Salamander & PetroVietnam in Cuu Long Basin Exploration Deal

Salamander Energy has signed a Production Sharing Contract with PetroVietnam for the exploration of the Cuu Long River Delta Block Number One (DBSCL1). Salamander is the operator with 100% working interest.

The contract was signed in Hanoi at a ceremony with representatives of the Vietnamese Government, the British Ambassador to Vietnam, PetroVietnam and Salamander Energy all in attendance.

The DBSCL1 represents Salamander's first exploration interest in Vietnam. The contract covers 8,300km of offshore, onshore, shoreline and river delta in the southern provinces of Tra Vinh, Soc Trang and Bac Lieu. Salamander intends to embark on a seismic acquisition program in 2007 ahead of an exploration drilling program in 2008.

The Cuu Long Delta was first explored in 1970's when PetroVietnam drilled three shallow onshore wells following seismic studies in 1976.

Commenting on the contract, Salamander Energy's Chief Executive James Menzies said: "We are delighted to agree terms with PetroVietnam to explore the Cuu Long River Delta Block Number One. This is a very exciting prospect and bares many structural similarities to the highly productive Cuu Long Basin. We look forward to working alongside PetroVietnam and the local communities on an extensive exploration program and hope that this will be the first of many ventures that Salamander undertakes in Vietnam over the coming years."

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