Salamander Energy

What Salamander Energy does

Salamander Energy plc is an Asia-focused independent upstream oil and gas exploration and production (E&P) company, founded in 2005 and headquartered in London, United Kingdom. The company operates a portfolio of producing, development, and exploration assets across Southeast Asia — primarily Thailand and Indonesia, with additional interests in Malaysia — and held a secondary listing on the London Stock Exchange (ticker: SMDR). Its core producing assets are the Bualuang oil field in the Gulf of Thailand and the Sinphuhorm gas field in Northeast Thailand, while the Kerendan gas field in Indonesia's Bangkanai PSC was nearing commercial start-up, and North Kutei provided exploration upside. At year-end 2013, Salamander reported 2P reserves of 65.3 MMboe (70% in the 1P/proven category) plus 121.3 MMboe of contingent resources, and 2014 average production reached 14,200 boepd.

The company's underlying technology is conventional upstream E&P — drilling, reservoir management, and production operations — executed under Production Sharing Contracts (PSCs) with host governments. Salamander employs approximately 184 staff across London (HQ and finance), Singapore (regional HQ and legal), Bangkok (Thailand operations), Jakarta (Indonesia operations and government affairs), and Kuala Lumpur (Malaysia operations). Revenue is generated by selling crude oil to refineries at market prices (with selective hedging) and selling natural gas under long-term gas sales agreements to power generation companies, most notably PT PLN (Persero), Indonesia's state electricity company, for the Kerendan field.

In November 2014, Ophir Energy plc agreed to acquire the entire issued and to be issued share capital of Salamander via a Court-sanctioned scheme of arrangement, with shareholder approval in February 2015 and scheme effectiveness expected 2 March 2015 — terminating Salamander's standalone trajectory and marking the most consequential corporate event in the company's history. The company was advised by Goldman Sachs, Jefferies Hoare Govett, Macquarie Capital, and Brunswick Group on the transaction.

Name

Salamander Energy

Legal name

Salamander Energy plc

Website

https://salamander-energy.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

101–250 employees

Short description

Salamander Energy plc is an Asia-focused independent oil and gas exploration and production company that operated producing oil and gas assets in Thailand and Indonesia (with Malaysian interests), selling crude to refineries and gas under long-term agreements to power generators such as Indonesia's PT PLN.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration and Production

NAICS

Crude Petroleum Extraction (21112), Oil and Gas Extraction (211)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Field Development & EOR/IOR for Gas (Compression, Refracturing, Reservoir Management) (EUAAAAAM)

Keywords

• Oil and gas exploration
• Upstream production
• Crude oil production
• Natural gas production
• Reservoir management

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure, Others

Revenue model

1. Oil Production Revenue: The company produces crude oil from the Bualuang oil field in Thailand's Gulf of Thailand. Oil is sold at market prices to refineries. The company hedged 1,200 bopd for calendar year 2015 at an average price of $103.30/bbl.
2. Gas Production Revenue: The company produces natural gas from the Sinphuhorm field in Northeast Thailand and the Kerendan gas field in Indonesia. Gas is sold under gas sales agreements to power plants and other buyers.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Salamander Energy is an Asia-focused independent oil and gas exploration and production (E&P) company that acquires, explores, develops, and produces crude oil and natural gas from upstream assets in Thailand and Indonesia. The company's portfolio spans producing, development, and exploration assets — primarily the Bualuang oil field in the Gulf of Thailand, the Sinphuhorm gas field in Northeast Thailand, and the Kerendan gas field in Indonesia — with produced oil sold to refineries and gas sold under long-term gas sales agreements to power generation companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Greater Bualuang Flagship production asset comprising the Bualuang oil field in the Gulf of Thailand along with the G4/50 exploration acreage; represents the company's primary oil production operations (Bualuang produced a record 12,500 bopd on average for full year 2014).
• Greater Kerendan Comprises the Kerendan gas field development in the Bangkanai PSC and two further PSCs providing step-out exploration opportunities; gas from the field is sold to PT PLN (Indonesia's state electricity company) for power generation.
• North Kutei Exploration acreage in the Kutei Basin, Indonesia, providing future exploration and development opportunities.
• Sinphuhorm Field Gas field in Northeast Thailand producing natural gas sold under gas sales agreements to power generation buyers; record production of 105 MMscfd (approximately 1,700 boepd net to Salamander) in 2014.
• Oil and Gas Exploration and Production Services Independent upstream oil and gas exploration and production operations across Thailand, Indonesia, and Malaysia, including drilling, reservoir management, development, and production operations delivered to enterprise hydrocarbon buyers.

