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Silvermere Eng Share Discussion Threads
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Andy Morrison the serial failure who crushed XTR and SLME is coming back...
with his new Company Zeta Petroleum
from the Bio on the Zeta Petroleum you would almost not even know how much shareholder value he destroyed at XTR and SLME
Chief Executive Officer
Andy Morrison has substantial experience in the oil and gas sector having worked with a number of major energy companies for over 30 years including Shell International Petroleum Company Ltd ('Shell') which saw him, amongst other achievements, devise and execute a marketing strategy and build a local management team for Shell to enter the Chinese domestic consumer market for oil products, as well as BG Group where he brought expertise in leading major business development projects and was promptly promoted to Head of Corporate Strategy.
Andy has held Chief Executive roles at Xtract Energy plc, an AIM quoted energy company, Silvermere Energy plc, which he saw through asset acquisition, AIM admission and into first production in the US and cashflow. Andy has a BSc (1st Class) in Chemical Engineering and Fuel Technology from the University of Sheffield.|
|Heard his estates in probate, you need to act quick to get a piece of the action, compensation for all his lies which made you invest in this dog.
Wonder who paid him for the ramping?|
|TERN - What was SLME......GL S
RNS Number : 1025M
21 August 2013
RESTORATION OF TRADING ON AIM
The trading on AIM for the under-mentioned securities was temporarily suspended. The suspension is lifted from 21/08/2013 7:30am, an announcement having been made.
Ordinary Shares of 0.001p each, fully paid, (B606VT5)(GB00B606VT57)
If you have any queries relating to the above, please contact the company's nominated adviser on 0117 945 3471.
This information is provided by RNS
The company news service from the London Stock Exchange|
|looks like slme no more.. change of name ..giving away mustang and becoming a cloud services company.. one to add to short list.|
|Angus Forrest - Proposed Executive Chairman
Do these low lifes stick together??? This man surely should be in prison. Do not under any circumstances invest in any company that he is involved in. EVER.|
|Nothing wrong with the asset, it was purely management. How do you incur such high liabilities and yet have no additional assets or development plans in place.
Silvermere have not been paying their portion of the Joint Interest Billing (JIB) since late last summer. They are partially responsible for holding up progress with the I-1 well and the 818 lease.
The parties that bought in this appalling management team should also take some heat for this unmitigated disaster. I will not give names but am tempted.
In summary: Morrison and Moxon were handed a near production asset that was proven and required the platform completion and the sub-sea tie in. They could not even get that right !
Lastly, what about building the Company and diversifying the asset base ? Nothing, merely overpaid executives sitting in a Mayfair office doing very little other than run up bills, expenses and salary.|
|Not at all - new management forced upon the Company by the majority owners....|
|Still responsible for buying a duff asset or bringing in poor management
60p to 1p then administration|
|Left 2 years ago when stock price was 60p lol.|
|Started a thread for this XPL p.o.s.
ex-Silvermere guy involved !
screams AVOID doesn't it ?|
|I wanted to let the investing public know a few facts that I have gleaned recently in conversations with various parties who have definitive first hand knowledge and insight into the Silvermere situation.
1. Morrison and Moxon defrauded a fellow working interest owner of $175,000
2. It appears that Silvermere were unable to meet their financial obligations as far back as September October last year, 2012. Why was the market not informed in the normal manner ?
3. The Athol note is a disaster, Athol however are not senior secured.
4. Silvermere is in foreclosure proceedings on their interest in the I-1 well and 818 lease position.
5. Another note for Sterling 90K has just arisen and is an additional liability to the $175K and the Athol note.
The question is with the $175,000 plus the various fundings, and the Athol note; Where did the money go ?
They were, are, a single asset company, and under the tenure of this bunch of clowns no attempt was made to diversify or develop additional assets. How could funds be burned through at this rate ? I detect fraud.
It appears that fraud charges will be bought against Morrison and Moxon in Texas over the $175K and they run the major risk of triple damages being awarded against them personally. Not good for them !
In summary this is a total failure in disclosure, the role of the NOMAD and beyond a Board of Directors who have no upstream experience. A US asset in the Gulf of Mexico cannot be run from an office in Mayfair.
If any of the Silvermere Board works in the City again I would suggest shorting the stock immediately. This is a disaster and a lot of people have been hurt.|
|The fraud charges in the USA relate to the taking of funds on an improper basis from a working interest holder. As it subsequently turned out the basis for the cash distribution was improper and Morrison misrepresented the entire issue.
As I understand it, charges are going to be bought in both Texas and the UK by the WI holder.
This is going to get very nasty for both Morrison and Moxon who have milked this company dry with their excessive fees and salaries. A single asset company run from an office in Mayfair is disaster.|
I'm not sure that fraud charges would stick , some of his remuneration was in shares and he took shares in at least one placing at over 20p so he won't be walking away with his pockets full of cash, though he would have made a net gain . I think incompetence would be a fair accusation , as for the FSA (or whatever its called these days), failing to disclose price sensitive info in a timely manner is something that might stick.
I don't know what he said to you personally, but if you feel that he lied then you may have a case.|
|Would it be possible for the ordinary PI to also file a claim against him..seeing as hes defrauded us all with his lies and bs.|
|I don't think many would shed a tear for the man...|
|The Company is finished, and I suspect that the Directors are in the line of fire personally for legal action against them in Texas. I have heard talk of fraud charges being filed against Morrison in Houston. That has severe implications.|
|Sadly, I don't see any way that they can dig themselves out of this hole , it looks likely that the asset will be auctioned off and SLME have no control of the process or the price, with debts nearing 1m GBP that will have to be paid off, I don't see anything being left in the kitty for shareholders.|
|Are they still working , have we been selling any oil or gas recently?|
|If we can make an arrangement with MAFL for the £750,000 loan due July 1st, the rest may fall into place. Surely this £80,000 default on shares and now this bit we owe Dominion £146,563.69 (converted)is peanuts. The company isn't going to sink 'for sake of a halfpenny of tar' is it? It's the bigger £750,000 and future funding that is the problem.|
|Showme - you appear well connected in the case of silvermere having posted numerous pieces of factual information . Do you personally see any way out for silvermere that would get any money back for shareholders ? Mafl surely will not throw anymore money in unless they are confident the mustang asset will produce the goods|