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




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

Operational and Corporate Update

Salamander Energy plc issues the following operational and corporate update that includes unaudited information and may be subject to further review.

Highlights
· 2014 average production of 14,200 boepd
· Bualuang field and the Sinphuhorm field both produced record high annual rates
· Kerendan Gas Processing Facility is nearing completion
· Renegotiations on the Kerendan gas sales agreement are expected to complete shortly with significantly more favourable terms
· Net debt as at 31 December 2014 of US$380 million with cash and funds of US$118 million
· Scheme Document in relation to the offer by Ophir Energy plc to be posted today; shareholders of Salamander and Ophir to vote on 6 February 2015; the Scheme expected to become effective 2 March 2015
· Intention to terminate the sale of an effective 40% interest in the Greater Bualuang Area with mutual agreement by SONA, satisfying a condition of the Ophir Offer

Chief Executive, James Menzies, commented:
"We are delighted to report that production has been strong in the second half of the year following the completion of the latest phase of Bualuang development. Measures taken to reduce Bualuang operating costs have been implemented and negotiations are underway on the Kerendan Gas Sales Agreement which we expect to result in significantly more favourable terms. In addition, we have today released documentation with regards to the offer from Ophir Energy plc which we expect will complete this quarter."

StockMarketWire.com
Ophir Energy has announced that at a general meeting the shareholders voted in favour of its proposed acquisition of of the entire issued and to be issued share capital of Salamander Energy.

Suspension of Listing and Trading in Salamander Shares
On 24 November 2014, the boards of Salamander Energy plc ("Salamander") and Ophir Energy plc ("Ophir") announced the terms of a recommended acquisition by Ophir of the entire issued and to be issued share capital of Salamander (the "Offer"), to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme"). The circular to shareholders of Salamander in connection with the Scheme (the "Scheme Document") was posted on 14 January 2015.

Pursuant to the terms of the Scheme and Listing Rule 5.3, Salamander announces that the listing of the Salamander Shares on the Official List and trading of the Salamander Shares on the London Stock Exchange has been suspended, effective from 7:30 a.m. today.