salamander bualuang platform 3
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SALAMANDER ENERGYFull Year Results
13th March 2014
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© SALAMANDER | 2013 | 2
DISCLAIMER
The presentation and these materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer topurchase or subscribe for, or any offer to underwrite or otherwise acquire any securities, nor shall any part of these materials or the fact of theirdistribution or communication form the basis of, or be relied on in connection with, any contract, commitment or investment decisionwhatsoever in relation thereto. The information included in the presentation and these materials is subject to updating, completion, revisionand amendment, and such information may change materially. No person is under any obligation to update or keep current the informationcontained in the presentation and these materials, and any opinions expressed in relation thereto are subject to change without notice.
The presentation and materials do not constitute an offer of securities for sale in the United States or in any other jurisdiction. Securities willnot be registered under the US Securities Act of 1933 (the "Securities Act"), and may not be offered or sold in the United States absentregistration or an exemption from registration. The distribution of these materials in other jurisdictions may also be restricted by law, and
persons into whose possession these materials come should inform themselves about, and observe, any such restrictions. This presentation includes forward-looking statements that reflect the Company's intentions, beliefs or current expectations. Forward-looking
statements involve all matters that are not historical fact. The Company has tried to identify those forward-looking statements by using thewords "may", "will", "would", "should", "expect", "intend", "estimate", "anticipate", "project", "believe", "seek", "plan“, "predict", "continue"and similar expressions or their negatives. Such statements are made on the basis of assumptions and expectations that the Company currentlybelieves are reasonable, but could prove to be wrong. Such forward-looking statements are subject to risks, uncertainties and assumptions andother factors that could cause the Company's actual results of operations, financial condition, liquidity, performance, prospects oropportunities, as well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested by, theseforward-looking statements. Important factors that could cause those differences include, but are not limited to: changing business or othermarket conditions, general economic conditions, and the Company's ability to respond to trends in its industry. Additional factors could cause
actual results, performance or achievements to differ materially. The Company and each of its directors, officers, employees and advisorsexpressly disclaim any obligation or undertaking to release any update of or revisions to any forward-looking statements in the presentation orthese materials, and any change in the Company's expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation.
By attending the presentation or by accepting any copy of the materials presented, you agree to be bound by the foregoing limitations.
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© SALAMANDER | 2013 | 3
INTRODUCTION
Introduction & Highlights1 James Menzies, CEO
Financial Overview2 Jonathan Copus, CFO
Operations Overview3 Mike Buck, COO
Summary4 James Menzies, CEO
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INTRODUCTION AND HIGHLIGHTS
James Menzies, CEO
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© SALAMANDER | 2013 | 5
SALAMANDER ENERGY
RESULTS HIGHLIGHTS
Growing production, adding resources
FY2013 production of 14.2 Mboepd, up over 32%
Current production over 16.2 Mboepd, FY 2013 guidance 13 – 16 Mboepd
Contingent resource increased 48% to 121.3 MMboe
