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,

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Salamander Energy PLC is an independent oil and gas exploration, development and production company focused on building a portfolio of assets in Southeast Asia. The Company's segments include Thailand, Indonesia and Other. Its Other segment includes Malaysia and corporate centers in the United Kingdom and Singapore. The Company's operations in Thailand are focused on the Bualuang Oil Field, offshore in the Gulf of Thailand. It also holds non-operated positions onshore in the Khorat Plateau in production, development and appraisal assets. The Greater Bualuang area comprises the B8/38 production license, which contains the Bualuang Oil Field, and the G4/50 exploration concession. Its operations in Indonesia include Kerendan field development and North Kutei. The Kerendan field contains over 120 billion cubic feet (Bcf) of proved and probable reserves (2P). The Company's other operation in onshore North East Thailand in the Khorat Plateau is the Sinphuhorm Gas Field. more »

LSE Price
79.5p
Change
 
Mkt Cap (£m)
n/a
P/E (fwd)
n/a
Yield (fwd)
n/a

SOCO International plc (SOCO) is an oil and gas exploration and production company. The Company's segments include South East Asia and Africa. It has field development and production interests in Vietnam, and exploration and appraisal interests in the Republic of Congo (Brazzaville) and Angola. In Vietnam, SOCO's Block 16-1 and Block 9-2 include the Te Giac Trang and Ca Ngu Vang Fields, which are located in shallow water in the Cuu Long Basin, near the Bach Ho Field. SOCO holds working interest in Block 16-1 and Block 9-2 through its subsidiaries, SOCO Vietnam Ltd and OPECO Vietnam Limited. SOCO holds its interests in the Marine XI Block, located offshore Congo (Brazzaville) in the shallow water Lower Congo Basin, through its subsidiary, SOCO EPC. SOCO holds working interest in the Mer Profonde Sud Block, offshore Congo (Brazzaville) through its subsidiary, SOCO Congo BEX Limited. SOCO's subsidiary, SOCO Cabinda Limited, holds participation interests in the Cabinda North Block. more »

LSE Price
150.25p
Change
 
Mkt Cap (£m)
498.8
P/E (fwd)
106.3
Yield (fwd)
3.8



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