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Silvermere Energy

  • BY: Andrew Hore |
  • POSTED: 15/08/2011 |

Silvermere Energy is having to renegotiate its purchase of a 33.3% working interest (and 20.83% net entitlement interest) in the Mustang Island oil and gas asset in the Gulf of Mexico because of an additional cash call for a well being drilled on the asset.

An additional £250,000 has been asked for from the present owner of the Mustang asset. Silvermere hopes to renegotiate the terms of the deal so it is still has an effective value of £2.8m.

The option to buy the stake in the Mustang asset has been extended to 9 September. The general meeting to gain shareholder approval for the acquisition will be adjourned until 30 August.

The shares were suspended at 60.5p each on 26 January 2011.

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