Table of Contents
1 Table of Contents
1.1 List of Tables
1.2 List of Figures
2 Salamander Energy, Company Overview
3 Salamander Energy, Key Highlights
3.1 Continued Development of Thailand Assets to Drive Future Growth 3.1.1 Greater Bualuang
3.2 Indonesia to Supplement Growth Objectives 3.2.1 Greater Kerendan 3.2.2 North Kutei
4 Salamander Energy, SWOT Analysis
4.1 Strengths 4.1.1 Operatorship in Majority of Assets 4.1.2 Stable Revenue Base
4.2 Weaknesses 4.2.1 Limited Geographical Presence 4.2.2 High Dependence on Oil in the Production Mix 4.2.3 Weak Bottom-Line Financial Performance
4.3 Opportunities 4.3.1 Substantial Exploration and Development Programs: An Opportunity to Increase Reserves and Production
4.4 Threats 4.4.1 Volatility in Commodity Prices could Adversely Affect Future Growth Plans 4.4.2 Intense Competition from Other Industry Participants
5 Salamander Energy, Exploration, Development and Production Overview
5.1 Production Profile
5.2 Asset Portfolio 5.2.1 Thailand 5.2.2 Indonesia 5.2.3 Malaysia
6 Salamander Energy, Capital Expenditure
7 Salamander Energy, Forecast Production and Financial Statements
7.1 Income Statement (2011-2018)
7.2 Balance Sheet (2011-2018)
7.3 Cash Flow Statement (2011-2018)
8 Salamander Energy, Valuation
8.1 Discounted Cash Flows
9 Salamander Energy, Peer Comparison
9.1 Share Price Performance
9.2 Operational and Financial Performance
9.3 Key Financial and Operational Ratios
10 Salamander Energy plc, Production and Reserves Trends
10.1 Total Oil and Gas, Reserves and Production 10.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2009-2013 10.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2009-2013 10.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2009-2013
10.2 Crude Oil/Liquids Production and Reserve 10.2.1 Crude Oil/Liquids Production and Reserve Trend, 2009-2013 10.2.2 Crude Oil Production and Reserves By Country/Region, 2009-2013 10.2.3 Crude Oil/Liquids Reserve Changes, 2009-2013
10.3 Natural Gas Production and Reserve 10.3.1 Natural Gas Production and Reserve Trend, 2009-2013 10.3.2 Natural Gas Production and Reserves, By Country/Region, 2009-2013 10.3.3 Natural Gas Reserve Changes, 2009-2013
10.4 Total Crude Oil and Natural Gas Reserves Life Index 10.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2009-2013 10.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2009-2013
11 Salamander Energy plc, E&P Costs Trends
11.1 Allocation of the Upstream Capital Expenditure 11.1.1 Upstream Capital Expenditure, 2009-2013 11.1.2 Acquisition Costs By Country/Region, 2009-2013 11.1.3 Exploration and Development Costs, By Country/Region, 2009-2013
11.2 Oil and Gas Cost Per boe, US$/boe 11.2.1 Oil and Gas Cost Per boe, US$/boe, 2009-2013 11.2.2 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2009-2013
12 Salamander Energy plc, Reserve Replacement Ratio
12.1 Oil and Gas Production Replacement Ratio 12.1.1 Oil and Gas Production Replacement Ratio, 2009-2013 12.1.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2009-2013
13 Salamander Energy plc, Results of Oil & Gas Operations Trend
13.1 Oil and Gas Revenue and Expenses 13.1.1 Oil and Gas Revenue and Expenses, 2009-2013 13.1.2 Oil and Gas Revenue and Expenses, By Country/Region, 2009-2013
13.2 Oil and Gas Revenue and Expenses, Per boe 13.2.1 Oil and Gas Revenue and Expenses, By boe, 2009-2013 13.2.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2009-2013
13.3 Oil and Gas Performance Metrics
14 Appendix
14.1 Abbreviations
14.2 Sources
14.3 Research Methodology 14.3.1 Coverage 14.3.2 Secondary Research 14.3.3 Primary Research
14.4 Disclaimer
List of Tables
Table 1: Salamander Energy, Total Proved and Probable Reserves, Working Interest Basis (mmboe), 2013 Table 2: Salamander Energy, Total Proved and Probable Reserves, Entitlement Interest Basis (mmboe), 2010-2013 Table 3: Salamander Energy, Financial and Operational Overview, 2010-2013 Table 4: Salamander Energy plc, Oil and Gas Production by Country, Working interest basis, (mmboe), 2010-2013 Table 5: Salamander Energy, Total Oil and Gas Production, 2011-2018 Table 6: Salamander Energy plc, Greater Bualuang, Key Facts, 2014 Table 7: Salamander Energy, G4/50, Key Statistics, 2014 Table 8: Salamander Energy, Block L27/43, Key Facts, 2014 Table 9: Salamander Energy, Greater Kerendan, Key