Business
AIM Admission and Directorate Changes
AIM Admission and Directorate Changes.
About this update from Tern Plc
[{"type":"text","content":"\n \nRNS Number : 2708N Silvermere Energy PLC 31 August 2011 \n \n\n \n31st August 2011 \n \nSilvermere Energy plc\n(\"Silvermere\" or \"the Company\") \n \nAIM Admission and Directorate Changes \n \n \nSilvermere Energy Plc (\"Silvermere\" or \"the Company\") is pleased to announce that, following shareholder approval granted on 30th August 2011, the Company has completed the acquisition of the Mustang Asset located in Kleberg County, Texas waters in the Gulf of Mexico and that dealings in the Company's Ordinary Shares and Pre-CVA Warrants have today commenced on AIM. Definitions in this announcement are as used in the Company's admission document dated 2 August 2011.\n \nAccordingly, Andy Morrison, Frank Moxon and Stewart Dalby have been appointed to the board. \n \nAndy Morrison has been appointed as Chief Executive. He has spent his entire career in the oil and gas industry, including Shell, BG and BOC, and from 2007 until 2010 was CEO of Xtract Energy plc. Frank Moxon is an experienced corporate financier specialising in natural resources and was previously head of corporate finance and head of natural resources at Williams de Broe, and has been appointed as non-executive Chairman. Stewart Dalby, who has over 40 years' experience of the oil and gas industry, has been appointed as a non-executive director; Bruce Evers, formerly executive chairman, remains on the board as a non-executive director. Reinhold Heus and John Roddison have stepped down from the Board, and the Company wishes to express its thanks for their service.\n \nThe Competent Person's Report produced by RPS Energy and included in the Company's admission document dated 2nd August 2011 assigns proven and probable reserves attributable to the Mustang Asset valued at approximately £18.35 million. \n \nThe Company's market capitalisation at admission at the placing price of 25p is approximately £4.25 million.\n \nUnder the guidance of the new Board, the Company intends to pursue a strategy of acquiring a portfolio of US oil and gas licence interests onshore and in shallow offshore waters, characterised by relatively low risk and low cost with the potential for near term production. \n \nChief Executive Andy Morrison said: \n \n\"We are delighted to have completed ...