Salamander Energy spuds Bang Nouan-1 gas exploration well in Laos

Asia focused oil and gas company Salamander Energy (LSE: SMDR) has spudded the Bang Nouan-1 exploration well in the Savannakhet area of Lao People’s Democratic Republic (PDR). Bang Nouan-1 will be drilled to approximately 3,700m true vertical depth. It is forecast to take approximately 75 days to complete on a dry-hole basis.

"The Bang Nouan-1 well is the first operated well in our 2010 exploration and appraisal drilling programme”, Salamander Chief Executive James Menzies commented. “It is a high risk, high reward well located in the under-explored Eastern Khorat basin that has multi-Tcf of follow on potential in the surrounding, Salamander operated, acreage".

Bang Nouan-1 is targeting gas in the Permian limestones of the Pha Nok Khao formation. In terms of the prospective recoverable gas resource, the exploration well has a mean gross pre-drill estimate of approximately 1.1 Trillion cubic feet (Tcf).

Salamander has an operated 30% interest in the Savannakhet PSC after it farmed-out a 30% stake to Origin Energy in December 2009. The other joint venture partners consist of PetroVietnam E&P who hold a 25% interest, the IFC own 10%, NCD/LIBC 5%.

http://www.proactiveinvestors.co.uk/companies/news/13581/salamander-energy-spuds-bang-nouan-1-gas-exploration-well-in-laos-13581.html