News blog

Silvermere Energy

• BY: Andrew Hore |
• POSTED: 18/06/2013 |

Oil and gas company Silvermere Energy is in danger of having its main asset taken away of it does not pay the money it owes. 

Silvermere is in default on the outstanding financial commitments on its l-1 well in the Mustang Island field in the Gulf of Mexico. Silvermere owes Dominion Production Company $229,000 on or before 15 July. If the cash is not paid then Silvermere’s stake in the field will be sold by auction.

At the suspension price of 1.88p a share, Silvermere is valued at £650,000. A £750,000 convertible loan is due to be redeemed on 1 July 2013. Aim-quoted Mineral & Financial Investments Ltd, formerly Athol Gold & Value, owns 88% of the loan.

Silvermere needs to raise cash but it is uncertain if it will be able to do this.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2013_45.pdf