James Menzies

British oil and gas firm Salamander Energy has agreed to sell its 40% working interest in the Bualuang Field, offshore Thailand, along with other concessions to Malaysia-based Sona Petroleum for $280m.

Salamander will divest the 40% interest in both the B8/38 concession, which holds the Bualuang Field and the surrounding G4/50 concession.

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Under the deal, Sona will pay $250m for a 40% effective interest in the B8/38 site and $30m for the same stake in the G4/50 exploration concession.

Salamander has agreed to carry SONA’s costs associated with the drilling of two exploration wells in the G4/50 concession up to an agreed cap and the Malaysian firm will pay contingent cash payment of about $15m for a potential commercial discovery at the G4/50 site.

Salamander’s current estimated gross Bualuang Field proven and probable reserves are 32.7 million barrels of oil, along with gross 2C resources of 32.2 million barrels.

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"Our Bualuang field and surrounding acreage has proved to be a highly successful growth asset for Salamander."

The transaction is anticipated to be completed by the third quarter of this year.

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Salamander Energy CEO James Menzies: "Our Bualuang field and surrounding acreage has proved to be a highly successful growth asset for Salamander.

"The group’s hub strategy is designed to bring assets to phased maturity, releasing value in turn and providing for both re-investment in early stage development and capital return."

Salamander has a mix of producing, development and exploration assets in Thailand, Indonesia and Malaysia.

Image: Salamander Energy CEO James Menzies. Photo: courtesy of Salamander Energy.

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