Facts, 2014 Table 10: Salamander Energy, Capex by Activity (US$ mil), 2010- H1 2014 Table 11: Salamander Energy, Total Oil and Gas Production, 2011-2018 Table 12: GlobalData, Price Forecasts, 2014-2018 Table 13: Salamander Energy, Income Statement (US$ mil), 2011-2018 Table 14: Salamander Energy, Balance Sheet (US$ mil), 2011-2018 Table 15: Salamander Energy plc, Cash Flow Statement (US$ mil), 2011-2018 Table 16: Salamander Energy, Free Cash Flow Calculation (US$ mil), 2014-2018 Table 17: Salamander Energy, Discounted Cash Flow Calculation, 2014 Table 18: Salamander Energy and Peer Group, Operational and Financial Performance, 2013 Table 19: Salamander Energy and Peer Group, Total Reserves and Production (mmboe), 2013 Table 20: Salamander Energy plc, Peer Group Comparison, Financial and Operational Ratios, 2013 Table 21: Salamander Energy plc, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 Table 22: Salamander Energy plc, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2009-2013 Table 23: Salamander Energy plc, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2009-2013 Table 24: Salamander Energy plc, Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 Table 25: Salamander Energy plc, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2009-2013 Table 26: Salamander Energy plc, Crude Oil Reserve Changes, mmbbl, 2009-2013 Table 27: Salamander Energy plc, Natural Gas Production and Reserves Metrics, bcf, 2009-2013 Table 28: Salamander Energy plc, Natural Gas Production and Reserves, By Country/Region, bcf, 2009-2013 Table 29: Salamander Energy plc, Natural Gas Reserve Changes, bcf, 2009-2013 Table 30: Salamander Energy plc, Oil and Gas Reserves Life Index, Years, 2009-2013 Table 31: Salamander Energy plc, Oil and Gas Reserves Life Index, By Country/Region, Years, 2009-2013 Table 32: Salamander Energy plc, Upstream Capital Expenditure, US$ mil, 2009-2013 Table 33: Salamander Energy plc, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 Table 34: Salamander Energy plc, Exploration and Development Costs, By Country/Region, US$ mil, 2009-2013 Table 35: Salamander Energy plc, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 Table 36: Salamander Energy plc, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2009-2013 Table 37: Salamander Energy plc, Oil and Gas Production Replacement Ratio, %, 2009-2013 Table 38: Salamander Energy plc, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2009-2013 Table 39: Salamander Energy plc, Revenue and Expenses, US$ mil, 2009-2013 Table 40: Salamander Energy plc, Revenue and Expenses, By Country/Region, US$ mil, 2009-2013 Table 41: Salamander Energy plc, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 Table 42: Salamander Energy plc, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2009-2013 Table 43: Salamander Energy plc, Oil and Gas Performance Metrics, 2009-2013
List of Figures
Figure 1: Salamander Energy, Operational Map, 2014 Figure 2: Salamander Energy, Financial and Operational Overview, 2010-2013 Figure 3: Salamander Energy, Share Performance, February 2014 - January 2015 Figure 4: Salamander Energy, Thailand, 2014 Figure 5: Salamander Energy, Greater Bualuang Area, 2014 Figure 6: Salamander Energy, East Terrace Southern Culmination, 2014 Figure 7: Salamander Energy, G4/50 Exploration, Schematic Section, 2014 Figure 8: Salamander Energy, Indonesia, 2014 Figure 9: Salamander Energy, Greater Kerendan, 2014 Figure 10: Salamander Energy, Greater Kerendan, Power Line Transmission Network, 2014 Figure 11: Salamander Energy, North Kutei, 2014 Figure 12: Salamander Energy, North Kutei, 2014 Figure 13: Salamander Energy, Total Revenue (US$ mil), 2010-2013 Figure 14: Salamander Energy, Net Loss (US$ mil), 2009-2013 Figure 15: Salamander Energy, Operational Map, 2014 Figure 16: Salamander Energy, Key Milestones, 2013-2016 Figure 17: Salamander Energy, Total Production (mmboe), 2011-2018 Figure 18: Salamander Energy plc, Production Mix (%), 2011-2018 Figure 19: Salamander Energy, Thailand, Key Areas of Operations, 2014 Figure 20: Salamander Energy, Greater Bualuang Operational Map, 2014 Figure 21: Salamander Energy, Greater Bualuang, Key Licenses, 2014 Figure 22: Salamander Energy, Bualuang: Structural and Reservoir Compartmentalization, 2014 Figure 23: Salamander Energy, East Terrace Southern