Salamander Energy has entered into an agreement to farm-out a 20% working interest in Block 101-100/04, offshore northern Vietnam, to JX Nippon Oil & Gas Exploration Corp.
The company is the operator of the block, which contains the Cat Ba oil prospect that will be tested with the CB-1X exploration well in the third quarter of this year.
The Cat Ba prospect has oil potential in both basement and in the overlying clastics, and has a mean prospective resource of about 100mmbo.
JX Nippon will earn the working interest through funding a promoted cost of the CB-1X well, which is expected to be drilled in July 2011.