Wednesday, August 03, 2011
Salamander Energy plc
Salamander announced the spud of the Cat Ba-1X ("101-CB-1X") exploration well in Block 101-100/04, offshore northern Vietnam.
The 101-CB-1X well will be drilled to a depth of approximately 1,900 meters. The primary objective is a Palaeozoic carbonate, (buried hill) structure with secondary objectives in the overlying Tertiary clastic section. The mean gross pre-drill estimate of prospective recoverable resource is approximately 100 MMbo. The well will be drilled by the Aquamarine Driller jack-up rig in a water depth of 49 meters. It is expected to take approximately 25 days to complete on a dry hole basis.
Salamander holds a 30% operated interest in Block 101-100/04, subject to final government approval of the farm-out of 20% interest to JX-Nippon Oil & Gas Exploration Corporation announced in May 2011.
James Menzies, Chief Executive of Salamander, said, "The Cat Ba prospect is an analogue to the neighboring Ham Rong Oil field that was declared commercial in 2010, both located in the Hai Phong sub-basin. We have reduced our financial exposure to the 101-CB-1X well through farm down, but remain highly leveraged to the upside in the event of success."
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