Group 2P reserve & resource base increased over 20% to 186 MMboe
Large steps taken across the portfolio
Bualuang development drilling outperformed expectations, more than doubling resources
Kerendan development drilling completed, flowed in excess of initial GSA
West Kerendan exploration success, potential to take production up to 70 MMscfd
SPHE-1 delivers best producer on Sinphuhorm field, adds net reserves
Financials showing clear benefits of the strategy
Revenue of $482 MM, up over 30%
Post-tax operating cash flow of $300.3 MM up 90%
Post-tax operating cash flow per boe of $57.76, up over 44%
Diversified balance sheet with issue of $150 MM high yield bond
YE 2013 cash position $265.0 MM and net debt position of $260 MM
Focus switches to commercialising resources to reserves and ultimately cash flow
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© SALAMANDER | 2013 | 6
DEVELOPING HUB POSITIONS IN THAILAND, INDONESIA &
MALAYSIA
Competitive advantage throughdata/knowledge
Room for expansion
Managing exit / harvesting non-core areas
Anchor asset with reserves &/or resources,exploration & appraisal upside
Operated positions with large equityparticipation
Melaka Strait, MalaysiaPort Klang oil discovery (85%), operatorOil Appraisal & Exploration
Greater Bualuang, ThailandB8/38 (100%), operatorG4/50 (100%*), operatorOil Production, Development & Exploration
*subject to 50% MOECO back-in
Onshore Khorat, ThailandSinphuhorm gas field (9.5%)Dong Mun gas development (27.2%)Gas Production, Development & Exploration
Greater Kerendan, IndonesiaBangkanai PSC (70%), operatorNE Bangkanai PSC (100%), operatorW Bangkanai PSC(70%), operatorGas Development & Exploration
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© SALAMANDER | 2013 | 7
HUB STRATEGY FOR INDEPENDENT E&P OPERATOR
WELL SUITED TO SE ASIA
Melaka Straits, Malaysia & Indonesia
D E V E L O P E D / D I S C O V E R E D R E S O U R C E S
Sinphuhorm Area,OnshoreThailand
Bualuang Area,Offshore Thailand
Kerendan Area, Indonesia
MATURITY
Building a portfolio of opportunitiesField /
Discovery
Enhanced technical insight
Operational flexibility
Financial synergies
Add value through
development /commercialisation
Low risk explorationusing subsurface
knowledge
Pick up surroundingopportunities in
same basin
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© SALAMANDER | 2013 | 8
2P
2P 2P
2C
2C2C
PROD
2P
2P 2P
2C 2C
2C
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
RESERVES & RESOURCES
UPLIFTED IN ALL THREE AREAS
MMboe
Reserve and resource growth by asset
Bualuang Area Kerendan Area* Sinphuhorm Area
* Pro-rated for disposal
YE2012 YE2012 YE2012 YE2013 YE2013 YE2013
Oil & Liquids
(MMbo)
Gas
(Bcf)
Total
(MMboe)
Proved Reserves 20.6 119.7 41.9
Probable Reserves 11.1 73.8 23.4
Contingent Resource 33.9 494.0 121.3
TOTAL 65.6 687.5 186.5
Major uplift in certified group resources Over 52 MMboe added to certified Group resources Total Group certified reserve & resource base up over 20%
to 186.5 MMboe 35 / 65 Oil / Gas split
Positive additions in all 3 areas Bualuang drilling more than doubles resources in field, up
129% to 27.8 MMbo West Kerendan discovery more than doubles total Upper
Berai resource base, adds net certified 43 MMboe Almost 600 Bcf gross certified in Kerendan Area SPHE-1 success adds to Sinphuhorm 2P reserves, certified
net 18 Bcf addition to 108 Bcf
155.1186.5
5.2 16.3 52.9
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
200.0
YE 2012 Production Disposals Revisions /Discoveries
YE 2013
MMboe
Reserve and resources YE 2012 v YE 2013
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FINANCIAL OVERVIEW
Jonathan Copus, CFO
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© SALAMANDER | 2013 | 11
FY 2013 FINANCIAL OVERVIEW
Group production up 31% y-o-yBualuang production up 72% y-o-y
Production(Mboepd)
14.2 10.8
Realisation
Oil ($ per bbl) 104.0 104.0
Gas ($ per Mscf) 7.8 7.2
Revenue($MM)
482.2 368.0
Pre-tax Profit($MM)
47.3 10.8
Pre-tax operating cash flow($MM)
