SMDR26 Mar 2012 08:40
Salamander Energy Plc is pleased to announce its full year results for the year ended 31 December 2011. The highlights are:
OPERATIONS
· 2P Reserves increased by 13.6% to 75.3 MMboe (2010: 66.3 MMboe)
· Average daily production of 18,600 boepd (2010: 20,300 boepd)
· Bualuang East Terrace oil discovery, 8 MMbo added to 2P reserves
· Matured prospect inventory in North Kutei, independent CPR points to 676 MMboe of gross mean prospective resources in four high-graded prospects
FINANCIAL
· Revenue increased by 26.2% to $408.0 million (2010: $323.4 million)
· Record pre-tax operating cash flow, before working capital changes, increased by 68% to $293.6 million (2010: $174.4 million)
· Record post-tax operating cash flow increased by 82% to $193.9 million (2010: $106.5 million)
· Profit before tax of $112.6 million (2010: loss of $113.7 million)
· Loss after tax of $45.5 million (2010: $169.5 million)
· Year-end cash and funds balance of $85.8 million (2010: $99.2 million)
· Net debt of $210.1 million (2010: $190.2 million)
PORTFOLIO MANAGEMENT
· Re-aligned portfolio to focus on three core areas
· Disposed of mature, low margin, non-core interests in Offshore Northwest Java ("ONWJ") and Southeast Sumatra ("SES") PSCs
· Deepened interest in Kerendan development, Greater Kerendan area, Indonesia
· Expanded acreage position in Greater Bualuang area, Gulf of Thailand through G4/50 farm in