Under the deal, subject to partner and government approval, Tap will remain operator and retain a 50% interest while Salamander will earn a 35% interest in SC 41 by contributing to the forward work program.
Salamander is a private exploration & production company, incorporated in the United Kingdom, but solely focused on building a broad E&P business in Southeast Asia.
Tap said it expected Salamander to enhance the capabilities of the overall SC 41 joint venture in progressing drillable prospects based on the 3D seismic survey due to start in April.
The SC 41 JV has now agreed to increase the size of its 3D seismic survey from 300 square kilometres to a minimum of 600sq.km, according to Tap. SC 41 is an area of about 4820sq.km with water depths ranging from 200-2000m.
“The doubling of the size of the 3D seismic survey will dramatically enhance the prospectivity of SC 41 by enabling multiple drilling targets to be matured,” Tap said.
“Looking forward, Tap proposes to identify drillable prospects by late 2007 with drilling anticipated in 2008.”
Following completion of the farm-out, participants in the SC 41 JV are Tap (50%), Salamander (35%), Southwest Resources (0.608%), Philodrill Corporation (3.398%), Philex Mining (2.264%), Oriental Petroleum and Minerals (5.463%), Universal Robina (0.498%), South China Resources (1.090%) and Anglo Philippine Holding (1.679%).
