Salamander Energy signed an agreement to farm-out a 20% interest in Block 101-100/04 to JX Nippon Oil & Gas Exploration Corporation. Block 101-100/04, offshore northern Vietnam, is operated by Salamander and contains the Cat Ba oil prospect.
JX-NOEX will earn a 20% working interest in the block from Salamander through funding a promoted cost of the CB-1X well. The oil prospect has oil potential in both basement and in the overlying clastics, and has a mean prospective resource of c.100 MMbo.
Salamander said the prospect is an analogue to the neighboring Ham Rong oil field, declared commercial by Petronas in 2010. The oil prospect will be tested by the CB-1X exploration well, scheduled for drilling in July 2011, using the Aquamarine Driller jackup.
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