Tern PLC, formerly Silvermere Energy plc, is an investment company in oil and gas assets. The Company focuses principally on exploration, appraisal and production opportunities in the United States. As of December 31, 2011, the Company had 16.65% interest in I-1 Well. The Company focuses on the Mustang Island 818-L field, which is located in offshore Kleberg County, in Texas. As of December 31, 2011, it owned a 33.3% working interest in the Mustang Island 818-L Field. On June 29, 2011, the Company�s subsidiary Silvermere Energy Inc (SE Inc) was incorporated. On August 30, 2011, the Company completed the acquisition of the Mustang Assets.