367.8 255.6
Net Debt($MM)
260.0 194.6
Post-tax operating cash flow($MM)
300.3 158.4
31% higher… rising to 49% post inventory movements
Brent slightly weaker, but realisations flat y-o-y
Realisation per boe sold $93.81/boe
44% higher year-on-year
90% higher year-on-year
Record cash generation, balance sheet evolving
2013 2012
Cash($MM)
265.0 208.8
Gross Profit($MM)
251.5 122.8 105% higher driven by falling unit operating costs
31 Dec 2013 30 Jun 2013
Total Gross Debt $525.0MM $425.0MM
Cash and funds $265.0MM $166.8MM
Net Debt $260.0MM $258.2MM
$216.6MM pre exploration charge (up 250% year-on-year)
$MM
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© SALAMANDER | 2013 | 12
FY 2013 FINANCIAL OVERVIEW
INCOME STATEMENT
FY 2013 FY 2012
Cost of sales
Direct Operating Costs -86.3 -74.8
Royalty -44.4 -30.6
Other Cost of Sales -100.0 -139.8
Gross Profit 251.5 122.8
Revenue 482.2 368.0
Exploration expense -169.3 -51.1
Admin -7.3 -10.8
Other -0.8 -16.6
Operating profit 74.1 44.3
Net financial and other losses -26.8 -33.5
Profit before tax 47.3 10.8
Tax -167.1 -73.1
Loss for period -119.8 -62.3
FY 2013 non-recurring itemsNone
Underlying figures
Revenue Bualuang Dubai less $0.4/bbl
(FY 2012 Dubai less $1.10/bbl)
Net Finance cost $22.7 MM (FY 2012: $27.2 MM)Cash Op cost $86.3 MM (FY 2012: $74.8 MM)
$16.6/boe 13% below FY 2012
Admin. Cost $7.3 MM (FY 2012: $10.8 MM)
Recurring non-cash items
Inventory movement: Revenue lowered by $13.0 MM
(FY 2012: revenue up $36.4 MM)
Exploration expense: $169.3 MM (FY 2012: $51.1 MM)
Loss on cash flow hedges: $4.4 MM (FY 2012: n/a)
Tax reconciliation: see appendix E&A charge
SRB
Deferred tax
$42.5 MM adjusted profit (FY 2012: $17.9 MM loss)
$MM
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© SALAMANDER | 2013 | 14
Evolution of Group cash flow (US$ per boe)
2014 OUTLOOK
WORKING OUR ASSETS HARDER
Continued focus on near-term value enhancement
ProductionBualuang %
18.6 Mboe/d42%
10.8 Mboe/d67%
14.2 Mboe/d86%Driving the next wave of production growth
13,000 to 16,000 boe per day in 2014 Mid-term upside beyond 20,000 bbl per day
Strengthening realisations 2014/2015 crude sales Dubai less $0.4 per bbl
(2012/2013: Dubai less $1.10 per bbl)
Falling operating costs Module start up to lower opex by c. $20-25 MM p.a.
Actively managing taxation Cash tax levied on prior year production Tax fluctuates with production, oil price and capex
Development a core focus in 2014 c.75% of capex on P&D c.75% of capex in Thailand Upper end of $250 to $275 MM guidance
$28.6
$40.3
$57.8
$18.9
$32.5
$21.6
$17.6
$21.8$18.0$46.2
$17.0 $11.3
$0
$20
$40
$60
$80
$100
$120
FY-11 FY-12 FY-13
Discount Opex + G&A Cash tax + Royalty Post-tax cash margin
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OPERATIONS OVERVIEW
Mike Buck, COO
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© SALAMANDER | 2013 | 16
GREATER BUALUANG
G4/50
B8/38
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© SALAMANDER | 2013 | 17
0
10
20
30
40
50
60
70
80
YE2007 YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 YE 2013
2C
2P
Cumulative Production
0
2
4
6
8
10
12
14
16
2C Resources
2P Reserves
Historical
BUALUANG
CONSISTENT STRONG RESERVES AND PRODUCTION GROWTH
Reserves trebled since first production in 2008 Originally estimated to contain 15 MMbo
Undergone multiple reserve upgrades since start up, currentestimated ultimate recovery (2P + 2C) of c. 70 MMbo
YE 2013 increase in 2C (129%) will drive next phase of growth
Field has outgrown initial development concept of one WHPand FPSO
Bravo platform installed in 4Q 2012 – Greater production capacity
Bravo provided 16 additional well slots to drive productiongrowth, 11 wells drilled in 2013
New production range 11,000-14,000 bopd (up from 7,000-8,000 bopd)
2 year rig contract for Atwood Mako until Sept. 2014
Drilling and completing horizontal producers in c. 19 days,average cost c. US$8 million
Adding more slots and drilling dual lateral wells in 2014 onBravo
