Salamander Provides Updates on Operations at its Southeast Asian Assets

Salamander Energy plc, an independent oil and gas exploration and production company, provided Tuesday an operations update at its upstream assets in Southeast Asia, comprising Indonesia and Thailand, in the firm's Interim Management Statement for the period Jan. 1 to May 6.

On Indonesia, Salamander has identified around 650 billion cubic feet (Bcf) of recoverable gas within the Kerendan-West Kerendan development area in onshore Central Kalimantan following the successful completion of the West Kerendan 1 exploration well in March. Of these volumes, 120 Bcf are currently under contract and the firm is pursuing the commercialization of the additional volumes.

Salamander achieved a key milestone with first production at the Kerendan gas field and it is encouraged by the progress that the gas off-taker has made during the first half of the year toward completing the power plant and transmission lines. The West Kerendan gas discovery, with resources estimated at 360 Bcf, tested at 50 million standard cubic feet per day (MMscf/d), removing the immediate need to drill a further appraisal well in support of negotiation of a second gas sales agreement (GSA).

Salamander now plans to commercialize the estimated 520 Bcf inventory of uncontracted gas in the Kerendan area, with the firm in discussions with the regulator on expanding the Kerendan plan of development to include the West Kerendan area. The next step in commercializing the uncontracted gas involves certification of reserves by the Indonesian authorities of the enlarged Kerendan resource, which will determine the volumes to be sold under additional GSAs.

Separately, the Ocean General (mid-water semisub) is scheduled to arrive at the North Kutei area off Kalimantan in late May/early June to re-drill the North Kendang prospect, the original well having been abandoned after a significant wet gas kick. The majority of this well is being paid for through insurance proceeds.

Over in Thailand, the company revealed that a key milestone in converting a large tranche of Bualuang field’s 27.7 million barrels of oil (MMbo) of certified contingent resources into 2P reserves will be Board approval for the Charlie development. The conceptual design studies for the additional infrastructure are well advanced and Salamander is on schedule to table the preferred development concept for Board approval over the summer.

Looking to the future, the company's management believes that there is potential for further resource additions on the Bualuang field and the current development drilling campaign highlighted further oil-bearing pay zones which have yet to be documented fully.


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