Salamander Begins Drilling Program in Gulf of Thailand

Salamander has revised its estimates of recoverable reserves on the Bualuang oil field following analysis of the field’s performance and modeling of the individual wells. The company said proved reserves at the field more than doubled to 14.6 million barrels of oil, while proved and probable reserves were up to 27 million barrels. Furthermore, the operator stated it plans to further explore the B8/38 license, which contains the Bualuang oil field along with a number of prospects.

Salamander plans to further develop the Bualuang field, as well as test the exploration potential. The Ocean Sovereign jackup was contracted until the end of the June 2011 and is preparing to spud the first well in a program of six development wells. This current phase of development drilling is forecasted to increase daily production rates to 11,000 bopd. The operator also reported that through optimized development drilling, it plans to deliver 15,000 bopd in 2013 from the Bualuang field alone. The Bualuang oil field is located in Block B8/38 offshore Thailand in 197 feet (60 meters) of water. Salamander Energy serves as the operator of Bualuang with a 100% interest in the field.

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