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Salamander Energy (SMDR) – Finals PTP: £8.98m (-£7.4m) Divi: n/a (n/a)

The South East Asian-focused play, which floated on the main market in November 2006, has a good chance of becoming a FTSE 250 constituent later this year and these numbers will not have hurt those aspirations. They revealed a swing to full-year profit, with revenues up by 120%.

The growth was driven both by high oil prices and a 77% increase in production. Going forward the company has set ambitious production targets with output of 9,000 boepd expected in 2008 and 15,000 boepd in 2009 – both the Bualang and Kambuna development projects are expected to come on stream over that period. Salamander has an aggressive drilling programme planned for the next 18 months with 14 exploration and appraisal wells being spudded.

Shares says: The company is rapidly ramping up production and also offers exploration upside worth picking up at its current price of around 280p.

by: Tom Sieber