27 August 2009
Half Year Financial Results For the six months ended 30 June 2009
Salamander Energy, an independent upstream oil and gas exploration and production company focused on Asia, announces its half year results for the six months ended 30 June 2009.
HIGHLIGHTS
FINANCIAL
- Revenue of $77.2 million (1H’08: $46.8 million)
- EBITDAX1 of $42.1 million (1H’08: $30.1 million)
- Post-tax loss of $14.3 million (1H’08: loss of $6.6 million)
- Post-tax profit of $2.0 million adjusting for non-cash mark to market hedging charges
- Cash and cash equivalents at 30 June of $59.2 million (FY ’08: $103 million)
- Net debt at 30 June of $111.5 million (FY ’08: $54 million)
- Fully funded exploration and appraisal programme
OPERATIONAL DELIVERY
- Average production increased by 56% to 12,800 boepd2 (1H’08: 8,200 boepd)
- Completion of Phase II of development drilling in Bualuang oil field
- Kambuna gas-condensate field development progressed to first gas
- Discovered additional oil pay close to existing infrastructure in B8/38, Gulf of Thailand
- Completion of seismic programmes in Vietnam, Thailand, Indonesia and Lao PDR
H2 2009 OUTLOOK
- Kambuna gas-condensate field brought on-stream
- Forecast average daily production of c.15,000 boepd in 2009
- Gas discovery in South Sebuku-1, East Kalimantan, Indonesia
- Currently testing Phu-Kheng-1 prior to drilling Si That-3 appraisal, Khorat Basin, Northeast Thailand
- Preparations well advanced for 2010 drilling programme in Lao PDR, Thailand, Vietnam and Indonesia
1 EBITDAX is calculated as profit before other financial gains/(losses), finance costs, tax, amortisation and depreciation and exploration expenses
2 2 All reserves and production are working interest unless otherwise stated
