Salamander to Acquire Interest in Block 101-100/04

Source: www.gulfoilandgas.com 3/18/2010, Location: Asia

Salamander Energy plc, the Asia focussed independent oil and gas exploration and production company, announces that it has agreed to acquire a 50% interest in and operatorship of Block 101-100/04 from Santos Vietnam Pty Ltd and Singapore Petroleum Vietnam Song Hong Co Ltd. Block 101-100/04 is located in the Hanoi Trough, Offshore Northern Vietnam, a basin which is at the early stages of exploration. The acquisition is subject to Vietnamese government and regulatory approval.

Key Points:
- Operated position in the Hanoi Trough - a new basin entry in Vietnam, a key region for Salamander

- Cat Ba oil prospect to be drilled in 2011

- Over 500 sq.km of existing 3D seismic

- Follow on drilling potential with at least three further prospects identified on the block to date

As part of the farm-in agreement Salamander has offered the Block 101-100/04 field partners a Call option to retain their 50% interest on completion of the Cat Ba well

James Menzies, Chief Executive of Salamander, said:
"The Hanoi Trough is a proven but underexplored basin Offshore Northern Vietnam, part of a play system that extends east to the Beibu Wan fields. This deal introduces Salamander to a new play and broadens our prospect inventory and medium term drilling options."


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