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Silvermere Energy (TERN)

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Friday 11 January, 2013

Silvermere Energy


RNS Number : 3931V
Silvermere Energy PLC
11 January 2013


11 January 2013


Silvermere Energy plc

("Silvermere" or the "Company")





Silvermere Energy plc, the independent oil and gas company with assets in the Gulf of Mexico, is pleased to announce a subscription to raise £371,000 through the issue of 5,305,716 new Ordinary Shares of 0.1p each ("Ordinary Shares") in the capital of the Company (the "Subscription") at 7p per share (the "Subscription Price") with existing and new investors. The subscribers will be issued with warrants to subscribe for new ordinary shares exercisable for two years at a price of 9p per share on the basis of one warrant for every two new ordinary shares for which they subscribe.


The net cash proceeds of the Subscription will be used to fund the Company's share of outstanding development costs in respect of pipeline and shore facilities at Mustang Island and for general working capital purposes.


Pursuant to the Subscription, Andy Morrison, Chief Executive, has subscribed for 120,000 Ordinary Shares. Following admission Andy Morrison will be beneficially interested in 1,062,520 Ordinary Shares representing 3.1 per cent. of the enlarged issued share capital of the Company. All of Mr Morrison's interests are held in his Self-Invested Personal Pension.


Mr Morrison's participation in the Subscription is a related party transaction under the AIM Rules. Frank Moxon and Stewart Dalby, being the independent directors, having consulted with the Company's nominated adviser, consider his participation in the Subscription to be fair and reasonable insofar as Shareholders are concerned. 


Redmayne Nominees Limited has agreed to participate in the Subscription on behalf of a client who holds a significant shareholding interest in the Company.  Following the Subscription, this individual will hold 6,584,822 Ordinary Shares representing 19.1 per cent. of the enlarged share capital of the Company. His participation in the Subscription is also a related party transaction under the AIM Rules. The directors of the Company, having consulted with the Company's nominated adviser, consider his participation in the Subscription to be fair and reasonable insofar as Shareholders are concerned.  


The new Ordinary Shares to be issued pursuant to the Subscription will rank pari passu with the Company's existing issued Ordinary Shares. The Subscription is conditional on admission of the new Ordinary Shares to AIM and an application will be made to the London Stock Exchange for them to be admitted to trading, which is expected to take effect on 18 January 2013.


Following the above share issues, the total number of ordinary shares in issue will be 34,545,072.  Shareholders may use this number when calculating their percentage holding in the Company.


Andy Morrison, Chief Executive of Silvermere, commented:


"We are grateful for the support from our existing and new shareholders which enables us to continue to build our interests in the Mustang Island field. With the I-1 well now in production and with these new funds in place, the Company is positioned ready for further development".





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/Scott Mathieson/Catherine Miles



+ 44(0)20 7628 2200

Peterhouse Corporate Finance Limited

Jon Levinson


+44 (0)20 7469 0937

Bishopsgate Communications

Nick Rome/Anna Michniewicz/Ivana Petkova                                              

+44(0)20 7562 3350






About Silvermere Energy PLC


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.


According to a recent update to the independent Competent Persons Report published at admission in August 2011, the Mustang asset - which is operated by Dominion Production Company, the Field has a 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 $57million net from the potential upgrade of Possible (3P) reserves. These reserves are based on a projected three well programme.


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.


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 focussed on the US for the time being, both on-shore and off-shore, but may be expanded further afield in future.


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

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