Silvermere Eng Share Discussion Threads

[ih_393528] 09/5/2013 14:28

The combination of arrogance and ignorance as an insidious one ! You cannot run a US operation from an office in Mayfair. Neither can you sit back and not attempt to grow the business and diversify the asset base.

This demonstrates a B of D with no upstream experience and no drive.

Additionally, Morrison paid himself 103K in 2012. He has a 2 day a week contract for 60K a year plus a daily rate in excess of the 2 days a week at 1,045 per day. That is outrageous.

As for the Company accounting; I cannot see how the Company could be in debt to the operators for at least $225K.

A good asset and lousy management. Often the story in the upstream E & P business.

[greenroom78] 09/5/2013 14:18

Surprised it took this long. I hope everyone got out beforehand.

[ih_393528] 07/5/2013 22:48

Why has the stock not been suspended pending investigation ?

I am amazed at the UK regulatory system that allows a miss statement of the Company's financial position to the market to go apparently unnoticed by the AIM market. Morrison failed to provide the market with material information on this matter and additionally glossed over the issue with upbeat and inaccurate press releases.

The entire B of D should resign immediately and Morrison needs to be taken for an interview under caution.

[ih_393528] 07/5/2013 17:10

If you care to read the Annual reports you will notice that Morrison paid himself in excess of 104,000 in 2012. For what ?

Secondly, given the stock sales, warrant exercises, Athol Gold loan for 750,000, plus $175,000 from the US on dubious grounds, it is very difficult to establish how the Company has run out of money at this stage.

In fact the Company is in debt to the operator of the I-1 well, Dominion, $225,000 plus.

Anticipate legal action on several fronts in very short order.

[showmethemoney123] 07/5/2013 14:28

The rat's are now leaving the sinking ship....

[ferdy1] 03/5/2013 14:14

What a shocking state of affairs...

AIM = Disgrace

SLME = Disgrace

BoD = Shameful

[ih_393528] 30/4/2013 20:07

I absolutely disagree. Dominion are the operator, and SLME signed the Joint Operating Agreement (JOA). In turn, should payments not be made then the interest is lost. Based on experience it is as black and white as that.

The delays have nothing to do with SLME not paying their portion of the Joint Interest Billing (JIB's). What you state is possible but certainly not probable, and given that SLME have, contrary to what Morrison states, a poor relationship with the operator Dominion highly unlikely.

Let us also not forget that Morrison did not disclose to the market the financial state of SLME, and the fact that the stock has not been suspended is truly amazing and an enormous blow to the supposedly tight UK regulatory system.

Anticipate legal action very shortly on several fronts. This is a mess which was poorly handled by an indolent and over paid B of D who have done nothing to build either the asset base or indeed cash flow via acquisition or JV opportunities in a growth market in the USA. Not least the company should have moved ahead with onshore acquisitions in order to diversify the asset base.

You cannot run US assets from an office in Mayfair, and combined with no upstream experience this is the net result.

[bumpkinroll] 30/4/2013 19:30

SMTM - I spoke with AM on friday re Dominion & he stated their relationship is good & that they have their support. My view, considering they are the operator & therefore ultimately responsible for the delay sagas, you would think & hope that Dominion would get this well into full production & allow SLME to pay off the arrears through gas & oil sales.

I'm sure we'll know either way this week.

[showmethemoney123] 30/4/2013 10:13

It is shameful that this piece of dog sh*te is still being allowed to trade. I hear things are about to get ugly with the operator. They will not have this asset for much longer....

[ih_393528] 29/4/2013 18:24

SMTM. You are absolutely correct.

Management are a disgrace and the lack of material disclosure on the financial state of the company is beyond description in a supposedly regulated market !

I would anticipate serious legal action against the B of D shortly. The American side will not be slow to pull the trigger.

[showmethemoney123] 29/4/2013 17:42

I cannot believe that this penny dreadful has not been suspended. It is a busted flush and is IMHO trading whilst insolvent/fraudulently trading.

[ih_393528] 26/4/2013 14:52

We certainly did. This absolutely standard practice in the USA.

SLME is default, $225K, and has caused fellow owners in the I-1 well significant grief by slowing matters down due to their lack of payment.

Additionally, SLME have failed to inform the UK market of their financial state.

The Company now faces the prospect of triple damages being awarded against it. This B of D needs to go now and AM needs to be fired.

[davethechef] 26/4/2013 14:14

This is isn't the direction that most of you expected here!!!

[ferdy1] 26/4/2013 04:11

Great name for a lawyer.....

[ih_393528] 25/4/2013 22:25

This letter was sent by Counsel on behalf of 2 co owners of the I-1 well to SLME and as yet there has been response from the Company or indeed the NOMAD. So much for UK disclosure and compliance !
Note the word substantial.


ROGER L. FIDLER
Attorney at Law
145 Highview Terrace
Hawthorne, N.J. 07506
[phone]
[phone] (Fax)
[e-mail]

VIA EMAIL TO
DUPLICATE ORIGINALS TO FOLLOW VIA
INTERNATIONAL EXPRESS MAIL

April 24, 2013

Board of Directors,
Executive Chairman Andy Morrison and
Non Executive Chairman Frank Moxon
Silvermere Energy Plc
42 Brook Street
London W1K 5DB
United Kingdom

RE: Black Cat Exploration and Production ("Black Cat") and Mustang Oil & Gas ("Mustang")

Members of the Board of Directors of Silvermere Energy Plc ("Company"):

My firm has been instructed by Black Cat and Mustang to pursue substantial claims against Silvermere and certain of its Directors. Please advise who is instructed in the United States to act on behalf of the Company and on behalf of Messrs.Morrison and Moxon.

If any questions arise with respect to this correspondence please contact me at the above coordinates.

Sincerely,


Roger L. Fidler

cc: Sanlam Securities NOMAD and Joint Broker (via email to Lindsay Mair;
Scott Mathieson and Catherine Miles and international express mail to
10 King William Street, London, EC4N 7TW)

[rajaster] 25/4/2013 15:33

This article pretty much summarises the market and companys like SLME.. I bet the insiders AM has fed information to have made multi millions from our losses.. and will pay AM and moxxon a tidy sum.

[solarno lopez] 25/4/2013 15:21

Ar I see SLME sorry I did not have my glasses on !!

[ih_393528] 25/4/2013 15:19

I was being polite !

[solarno lopez] 25/4/2013 15:17

Did you say SLIME

[ih_393528] 25/4/2013 15:14

My understanding is that the B of D of SLME have been served notice of impending legal action against the Company and the Board members individually in the USA.

Why no RNS ? What has the NOMAD about disclosure of material facts to the market ?

This is an absolute disgrace. It appears that Moxon and Morrison think they are immune to the rules and regulations that apply to all others. Based on timing of the Lawyers intent to file against SLME and the B of D I would expect full legal documents in place next week.

[jimmy12345] 25/4/2013 12:01

We need a rns, and need it now. Time for management to fess up

[rajaster] 25/4/2013 10:26

AM thinks he can sort things.. like he has sorted things for nearly two years with a load of hulabaloo