Friday, September 09, 2011
Salamander Energy
Salamander Energy plc announced that its fully owned subsidiary, Salamander Energy (Bualuang) Ltd has agreed to farm-in to Block G4/50 in the Gulf of Thailand, earning equity in the acreage from Mitsui Oil Exploration Co Ltd (“MOECO”). Following the completion of the transaction, Salamander will hold a 100% working interest in and operatorship of the acreage, while MOECO will retain certain commercial options in the case of a future discovery. Block G4/50 is located in the western Gulf of Thailand and surrounds the Company’s B8/38 licence that contains the Bualuang oil field and Bualuang East Terrace oil discovery. The farm-in is subject to Thai government and regulatory approval.
Key Points:
G4/50, at over 11,650 sq km, is one of the largest blocks of prospective acreage offshore Thailand. The block surrounds the Salamander-operated B8/38 licence in the western Gulf of Thailand
It consolidates Salamander’s acreage position in an area where it has extensive operating experience and geological knowledge
Major programme of 3D seismic in 2H 2011 will be followed by a multiple well exploration programme
As part of the farm-in agreement MOECO will retain certain commercial options in the case of a future discovery
Exploration expenditures incurred in G4/50 are deductible against tax payable on production revenue from the Bualuang oil field in B8/38
James Menzies, Chief Executive, Salamander Energy, said:
“We are delighted to secure a very substantial area of prospective acreage surrounding our Bualuang operations. Block G4/50 has been of growing interest to Salamander as our geological and subsurface understanding of the immediate play has developed. The region remains under-explored to date and we are looking forward to implementing our work programme, starting with an extensive 3D seismic campaign of over 2,900 sq. km on G4/50 in the fourth quarter of this year.”
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