Salamander Energy plc, the Asia focused independent upstream oil and gas exploration and production company, and PetroVietnam Exploration Production Corporation Lt ("PVEP") will sign a Production Sharing Contract ("PSC") for Block 31, offshore southern Vietnam. Salamander is the operator of the PSC with a 60% working interest.
Block 31 covers an area of over 5,000 sq-km and is adjacent to and outboard of Salamander's operated Block Cuu Long River Delta 01 ("DBSCL-01") PSC. Recently acquired 2D seismic data across the acreage indicates the presence of a high quality oil-prone lacustrine source rock and multiple play types.
James Menzies, Chief Executive of Salamander, commented, "Salamander has long since recognized Block 31 as attractive exploration acreage and today's announcement represents further progress in our building of an upstream business in Vietnam. When taken together with Block DBSCL-01, we now operate a 13,000 sq-km swath of acreage across graben systems which we believe are analogous to the highly prolific Cuu Long Basin, which lies to the east of our blocks. We look forward to exploring this area with our partner, PVEP, and are conducting geological and geophysical studies ahead of exploration drilling in 2010."
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