Production
The Group’s production for 2007 averaged 7,800 boepd and comprised 46% liquids and 54% gas. The increase compared to 2006 (4,400 boepd) is attributable to the first full year of contribution of gas from the Sinphuhorm field in Thailand which ran reliably and above expectation through the year at an average of 88 MMscfd (1,418 boepd net to Salamander). Salamander’s participation in the ONWJ and SES PSCs in Indonesia provided the rest of the Company’s output in 2007.
Production for the full year 2008 is forecast to be in the region of 9,000 boepd with the increase coming from the Bualuang oil field in Thailand that is expected to commence commercial production by mid-year 2008.
The Group's production for 2006 averaged 4.4 Mboepd and comprised 64% liquids and 36% gas. By the year-end, the commencement of production from the Phu Horm gas field in Thailand increased the Group's daily production to approximately 7.5 Mboepd. An average daily production of 8.0 Mboepd is forecast for 2007. The Group's production is highly diversified, being derived from 73 producing fields within three extensive producing license areas.
Reserves
Proved and Probable Reserves
At 1 January 2007: 42.3
Acquisitions -
Revisions: (0.7)
Production: (2.8)
At 31 December 2007: 38.8
In preparation for IPO of the Company, the Group's reserves were independently certified by RPS in November 2006. In mid-2006 the Group booked proved and probable reserves of 40.2 MMboe and contingent resources were independently estimated to be 49.2 MMboe. Following revisions to the reserve estimates in the South East Sumatra PSC, year-end proved and probable reserves for the Group have been increased to 42.3 MMboe. The year-end estimate of contingent resources of 77.8 MMboe reflects an upgrade in technically recoverable volumes from both the Phu Horm field as well as the Si That discovery in block L13/48.