13th Nov 2014 08:32
LONDON (Alliance News) - SOCO International PLC on Thursday cut its production guidance for the full year on the back of higher-than-expected shutdowns due to additional rig moves across its operations.
FTSE 250-listed SOCO said production for the year to the end of October averaged 13,598 barrels of oil equivalent per day. The group said it has cut its full year production guidance, owing to shutdowns related to rig moves, to 13,300 to 13,800 boepd. It had previously forecast average production of 14,000 to 15,000 boepd.
The group said the in-fill drilling programme at its Te Giac Trang Field in Vietnam in currently on track, with four wells so far this year and another two expected by the end of the year.
It said the development of the H5 area at the Te Giac Trang site was progressing well, with drilling of the development wells started after the installation of the wellhead jacket ahead of schedule.
Its Lidongo Marine 101 well offshore the Republic of Congo was successfully drilled and tested, with oil flow rates above expectations.
The company said its capital expenditure for the year is expected to be towards the top end of guidance at USD160 million to USD170 million, primarily owing to the acceleration of drilling at the H5 area and the testing on the Marine 101 well.
SOCO shares were down 0.2% to 333.5 pence in early trading on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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