The Boards of Salamander Energy plc and Ophir Energy jointly announce the proposed terms of a possible share exchange offer for the entire issued and to be issued share capital of Salamander (the "Proposed Offer").

Offer Terms

Under the terms of the Proposed Offer, Salamander shareholders would be entitled to receive the following consideration:

0.5719 Ophir shares for each Salamander share.

On the basis of Ophir's share price of 202.7 pence on 24 October 2014 (being the last business day prior to the announcement by Salamander on 27 October 2014), the terms of the Proposed Offer represent an indicative offer value of 115.9 pence for each Salamander share, which represents an indicative premium of approximately: • 44.5 per cent. to the closing price of 80.3 pence per Salamander Share on 24 October 2014 (being the last business day prior to the date of the announcement by Salamander on 27 October 2014);

Tags: Ophir Energy, Salamander Energy