Quantifiable outcome

• 2014 average production of 14,200 boepd
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Partnerships

Four partnerships are on record, tiered minor and core.

• Sona Petroleum Berhad (SONA)minorChannel Partner/ Reseller/ Distributor · 21 July 2014Salamander signed an agreement with SONA Petroleum Berhad for the sale of an effective 40% working interest in the B8/38 concession (containing the Bualuang oil field) and the surrounding G4/50 concession in the Gulf of Thailand. The transaction was valued at approximately $XXX million. However, in light of the Ophir Energy acquisition offer, Salamander and SONA mutually agreed to terminate the transaction in January 2015.
• PT PLN (Persero)coreChannel Partner/ Reseller/ DistributorPT PLN (Indonesia's state electricity company) is the buyer of gas from Salamander's Kerendan Gas Processing Facility. PLN's power plant and transmission lines were under construction to receive gas from the Kerendan field in Indonesia.
• SKKMigascoreOthersIndonesian upstream regulator that approved the Plan of Development for the Tutung gas field in the Bontang PSC.
• Brunswick GroupminorOthersCommunications Adviser to Salamander for the Ophir Energy acquisition.

Scale indicators5 records

Recent moves8 records

Expansion highlights5 records

Emerging players

• Tap Oil: Australia-listed E&P with interests in Southeast Asia (Thailand, Malaysia). Comparable small-cap upstream operator with regional Asian exposure, although typically smaller in production scale than Salamander.
• SundaGas Banda: Emerging Southeast Asia-focused E&P with exploration assets in Indonesia and other parts of the region. Comparable as a small-scale upstream operator with a Southeast Asia focus, though at an earlier stage of development than Salamander.

Direct peers

• KrisEnergy: Asia-focused upstream E&P with operated interests in Thailand, Indonesia, Vietnam and Bangladesh. Closely matches Salamander's Southeast Asia asset profile, scale and operating model.
• Coastal Energy: Asia-focused upstream E&P with producing assets in Thailand (Songkhla) and Malaysia. Direct peer to Salamander by virtue of overlapping Thai/Malaysian acreage and similar small-mid cap scale.
• Ophir Energy: London-listed upstream E&P focused on Africa and Asia, and the company that agreed to acquire Salamander in late 2014. Direct strategic peer with overlapping upstream oil and gas interests in Southeast Asia.
• Premier Oil: London-listed mid-cap E&P with significant producing and development assets across Southeast Asia, the UK North Sea and Latin America. Closely comparable in size, business model and Asian operational footprint to Salamander.
• SOCO International: London-listed E&P with producing and exploration assets in Vietnam, Thailand and other Asian countries. Closely comparable in size, Asia focus and upstream oil & gas business model to Salamander.

Regional players

• AWE Limited: Australia-listed small-cap E&P with assets in Australia and New Zealand. Comparable in size and as a publicly-listed upstream operator, but geographically focused on Australasia rather than Salamander's Southeast Asia base.

Broad incumbents

• Cairn Energy: UK-listed E&P with operations across West Africa, the Mediterranean and Asia. Comparable in size, governance structure and upstream business model, but with broader geographic exposure.
• EnQuest: Larger London-listed E&P focused on the UK North Sea. Comparable as a UK-listed upstream oil and gas producer of similar scale, but with a different geographic focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/smdrenergyplc
• YouTubeyoutube.com/channel/UCDSJVV_5KoinNSWWcnYyQFg
• LinkedInlinkedin.com/company/salamander-energy-indonesia-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Salamander Energy