Schedule 1 update - Silvermere Energy plc

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

COMPANY NAME:

Silvermere Energy plc

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

Registered office and trading address: 42 Brook Street, London W1K 5DB

COUNTRY OF INCORPORATION:

UK

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

www.silvermere-energy.com

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:

The Company has an option to acquire a 33% working interest and a 20.83% net entitlement interest (following the payment of certain overriding royalties) in the lease numbers 108873 and 108874 of the Mustang Island Block 818-L field, located in the Kleberg County Waters, Texas, in the Gulf of Mexico for total effective consideration of £2.8 million.

The Company has raised £1.52 million through a conditional placing of 6,079,120 new ordinary shares at 25p per share and 6,079,120 warrants to subscribe for ordinary shares at 25p per share with institutional and other investors. It is intended that the proceeds of the placing will be used to fund development of the I-1 well, a key well within the Mustang Island Block 818-L field, together with providing working capital generally and to pay the costs associated with the acquisition and admission.

The acquisition will constitute a reverse takeover under the AIM Rules. Completion of the acquisition is subject to shareholder approval at a general meeting of the Company convened for 18 August 2011, which is expected to be adjourned and re-convened for 30 August 2011

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

16,980,750 ordinary shares with a nominal value of 0.1p per share and an issue price of 25p per share. No restrictions on the transfer of securities.

CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

Placing of 6,079,120 new ordinary shares at 25p per share to raise £1.52 million. Anticipated market capitalisation on Admission (based on a placing price of 25p per share) is approximately £4.25 million.

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

24.18 per cent.

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS AIM SECURITIES) ADMITTED OR TRADED:

No other exchanges or platforms.

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):

Bruce George Alexander Evers (Executive Chairman, Non-Executive Director from Admission)

John Roddison (Finance Director, resigning immediately after Admission)

Reinhold Adriaan Maria Heus (Non-Executive Director, resigning immediately after Admission)

Frank Hoyt Moxon (Proposed Non-Executive Chairman)

Andy John Gowdy Morrison (Proposed Chief Executive)

Stewart James Dalby (Proposed Non-Executive Director)

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):

\* This holding comprises XCAP's private clients and associated entities.

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

None

(i) ANTICIPATED ACCOUNTING REFERENCE DATE

(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

(i) 31 December

(ii) 31 December 2010 (incorporated by reference)

(iii) 30 September 2011; 30 June 2012; and 30 September 2012.

EXPECTED ADMISSION DATE:

31 August 2011

NAME AND ADDRESS OF NOMINATED ADVISER:

Merchant Securities Limited, 51-55 Gresham Street, London EC2V 7HQ

NAME AND ADDRESS OF BROKER:

Merchant Securities Limited, 51-55 Gresham Street, London EC2V 7HQ

Rivington Street Corporate Finance Limited, Fourth Floor, 39 Athol Street, Douglas, Isle of Man IM1 1JA

Old Park Lane Capital plc, 49 Berkeley Square, London W1J 5AZ

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

Memery Crystal LLP, 44 Southampton Buildings, London WC2A 1AP

DATE OF NOTIFICATION:

18 August 2011

NEW/ UPDATE:

UPDATE