Worthington Energy, Inc. (fka WGASQ)

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Silvermere Operations Update

Date : 06/18/2012 @ 2:00AM
Source : UK Regulatory (RNS & others)
Stock : Silvermere Eng (SLME)
Quote : 11.625 -0.625 (-5.10%) @ 4:58AM


http://ih.advfn.com/p.php?pid=nmona&article=52793933

Operations Update
PrintAlert
TIDMSLME
RNS Number : 5337F
Silvermere Energy PLC
18 June 2012
18 June 2012
Silvermere Energy plc
("Silvermere" or the "Company")
Operations Update
At its Annual General meeting to be held at noon today, Andy Morrison, Chief Executive of Silvermere, the independent oil and gas company focusing principally on appraisal and production opportunities in the US, will provide an update on preparations for production from the I-1 well in its Mustang Island 818-L Field. This is based on information provided by the Operator, Dominion Production Company LLC ("Dominion").
The lift-boat to be used for the installation completed its previous assignment on 14 June. It is being inspected and prepared in Galveston ready for load-out operations. Departure of the lift-boat with the barges carrying the jacket, platform and pipeline for installation and to the 818 area is expected by the end of the month, weather permitting.
The overall platform installation and tie-in to the main 20" trunk pipeline is scheduled to take approximately one month. Timings will become more predictable once the jacket has been secured to the ocean floor, after which the likelihood of weather delays is reduced. The jacket installation element will take 7-10 days from arrival.
Further updates will be provided as the work progresses.
--ENDS--
For further information please contact:


Silvermere Energy plc [phone]
Andy Morrison, Chief Executive 561
Merchant Securities Limited (Nominated Adviser
and Broker)
Lindsay Mair/Virginia Bull + 44(0)20 7628 2200
Rivington Street Corporate Finance Limited
Jon Levinson [phone]
Bishopsgate Communications
Nick Rome/Shabnam Bashir [phone]
About Silvermere Energy PLC
The Company acquired its interest in the Mustang Asset on 30 August 2011. This comprises a 33.33 per cent. working interest and 20.83 per cent. net entitlement interest in the Mustang Licence Area, an area within the southern half of the north west quarter and northern half of the south west quarter of the Block 818-L field as defined in State of Texas Oil and Gas Lease numbers 108873 and 108874. The Mustang Island 818-L field, located in Kleberg County waters of the Gulf of Mexico, is a field re-habilitation project targeting bypassed or only partially produced gas-condensate.
Early in 2011 the Hercules Offshore 205 jack-up rig was contracted to re-enter the I-1 Well on the Mustang Licence Area which was considered to be the most likely of the historic well sites to provide 14 optimum re-entry conditions. The I-1Well re-entry and side-tracking operation was completed in March 2011 leaving it ready to complete in sand horizons I-1 to I-6. Production and flow testing was carried out during June 2011. The well re-entry programme was led by Dominion as the operator. Gas and oil produced from the I-1Well is proposed to be connected to pipeline infrastructure and tied in via a subsea assembly, constructed for the purpose and then transported to the Six Pigs gas facility.
Silvermere's strategy is to acquire a portfolio of US oil and gas licence interests onshore and in shallow offshore waters, characterised by relatively low risk and low cost with the potential for near term production.
Silvermere is quoted on the AIM Market of the London Stock Exchange plc (AIM: SLME) with its offices in London.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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