A South-East Asian oil company backed by bloodstock tycoon John Magnier is to capitalise on rising oil prices by rapidly increasing production in the second half of the year.

Salamander Energy has announced plans to significantly increase its output following successful drilling at fields in Thailand and Indonesia.

In its interim management statement released last week, the company said it intends to step up production by up to 48% by the end of the year.

The company produced an average of 11,500 barrels of oil equivalent per day (boepd) in April and is aiming to increase production in the last eight months of the year to produce an average of between 15,000 and 17,000 boepd. There are also high hopes for the potential of an offshore site in southern Vietnam, with drilling due to start next year.