News Column

Salamander Energy Jumps As It Puts Itself Into Formal Sale Process

May 1, 2014

Steve McGrath

LONDON (Alliance News) - Salamander Energy PLC saw its shares jump Thursday after it formally put itself up for sale, having been approached by several parties interested in buying it or some of its assets.

In a statement, the oil and gas exploration and production company with operations in South East Asia said it has been considering selling some assets, including minority stakes in its fully-owned Bualuang oil field in Thailand, and the Kerendan gas field in Indonesia in which it has a 70% interest.

It said it had received a number of expressions of interest about buying some or all of its interests in the Bualuang and Kerendan fields, but also a "small number" of approaches about a potential offer for the whole company.

"Accordingly, the company has engaged with a number of these interested parties with a view to conducting a review of the company's options, including a potential sale of the company," Savannah said in a statement.

It said it expects the review to be concluded in "coming weeks", although it cautioned that there is no certainty that any offers will be made or sales concluded.

Salamander Energy shares were up 8.8% at 145.75 pence Thursday, one of the biggest gains on the London market.

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Source: Alliance News

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