Equity Private Placement Gives Silverstone Platform to Grow
Silverstone Energy Limited has closed an equity offering by way of private placement to European and North American institutional investors which raised total proceeds of £47.5 million ($100 million Canadian).
Silverstone was founded in March 2005 and to date has drilled three exploration wells, all of which resulted in gas discoveries.
The proceeds of the fund raising, which closed on May 31st, will be used to carry forward the first of Silverstone's Southern North Sea development projects and allow the company to maintain exploration momentum by funding its drilling program over the balance of 2007 and 2008.
Silverstone expects their most recent discovery, the Viking Lx development, to be on stream in the autumn of 2008.
In commenting on the success of the financing, President Matt Brister, said: "We are pleased to have accessed capital and broadened our shareholder base at a time when we see opportunities improving. We hope to use the solid financial footing now in place to support our first field development and expand on both the number and quality of our opportunities."
Silverstone is an active private Aberdeen-based North Sea explorer on its way to becoming a producer. Tristone Capital and Bridgewell acted as financial advisers to the company on this transaction.
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