Silvermere Eng Share Discussion Threads

[jimmy12345] 25/4/2013 10:20

Cant be long till the suspensionwhy no rns frim management? They seem to be hiding from the owners

[rajaster] 25/4/2013 10:09

1.75p bid.. no surprises there.. it will continue to sink.

[ih_393528] 24/4/2013 18:13

seblufc; I would envisage the litigation issue coming up very shortly. Not least triple damages in the State of Texas is a fact of life.
SLME hold their US license in Kleburg County through a US subsidiary (as they must by law) and are therefore absolutely subject to judicial rulings in the State of Texas where the asset in question is located.

Tough times ahead.

[seblufc] 24/4/2013 16:58

Thanks for the reply though hope a rosier picture can be presented by the company . Gl

[ih_393528] 24/4/2013 16:45

seblufc, to answer your questions directly
The other interest holders in the I-1 well. Information based on being in the upstream business and in the US market. Am very familiar with that part of the shallow Gulf of Mexico in South Texas.

There is no way that there will not be litigation in this matter. SLME have misrepresented their financial position to the London market, the other interest owners and the operator. By being in default the other interest holders pick up the tab while this work over is completed. It is basic procedure under a standard JOA.

[seblufc] 24/4/2013 16:38

The reg . The other owners of what ? The well or holders of snt . Where is your info from ?

[ih_393528] 24/4/2013 12:59

DTC, you just got had.

The Company is in default based on the Joint Operating Agreement (JOA) they have signed. As a consequence they are no longer in communication with the operator until the default is paid. The default is in excess of $225,000.
Under the JOA they will loose the net production to SLME plus a penalty and it is possible that they could loose the overall interest in the well. This is very serious and a London broker has no idea as to the real issues at hand,he is being mislead by the Company and specifically AM who has proven to be dishonest.

This is far from over and anticipate substantial legal action in the next 24 hours from the other owners.

[davethechef] 24/4/2013 12:16

Thanks to zoommer on LSE, 10ish this morning.

this ceo is a share holder and the only think is the loan note to ahg just off phone to slme broker and they are in dissusions to resovle this and thats it the work over is 4 weeks in and as soon as they can they will update us there is no defult as they would have to give news of this in a rns.that from there broker.its a phone call and thats it happy holder very very small problem.if you think i am fibing ring them bt rate 20p call dyor zoooooom

[jimmy12345] 23/4/2013 16:14

I hope the BOD have adjusted their renumeration accordingly. At the moment they seem to be getting paid about the same as the mcap

[rajaster] 23/4/2013 13:45

15p-0.1p.. the road to oblivion in reverse.

[ryan83] 23/4/2013 12:42

wouldnt be the first

[showmethemoney123] 23/4/2013 12:25

1p possibly 0.9p with these muppets at the helm. Licensed dealers could already be banging out their allocation?

[ryan83] 23/4/2013 12:11

some gutter talk on LSE of funding agreement reached just in the final thro's. Wonder at what price?

[rajaster] 23/4/2013 10:57

the chart here is look really ugly.. wont take a lot for the 2p support to break. not that charts matter at this stage.. its clear as day the market will rape SLME at the first opportunity when funding is needed. still no update.

[showmethemoney123] 23/4/2013 08:57

This will get hammered twice now with the drip drip expectation of more awful newsflow and again when they are finally dragged kicking and screaming into making an announcement - this has been a feature of their "news management" to date....

£0.7 million market cap tells its own story....

[sufijedi] 23/4/2013 00:06

keep up the bad work Andy Morrison

[ch1llidog] 22/4/2013 20:04

God blimey, judge, jury and executioner, it reminds me of crows picking over dead bodies... I assume you are holders who are smarting at the present price, if not your efforts I am sure would be much better spent elsewhere ... why don't you all just wait and see, no one is going to make any change to any thing based on your theories and toxic statements.

[ih_393528] 22/4/2013 15:37

Some interesting comments. At the end of the day the vendors of the asset, Black Cat and Mustang have an enormously strong case against SLME. Equally, they have backing, it appears the B of D of SLME do not have City support. If they did this matter would be resolved by this stage.
This issue will get very ugly and the stock will probably be suspended pending legal and compliance investigation.
There is little doubt that Morrison is both incompetent and dishonest, a lethal combination. He has without doubt mislead the market as to SLME 's overall position financially and with the status of the I-1 well. He deserves to go down, and if fraud charges are filed against him in Texas he will have very serious issues to deal with both corporately and individually.
Say what you may about Mason, at least he drills and completes decent wells and had the sense not to buy SLME warrants way out of the money with a management team that was not worthy of backing.

[rajaster] 22/4/2013 13:20

fair enough. force him to sell at a discount too for the games played.. holding in SIPP too.. so he doesnt have to declare anything.

[showmethemoney123] 22/4/2013 12:36

I have the capacity but I will not create uplift for Morrison's shareholding....

[rajaster] 22/4/2013 11:30

1p is around my estimation also judging by previous discounts. No revenue, wont be surprised as Dominion are the operator they have call on money they are owed.

SMTM, do you have the capacity to force a takeover of SLME in the event that AM doesnt step down. Force him and moxxon out.

[showmethemoney123] 22/4/2013 10:35

If by some miracle they do manage to pull together a rescue fund raising my guess is it will be done at 1p (with huge bucket shop involvement). After all, these muppets have always issued stock at a vast discount even when there was positive progress (and on anyone's analysis this is far from positive).

I also understand they have not received one revenue cheque yet but may be misleading investors into thinking they actually have cash coming in?

[rajaster] 22/4/2013 09:21

AM has proved a more slippery figure than Tony Mason thus far.