Half Year Financial Results For the six months ended 30 June 2011
Salamander Energy announces its half year results for the six months ended 30 June 2011.
HIGHLIGHTS
FINANCIAL
- Revenue up by 41% to $187.7 million (1H’10: $133.5 million)
- Operating cashflow1 up by 117% to $137.0 million (1H’10: $63.2 million)
- EBITDAX2 up by 114% to $138.0 million (1H‘10: $64.5 million)
- Pre-tax profit of $62.4 million (1H’10: loss of $90.3 million)
- Funds as at 30 June of $90.4 million (FY’10: $99.2 million)3
- Net debt at 30 June of $264.5 million (FY’10: $190.2 million)
- Refinanced borrowing base with new seven year $325 million senior/junior reserve based lending facilities
OPERATIONAL
- Average production increased by 23% to 19,600 boepd (1H’10: 16,000 boepd); current daily production c.23,200 boepd
- 16.5 MMboe of 1P reserve additions from signing of GSPA for the Kerendan gas field
- Commercial oil discovery in the Bualuang East Terrace – additional 12 MMbo of resources
- Additional pay found in T2 and T5 reservoirs in Bualuang main field in current drilling campaign – additional 10 MMbo of resources
- First steel cut for Bualuang Bravo Wellhead Platform for delivery mid-2012
OUTLOOK
- Full year average daily production forecast 21,000-22,000 boepd
- Drilling in 2H’11 in Bangkanai PSC, B8/38 licence and Bontang PSC
- 2012 drilling programme focused around North Kutei basin and Barito basins, Indonesia, and the Western Gulf of Thailand
Commenting on the results, James Menzies, Chief Executive, said:
“The first half has seen the Group deliver continued production growth leading to record levels of revenue and cash flow. In addition we have added over 38 million barrels of oil equivalent in reserves and resources which will be brought into production over the coming years. The Group will continue to seek opportunities to high grade and reshape the portfolio to focus around a number of core areas where the Company can utilize its knowledge and expertise to drive further growth.”
1 Before working capital adjustments
2 Earnings before interest, tax, amortisation, impairment and exploration expenses
3 Including restricted bank deposits of $8.0 million (FY’10: $9.4 million)
Enquiries:
| Salamander Energy | 020 7960 1580 |
| James Menzies, Chief Executive Officer | |
| Geoff Callow, Head of Corporate Affairs | |
| Brunswick Group LLP | 020 7404 5959 |
| Patrick Handley | |
| Fiona Micallef-Eynaud |
