Salamander Energy to Handle Sandakan Seismic in Farm-in with Tap

Salamander Energy plc has signed a farm-in agreement with Tap Oil Limited for a 35% interest in Service Contract 41 ("SC41") in the Sandakan Basin, Philippines.

Under the terms of the agreement, which is still subject to approval by partners and the Philippine Government, Salamander will earn a 35% interest in SC41 by carrying the partners through a 3D seismic program.

The SC41 partners plan to acquire a minimum of 600 square kilometers of 3D seismic during the second quarter of 2007 ahead of drilling anticipated in 2008. The seismic vessel has been contracted and is due to mobilize in April. A number of leads with the potential for oil accumulations in the 50 to 150 million barrel range have been identified from existing 2D seismic data. These structural leads are located on a prospective deepwater fold belt, along trend from the Wildebeest-1 exploration well, located in SC41 and which discovered 40o API oil in 2000.

James Menzies, Chief Executive Officer of Salamander Energy, commented:

"As a proven, but lightly explored Borneo basin, the Sandakan, and SC41 in particular, offers significant potential. This agreement adds another exciting exploration element to our balanced portfolio across South East Asia, and complements the current production base of approximately 7,500 boepd."

SC41 is located in the Sandakan basin, an East Kalimantan basin that contains a prospective deepwater fold belt and covers an area of approximately 4,820 square kilometers with water depths ranging from 200 to 2,000 meters. To date six wells have been drilled in the block, with one located in the fold belt, Wildebeest-1, which discovered 40-degree API oil and gas in 2000.

SC41 is operated by Tap Oil, who will retain a 50% equity interest following completion of the farm-in.

Salamander is an independent upstream oil and gas exploration and production company focused on Southeast Asia. Since its formation, Salamander has built a balanced portfolio of production, development and exploration assets with interests principally located in Indonesia and Thailand. The Company listed on the main board of the London Stock Exchange in December 2006, raising approximately 120 million of new funds.

Salamander has a clear strategy of acquiring and developing high quality oil and gas producing assets that provide potential near-term value and cash flow growth, and exploring in proven, but under-explored and overlooked frontier basins. Its current assets are located in Southeast Asian basins where Salamander believes it can further exploit its geological knowledge.

Salamander's current assets include:



             Block                Operator  Net Equity         Activity
Offshore North West Java PSC,
Indonesia                            BP            5%         Production
South East Sumatra PSC,            CNOOC           5%         Production
Indonesia
EU1, Thailand                       Hess         9.5%  Production & Development
E5N, Thailand                       Hess         9.5%  Production & Development
Bontang PSC, Indonesia           Salamander       70%  Appraisal & Exploration

L15/43, Thailand                   APICO*       27.2%  Appraisal & Exploration
L27/43, Thailand                   APICO*       27.2%  Appraisal & Exploration
L13/48, Thailand                   APICO*       16.3%  Appraisal & Exploration


*APICO is the holding company for assets in Thailand, in which Salamander holds a 27.2% equity interest.
Related Companies
 Company: BP plcmore info


 - Top BP Executive Warns OPEC Needs to Prolong Oil Output Curbs (Sep 25)
 - BP Restores Power At Thunder Horse Platform After Outage (Sep 20)
 - BP's Thunder Horse Platform Shut Temporarily On Power Issue (Sep 19)
 Company: Tap Oilmore info
 - Quadrant Fails to Find Hydrocarbons at Driftwood-1 Well in Carnarvon Basin (Aug 16)
 - Quadrant Spuds Driftwood-1 Well in Permit WA-320-P in Carnarvon Basin (Aug 2)
 - Quadrant to Drill Driftwood-1 Well in WA-320-P in Carnarvon Basin (Jun 30)
 Company: Hess Corporationmore info


 - Hess Slashes 2017 Capital Budget After Quarterly Loss (Jul 26)
 - Suriname Signs Offshore Oil Deals with Exxon, Hess and Statoil (Jul 14)
 - Hess To Sell Permian EOR Assets To Occidental For $600 Million (Jun 19)
 Company: CNOOCmore info
 - China's CNOOC Begins Oil Partner Hunt in Mexico Deep Waters (Sep 15)
 - China's CNOOC Ends Feasibility Study For Western Canadian LNG Terminal (Sep 14)
 - Alberta Regulators Charge Nexen Energy Over 2015 Pipeline Spill (Jul 6)
 Company: Salamander Energy plcmore info
 - Sona Clings on to Fading Hopes of Acquiring Thai Assets from Salamander (Nov 26)
 - Salamander Backs Ophir Takeover Offer (Nov 24)
 - Ophir Energy Offers to Buy Salamander in SE Asia Push (Nov 21)
 Company: APICOmore info
 - Chevron, Apico Get Thailand OK for Production Rights in 2 Fields (Aug 22)
 - Salamander Energy to Handle Sandakan Seismic in Farm-in with Tap (Feb 7)
 - Hess Reports Phu Horn Startup (Dec 5)
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
United States Houston: Account Rep, Bus Dev
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
General Manager US
Expertise: Business Development|Executive|Technical Manager
Location: Houston, TX
 
Division Order Analyst - DJ Land Administration
Expertise: Business Analyst|Commercial Management|Landman
Location: Denver, CO
 
search for more jobs

Brent Crude Oil : $59.02/BBL 3.79%
Light Crude Oil : $52.22/BBL 3.07%
Natural Gas : $2.92/MMBtu 1.31%
Updated in last 24 hours