Updates

Salamander

October 2008

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Although Salamander Energy's interims reveal a post tax loss of US$6.6m and look unflattering this mainly reflects the impact of a dry well in Indonesia rather than anything untoward. Indeed thanks to a 6.5% increase in average production to 8,200 barrels oil equivalent per day (boepd) and a near doubling in average prices achieved from US$59 to US$111 per barrel, turnover rose almost 50% to US$46.8m while EBITDAX (earnings before interest, tax, depreciation, amortisation and exploration costs) increased from US$20.5m to US$29.7m. Net debt was US$102m but since the period end the company has raised a further US$200m through a placing and open offer. Meanwhile, first production from the Bualuang oil field in the Gulf of Thailand co ...

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Lavendon

Goodwin - Shares up 385p since August tip

Salamander (November 2008)

Salamander (August 2008)

Salamander Energy - Increase in oil & gas reserves (July 2008)

Salamander Energy - Asian oil & gas firm with strong production growth expected (May 2008)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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