Salamander abandons Thai well

Salamander Energy announced it has abandoned a well off the coast of Thailand after concluding it wasn't good enough to be commercialised.

The independent upstream oil and gas exploration firm said the sand-rich section of its NW-1 well had led to leakage.

This means the well in the Gulf of Thailand is to be plugged and abandoned as a sub-commercial oil discovery.

James Menzies, Chief Executive, said although it was a relatively small target, the NW-1 exploration result was disappointing.

Shares were off 2.8% in initial trading following the announcement.

MM