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Salamander Energy drills second dry well in southern Vietnam

Friday, Jul 23 2010 by
1
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,
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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, Indonesia and Other. 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. The Company focuses on drilling 16 development wells on the Bualuang oil field. The Company focuses on the Kerendan gas field development. The Company holds majority operated interests in the North Kutei basin. Its other two producing assets include the Sinphuhorm gas field, onshore Northeast Thailand and the Kambuna gas-condensate field, Offshore North Sumatra, Indonesia. more »

Share Price (Full)
113.5p
Change
-0.3  -0.2%
P/E (fwd)
8.8
Yield (fwd)
n/a
Mkt Cap (£m)
294.4

SOCO International plc is an international 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; Republic of Congo (Brazzaville), which includes Marine XI Block and Marine XIV Block, the Democratic Republic of Congo (Kinshasa), consists of Nganzi block and Block V and Angola, which include Cabinda Onshore North Block. The Company's operations are located in South East Asia and Africa. It holds its interests in the Republic of Congo (Brazzaville), through its 85%-owned subsidiary, SOCO Exploration and Production Congo SA (SOCO EPC). It holds its interests in the Democratic Republic of Congo (Kinshasa) through its 85%-owned subsidiary SOCO Exploration and Production DRC Sprl. The Company’s net entitlement volumes were approximately 15,500 barrels of oil equivalent per day. more »

Share Price (Full)
420.8p
Change
-6.9  -1.6%
P/E (fwd)
10.6
Yield (fwd)
4.1
Mkt Cap (£m)
1,420



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