CEPSA No Longer Interested in Buying Salamander Energy
A consortium led by Spain's Compania Espanola de Petroleos (CEPSA) said on Monday it was withdrawing from the bidding to acquire oil firm Salamander Energy, reducing the competition for rival suitor Ophir . CEPSA said that after holding talks with Salamander, the consortium, which includes Strategic Energy (Global), had decided not to proceed. "CEPSA and SEG have now decided that they have no intention of making an offer for the company," CEPSA said in its statement. Salamander, which drills for oil in Indonesia and Thailand, received a conditional proposal from Ophir Energy in October.
Salamander Energy Updates on SONA Transaction
Salamander Energy said it has submitted a draft shareholder circular to the Financial Conduct Authority in relation to previously stated plans to divest of an interest in the Greater Bualuang Area. Salamander had announced on July 21 the signing of an agreement under which Sona Petroleum Berhard (SONA) would acquire an effective 40% working interest in the B8/38 concession (containing the Bualuang oil field) and the surrounding G4/50 concession, both located in the Gulf of Thailand (together the Transaction).
North Kendang-2 Drilling Completed
Salamander Energy plc announces that drilling operations on the North Kendang-2 exploration well (“NK-2”) in its operated South East Sangatta PSC have now been concluded. The well reached a total depth of 2,569 metres true vertical depth sub-sea and encountered two hydrocarbon bearing intervals, one of which was the primary objective zone of high pressure encountered in the North Kendang-1 (“NK-1”) well. This was successfully penetrated in NK-2 and comprised a 2.5m gas condensate bearing sand. In addition, a 10.5m gas bearing sand with oil shows was encountered at a shallower depth.
Asia-Pacific Crude-Condensate Remains Lackluster
The Asia-Pacific crude and condensate remained weighed by limited demand from refiners returning from maintenance, but may find some support from Brent's narrowing gap to Dubai swaps as well as the prospect of lower supply from Libya. Shell sold 650,000 barrels of Northwest Shelf (NWS) condensate loading July 8-12 to Samsung Total at around $2.50 per barrel below Dated Brent, roughly the same level as the previous month, traders said.The deal could not be independently verified. The grade was sold for June-loading at a discount of $2.30-$2.50 a barrel, according to Reuters data.
