Salamander acquires Indonesian assets

Offshore staff

LONDON -- Salamander Energy Plc has acquired interests in certain Indonesian assets from Serica Energy plc, in an all cash transaction.

Under the terms of the agreement, Salamander will acquire an additional 15% working interest in the Glagah Kambuna TAC, offshore North Sumatra, and a 23.4% interest in the Kutai PSC, East Kalimantan.

The transaction totals $50.75 million plus a $2 million contribution toward historic costs incurred in the Kutai PSC.

Salamander now has a 50% working interest in the Glagah Kambuna TAC, which contains both the current Kambuna gas-condensate field development and the Glagah light oil discovery.

07/10/2008