Salamander Launches 2010 Drilling Program In Laos
Salamander Energy plc on Monday announced the spudding of the Bang Nouan-1 exploration well in the Savannakhet PSC, Lao PDR. Salamander holds an operated 30% interest in the Savannakhet PSC. Salamander farmed out a 30% stake in the Savannakhet PSC to Origin Energy in December 2009.
The Bang Nouan-1 well is targeting gas in the Permian limestones of the Pha Nok Khao formation. The mean gross pre-drill estimate of prospective recoverable gas resource is approximately 1.1 Trillion cubic feet ("Tcf"). The well will be drilled by the MB Century 26 rig and is planned to be drilled to approximately 3,700 meters true vertical depth sub-sea. It is forecast to take approximately 75 days to complete on a dry-hole basis.
James Menzies, Chief Executive of Salamander, said:
"The Bang Nouan-1 well is the first operated well in our 2010 exploration and appraisal drilling program. It is a high risk, high reward well located in the under-explored Eastern Khorat basin that has multi-Tcf of follow on potential in the surrounding, Salamander operated, acreage."
Salamander is an Asia focused, independent, FTSE 250, upstream oil and gas exploration and production company. Salamander has a balanced portfolio of production, development and exploration assets with interests located in Indonesia, Thailand, Vietnam, Lao PDR and the Philippines.