Salamander Spuds Bualuang Far East-1 Well, Offshore Thailand

Salamander Energy plc announces the spud of the Bualuang Far East-1 (“FE-1”) exploration well in Block B8/38, Gulf of Thailand.

The Bualuang Far East prospect is located approximately 7km to the northeast and up-dip of the Bualuang oil field. The FE-1 well will be drilled to a total vertical depth of 1,452 metres subsea. The primary target is the T5 Miocene sandstones with secondary targets comprising an underlying Permian-age Ratburi carbonate and a T4 Miocene sandstone stratigraphic trap. The main T5 objective has potential mean recoverable resources of 20 million barrels of oil.

The well will be drilled by the Ensco-53 jack up rig and is expected to take approximately 20 days to complete on an untested basis.

Salamander has a 100% interest in, and is the operator of, the B8/38 production licence. This contains the Bualuang oil field and East Terrace oil discovery.

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Source: Salamander Energy plc, June 18, 2012