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Tuesday, October 2, 2012

Silvermere Energy - Encouraging early performance from the I-1 well at Mustang Island

Silvermere Energy

Encouraging early performance from the I-1 well at Mustang Island

  • First production from the I-1 well started in late-August which marks a crucial milestone in the development of the company. Early production has been encouraging with indications that condensate production may be higher than expected.
  • This is just the beginning of the story at Mustang Island 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
120
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
10.75p
52 week high/low
26.00p / 8.63p
Primary exchange
AIM
EPIC
SLME
Shares in issue
29.2 m
Market Cap
£3.1m
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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