Salamander discovers gas and oil

Oil and gas explorer Salamander Energy said drilling results from its keenly awaited Angklung-1 exploration well in Indonesia found gas and noted deeper oil and gas potential. Chief executive James Menzies said the find of around 25m of gas and 120m of oil-bearing sandstones is “a highly encouraging discovery”. Richard Rose, analyst at Oriel Securities, said Salamander’s shares have been affected this year by a lack of success with the drill bit, but noted that Angklung was always seen as the best prospect in the portfolio and this result should help reverse sentiment.