Last checked at 27 Apr 2012 08:02
27 April 2012
Silvermere Energy plc
("Silvermere" or the "Company")
Warrant Exercises
Pursuant to its announcement on 15 March 2012, Silvermere, the independent oil and gas company focusing principally on appraisal and production opportunities in the US, is pleased to confirm that it has secured additional funding that will help the Company to accelerate its business development pipeline once gas and condensate production start at its Mustang Island 818-L asset.
A total of £102,857.20 has been raised from the early exercise of warrants under the warrant-holders incentive plan, the terms of which were explained in the announcement on 15 March. At the exercise price of 20 pence per share, 514,286 new ordinary shares have been issued together with the same number of replacement warrants exercisable at 30 pence per share until 31 August 2013.
Following the early exercises above, a total of 2,176,191 May 2011 warrants remain unexercised. These are valid for exercise at 30 pence per share until 26 May 2013.
Total Shares in Issue
Following the above share issues, the total number of Ordinary Shares in issue will be 21,292,810. Shareholders may use this number when calculating their percentage holding in the Company.
Application is being made for the 514,286 Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 8 May 2012.
--ENDS--
For further information please contact:
Silvermere Energy plc Andy Morrison, Chief Executive
|
+44 (0)7980 878 561 |
Merchant Securities Limited (Nominated Adviser and Broker) Lindsay Mair/Virginia Bull
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+ 44(0)20 7628 2200 |
Rivington Street Corporate Finance Limited Jon Levinson
| +44 (0)20 7562 3357 |
Bishopsgate 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.