Salamander today announces its full year results for the year ended 31 December 2012. The highlights are:
Operations
- Bualuang Bravo platform successfully installed on time and budget, cost saving initiative on schedule
- 16 well development drilling campaign on-going, current field production 11,500 bpd
- Over 30 targets identified from 3D in G4/50, first 9 matured to drill ready status, with 3 high graded for H1 2013 drilling
- North Kutei exploration campaign yields oil and gas discovery in first well, second prospect currently drilling
- Strategic partner secured for Greater Kerendan area, field development on track
- Average daily production of 10,800 boepd (2011: 18,600), down year on year following the sale of non-core assets in 2H 2011
Financial
- Revenue of $368.0 million (2011: $408.0 million)
- Profit before tax of $10.8 million (2011: $112.6 million)
- Pre-tax operating cash flow of $255.7 million (2011: $296.0 million)
- Post-tax operating cash flow per boe of $40.22/boe (2011: $28.56/boe)
- $212 million rights issue completed to fund accelerated work programme
- Completed $350 million debt refinancing, reflecting reserve upgrades during 2011
- Year-end net debt of $194.6 million (2010: $210.1 million)
- Year-end cash and fund balances of $208.8 million (2010: $85.8 million)
Outlook
- 2013 average Group daily production rate forecast to be 12,500-15,500 boepd
- G4/50 exploration drilling planned for 2Q 2013, Atwood Mako on contract until 3Q 2014
- Further North Kutei drilling – Bedug well to follow North Kendang
- Kerendan exploration drilling to commence in 2Q 2013
- Kerendan field on-stream mid-2014
- New acreage award in Greater Kerendan anticipated 1H 2013
Chief Executive James Menzies commented:
“In 2012 the Group successfully prepared the technical and operational ground for 2013. We raised new debt and equity that has enabled us to accelerate our work programmes, signed long-term rig contracts, installed the Bualuang Bravo platform and matured the prospect inventory ahead of an extensive exploration drilling programme. In 2013, we are looking forward to production growth, rising cash flows and a multi well-exploration programme that offers shareholders exposure to multiple catalysts across the full E&P cycle.”
There will be a live webcast of the analyst presentation from 10am this morning. Participants can register via. the Company’s website at www.salamander-energy.com. A recording of the webcast will be available from mid-afternoon on Thursday 14th March.
Enquiries:
Salamander Energy
+ 44 (0)20 7432 2680
James Menzies, Chief Executive Officer
Geoff Callow, Head of Corporate Affairs
Brunswick Group
+44 (0)20 7404 5959
Patrick Handley
Elizabeth Adams
About Salamander
Salamander Energy is an independent upstream oil and gas exploration and production company listed on the main market of the London Stock Exchange (Ticker: SMDR) and is a constituent of the FTSE 250 index. The Group is focused on growth assets in and around three core areas: Greater Bualuang, Gulf of Thailand; North Kutei, Indonesia; and Greater Kerendan, Indonesia. In each of these areas the Group has a material, operated position and a detailed understanding of the petroleum systems of the basin.