Additional investment for 2C exploitation is entirelydiscretionary but the prize is extremely valuable and theinvestment is fiscally efficient
2P and 2C production profile
O i l ( M b o p d )
Source: Historical (2008-2013), 2P Reserves (2014-2025) RPS Reserves
Report YE2013.2C Resources (2016-2025) Company
R e s e r v e s ( M M b o e )
Evolution of reserves and resources
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© SALAMANDER | 2013 | 18
BUALUANG’S RESERVOIRS
Exploitation of new reservoirs underway
T4.1 was the sole target of producersdrilled from 2008 to 2012
First T2 producers in 2013 significantlyout-performed expectation
First East Terrace T4.1 production alsobetter than forecast
T2, T5 and T3 to be targeted in 2014 New reservoirs identified during the
Bravo drilling campaign in T4.o, 4.2,4.4, 4.5
Targeting 2C resource to 2P reserveconversion in 2014
FEED studies taking place todetermine needs
Project sanction in mid 2014 Start production through new
facilities in 2016
Bualuang’s reservoirs
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© SALAMANDER | 2013 | 19
BRAVO DEVELOPMENT DRILLING
Hyde
Park
Regent’s
Park Old
Street
BuckinghamPalace
SalamanderOffice
Drilling performance setting new standards
Extended reach horizontal drilling to 3500m measureddepth with vertical depth of only 1100m
Wells steered to targets with accuracy of a few metres
Tortuosity of some wells amongst highest worldwide Wells are drilled, completed and put on production in 19
days or less
Dual lateral completions to be employed to give tworeservoir drains through one slot. 5 planned in 2014
Slots to be added to Bravo in 2014 to accelerate productionof some of the newly certified 2C resources
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© SALAMANDER | 2013 | 20
BUALUANG
DRIVING LONG TERM OPERATING COSTS DOWN
New infrastructure to reduce opex by US$20-25 million p.a. Power and processing modules installed on Bravo. Hook up in
progress
Release of Rubicon Vantage FPSO and replacement with lowercost FSO in 3Q’14
10 [+5] year FSO lease signed with Teekay, vessel arriving in June
Reduction in operating costs through crude burning powergeneration and lower FSO day rate
0
10
20
30
40
50
60
70
80
90
2013 2014 2015 2016
O p e x ( U S $ m i l l i o n )
Source: RPS Reserves Report, 8 March 2013
Bualuang field operating cost forecast
Bravo Modules installation
FSO conversion
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© SALAMANDER | 2013 | 21
GREATER BUALUANG FORWARD PLAN
2013
129% increase in 2C resources certified at year end
More wells required from a new platform or platforms
2014
FEED underway
Expect to select platform design and sanction project by
mid year
A significant portion of 2C resource will then move to 2Preserves
Switch to FSO operations in 3Q with big savings in opex
2015
Platform construction
2016 Platform installation and production in 1Q
Drilling throughout the year
Heavy lifting at Bualuang
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© SALAMANDER | 2013 | 22
G4/50 EXPLORATION STATUS
AbutmentHanging-wall Fault & Dip
Basement
Stratigraphic
Prospect Structural Type AnalogueMean Resource
(MMbo)Chance of
Success
Hua HinFault & Dip
Bualuang 25 1 in 3
Yala (A,B,C & D) Abutment Untested 25* 1 in 4
Chang MaiHanging Wall /
AbutmentBua Ban,Manora
40 1 in 3
Sukhothai Fault & Dip Bualuang 25 1 in 3
Western Basin
Partial relinquishmentcompleted
All high graded areasretained
EIA application inprocess
20 drilling locations
Drilling anticipated in2014 Schematic section across western basin
* A,B,C and D are each 25 MMbo
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© SALAMANDER | 2013 | 23
GREATER KERENDAN
North East Bangkanai PSC
Kerendan
West Bangkanai PSC
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WEST KERENDAN
SIGNIFICANT UPPER BERAI DISCOVERY
GWC at 2854mTVDSS
K-7
K-8
K-1 & 6
K-4
K-2
West Kerendan-1
K-3
5000 m
Mapped closure toWest suggests Upper
Berai trap is full to spill
