Joe Creed Salamander Energy's annual Report and Accounts 2013 states: -
Greater Kerendan refers to the acreage position in Central Kalimantan, Indonesia, that is centred round the development of the Kerendan gas field. Salamander has a 70% operated interest in the Kerendan field which contains 120 Bcf of 2P reserves and a further 160 Bcf of contingent resource.
A gas sales agreement has been signed with PLN to supply 20 MMscfd to a new build power plant 3km from the field. Four development wells were completed in 1H 2013 and tested at a combined rate of 40 MMscfd which is comfortably in excess of requirement under the GSA.
Sound Oil RNS 12 Dec 2012 Sale of Indonesian subsidiary contains the following: -
US$4.5 million, payable immediately
· US$1.1 million payable on the later of first gas from the Kerendan field or signature of a new gas sales agreement for the currently unsold gas in the Kerendan field
· Up to US$1.5 million to be paid as a royalty out of revenues from a future discovery on the Bangkanai PSC
My reading is that the SALES AGREEMENT above satisfies the SOU RNS provided that it is a new one? However without reading the small print of the agreement between the parties who knows? (JP of course). Salamander's half year report is due tomorrow 28 August 2014. OLEUM
Hi all. I've been building a stake again over the last couple of weeks and got more today. I did have quite a big stake some time ago and sold at about 10p/11p before it went down to about 6p. Anyway I've spoken to JP and like the way the company is being built now. I am in for a minimum of 30p without Badilie and who knows what it may be if that drill is a success. Anyway glad to be back in and will be adding as we move closer to the permitting and farm out etc of the big one. Who will join us ENI?
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