Jynwel Capital targets Asia oil producer Salamander Energy

Jynwel is leading a consortium in partnership with CEPSA, a Spanish oil and gas company, according to a regulatory filing. They face competition from another prospective buyer, Africa-focused oil and gas player Ophir Energy.

Salamander was set up in 2005 by energy industry veterans James Menzies, Nick Cooper and Andrew Cochran. While Menzies remains CEO of the company, Cooper now leads Ophir. The company won early backing from 3i Group and went public in London in 2006, raising $200 million.

Two years later, Standard Chartered Private Equity invested $36 million in Salamander and then 3i returned with a $131 million commitment. The latter placed its shares in 2009.

The company has over 300 employees in Singapore, Jakarta and Bangkok and exploration and production assets in Thailand and Indonesia. It is owner and operator of 80% of its production, with expected daily output of 13,000-16,000 barrels of oil equivalent in 2014.

Salamander is also negotiating the potential sale of one of its Thailand assets, which would generate proceeds of GBP280 million.

Private equity firms are increasingly looking to back teams involved in oil and gas exploration and production in Southeast Asia. Earlier this year, The Blackstone Group committed up to $800 million to start-up player Tamarind Energy. This follows the successful Singapore listing of First Reserve-backed KrisEnergy.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Buyouts
• Industrials
• Southeast Asia
• Southeast Asia
• energy
• Commodities
• buyout