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Salamander hit by lower production
Asia-focused oil and gas firm Salamander Energy posted a 74.5 per cent drop in first-half profits yesterday, driven by lower oil production. Pre-tax profit slumped to $15.9m (£10m) over the first six months of the year, compared to $62.4m over the same period in 2011. Salamander said that average production dropped to 10,700 barrels of oil a day, from 19,600 barrels the previous year, as it sold off its non-core assets in Indonesia last year. As a result, the FTSE 250 firm cuts its full-year average production forecast to between 10,500 and 11,500 barrels a day.