Press releases

2013 Full Year Results

13 March 2014

Salamander today announces its full year results for the year ended 31 December 2013. The
highlights are:


  • Average daily production up 31% to 14,200 boepd (2012: 10,800 boepd)
  • Bualuang contingent resource increased by 129% to 27.8 MMbo
  • West Kerendan-1 exploration success added 43 MMboe to contingent resource
  • Bualuang power and processing modules successfully loaded on to Bravo platform
  • Kerendan development wells completed and tested at 40 MMscfd
  • North Kutei campaign highlighted North Kendang and South Kecapi areas for future follow up
  • Strategic partner secured for Greater Kerendan area, field development on track


  • Revenue of $482.2 million (2012: $368.0 million)
  • Post-tax operating cash flow of $300.2 million (2012: $158.4 million)
  • Post-tax operating cash flow per boe of $57.76 per boe (2012: $40.22 per boe )
  • Profit before tax of $47.3 million (2012: Profit of $10.8 million)
  • Balance sheet diversified with issue of $150 million high yield bond
  • Year-end net debt of $259.9 million, flat on the mid-year position (2012: $194.6 million)
  • Year-end cash and fund balances of $265.0 million (2012: $208.8 million)


  • 2014 average Group daily production rate forecast to be 13,000-16,000 boepd
  • Past 7 days production averaged 16,200 boepd
  • Bualuang development drilling continues
  • New FSO scheduled to arrive at Bualuang field location in 2H 2014
  • Work to commercialise the West Kerendan volume continues
  • North Kendang re-drill expected to spud 1H 2014
  • G4/50 exploration – EIA applications in process

Chief Executive James Menzies commented:
“These results show the Group capturing all the synergies we highlighted when we realigned the strategy in 2011. We have seen growth in all of our key assets, through either exploration success or by exposing further development upside and the record unit cash flow points to the cash generative nature of the production base. Our operational focus is now on commercialising the increase contingent resource leading to a production plateau of 20,000 boepd from 2017.”

There will be a live webcast of the analyst presentation from 9.30am this morning. Participants can register via. the Company’s website at A recording of the webcast will be available from mid-afternoon on Thursday 13th March.


Salamander Energy 
James Menzies, Chief Executive Officer
Geoff Callow, Head of Corporate Affairs
+ 44 (0)20 7432 2680

Brunswick Group 
Patrick Handley
Elizabeth Adams
+44 (0)20 7404 5959