LONDON (ShareCast) - KBC Peel Hunt has lowered Salamander Energy to ‘add’ from ‘buy’ after the oil and gas firm slipped into the red at the half-year stage.
Its loss after tax for the first six months of 2008 was $6.6m, compared with a profit of $3.8m a year earlier.
This was due to expenses relating to an unsuccessful well in Indonesia, KBC Peel noted, adding that the recent failure of a well in the Philippines could result in the same thing happening in the second half.