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Increased Equity Interest in Bangkanai PSC

Source: www.gulfoilandgas.com 3/11/2013, Location: Asia

Salamander Energy plc announces that it has agreed an asset swap that will see the Group acquire the outstanding 15% interest in the Bangkanai PSC, Central Kalimantan taking its interest in the licence to 100%.

The transaction with PT Medco Energi Internasional will see Salamander swap its 21% participating interest in the Simenggaris PSC and 41.7% participating interest in the Bengara-1 PSC for Medco’s 15% participating interest in the Bangkanai PSC ("Swap Transaction"). There is no cash consideration and the Swap Transaction is subject to regulatory and government approval.

The Bangkanai PSC is located onshore in central Kalimantan, Indonesia and contains the Kerendan gas field which is undergoing development. To date, 122.6 Bcf has been committed for sale under a Gas Sales Agreement with PLN the Indonesian state power company. A further 160 Bcf of contingent resource is identified in the field, providing potential for commercialisation of additional gas volumes. The field is expected to be on-stream in 2014.

A number of prospects and leads have been mapped in the Bangkanai PSC. The West Kerendan prospect comprising the Oligocene-age Berai carbonate and underlying Eocene Tanjung ("Sungai Lahei") clastic targets is due to be drilled in Q2 2013 using the Drillco-1 land rig following the completion of the Kerendan development drilling programme.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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