Kerendan and WK gasaccumulations mapped as in
communication. Supported by
pressure data from the wells
WK1 operational summary
Drilled to 4050m. Testing underway
Upper Berai
401m of gas saturation in Upper Berai,163m of pay. Potentially 2 separate gascolumns
Upper zone in communication withKerendan
Lower zone tested at 18.6MMscfd and181bcpd
313 Bcf mean certified 2C in upper gaszone with significant upside
Lower Berai
Up to 70m of interpreted gas payDiscrete gas and water zones. Detailedlog analysis underway
Tanjung
Thinner than prognosed Upper Tanjungsitting on Basement high bald of sandierLower Tanjung
8m of gas charged sands
Large Lower Tanjung potentialonlapping the high
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© SALAMANDER | 2013 | 25
Planned SecondUpper Berai DST
First Upper Berai DST18 MMcfd & 183 bcpd
10 km
KERENDAN FIELD CROSS SECTION
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© SALAMANDER | 2013 | 26
NW SE
10 km
Depth inmeters
1,000m
2,000m
3,000m
4,000m
Jupoi Prospect
Basement
Kerendan- 7West
Kerendan-1
Top Upper Berai
Intra Upper Berai
Lower Berai
Lower Tanjung
Upper Tanjung
GREATER KERENDAN REGIONAL SETTING
AND FOLLOW UP POTENTIAL
Upper Berai Carbonate reservoir developed on long standing Basement high
7 out of 8 wells drilled produced gas from Upper Berai Follow up Berai potential in W Bangkanai PSC. Leads identified Lower Tanjung absent at WK but thickens off crest. Prospective under Kerendan field Jupoi is a big, shallow Lower Tanjung prospect
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COMMERCIALISING GREATER KERENDAN
Kerendan gas field 120 Bcf proved reserves. 160 Bcf contingent resources
Development on-going providing feedstock for new buildlocal power generation with GSA for 20MMscfd
4 production wells tested at 40 MMscfd
Gas processing plant complete in 4Q 2014
West Kerendan discovery
313 Bcf of contingent resource already certified
Plan to incorporate into Kerendan PoD
Sufficient 2C resource to fill power plant up to 70 MMscfd
PLN Kerendan power plant can take all the initial production
PLN building 155 MW gas engine plant with upgrade to350 MW in 2016
Power plant construction by Wärtsilä and local partner
Commissioning and start up of first phase in 4Q 2014
Gas Sales Agreements
Price increase to existing GSA to restore economicsaffected by delay and cost increase
Second GSA to fill the plant capacity from resourcesalready discovered
Power line transmission network
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
2 0 1 4
2 0 1 5
2 0 1 6
2 0 1 7
2 0 1 8
2 0 1 9
2 0 2 0
2 0 2 1
2 0 2 2
2 0 2 3
2 0 2 4
2 0 2 5
2 0 2 6
2 0 2 7
2 0 2 8
2 0 2 9
2 0 3 0
West Kerendan 2C 2C Resources 2P Reserves
M M
s c f d
2P and 2C production profile
West Kerendan 2C Kerendan 2C Kerendan 2P
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MALAYSIA
PM-322
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MALAYSIAN COUNTRY ENTRY, PM322 A GOOD STRATEGIC FIT
Proven hydrocarbon system
Port Klang-1 oil discovery drilled by Sun Oil, 1991
Found excellent quality Pematang source rocks
Early syn-rift Pematang sandstone reservoir
Initial assessment of recoverable volumes c. 30 MMbo
Lightly explored area
Only 6 wells drilled in Malaysian sector of Melaka Strait
Extension of the prolific Central Sumatra basin
Salamander has an option to sign adjacent acreage inIndonesia on the same play
Work programme
3D seismic in 2014/15
One commitment well in 2016 but prospect inventory hasnumerous targets already identified
Geology, drilling conditions and target depths similar toBualuang
Running room in Malaysia which has many undevelopeddiscoveries
20,000 km2 block in under-explored Melaka Strait
N. SumatraBasin
C. SumatraBasin
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NORTH KENDANG
RE-DRILL PREPARATIONS
700m
Y
X
Z
North
SSW NNE NW SENorth Kendang-1 and 2
BT45 Top
BT45Bt tm
BT65 Top
Seq
BT80
North Kendang
High
BT65
Lobe
Rabab Toe
Thrust High
TD Kick
Zone
BT80Lobe
?
