Salamander Energy plc issues the following operational and corporate update that includes unaudited information and may be subject to further review.
• 2014 average production of 14,200 boepd
• Bualuang field and the Sinphuhorm field both produced record high annual rates
• Kerendan Gas Processing Facility is nearing completion
• Renegotiations on the Kerendan gas sales agreement are expected to complete shortly with significantly more favourable terms
• Net debt as at 31 December 2014 of US$380 million with cash and funds of US$118 million
• Scheme Document in relation to the offer by Ophir Energy plc to be posted today; shareholders of Salamander and Ophir to vote on 6 February 2015; the Scheme expected to become effective 2 March 2015
• Intention to terminate the sale of an effective 40% interest in the Greater Bualuang Area with mutual agreement by SONA, satisfying a condition of the Ophir Offer