Salamander is going through an unlucky period at the moment.
In February they announced that no recoverable gas was found at Si That-3 in Thailand:
APICO, the L13/48 operator, has suspended the Si That-3 well following the completion of a Production Logging Tool (PLT) survey. Despite gas flow to surface being measured during testing, no free gas flow was detected by the PLT tool from the reservoir above the water zone. The gas seen at surface during testing is believed to be coming out of solution, and would be dissolved under reservoir conditions.
In April they announced that Phu-Kheng in Thailand was being abandonded
Despite the presence of gas saturation and porosity as determined from logs, the targeted sandstone interval failed to flow after the frac operation.
In June and July they announced the wild cat Tom Su Lua-1X and Tom Hum Xanh-1X wells in Vietnam were dry
TSL-1X well, the first exploration well in the basin, has been drilled to a total vertical depth sub-sea of 1,380 metres. Following the completion of wire-line logging operations, the well has been plugged and abandoned as a dry hole.
and
THX-1X well has been drilled to a total true vertical depth subsea of 2,103 metres without encountering significant hydrocarbons in the target reservoir sections.
Today they announced that Bang Nouan in Laos is being abandoned as dry:
No significant flow of hydrocarbons was observed and an injectivity test has confirmed that this tight formation would not readily respond to fracture stimulation to achieve a commercial flow rate.
And today they have also announced that pressure decline at Kambuna means they are reducing their reserves estimate by c. 20%
2P reserves in Kambuna field as at 1st January 2010, net to Salamander, are being re-stated as 6.5 MMboe on an entitlement basis (working interest 9.1 MMboe). As part of the 2P reserves figure previously reported at the time of 2009 results, the Kambuna field 2P reserves net to Salamander were carried at 8.3 MMboe on an entitlement basis
Serica is also affected by the latter announcement. Serica currently down 6%, Salamander down 10%
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