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SALAMANDER ENERGY PURE ASIAN ENERGY Salamander Energy PLC Annual Report 2009 Report Annual PLC Energy Salamander SALAMANDER ENERGY

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SALAMANDER ENERGY PURE ASIAN ENERGY Salamander Energy PLC Annual Report 2009 Report Annual PLC Energy Salamander SALAMANDER ENERGY Salamander Energy PLC Annual Report 2009 Salamander Energy PLC Annual Report 2009 SALAMANDERSALAMANDER ENERGYENERGY PURE ASIAN ENERGY Financial statements Corporate governance Business review Overview 45 Independent auditors’ report 29 Directors’ report 10 Operational review 1 Highlights of the year 47 Statement of accounting policies and 33 Corporate governance statement 18 Financial review 2 Chairman’s and Chief Executive’s review general infomation 38 Remuneration report 21 Risk management 4 Salamander Energy at a glance 55 Consolidated income statement 44 Statement of Directors’ responsibilities 23 Corporate Social Responsibility 56 Consolidated statement of changes 26 Board of Directors in equity 28 Statement of proved and probable reserves 57 Consolidated balance sheet 58 Consolidated cash flow statement 59 Notes to the consolidated financial statements 77 Parent company balance sheet 78 Parent company statement of changes In equity 79 Parent company cash flow statement 80 Notes to the parent company Philippines. LaoPDRandthe Vietnam, Indonesia,Thailand, across company with21licenses exploration andproduction Asia-focused independent isan Salamander Energy whatwedo Who weare, About us financial statements 84 Glossary IBC Corporate directory IBC Our offices both oilandgas. mixof and anappropriate economicregimes different a portfoliowithblendof wehave we looktoensure Moreover, further growth. exploration assetsthatoffer developmentand returning re-invested in high flows are cash flows.These long-life, stableandreliable development assetsthatoffer and foundation ofproducing Our portfolioisbuiltupona balanced portfolio Maintaining a appraisal activities. its explorationand and developmentassetsin itsproducing gained from knowledge andexpertise usesits level, theGroup technical andoperational competitive edge.Ona us withasustainable andpeersprovide providers companies, keyservice governments, nationaloil with nationalandregional knowledge andrelationships believeourlocal We knowledge andrelationships Leveraging regional relationships. network ofcontactsand maintain anddeepenits aswell environment, the operatingandeconomic tochangesin and respond toanticipate helps theGroup potential. Regionalfocus withsignificant regions exploration exciting, frontier the worldandavarietyof basinsin producing largest markets,someofthe energy Asia ishometohighgrowth Regional focus Our strategy building itsportfolio quickly andefficientlyin capitalise on,andtotransact identify situationsitcan enabled thecompanyto finance skillsetthathas alsohaveacorporate We basinsofAsia. hydrocarbon depth ofexperienceinthe and a significantbreadth management teamshave Our technicalandsenior acquisition through and organically thebusiness Growing exploration drillingcampaign. outcome ofasinglewellor the at significantriskfrom without puttingthecompany the benefitsofexploration to have sustainedexposure can In thiswaytheGroup higher riskexplorationassets. 20% ofcapitalisallocatedto and appraisalassets, development production, is allocatedtolowerrisk 80%ofcapital whereby allocation ofcapitalemployed maintainan80/20 We Capital allocationdiscipline . Highlights of the year Key performance indicators Operations Lost time incidents 2009 Zero • 42% increase in production to 13,600 boepd 2008 Zero • First gas from the operated Kambuna field, 2007 Zero Offshore North Sumatra • Successful exploration drilling on Bualuang deep Proven and probable reserves (working interest basis) MMboe and South Sebuku prospects 2009 64.8 Overview PLC Annual Report 2009 Salamander Energy • Plan of development approved for South 2008 67.7 1 Sembakung field, Indonesia 2007 38.8 • Progressed to drill-ready status 12 well Reserves replacement ratio % exploration programme for 2010 2009 42 Financials 2008 950 2007 (2.5) • Revenue increased by 56% to $157.1 million (2008: $100.8million) Production (working interest basis) boepd • EBITDAX increased by 64% to $87.6 million 2009 13,600 (2008: $53.3 million) 2008 9,600 • Pre- tax loss of $3.0 million (2008: $75.5 million) 2007 7,800 • Year end funds balance of $59.2 million Operating cost per boe $ (2008: $115.1 million) (including restricted bank 2009 13.99 deposits of $11.4 million (2008: $12.1 million)), 2008 10.64 net debt of $115.4 million (2008: $41.9 million) 2007 9.93 Outlook Operating cash flow prior to working capital • 2010 average daily production rate anticipated per entitlement boe $ to be 17,000 – 18,000 boepd 2009 20.77 2008 17.03 • Active 2010 drilling programme of 12 E&A wells 2007 16.08 targeting 340 MMboe of net unrisked resource (75 MMboe of net risked resource) Three year average finding cost per boe1 $ • Currently drilling Bang Nouan-1 exploration 2009 23.84 well in Lao PDR 2008 14.75 • Asian gas markets continue to develop with 2007 3.99 attractive medium and long term demand Gearing2 % dynamics 2009 23 • Announced separately today launch of a 2008 21 Convertible Bond, proceeds of which will be 2007 8 used to broaden and diversify Asian portfolio 1 Finding cost per boe is defined as exploration and acquisition • Agreement to acquire 50% interest and expenditures divided by working interest reserves additions operatorship of Block 101-100/04, Offshore in the period. 