Friday, June 06, 2008; Posted: 02:28 AM
LONDON, Jun 06, 2008 (Thomson Financial via COMTEX) -- Salamander Energy Plc, which is searching for oil and gas in Asia, said the reserves estimates at the Bualuang field in Thailand have been upgraded following drilling work at the site.
The field's proved oil reserves have been raised by 52 percent to 11 million barrels from 7.2 million, and proved and probable reserves by 34 percent to 20 million barrels from 14.9 million, said Salamander, the project operator and 60 percent shareholder.
Six wells has been drilled at the site, completing the first phase of the field's development plan. The wells encountered "the oil column in better quality reservoir than prognosed, with average porosities of over 30 percent and an average net to gross of over 92 percent," the company said.
James Menzies, the chief executive, said the group is confident it could start producing from the field early in the second half of the year.
Soco International Plc owns the remaining 40 percent stake in the project.