Salamander to survey the Philippines' Sandakan basin

Salamander Energy PLC will shoot a 600 sq km, 3D seismic survey over Service Contract 41 SC41 in the Philippines' Sandakan basin under a farm-in agreement with operator Tap Oil Ltd.

Feb 9th, 2007

Uchenna Izundu
International Editor

LONDON, Feb. 9 -- Salamander Energy PLC will shoot a 600 sq km, 3D seismic survey over Service Contract 41 SC41 in the Philippines' Sandakan basin under a farm-in agreement with operator Tap Oil Ltd.

Salamander will gain a 35% stake in SC41. The seismic data will help the partners to develop a better understanding of structural leads on a prospective deepwater fold belt, along trend from the Wildebeest-1 exploration well in SC41, which discovered 40º gravity oil in 2000. The partners plan to start drilling in 2008.

SC41 spans 4,820 sq km in 200-2,000 m of water and 6 wells have been drilled on the block, with one in the fold belt, Wildebeest-1. It has several play types that may have the potential for 50-150 million bbl of oil accumulations.

The Philippines government and other partners in SC41 need to approve the farm-in before it can be finalized. Tap Oil will have a 50% interest under the agreement.

Contact Uchenna Izundu at uchennai@pennwell.com.

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