Culmination, 2014 Figure 24: Salamander Energy, G4/50 Exploration Status, 2014 Figure 25: Salamander Energy, Thailand, Khorat Plateau, 2014 Figure 26: Salamander Energy, Phu Horm Depth Structure, 2014 Figure 27: Salamander Energy, Dong Mun Gas Discovery, 2014 Figure 28: Salamander Energy, Indonesia, Key Areas of Operations, 2014 Figure 29: Salamander Energy, Greater Kerendan, Key Areas of Operations, 2014 Figure 30: Salamander Energy, North Kutei Operational Map, 2014 Figure 31: Salamander Energy, NK-1 and NK-2 Overview, 2014 Figure 32: Salamander Energy, Malaysia Operational Overview, 2014 Figure 33: Salamander Energy, Capex by Activity (US$ mil), 2010-H1 2014 Figure 34: Salamander Energy, Capital Expenditure by Activity and Area (%), 2014 Figure 35: Salamander Energy and Peer Group, Relative Share Price Performance Index (%), February 2014-January 2015 Figure 36: Salamander Energy and Peer Group, Financial and Operational Parameters (US$/boe), 2013 Figure 37: Salamander Energy and Peer Group, F&D Cost and Reserve Replacement Comparison, 2013 Figure 38: Salamander Energy and Peer Group, Total Reserves and Production (mmboe), 2013 Figure 39: Salamander Energy and Peer Group, Reserve Life Index (Years), 2013 Figure 40: Salamander Energy and Peer Group, Valuation Ratios, 2013 Figure 41: Salamander Energy plc, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 Figure 42: Salamander Energy plc, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2009-2013 Figure 43: Salamander Energy plc, Total Oil & Gas Production, By Country/Region, mmboe, 2009-2013 Figure 44: Salamander Energy plc, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013 Figure 45: Salamander Energy plc, Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 Figure 46: Salamander Energy plc, Oil Reserves, End of Period, By Country/Region, mmbbl, 2009-2013 Figure 47: Salamander Energy plc, Oil Production, By Country/Region, mmbbl, 2009-2013 Figure 48: Salamander Energy plc, Crude Oil Reserve Changes, mmbbl, 2013 Figure 49: Salamander Energy plc, Natural Gas Production and Reserves Metrics, bcf, 2009-2013 Figure 50: Salamander Energy plc, Gas Reserves, End of Period, By Country/Region, bcf, 2009-2013 Figure 51: Salamander Energy plc, Gas Production, By Country/Region, bcf, 2009-2013 Figure 52: Salamander Energy plc, Natural Gas Reserve Changes, bcf, 2013 Figure 53: Salamander Energy plc, Oil and Gas Reserves Life Index, Years, 2009-2013 Figure 54: Salamander Energy plc, Gas Reserve Life Index, By Country/Region, Years, 2009-2013 Figure 55: Salamander Energy plc, Oil & Gas Reserve Life Index, By Country/Region, Years, 2009-2013 Figure 56: Salamander Energy plc, Oil Reserve Life Index, By Country/Region, Years, 2009-2013 Figure 57: Salamander Energy plc, Upstream Capital Expenditure, US$ mil, 2009-2013 Figure 58: Salamander Energy plc, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 Figure 59: Salamander Energy plc, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2009-2013 Figure 60: Salamander Energy plc, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2009-2013 Figure 61: Salamander Energy plc, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2009-2013 Figure 62: Salamander Energy plc, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2009-2013 Figure 63: Salamander Energy plc, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2009-2013 Figure 64: Salamander Energy plc, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2009-2013 Figure 65: Salamander Energy plc, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2009-2013 Figure 66: Salamander Energy plc, Revenue and Expenses, US$ mil, 2009-2013 Figure 67: Salamander Energy plc, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 Figure 68: Salamander Energy plc, Oil & Gas Revenue, By Country/Region, US$ mil, 2009-2013 Figure 69: Salamander Energy plc, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 Figure 70: Salamander Energy plc, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2009-2013 Figure 71: Salamander Energy plc, Total DD&A per boe, By Country/Region, US$/boe, 2009-2013 Figure 72: Salamander Energy plc, Total Revenue per boe, By Country/Region, US$/boe, 2009-2013 Figure 73: Salamander Energy plc, Oil and Gas Performance Metrics, 2009-2013
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