Salamander's Tutung appraisal successful

Salamander Energy Plc has appraised successfully the Tutung gas/condensate discovery in Bontang PSC, East Kalimantan, Indonesia.

Offshore staff

SINGAPORE -- Salamander Energy Plc has appraised successfully the Tutung gas/condensate discovery in Bontang PSC, East Kalimantan, Indonesia.

The Tutung Alpha-1 well was drilled to TD of 3,250 m (10,663 ft) subsea and found multiple gas and condensate bearing sandstones between 2,990 m (9,810 ft) and 3,120 m (10,236 ft) subsea in the target Middle Miocene Pulubalang formation. A full suite of logs has been run and a comprehensive program of pressure testing and gas and fluid sampling has been carried out.

An initial analysis indicates good quality, multiple-stacked channel sandstone reservoirs with a net pay thickness of at least 16 m (52 ft) and a potential column height in excess of 60 m (197 ft). The original discovery well, Tutung-1, flow tested at 10 MMcf of gas and 613 b/d of condensate from a single channel sand.

The well has been suspended as a future producer. Salamander has an option to return and further appraise the Tutung discovery using theEnsco-1 barge mounted rig once it has completed the appraisal drilling on the Gurame discovery in the Seruway PSC, in which Salamander will have a 22.5% interest on completion of its proposed acquisition of GFI Oil and Gas.

02/28/2008

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