Drilling for oil/gas in S Asia 2008 could be year for increased production.




http://www.salamander-energy.com/

Nice rise today 5.43%

Bernard see my above post 648. This share will be another Dana.

Another nice rise today wish I had topped up last week but still have a good chunk.

Following the recent news,the new 2P reserves figure would amount to 90Mmboe and the new EV/bbl ratio works out at 5.91 (531.75/90) which is a bargain! average should be around 10 so IMHO, SMDR is undervalued and I would not be surprised if this company becomes a takeover target. SP can only move up from here to 400p very soon.

This is still high at 250p.

What about 230 then.

Better wait until next Tuesday should be 200 imho.

Been hitting dry or sub-commercial wells and the sp been hit accordingly...



Salamander Energy plc


Cat Ba-1X Sub-Commercial Oil & Gas Discovery

Salamander Energy announces the completion of the Cat Ba-1X ("101-CB-1X") exploration well in Block 101-100/04, offshore northern Vietnam. Block 101-100/04 was the subject of a farm out as announced on 31st May 2011.

The 101-CB-1X well was drilled to a total depth of 1,724 metres. The well encountered 38 metres of net hydrocarbon pay in Tertiary clastics, the secondary objective of the well. The pay section comprises a series of gas-bearing sandstones underlain by an oil-bearing reservoir. A full suite of wire-line logs and pressure data were recorded over the reservoir sections and samples of oil and gas were recovered.

These data show that the Tertiary reservoirs are of good quality, however pressure data and seismic mapping indicates the in-place resource volumes encountered by the well are probably below levels needed for commercial development.

No oil shows were observed and only low levels of gas were recorded while drilling the primary objective, the Palaeozoic 'buried hills' play. Subsequent wire-line logging did not reveal any zones of interest. The Cat Ba-1X well has subsequently been plugged and abandoned as a sub-commercial discovery.

200p fair value imho

Wow 194p today even better

Where do these guys get their joke figures from a crystal ball.

Goldman Sachs upgrades Salamander Energy from neutral to buy, target price raised from 500p to 515p.

Wow now 175p

Goldman sachs tosspots. 515p lol.

Somtimes makes you wonder how these analyst's come up with their target prices.GS target price is 515 when today's price is under 200p. Has anybody got access to the GS report?

Goldman Sachs can't analyse. Pure dream world they are living in.

I've been saying this on 5th August saying it was high at 250p and Goldman comes up with 515p. 180p still a sell.
LMFAO.

Salamander Energy (SMDR LN) reiterate production guidance for the year of 10.5-11.5kboed despite another slip (c. 3 weeks) in timing for the commencement of development drilling on the Bualuang field. Currently, the Bualuang field is producing c. 8.2kboed, which the development drilling programme is set to drive to 11-14kboed in 2013 as per guidance.
The Bualuang B8/38-8 (NW-1) exploration well, spudded on the 22nd of October is drilling ahead with results expected in the next 10 days. We (Merrill Lynch) have the NW terrace valued at 3.9p risked (19.4p unrisked).

StockMarketWire.com
Salamander Energy said its South Kecapi-1 (SK-1) exploration well has been completed as an oil and gas discovery, and that work is underway to confirm the range of volume and discoverable resource.

The well had discovered hydrocarbon-bearing, high-quality channel sandstone sequences and delivered an excellent DST result, flowing 6,000 bopd on test.

Salamander said it did not believe the gas resource discovered in the main channels necessarily represented a commercial volume on a stand-alone basis and work was ongoing to define the additional resource potential of the thinner sands.

"However, with light oil discovered at South Kecapi in well-developed, high quality reservoir on the down dip, western flank of the large Bedug structure, there is a material upside case for both oil and gas," the company said in a statement.

StockMarketWire.com
Salamander Energy's full-year revenue and pretax profit fell, as it flagged an expectation of production growth in 2013.

Revenue was $368.0 million, from $408.0 million. Pretax profit was $10.8 million, from $112.6 million. The company's total cost of sales was $245.2 million, from $205.5 million.

"In 2012 the Group successfully prepared the technical and operational ground for 2013," said CEO James Menzies.

"We raised new debt and equity that has enabled us to accelerate our work programmes, signed long-term rig contracts, installed the Bualuang Bravo platform and matured the prospect inventory ahead of an extensive exploration drilling programme," he said.

"In 2013, we are looking forward to production growth, rising cash flows and a multi well-exploration programme that offers shareholders exposure to multiple catalysts across the full E&P cycle."

Looking further ahead, Salamander said it forecasted average daily production in 2013 to be 12,500-15,500 boepd.

It said the G4/50 exploration drilling was planned for the second quarter, while Atwood Mako was on contract until the third quarter of 2014.

There would be further North Kutei drilling, the Bedug well to follow North Kendang.

Kerendan exploration drilling was to commence in the second quarter, with the field coming on-stream in mid 2014.

Salamander added that a new acreage award in Greater Kerendan was anticipated the first half.

StockMarketWire.com

Salamander Energy said following a successful drill stem test (DST) in the top of the Upper Berai, the West Kerendan-1 exploration well is being suspended as a potential future production well.

The final cased hole DST in the top of the Upper Berai zone flowed at a maximum rate of 32.1 MMcfgpd and 296 bcpd from a 199 m interval between 2570m and 2769m true vertical depth sub-sea.

The combined flow rate from the Upper Berai zone achieved from this and the earlier DST (announced March 11th) exceeds 50 MMcfgpd and 477 bcpd making this by far the most productive well to date on the Kerendan trend.

The Drill Co. 1 rig will be released. Salamander Energy will commence discussions to incorporate the discovery into an enlarged Kerendan area development to supply potentially up to 70 MMcfgpd to the gas-fired power plant that is currently being constructed adjacent to the Kerendan field.

According to the FT today, Salamander has put itself up for sale, hence the rise in the sp. The sale is for the whole of the company or certain assets as 'packages'.