TERN PLC 
By 31 December 2012
Silvermere Energy plc ("Silvermere " or the "Company") Total Voting Rights
The Company announces that, pursuant to the requirements of the Disclosure and Transparency Rules, the total number of voti ng rights in respect of each class o f share i n issue and admitted to trading on AIM at the date of this announcement is as follows:
Num ber of shares in issue
Num bers of voting rights
Ordi nary shares of 0.1 pence each 29,239,356 29,239,356
The above fi gure may be us ed by sharehol ders as the denominator for the c alculations by which they will determine i f they are required to notify thei r interest in, or a change to thei r interest in, the Company, under the Disclosure and Trans parency Rul es.
Silvermere Energy plc Andy Morrison, Chi ef Executi ve | +44 (0)7980 878 561 |
Merchant Securities Limited (Nominated Advi ser and Broker) Lindsay Mai r/Scott Mathieson/Catherine Miles | + 44(0)20 7628 2200 |
Peterhouse Corp orate Finance Limited Jon Levinson | +44 (0)20 7469 0937 |
Bi shop sgate Communication s Nick Rome/A nna Michniewicz/Ivana Petkova | +44(0)20 7562 3350 |
The Company has a 33.33 per cent working interest and 20.00 per cent net entitlement interest in the Mustang Licence A rea, an area within t he southern hal f 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 num bers
108873 and 108874. The M ustang Island 818-L fi eld (t he "Fi eld"), located in Kleberg County waters of the
Gulf of Mexico, is home t o a field re -habilitation project targeting bypassed or only partially produced gas - condensate.
According to a recent update to the independent Com petent Persons Report published at a dmission in August 2011, the Mustang asset - which is operated by Domini on Production Com pany, the Field has a NPV10 of P roven and Probable reserves (P 1 + P2) estimated to be US$14 milli on attributabl e to the Com pany's interest. It has an additional NPV10 of $57million net from the potential upgrade of Possible (3P) reserves. Thes e reserves are based on a projected three well programme.
Initially, Silverm ere is focussed on progressing production from the I-1 re-entry well where it has a 16.66 per cent working i nterest with a view to underpi nni ng its long -term obj ecti ve of creating a bankable and cash generati ve oil and gas company duri ng the medium term and then drilli ng the three new wells to access the NPV identifi ed in the CPR.
The Company maintains an active business de .elopment programme which aims lo identify and acqui re additional valuable assets either in or near production. These will be used lo expand the business and provide additional value lo shareholders o .er lime. The Company's search is focussed on the US far the lime being, both on-shore and off-shore, but may be expanded further afield in future.
Silvermere is quoted o n the AlM Market ofthe London Stock Exchange pie (AIM: SLME) with its offices in
Londan.
|
distributed by
|