?
Base Canyon
Reflector
+400m canyon f i l l
sect ion below TD
kick depth
A NK1 had high pressure wet gas kickfrom Upper Miocene
Well control insurance claim approved– $16 MM received to date– Re-drill insurance will pay for new
well to kick point
Rig due in June 2014. New casingprogramme and Managed PressureDrilling to deal with high pressures
Risks reduced by NK1: source, charge,trap all proven, reservoir developmentunknown
Resource Potential: BT65 channel 40 – 140 – 300 Bcf. BT80 channel 120 – 460 – 1,000 Bcf
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SUMMARY
James Menzies, CEO
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SUMMARY
FY2013 production average production rate 14.2 Mboepd, up over 30%
Significant increase in resources added through the drill-bit to 121.3 MMboe, up 48%
Bualuang development continues, Kerendan expansion through West Kerendan discovery
Excellentprogress across
the portfolio
Financialsreflecting benefits
of strategy
Focus on near-termcommercialising
resources
Post-tax cash flow up 90% to $300.3 MM
Cash margins continue to improve, FY2013 $57.76/barrel up 44%
Re-structured balance sheet, YE2013 cash of $265 MM
Forecast 2014 production rate 13 – 16 Mboepd
Key milestones Bualuang Charlie sanction; Expanded Kerendan PoD & further GSA
Delivering over 20 Mboepd on 4 year plateau from 2017
Self-funded
2013 Resource Adds Through Drill Bit Success, 2014 Focus On Commercialisation
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© SALAMANDER | 2013 | 36
IR CONTACT
Geoff CallowHead of Corporate Affairs
Tel: + 44 (0)20 7432 2680Email: geoff.callow@salamander–energy.com
www.salamander-energy.com
@smdrenergyplc
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APPENDIX
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FY 2013 FINANCIAL OVERVIEW
TAX RECONCILIATION (NOTE 9)
FY 2013 FY 2012
PBT 47.3 10.8
Adjustments:
UK losses 25.4 42.8
SRB 91.2 57.6
Non-allowable exploration costs 103.2 18.4
Other items 67.1 16.6
Adjusted PBT 334.2 146.2
Applicable tax rate 50% 50%
Total tax charge 167.1 73.1
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THAILAND - KHORAT PLATEAU
E5-NEU-1
L15/43
L27/43
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SINPHUHORM
RECOGNISED UPSIDE YET TO BE PURSUED
Hess THAILAND (Operator) divesting of asset
Hess has not been an aggressive operator
Upside potential on the field has not been chased
Sales process ongoing, expected imminent conclusion
Anticipate that new operator will invest in the asset to pursue the upside
Potential reserves and production growth
Drilling in L15/43 proves field extends into adjacent Block
Sinphuhorm East-1 tested at in excess of 50 MMscfd proving theextension of the field into L15/43
Salamander has a 27.2% interest in L15/43 so equity interest in SinphuhormField expected to increase
Well was located based on 3D seismic acquired in 2011 and demonstratesthe ability to target productive zones in the reservoir based on seismic
Uncertainty remains as to GWC – upside case could potentially doublefield size
SPHE-1ST
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Bangkok
Sattahip
DONG MUN
GAS DISCOVERY APPROACHING COMMERCIALISATION
Block L27/43Dong Mun field development
Successful appraisal well DM3ST in 2012
Production area approved
Operator estimates Dong Mun will produce at 20mmcf/d for 10years but with potential to expand and extend
3D seismic shot in 2013
Aiming for first gas in 2016
Production plan submitted
Contractors tendering for FEED studies
GSA negotiations underway
Salamander Working Interest 27.2% (1)
Ownership of Dong Mun APICO (100%, Operator)
Net 2C Resources (RPS, 01/04/13) 4.1 MMboe: 24.6 BCF
First production Est. 2016
Expected plateau (2016-2028) Net c. 5.4 mmcf/d
L27/43
(1) Interest held through 27.2% stake in APICO who own 100% working interest in Block L27/43
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