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Pure Asian Energy Salamander Energy PLC Annual Report 2008 SALAMANDER ENERGY PURE ASIAN ENERGY Who we are, what we do Our strategy Highlights of the year 8 0 0 2 t r o p e R l a u n Salamander Energy is an Asia-focused Regional focus Operational n Revenue $m A independent exploration and production company C L Asia is home to some of the largest producing basins • Proved and probable reserves increased by 74% to P with 21 licenses across Indonesia, Thailand, 2008 100.8 y g in the world, as well as a variety of exciting, frontier 67.7 MMboe, a 950% reserves replacement ratio. r e Vietnam, Lao PDR and the Philippines. 2007 69.6 n exploration regions with significant potential. E r • Production increased by 23% to 9,600 boepd 2006 31.6 e w Since its formation in 2005, the Group has Regional focus helps the Group to anticipate and d n e i a v r consistently grown both 2P reserves and production respond to changes in the operating and economic • First oil from the operated Bualuang oil field, m e a l v a O year on year. Salamander entered 2009 producing environment, as well as maintain and deepen its Gulf of Thailand S EBITDAX $m in the region of 12,000 boepd and expects daily network of contacts and relationships. • Acquired operatorship of the Kambuna 1 production to average 15,000 – 17,000 boepd during 2008 56.8 development, Offshore North Sumatra 2009. By the end of 2009 Salamander will operate Leveraging regional knowledge and relationships 2007 41.4 over 65% of its production. • Continued portfolio development, addition of We believe our local knowledge and relationships 2006 2.9 six new licences with national and regional governments, national oil companies, key service providers and peers Financial provide a sustainable competitive edge. On a Operating cost per BOE $ technical and operational level, the Group uses its • Revenue increased by 45% to $100.8 million 2008 10.64 knowledge and expertise gained from its producing • EBITDAX increased by 37% to $56.8 million 2007 9.93 and development assets in its exploration and 2006 9.72 appraisal activities. • Post tax loss of $66.5 million (post tax profit of $0.2 million after adjustments for write off and Maintaining a balanced portfolio impairment items) Operating cash flow per entitlement BOE $ Our portfolio is built upon a foundation of producing • Average realisations of: oil $60.52/bbl and gas 2008 17.03 and development assets that offer long-life, stable and $4.99 Mscf 2007 16.08 reliable cash flows. These cash flows are re-invested in • Completed $200 million debt refinancing, seven 2006 17.03 high returning development and exploration assets year facility, and $200 million equity raising Contents that offer further growth. Moreover, we look to ensure we have a portfolio with a blend of different economic • Year end cash balance of $103.0 million, net debt Overview Realised price per bbl of oil $ 1 Highlights of the year regimes and an appropriate mix of both oil and gas. of $54.0 million 2 Chairman’s and Chief Executive’s review 2008 60.52 4 Salamander Energy at a glance Capital allocation discipline Outlook 2007 71.75 Business review 2006 61.33 6 Operational review The Group maintains an 80/20 allocation of • 2009 average daily production rate anticipated to 14 Financial review 20 Corporate Social Responsibility capital employed whereby 80% of capital is allocated be 15,000 – 17,000 boepd 22 Board of Directors to lower risk production, development and appraisal • Group expects to operate over 65% of total Realised price per MSCF of gas $ 24 Statement of proved and probable reserves assets, and 20% of capital is allocated to higher production by end of 2009 Corporate governance risk exploration assets. In this way the Group can 2008 4.99 25 Directors’ report have sustained exposure to the benefits of • Kambuna field development progressing, with first 2007 4.34 29 Corporate governance statement 34 Remuneration report exploration without putting the company at gas scheduled during Kambuna field development 2006 3.05 40 Statement of Directors’ responsibilities significant risk from the outcome of a single well progressing, with first gas scheduled mid year 2009 Financial statements or exploration drilling campaign. 