Salamander inks Bualuang part-sale

June 5, 2014

Salamander Energy has signed a non-binding heads of agreement with SONA to sell an effective 40% working interest in both the B8/38 concession (containing the Bualuang field) in the Gulf of Thailand and the surrounding G4/50 concession. 

The deal would be worth US$280 million, comprising $250 million for a 40% effective interest in the B8/38 concession, and $30 million for a 40% effective interest in the G4/50 exploration concession. 

Salamander will carry SONA's costs associated with the drilling of two exploration wells in the G4/50  concession up to an agreed cap. SONA will pay Salamander a contingent cash payment in the event of a commercial discovery in G4/50 of up to $15 million.

As at 31 December 2013, Salamander's estimated gross Bualuang Field 2P reserves were 32.7MM bbl and gross 2C resources were 32.3MM bbl.

Salamander says it continues a formal sale process, announced 1 May. 

Read more: Bualuang production restarts

 


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