Last checked at 17 Feb 2012 15:21
17 February 2012
Silvermere Energy PLC
("Silvermere" or "the Company")
Result of General Meeting
Silvermere, the independent oil and gas company, focusing principally on exploration, appraisal and production opportunities in the US, announces that at the general meeting held today, all resolutions were duly passed.
Accordingly, the Directors are pleased to announce that the Company now has shareholders' approval to amend the Company's authority to issue further ordinary shares in order to give it greater flexibility.
-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
Rivington Street Corporate Finance Limited Jon Levinson
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+ 44(0)20 7628 2200
+44 (0)20 7562 3357
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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.