Business
Operations Update
Operations Update.
About this update from Tern Plc
[{"type":"text","content":"\n \nRNS Number : 3133C Silvermere Energy PLC 15 April 2013 \n \n\nAIM: SLME\n15 April 2013\n \nSilvermere Energy plc \n(\"Silvermere\" or the \"Company\")\n \n \nOperations Update\n \n \nSilvermere Energy plc, the independent oil and gas company with assets in the Gulf of Mexico, is pleased to provide further information on production and sales of oil and gas during March 2013 from the I-1 well on its Mustang Island 818-L Field. This is based on information provided by the Operator, Dominion Production Company LLC (\"Dominion\").\n \nTotal production and sales of gas recorded during the month were 883,000 standard cubic feet (scf), and total production of oil was 127 barrels.\n \nUp until the previous update on 5 March 2013 the well continued to experience restricted flow rates due to obstructions in the well-bore. Pipeline operating pressure from platform to shore was reduced in an attempt to improve pressure differentials and flow conditions, but this did not resolve the matter. It was therefore agreed by the partners that a simple work-over should be conducted in order to investigate and remedy the blockages that have extended the clean-up period longer than had been expected.\n \nFollowing mobilisation of the required equipment to the platform on 1 April, work-over operations commenced and remain on-going as at the date of this announcement. The work-over is being conducted using the platform's on-board crane.\n \nA further update will be provided upon completion of the work-over operations.\n \nSilvermere owns a 16.66% working interest in the I-1 well and a 33.33% working interest in future wells on the leases.\n \nCommenting on these recent developments, Andy Morrison, Chief Executive of Silvermere, said: \n\"We are pleased that the decision has been taken to undertake a work-over of the I-1 well, as we believe this should enable us to deliver previously projected flow rates, to increase the associated cash flow and therefore to demonstrate the value of the asset.\"\n \nThis statement has been approved by Mr Tom Gunningham CEng MEI, Director of Rockflow Resources Ltd, an independent oil and gas consultancy, who is a Chartered Petroleum Engineer with 24 years' experience in the Petroleum Industry, and who is a Qualified Person in accordance with the guidance...