Salamander Energy announces the spud of the Cat Ba–1X (“101-CB-1X”) exploration well in Block 101-100/04, offshore northern Vietnam.
The 101-CB-1X well will be drilled to a depth of approximately 1,900 metres. The primary objective is a Palaeozoic carbonate, (buried hill) structure with secondary objectives in the overlying Tertiary clastic section. The mean gross pre-drill estimate of prospective recoverable resource is approximately 100 MMbo. The well will be drilled by the Aquamarine Driller jack-up rig in a water depth of 49 metres. It is expected to take approximately 25 days to complete on a dry hole basis.
Salamander holds a 30% operated interest in Block 101-100/04, subject to final government approval of the farm-out of 20% interest to JX-Nippon Oil & Gas Exploration Corporation announced in May 2011.
James Menzies, Chief Executive of Salamander, said:
“The Cat Ba prospect is an analogue to the neighbouring Ham Rong Oil field that was declared commercial in 2010, both located in the Hai Phong sub-basin. We have reduced our financial exposure to the 101-CB-1X well through farm down, but remain highly leveraged to the upside in the event of success.”
Enquiries: | |
Salamander Energy | 020 7960 1580 |
James Menzies, Chief Executive Officer | |
Geoff Callow, Head of Corporate Affairs | |
Brunswick Group LLP | 020 7404 5959 |
Patrick Handley | |
Fiona Mulcahy |
About Salamander
Salamander is an Asia focussed, 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, and Lao PDR.