Asia focused independent oil and gas exploration and production company Salamander Energy PLC (LSE: SMDR) said it has agreed to acquire the full authorised share capital of Bontang Energy Ltd, the holder of a 20 percent interest in its operated Bontang Production Sharing Contract , from PT Eksindo Petroleum Tabuhan.
On completion Salamander will have a 90 percent interest in the Bontang PSC, which is located in East Kalimantan, Indonesia. It will pay via the issue of 792,942 new Salamander ordinary shares to Eksindo.
The Bontang PSC lies at the northern end of the prolific Kutei basin and has not seen any exploration drilling in the past 25 years. In 2008 and 2009 Salamander acquired 3D seismic data across the block. This data highlights multiple prospects in both structural and stratigraphic plays with cumulative mean prospective resources in excess of 500 million barrels of oil (MMboe) gross.
The Angklung prospect has been selected as the first exploration drilling target on the block and is expected to spud in Q2 2010. It is forecast to contain mean prospective resources of 125 MMboe, Salamander added.
http://www.proactiveinvestors.co.uk/companies/news/13943/salamander-energy-raises-stake-in-bontang-psc-in-indonesia-to-90-pct-13943.html
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