By James Quinn
Last Updated: 1:45am GMT 02/01/2007Page 3 of 3
SMALL but perfectly formed, Salamander Energy is Questor’s way of keeping up with the oil boom.
Rather than opting for one of the ailing and troubled majors such as BP or Shell, what better way to tap in to the gush for energy production stocks than Salamander, which floated quietly on the LSE last month, the first oil-and-gas company to do so for three years.
It is also unusual in being the only UK-listed oil-and-gas company focusing exclusively on south-east Asia.
What is more, unlike smaller rivals on Aim, it is already producing. It has been up-and-running for two years, in which time it has built up a good backing, with early-stage investors including Macquarie, 3i, Artemis and John Magnier – all of whom are still on the share register, and some of whom topped up their stakes at float.
Run by former executives of Lasmo, Salamander has a nice mix of producing and exploration assets.
The shares floated at 250p and have not risen as much as might be expected.
With almost $150m (£76m) in the bank for investment in development and acquisitions, and the proceeds from 8,000 barrels of oil/pd equivalent also being paid in on a daily basis, the company is well funded for development.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/01/02/cxquest02.xml&page=3
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