Silvermere Eng Share Discussion Threads

[induna123] 16/4/2013 11:12

Clutching at straws im afraid. The likely scenario is a suspension on AIM.

[yachtie8078] 16/4/2013 09:43

As I understand the situation, we are not in breach or default ourselves, but we were carrying partners............... Dominion understands that a dispute presently exists as between Silvermere on the one hand, and Mustang and Black Cat on the other hand, with regard to responsibility for payment of expenses incurred associated with operations on the Well to date. Mustang and Black Cat have asserted that their shares of the Well costs are being "carried" by Silvermere, and Silvermere takes the position that its obligation to carry Mustang and Black Cat has terminated under the terms of the relevant agreements among such parties.

Maybe we will take Black Cat's and Mustangs share? Do we take a punt??????

[pro_better] 16/4/2013 09:42

if they sell their interest they will have no asset...they will be classified as a cash investment company until they find another asset...

the question is how much they will be able to sell their interest??

i dont think they will go that way...^

imho they will pay their part of costs via SEDA...and then negotiate extension on the loan...but to move really forward they need considerable funds...at least £1-£2m IMHO...to buy another asset, cover costs for second well at mustang and working capital needs...

how they will manage that is anyones guess....

[hulltiger] 16/4/2013 09:41

Post 5084 thank you so much got rid of what I had left first trade this morning, I was surprised no one else picked up on this brilliant piece of research.

[rajaster] 16/4/2013 09:36

i've held on.. but its another write off now.. should never have held on.. its clear news was leaked weeks ago.

[cliveas] 16/4/2013 09:34

anyone with greater knowledge re fundraising etc know what our options are now?

I presume we cannot use the 5m SEDA facility?

Priority must be to secure our interest in the well and negotiate loan extension.

Can we sell our interest?

Holding for now

[pro_better] 16/4/2013 09:32

imo now to turn the ship (if they can) they need to dilute massively...it will be interesting to see if new investors will support the co now...imho they will be forced to use the seda...

[thenorth] 16/4/2013 09:25

Pro good point they didnt so what now?

[pro_better] 16/4/2013 09:21

why on earth they did not raise considerable funds when share price was at 13p and the story was hot....they could have covered easily all their obligations and have money for a second asset and drill a second well at mustang as well...

[empirestate] 16/4/2013 09:18

What a perthetic bunch of incompetent management again.

[jimmy12345] 16/4/2013 09:17

sold at 2.8, glad to get out with something. anyone still in here by end of week going to get nothing

[romeoandjuliet] 16/4/2013 09:14

Another top tip from Tom w

[cliveas] 16/4/2013 09:12

Were do we go from here?

It says only 80k defaulted but :

'It is now in default of significant outstanding financial commitments on its I-1 Well'

How much is this?

AM needs to get his finger out and sort this and then resign!

Even with commitments our share is still worth something?

[comedy] 16/4/2013 09:06

same guy who destroyed xtr???

[christianf12] 16/4/2013 09:04

Andy Morrison will never get another job now imo.

[purple11] 16/4/2013 09:04

another fxcking useless aim oil stock.

[vivgav] 16/4/2013 09:02

Andy Morison should walk now

[christianf12] 16/4/2013 08:57

What a complete shambles.

Looks like a rescue funding at 1p imo.

[pro_better] 16/4/2013 08:26

'However, as Operator, Dominion is entitled to receive 33.33% of the total Well costs from some or all of the parties, and such costs have not been paid.'

[pro_better] 16/4/2013 08:25

if this is RNSd then i see share price losing a lot today!