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Wednesday, August 29, 2012

Silvermere Energy - Condensate production from Mustang Island looks all set for late-September 2012

Silvermere Energy

Condensate production from Mustang Island looks all set for late-September 2012

  • Initial commercial production from Mustang Island is just the beginning of the story with future development work on other existing prospects within this same licence area which has the potential to significantly upgrade the Company's reserves and valuation.
  • Silvermere is seeking to grow by acquiring further at or near production, secondary and tertiary oil and natural gas opportunities onshore and shallow offshore the US that have the promise of early cash flow and Currently evaluating possible acquisition of an producing oil asset in New Mexico.
  • 2P reserves at Mustang 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
0
PBT (£000)
716
(153)
(1,371)
(1,000)
EPS (p)
(96)
(16.9)
(13.7)
(2.7)
Discount (p)
0.00
0.00
0.00
0.00
Notes: ¹ - 12 months to 31 May 2010; ² - 7 months to 31 December 2010

Speculative Buy
Target price
22p
Key data
Price
13.00p
52 week high/low
26.00p / 8.63p
Primary exchange
AIM
EPIC
SLME
Shares in issue
29.2 m
Market Cap
£3.79m
Sector
Oil & Gas
Valuation
NAV / Share
11.43 p
TNAV / Share
11.43 p
Affiliations: None
Important: All disclaimer information can be found on the last page of the document


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