Salamader agrees sale of Indonesian PSC stakes

Salamander Energy has agreed to sell Salamander Energy (Java & Sumatra) to Risco Energy for $55 million in cash, plus working capital adjustments of $1.3 million.

Offshore staff

LONDON – Salamander Energy has agreed to sell Salamander Energy (Java & Sumatra) to Risco Energy for $55 million in cash, plus working capital adjustments of $1.3 million.

The Salamander subsidiary company holds 5% stakes in the Offshore Northwest Java (OWJ) and Southeast Sumatra (SES) PSCs, which it acquired in 2006.

Both started production in 1971 and both are in decline. The assets are operated by PT Pertamina Hulu Energi (OWJ) and CNOOC (SES).

Production from the net 5% interests in the first half of 2011 averaged around 6,000 boe/d. Proved and probable reserves attributable to the interests are estimated at 13 MMboe as of mid-2011.

09/02/2011

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