Salamander Energy Plc, an Asia-focused independent upstream oil and gas exploration and production company, has increased its shareholding in two of its Indonesian assets.

Salamander Energy Plc, an Asia-focused independent upstream oil and gas exploration and production company, has increased its shareholding in two of its Indonesian assets.

The company has acquired an additional 15 per cent working interest in the Glagah Kambuna TAC, offshore North Sumatra, and 23.4 per cent of the Kutai PSC in East Kalimantan.

The company increased its shareholding in these assets following a $50.75 million (£25.6 million) cash deal with Serica Energy. The terms of the agreement include $2 million (£1 million) towards the historic costs incurred in the Kutai PSC.

The transaction gives Salamander a 50 per cent working interest in the Glagah Kambuna TAC, which contains the Kambuna gas-condensate field development and the Glagah light oil discovery.

Salamander chief executive James Menzies said the company has been aiming to broaden its position in the Kutei Basin. “The Kutai PSC is highly prospective and it will form an additional element of our 2009 drilling programme.”

London-based Salamander buys and develops oil and gas producing assets with potential near-term value and cash-flow growth and currently has interests in Indonesia, Thailand, Vietnam, Lao PDR and the Philippines.