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Salamander fired up over prospects

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Date: Friday 29 Aug 2008

LONDON (ShareCast) - Asia-focused oil and gas firm Salamander Energy slipped into the red at the half-year stage after taking a $10.2m hit on an unsuccessful exploration well off the cost of North Sumatra.

Loss after tax for the first six months of 2008 was $6.6m, compared with a profit of $3.8m a year earlier.

However, Earnings Before Interest, Taxes, Depreciation, Depletion, Amortization, and Exploration Expenses (EBITDAX) jumped 46% to $29.7m from $20.5m.

Revenues were up 46% to $46.8m from $32m, as production increased 6.5% to 8,200 barrels of oil equivalent per day (boepd) ersus 7,700 boepd a year earlier.

With the first oil from the Bualuang field in the Gulf of Thailand commencing in August, group production is forecast to increase to more than 16,000 boepd in 2009.

“The company is in a healthy financial position following a strong first half year performance, the completion of the debt refinancing and subsequent equity fundraising,” said Salamander’s chairman Charles Jamieson.

“These factors combined with an active drilling programme over the next 18 months, put the company in an excellent position to deliver strong growth in shareholder value,” Jamieson added.

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