Salamander Takes Stake in Simenggaris Block in East Kalimantan

Salamander Energy, rigzone.com --- Salamander Energy has agreed to acquire a 21% interest in the Simenggaris block located in the Tarakan Basin, East Kalimantan from Medco Simenggaris Pty. Ltd., a wholly owned subsidiary of PT Medco Energi Internasional Tbk (MedcoEnergi).

This transaction would provide Salamander with an increased presence in core area of East Kalimantan and access to a targeted proven but under-explored basin. This transaction also provides for the addition of a low-moderate risk appraisal and exploration opportunity which complements and builds on Salamander's current East Kalimantan deltaic positions in the Bontang PSC and SC41 concession.

Appraisal drilling is imminent on the South Sembakung gas-condensate discovery with a two well program due to start in July 2007. The Apexindo-2 rig is currently being mobilized to the well location. The operator estimates South Sembakung resources to be in the region of 125 Bcf and 3 million barrels of condensate.

The Simenggaris block contains more than 20 identified leads and prospects.

There is a robust local gas market that is critically short of supply.

The transaction is subject to approval by the Indonesian regulatory body, BPMigas.

Commenting on the deal, James Menzies, Chief Executive of Salamander Energy stated:

"We are pleased to announce the acquisition of a stake in the Simenggaris block. This is a proven, productive basin and provides Salamander with an exciting, near term appraisal opportunity. We look forward to the commencement of the drilling program in July."

Simenggaris Block

The acreage comprises 1,351 square km and is located onshore in the Tarakan Basin, East Kalimantan. Oil and gas production is well established in the Tarakan basin, with between 400 – 500 million barrels of oil equivalent being found in the shelf area. Recent significant oil discoveries have been made in the deepwater fold belt outboard of the Bangkadulis half-graben, east of the Simenggaris block location.

Within the original license area some 20 exploration wells have been drilled resulting in seven discoveries and two commercial oil fields. Other nearby oil and gas production includes the Tarakan and Bunyu Island fields.

The block contains numerous gas, condensate and oil prospects and leads, seen as structural traps with Middle Miocene sandstone reservoirs. A significant gas and condensate discovery, South Sembakung, is scheduled for imminent appraisal through a two well program. These wells represent the final commitment on the block.

The Simenggaris PSC is operated by a Joint Operating Body (JOB) between Medco Simenggaris Pty Ltd as representative of the Contractor and PT PERTAMINA (PERSERO), Salamander Energy will become a party to the Simenggaris PSC on completion of this transaction.

South Sembakung Discovery

South Sembakung was originally discovered by Arco in 1977. The SS-1 well tested 12.7 mmscfd and 115 barrels of condensate per day from sandstones of the Miocene Meliat formation between 7,308 and 7,352 ft sub-sea. Gas indications were also seen in the shallower Tabul formation at 4,085 ft – 4,096 ft and in a deeper zone between 9,042 ft – 9,102 ft.

A second well (SS-2) was drilled on the structure last year, which terminated in the upper Meliat formation at circa 6,950 ft sub-sea. The well saw indications of gas within the Tabul formation, but did not reach the deeper zone, which tested gas in SS-1. A third well location has been selected at the crest of the structure. The forward work program includes a deepening of the SS-2 well to 9,000 ft into the lower Meliat formation and the drilling of new well SS-3.

The Medco-Pertamina JOB carries a resource estimate of 125 Bcf and 3 mmbc of liquids for the feature.

Local Gas Market

The main gas market is the Bunyu methanol plant, which started production in 1983. Production has been falling consistently over the past four years as natural gas feedstock is in short supply.

Ketika Ekspansi Melambung, Valuasi Membubung

A. Emiten Papan Utama Terbaik

PT Apexindo Pratama Duta Tbk

Bisnis Indonesia -- Anak usaha PT Medco Energi Internasional Tbk ini termasuk perusahaan kontraktor pengeboran yang terbesar di Tanah Air.

Apexindo masuk dalam nominee emiten papan utama terbaik karena memiliki keunggulan penilaian dari segi tingkat pengembalian atas modal (return on equity) yang telah tumbuh positif pada 2006 dibandingkan dengan posisi minus pada 2005.

Saham Perusahaan hingga akhir tahun lalu dipegang oleh Medco Energi International (51,48%), Asian Opportunities Fund I Segregated (15,89%), CLSA Ltd (18,56%), dan publik sebesar 14,07%.

Berpengalaman Dalam Mengebor

Bisnis Indonesia - Setelah menjadi sarjana dari Jurusan Mesin Institut Teknologi Bandung pada 1974, Hertriono Kartowisastro aktif sebagai salah satu pendiri Kelompok Usaha Medco sejak 1975 dan menjadi salah satu pendiri Apexindo pada 1984.

Jabatan sebagai presiden direktur di berbagai perusahaan disandang oleh pria kelahiran 1946 ini. Selain menjadi Presdir Apexindo sejak 2001, dia juga menjabat sebagai Direktur Utama PT Dutatech Persada, PT Hertech Karisma, dan PT Antareja Hertrindo Kharisma. Saat ini juga masih menjabat sebagai Komisaris Utama PT Antareja Jasatama dan Komisaris PT Meta Epsi Duta Corporation.

Dengan pengalaman ekstensif di bidang pengeboran darat dan lepas pantai dengan menjabat sebagai Direktur Utama PT Meta Epsi Antareja Drilling Co.selama 15 tahun, 1983-1998. Selanjutnya, pada 1984-2000 dia ditunjuk sebagai Komisaris Andrawina Praja Sarana.

Pada 1994-1998, Hertriono menjadi Presdir di Medco Group, dan pada periode selanjutnya (1998-2001), dia ditunjuk menjadi Presiden Komisaris PT Medco Energi Internasional Tbk.

Pada periode 2000, Hertriono menjadi Presiden Direktur PT Medco Antareja. Sedangkan sebagai presdir Apexindo Pratama Duta Tbk dia pegang pada 2001.

Sebagai Direktur Utama, Hertriono diantaranya bertanggung jawab untuk menyusun strategi dan rancangan kerja Perseroan; mengelola dan memastikan penerapan kebijakan sumber daya manusia, serta prosedur internal dan eksternal.

Apexindo sendiri merupakan satu perusahaan kontraktor pengeboran pantai dan leps pantai nasional terbesar yang memiliki klien baik dari perusahaan lokal maupun internasional.

Didirikan pada Juni 1984, perusahaan itu menjadi perusahaan terbuka pada 2002 dengan saham dipegang oleh PT Medco Energi Internasional Tbk (51,48%), Asian Opportunities Fund I Segregated (15,89%), CLSA Ltd (18,56%), dan masyarakat sebesar 14,07%.

PT Medco Energi Internasional Tbk sempat diberitakan akan menjual 52% saham Apexindo, namun akhirnya dibatalkan. Padahal, Aban Loyd Chiles Offshore Ltd (ALCO) dari India menawar saham Medco US$550 juta dan China Oilfield Services Limited (COSL), juga menyatakan minatnya seiring dengan China National Offshore Oil Corporation Limited (CNOOC).