Salamander Proposes $200MM Placing and Open Offer
Salamander Energy plc has proposed a $200 million Placing and Open Offer that will enable the acceleration and expansion of its development, exploration and new business programs.
Salamander proposes to raise approximately £100 million (approximately $200 million) by way of a Placing and Open Offer. The net proceeds will be used to:
- progress the first and second phase developments of oil and gas fields in the Gulf of Thailand and East Kalimantan, Indonesia. These developments will contribute to continued production growth into 2011; and
- accelerate and expand the Company's ongoing exploration program in its existing acreage;
- broaden and deepen the portfolio and exploit a rich opportunity set, including: announced acquisitions of additional interests in existing assets such as the Glagah Kambuna TAC and the Bontang PSC in Indonesia; new acreage positions in Vietnam and Indonesia; and entry into new Asian basins to further diversify portfolio.
The Company expects to utilize approximately £37.5 million ($75 million) of the net proceeds to fund the development of assets, £32.5 million ($65 million) to accelerate and expand the Company's current exploration program and £30 million ($60 million) to further broaden the portfolio (of which the majority is allocated to the recently announced acquisitions).
- Sona Petroleum Scraps Plans to Buy Stake in Salamander's Thai Assetss (Jan 14)
- Sona Clings on to Fading Hopes of Acquiring Thai Assets from Salamander (Nov 26)
- Salamander Backs Ophir Takeover Offer (Nov 24)