Saturday, March 1, 2008

Salamander Oil encounters oil in Thai wells

Salamander says GFI Oil & Gas encounters oil pay at Bualuang field in..

Thailand

LONDON (Thomson Financial) - Salamander Energy, said GFI Oil and Gas, with which it agreed the proposed acquisition of its entire issued and to-be-issued share capital on Dec 14 2007, has encountered oil pays at its first two development wells at the Bualuang field in Thailand.

GFI's chief executive officer Alex Warmath said, 'We are pleased with the progress we have made so far in developing the Bualuang Field and with the initial results of the development drilling program currently underway.

'Our work at Bualuang continues on track, with the FPSO Rubicon Vantage expected on location by late March 2008,' he added.

GFI holds rights for a 60 pct interest in the Block B8/38-Bualuang field, the release said. TFN.newsdesk@thomson.com vsr/rw

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