Salamander ups stake in Indonesian license
Salamander Energy is to up its stake in the Bangkanai production sharing contract (PSC) located one of the group's core focus areas - Central Kalimantan, Indonesia.
Salamander Energy is to up its stake in the Bangkanai production sharing contract (PSC) located one of the group's core focus areas - Central Kalimantan, Indonesia.
The oil and gas group has agreed to buy Elnusa Chariot International, which holds an 11% interest in the Bangkanai PSC, for $6m in cash, taking its total interest in the licence to 80%.
Try 6 free issues of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Salamander has booked around 16.5m barrels of oil equivalent of proved and probable reserves from the PSC so far.
"In addition to the Kerendan field development, the Bangkanai PSC has extensive exploration potential. The DrillCo-1 land rig is due to mobilise to the Kerendan field site next month ahead of both development drilling and exploration drilling on the West Kerendan and Sungai Lahei prospects," the statement said.
BC
-
What do rising oil prices mean for you?As conflict in the Middle East sparks an increase in the price of oil, will you see petrol and energy bills go up?
-
Rachel Reeves's Spring Statement – live analysis and commentaryChancellor Rachel Reeves will deliver her Spring Statement on 3 March. What can we expect in the speech?
