the issue of new ordinary shares as set out below.
Director's Dealing
In accordance with the terms of his engagement, 25,263 new shares have been allotted to Stewart Dalby, a non-executive director of the Company, at a subscription price of 11.875p per share, this being the mid-market closing price on the specified date of 31 August 2012. Following the issue, Mr Dalby holds a total of 79,792 shares in the Company, representing approximately 0.27 per cent of the total shares in issue detailed below.
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 7 September 2012.
The Company also advises that 79,560 shares owned by Spinnaker Management Resources Ltd (SMRL) have today been transferred to Andy Morrison's Self-Invested Personal Pension (SIPP). SMRL is a company controlled by Andy Morrison, Chief Executive of the Company. His total holding following the transfer is unchanged at 942,520 shares (approximately 3.2% of the issued equity), all of which are now held in his SIPP.
Total Shares in Issue
Following the above share issues, the total number of ordinary shares in issue will be 29,204,573. Shareholders may use this number when calculating their percentage holding in the Company.
-ENDS-
For further information please contact:
Silvermere Energy plc Andy Morrison, Chief Executive
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+44 (0)7980 878561
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Merchant Securities Limited (Nominated Adviser and Broker) Lindsay Mair/Virginia Bull
Peterhouse Corporate Finance Limited Jon Levinson
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+ 44(0)20 7628 2200
+44 (0)20 7562 3357
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Bishopsgate Communications Nick Rome |
+44(0)20 7562 3350 |
About Silvermere Energy Plc
The Company acquired its interest in the Mustang Asset on 30 August 2011. This comprises a 33.33 per cent. working interest and 20.83 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, located in Kleberg County waters of the Gulf of Mexico, is a field re-habilitation project targeting bypassed or only partially produced gas-condensate.
Early in 2011 the Hercules Offshore 205 jack-up rig was contracted to re-enter the I-1 Well on the Mustang Licence Area which was considered to be the most likely of the historic well sites to provide 14 optimum re-entry conditions. The I-1Well re-entry and side-tracking operation was completed in March 2011 leaving it ready to complete in sand horizons I-1 to I-6. Production and flow testing was carried out during June 2011. The well re-entry programme was led by Dominion as the operator. Gas and oil produced from the I-1Well is proposed to be connected to pipeline infrastructure and tied in via a subsea tree, constructed for the purpose and then transported to the Six Pigs gas facility.
Silvermere's strategy is to acquire 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.
Silvermere is quoted on the AIM Market of the London Stock Exchange plc (AIM: SLME) with its offices in London.