2 Gearing is defined as debt divided by debt plus equity. Northern Vietnam Chairman’s and Oil and gas markets Chief Executive’s review The Brent oil price recovered from a low in 2009 of $39.08/bbl and has stabilised in 2010 with an average price to date of $77.00/bbl. This has The Group delivered on its key seen the return of confidence in the E&P sector, with objectives for the year in bringing the a marked increase in planned exploration drilling Kambuna field on-stream and completing across the sector in 2010. a second phase of development drilling It has been well documented that Asia is at the atSALAMANDER the Bualuang oil field. These developments ENERGY forefront of the global return to growth. This trend is contributed to another year of material growth expected to continue with the IMF forecasting that for Group production which rose by 42% to a GDP growth in Thailand, Indonesia and Vietnam will Overview PLC Annual Report 2009 Salamander Energy daily average of 13,600 boepd. The other major average 4.6% in 2010. This contrasts sharply with a 2 achievement during the year was the agreement of forecast of circa. 1% in the United Kingdom. a five licence farm out to Origin Energy which provided the Group with a high quality strategic Such strong GDP growth is driving an increased partner and reduced planned 2010 exploration and demand for power. Gas at present only meets appraisal (‘E&A’) expenditure. approximately 5% of power demand in Asia, compared to circa. 25% in OECD countries. With low Over the past five years Salamander has made good levels of gas penetration in the Asian primary energy progress towards its goal of building a diverse base mix relative to more mature OECD countries, gas of producing assets that will generate sufficient cash demand is expected to rise strongly, underpinned flows to fund its exploration and appraisal activity. by both increased power demand from these With the Kambuna field now on-stream the Group growing industrial economies and by the continued has five producing assets in different economic removal of subsidies on competing fuels. regimes. In 2010 Salamander should achieve further production growth whilst embarking on its most The relatively robust regional macro-economic active year of exploration drilling to date. outlook, the dynamic Asian gas markets, and the co- operative nature of the host governments Exploration success is important if an independent and NOC’s, combine to make Asia an attractive explorer & producer (‘E&P’) is to create significant operating environment for an independent E&P value. Salamander’s 2010 drilling programme will company with experience of operating in the test a diversity of play types with a range of risk region, such as Salamander. ratings from step out through to frontier exploration with twelve wells planned. Nine of these twelve Financials wells are operated by Salamander and are the culmination of, in some cases, four years of planning, Increased production levels were reflected by the technical work and investment. We believe this Group reporting a 56% increase in revenue for the combination of risk profiles and careful selection year at $157.1 million (2008: $100.8 million). The allows Salamander to optimise the risk and likely Group reports a loss before tax of $3.0 million reward of our drilling programme. (2008: $75.5 million) inclusive of mark to market hedging charges and a loss after tax of $13.5 million Management is focused on positioning the Group (2008: $66.5 million). The Group reports a loss of to capitalise on medium and long term $0.09 per share (2008: $0.53). opportunities. Despite the active exploration programme the Group will only be drilling in seven Operating cash flow increased by 132% to of its twenty-one licences in 2010. Further technical $59.3 million (2008: $25.5 million) as daily average work is being conducted to acquire additional production grew throughout the year. Average seismic data and to progress other leads and realisations of $53.97 per bbl and $4.03 per Mscf prospects up to a drill ready state. In addition, we were achieved during the year. are constantly looking to add further licences that would complement and broaden this portfolio as we plan the drilling programme beyond 2010. Portfolio management Production update and outlook
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