Silvermere Energy - Looking to acquire a stake in an oil producing asset in New Mexico

Silvermere Energy	Update 30th July 2012
Looking to acquire a stake in an oil producing asset in New Mexico	Speculative Buy Target price 22p Key data Price 11.75p 52 week high/low 32.00p/8.25p Primary exchange AIM EPIC SLME Shares in issue 29.2m Market Cap £3.43m Sector Oil and gas Valuation NAV / Share 11.43p TNAV / Share 11.43p Previous note Gas and condensate production from Mustand Island expected to start in summer 2012 Future event Completion of platform installation Affiliations: None Important: All disclaimer information can be found on the last page of the document
First commercial sales from the I-1 well as Mustand Island expected in late August 2012. Currently evaluating possible acquisition of a producing oil asset in New Mexico. Looking at 2P reserves at Mustand Island alone allows us to determine a target price of 22p. Click to download Full Report
Table: Financial overview Year to 31st Dec. 2010A1 2010A2 2011A 2012E Revenue (£000) 229 0 0 140 PBT (£000) 716 (153) (1,371) (300) EPS (p) (96) (16.9) (13.7) (0.9) Dividend (p) 0 0 0 0 Yield (%) 0 0 0 0 Notes: 1 - 12 months to 31 March 2010. 2 - 7 months to 31 December 2010

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