The Board of Salamander Energy has agreed the terms of a Proposed Acquisition with the board of directors of GFI for a total consideration of approximately £96 million. Under the terms of the recommended Proposed Acquisition, Salamander will acquire, for cash and shares, the entire issued and to be issued shares in the capital of GFI, a company listed on the TSX Venture Exchange in Canada.

Salamander is an independent upstream oil and gas exploration and production company focused on South East Asia, with existing assets in Indonesia, Thailand, Vietnam, Laos and the Philippines.

GFI is an international oil and gas exploration and development company with an interest in the Glagah Kambuna Technical Assistance Contract (“Glagah TAC”) containing the Kambuna gas field, the Seruway Production Sharing Contract ("Seruway PSC") both of which are located in Indonesia, and Block B8/38 located in the Gulf of Thailand containing the Bualuang oil field.

The Proposed Acquisition will be structured as a Plan of Arrangement under the laws of Alberta, Canada. Salamander Energy (Canada) Limited, a wholly-owned subsidiary of Salamander, incorporated in Alberta, Canada, will acquire all of the issued and to be issued GFI Shares and GFI Shareholders will receive cash and New Salamander Shares.

Tags: GFI Oil & Gas Corporation, Salamander Energy