41 Independent auditors’ report • Additional development drilling underway at 43 Financial statements Bualuang oil field 50 Consolidated income statement Growing the business organically and 51 Consolidated statement of changes in equity through acquisition • Imminent E&A campaign in Indonesia and Thailand 52 Consolidated balance sheet 53 Consolidated cash flow statement The Group’s technical and senior management • Strong balance sheet to fund exploration, appraisal 54 Notes to the consolidated financial statements teams have a significant breadth and depth and development activites 72 Parent company statement of changes in equity 73 Parent company balance sheet of experience in the hydrocarbon basins of Asia. 74 Parent company cash flow statement We also have a corporate finance skill set that has 75 Notes to the parent company financial statements enabled the company to identify situations it can 79 Corporate directory 80 Glossary capitalise on, and to transact quickly and efficiently IBC Our offices in building its portfolio. Chairman’s and Operating cash flow increased by 77% to $25.5 million Portfolio development Current trading and outlook 8 8 0 0 0 (2007: $14.4 million) helping to offset the significant 0 2 Chief Executive’s review 2 t We have continued to build a regional presence in Following the current drilling program in the Gulf t r r o investment made in Salamander’s development o p a focussed manner, concentrating on selected basins. of Thailand, we are looking forward to bringing the p e e R projects. Average realisations of $60.52 per bbl and R l l a A total of six new licences were added to the Group’s Kambuna field in Indonesia on-stream and to drilling a u $4.99 per Mscf were achieved during the year. u n n n The turmoil in the world’s financial portfolio during 2008 through a combination of exploration and appraisal wells in East Kalimantan n A A C markets, which began to severely impact license round applications, acquisitions, asset swaps and northeast Thailand in the first half of 2009. C L L P Operational progress P y the global economies in the second half of and farm-ins. At the year end the portfolio comprised y g g r 2009 will see a further material step up in the Group’s r e e n 2008, partially overshadowed the Group’s Having seen annual average daily production rise 21 licences. n E production with the daily average forecast to be E r 1 r e achievements during a year in which it continued by 23% year on year to 9,600 barrels of oil equivalent e w w d In March 2008, we completed the acquisition of between 15,000 – 17,000 boepd, representing an d n n e e i i a to deliver growth in its underlying production and per day (‘boepd’), the Group exited 2008 at a a v v r r m GFI Oil and Gas Corporation that brought with it the increase of over 55%%, by which time Salamander m e e a a l l v reserve base and to further expand its portfolio. production rate of 11,500 boepd. This growth was v a a O S O Bualuang and Kambuna field developments. will be operating over 65% of its production base. S underpinned by the completion of the first phase of A significant proportion of the Group’s production 2 development of its operated Bualuang oil field in the In September 2008 we announced a proposed In order to provide greater cash flow certainty and 3 is comprised of fixed price gas and oil that is produced Gulf of Thailand, which was successfully brought offer for Serica Energy plc which would have added comfort in delivering its 2009 capital budget and plan, under production sharing contracts. This diversity on-stream in August 2008. to our interest in the Glagah-Kambuna TAC, provided the Group has put in place hedges against a portion of in the composition of the asset base has partially operatorship of the Kutai PSC and seen a new its 2009 oil production. These hedges involved selling sheltered the Group’s cash flows from the extreme Salamander started 2008 with proved and basin entry in Vietnam. However, this was withdrawn forward a proportion (2,500 barrels per day) of its 2009 oil price volatility witnessed during 2008. probable (‘2P’) reserves of 38.8 MMboe (on a in October 2008 amid the sharp deterioration in the oil production at $53.83 per barrel, and buying put working interest basis). During 2008, 21.5 MMboe Operationally, the year was significant for Salamander oil price and wider capital markets. options against a further 1,500 barrels of oil per day at of 2P reserves were added through acquisition as it completed the first phase of the operated $54.00 per barrel for the second half of 2009. These and 10.8 MMboe were added from revisions to Further organic growth will be sourced from Bualuang oil field development in the Gulf of hedges are designed to provide greater cash flow existing fields. As at 31 December 2008, the Group the Group’s exploration and appraisal portfolio. Thailand, bringing the field into production during certainty whilst retaining upside exposure to potential booked 2P reserves of 67.7 MMboe, an increase The Company continues to mature its prospect August 2008.
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