Recommendations » UK
Salamander Energy (LON:SMDR) report: 50% Block Acquisition
March 18, 2010, Thursday, 15:06 GMT | 11:06 EST | 20:36 IST | 23:06 SGT
By Daniel Stewart & Co
- Salamander has agreed to acquire a 50% interest in Block 101-100/04 from Santos Vietnam located in the Hanoi Trough, offshore Vietnam. Government and regulatory approval are still outstanding
- As part of the agreement Salamander has offered the field partners a Call option to retain their 50% interest on completion of the first well due in 2011
- Salamander also announces that it is going to launch an $85m convertible bond offering to fund the deal. Coupon is expected to be in the range of 4.75% - 5.75% and the conversion price at a premium of 32.5% - 37.5% above market prices
- Goldman and Oriel are acting for the company
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