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Notice of General Meeting

1 Feb 2012 14:33

RNS Number : 6178W
Silvermere Energy PLC
01 February 2012
 



1 February 2012

 

 

Silvermere Energy PLC

("Silvermere" or "the Company")

 

General Meeting

 

The Company is today sending a circular to its shareholders convening a General Meeting to be held at 44 Southampton Buildings, London, WC2A 1AP on 17 February 2012, at which it will seek shareholders' approval to amend the Company's authority to issue further ordinary shares in order to give it greater flexibility. A copy of the circular will be made available on the Company's website later today.

 

 

-ENDS-

 

 

For further information please contact:

 

Silvermere Energy PLC

Andy Morrison, Chief Executive

 

 

 

 

+44 (0)7980 878561

 

Merchant Securities Limited (Nominated Adviser and Broker)

Lindsay Mair/Virginia Bull

 

Rivington Street Corporate Finance Limited

Jon Levinson/Dru Edmonstone

 

 

+ 44(0)20 7628 2200 

 

 

+44 (0)20 7562 3357

 

Bishopgate Communications

Nick Rome/Shabnam Bashir

 

+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 assembly, 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.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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