Salamander Energy Provides Update on Bualuang Field

Source: www.gulfoilandgas.com 6/6/2008, Location: Asia

Salamander Energy provided the following update on the Bualuang Oil Field in block B8/38 in the Gulf of Thailand in which Salamander holds a 60% operated interest, the remaining 40% interest being held by non-operating partner SOCO International plc. The Bualuang Field was discovered in 1993 and subsequently appraised by two further wells in 1997.

The first phase of the field development drilling has been completed with a total of six development wells, including five producers and one water injector. These development wells encountered the oil column in better quality reservoir than prognosed, with average porosities of over 30% and an average net to gross of over 92%. The development wells also found significantly greater oil saturation than the earlier appraisal wells and a field-wide oil-water contact has been established at 1,130 metres sub-sea. An initial assay of the Bualuang crude has confirmed it as 27 degree API. All of the production wells have now been completed with down-hole electrical submersible pumps and gravel packs and are awaiting hook-up to the Floating Production Storage & Offloading (FPSO) vessel.

Following the development drilling and an independent reserves audit of the Bualuang Field by RPS Energy, Salamander is up-grading its view of gross proved reserves attributable to the field from 7.2 to 11 million barrels of oil, representing a 52% increase and gross proved and probable reserves from 14.9 to 20 million barrels of oil, which represents a 34% increase.

The FPSO Rubicon Vantage is currently in port in Rayong, Thailand, undergoing mechanical completion and pre-commissioning prior to sailing to the Bualuang Field for commissioning and hook up.


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