Salamander Snags Stake in Underexplored Vietnam Basin

Salamander Energy has agreed to acquire a 50% interest in and operatorship of Block 101-100/04 from Santos Vietnam Pty Ltd and Singapore Petroleum Vietnam Song Hong Co Ltd.

Block 101-100/04 is located in the Hanoi Trough, offshore Northern Vietnam, a basin which is at the early stages of exploration. The acquisition is subject to Vietnamese government and regulatory approval. 

Key Points

  • Operated position in the Hanoi Trough -- a new basin entry in Vietnam, a key region for Salamander
  • Cat Ba oil prospect to be drilled in 2011
  • Over 500 sq.km of existing 3D seismic
  • Follow on drilling potential with at least three further prospects identified on the block to date
  • As part of the farm-in agreement Salamander has offered the Block 101-100/04 field partners a Call option to retain their 50% interest on completion of the Cat Ba well

James Menzies, Chief Executive of Salamander, said, "The Hanoi Trough is a proven but underexplored basin offshore Northern Vietnam, part of a play system that extends east to the Beibu Wan fields. This deal introduces Salamander to a new play and broadens our prospect inventory and medium term drilling options."

 

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