News blog

Silvermere Energy

  • BY: Andrew Hore |
  • POSTED: 27/06/2012 |

US-focused oil and gas company Silvermere Energy is raising £629,000 at 8p a share in order to fund the costs of bringing the Mustang island 818-L field into production.

Chief executive is buying enough shares to take his shareholding from 1.49% to 3.23%. Chairman Frank Moxon increases his stake from 0.8% to 2.6%. The majority of these additional shares are in lieu of fees.

Major shareholder Webb Capital is investing a further £70,000 but its stake will be diluted to 12.8%. 

Production at Mustang Island has been delayed by poor weather and other mishaps but it appears to be on track to start producing by August.

Silvermere is also considering the acquisition of an asset in New Mexico producing 160 barrels of oil a day. The proven and probable reserves have an estimated NPV of $18m. The proven and probable reserves at Mustang Island are estimated to be worth $14.3m with a further $56.4m of possible reserves.

At 9.12p a share, down 1.5p, Silvermere is currently valued at £1.95m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2012_33.pdf

© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds