Salamander Energy drills second dry well in southern Vietnam

Friday, Jul 23 2010 by
Salamander Energy drills second dry well in southern Vietnam

Salamander Energy Plc (LON:SMDR), the Asia focused oil and gas group, has plugged and abandoned the Tom Hum Xanh-1X exploration well in Block 31, in the Vinh Chau Graben system, offshore southern Vietnam. The well is the second consecutive dry hole for Salamander on Block 31, which announced at the end of June that the Tom Su Lua-1X well was set to be plugged an abandoned.

During the latest work, the 31-THX-1X well was drilled to a total true vertical depth subsea of 2,103 metres without encountering significant hydrocarbons in the target reservoir sections. Following the completion of wire-line logging operations, the well has been plugged and abandoned as a dry hole and the rig is currently being towed off location. Salamander entered into a farm out agreement with Origin Energy, announced in December 2009, which resulted in it retaining an operated 35% interest in the Block 31 production sharing contract.

James Menzies, Salamander’s chief executive, said: “With an intensive exploration programme we expect some dry holes. Nevertheless we are disappointed that drilling in this frontier basin has not offered more encouragement. Salamander's drilling campaign will be moving on to the proven Kutei basin, offshore East Kalimantan, Indonesia.”

Salamander kicked off 2010 with an active drilling programme of 12 exploration and appraisal wells targeting 340m barrels of oil equivalent of net unrisked resource (75 MMboe of net risked resource). Earlier this week, the company agreed a deal with SOCO International (LON:SIA) to buy its 40% stake in the B8/38 licence in the Gulf of Thailand. Salamander already owns 60% of the licence, which contains the Bualuang oil field, and is the operator of the field.

Filed Under: Oil & Gas Producers,


As per our Terms of Use, Stockopedia is a financial news & data site, discussion forum and content aggregator. Our site should be used for educational & informational purposes only. We do not provide investment advice, recommendations or views as to whether an investment or strategy is suited to the investment needs of a specific individual. You should make your own decisions and seek independent professional advice before doing so. Remember: Shares can go down as well as up. Past performance is not a guide to future performance & investors may not get back the amount invested.

Do you like this Post?
1 thumb up
0 thumbs down
Share this post with friends

Salamander Energy PLC is a holding company. The Company is engaged in oil and gas exploration, development and production, which focuses on building a portfolio of assets in Asia. The Company’s geographical segments include Thailand and Indonesia. The Bualuang oil field is the Company's flagship production asset. The Company focuses on assets in and around three areas: Greater Bualuang, Greater Kerendan and North Kutei. The Company’s position in the Greater Bualuang Area is based around the Bualuang oil field, Block B8/38 and Block G4/50. Block G4/50 covers approximately 2,900 square kilometers surrounding the Bualuang production license and contains five sub-basins. The Company focuses on the Kerendan gas field development. The Company holds majority operated interests in the North Kutei basin. more »

Share Price (LSE)
Mkt Cap (£m)
P/E (fwd)
Yield (fwd)

SOCO International plc is a United Kingdom-based oil and gas exploration and production company. The Company has oil and gas interests in Vietnam, which includes Block 9-2 and Block 16-1; Congo Basin, offshore Congo (Brazzaville), which includes Marine XI Block and Mer Profonde Sud; Albertine Rift, onshore eastern Democratic Republic of Congo, consisting of Block V, and Angola consisting of Cabinda Onshore North Block. The Company's operations are located in South East Asia and Africa. It holds its interests in Marine XI in Congo (Brazzaville) through its 85%owned subsidiary SOCO Exploration and Production Congo SA (SOCO EPC). It also holds a 60% working interest in the Mer Profonde Sud Block offshore Congo (Brazzaville) through its wholly owned subsidiary SOCO Congo BEX Limited. more »

Share Price (Full)
Mkt Cap (£m)
P/E (fwd)
Yield (fwd)

  Is Salamander Energy fundamentally strong or weak? Find out More »

What's your view on this news? Log In to Comment Now

You can track all @StockoChat comments via Twitter

About Stockopedia News

Stockopedia News

Stockopedia News Bulletins aim to report on stories and companies that are relevant to and popular with online investors.  It's a free service provided to registered users of Stockopedia. 

Stock Picking Tutorial Centre

Related Content
Malcys Oil Report  IAE OPHR CAZA SIA
Malcy's Oil Report - IAE, OPHR, CAZA, SIA
Ithaca Energy Inc 13th Aug

Vietnam Assets
Vietnam Assets
SOCO International 20th Jul '09

Soco International SIA
Soco International, SIA;
SOCO International 4th Jun

Let’s get you setup so you get the most out of our service
Done, Let's add some stocks
Brilliant - You've created a folio! Now let's add some stocks to it.

  • Apple (AAPL)

  • Shell (RDSA)

  • Twitter (TWTR)

  • Volkswagon AG (VOK)

  • McDonalds (MCD)

  • Vodafone (VOD)

  • Barratt Homes (BDEV)

  • Microsoft (MSFT)

  • Tesco (TSCO)
Save and show me my analysis