31st Jul 2019 11:14
(Alliance News) - Soco International PLC on Wednesday said it is progressing on recently-acquired fields in Egypt while it also prepares for further drilling in Vietnam.
The oil and gas exploration and production company said production for the first half of 2019 from the Te Giac Trang and Ca Ngu Vang fields, both in Vietnam, averaged 7,279 barrels of oil equivalent a day net to Soco. This is in line with the Vietnam production guidance for 2019, the company said.
Soco holds a 31% working interest in the Te Giac Trang field and a 25% working interest in the Ca Ngu Vang field.
Soco expects to drill further four wells at the Te Giac Trang field in late 2019 and is currently tendering for equipment and services as well as awaiting an arrival of the rig.
Turning to Egypt, the company said drilling operations with the second rig - which arrived on the site in June - have started and the first well was spudded in mid-July. Soco's production guidance for the El Fayum concession continues to be a 2019 exit rate of 6,500 barrels of oil equivalent daily.
The company completed the acquisition of Merlon Petroleum El Fayum in April.
Production from the El Fayum concession averaged 5,262 barrels of oil per day from April 2 to the end of June.
Looking ahead, the company said the 2019 capital expenditure forecast for Vietnam has reduced to USD22 million from USD33 million forecasted previously, following the rescheduling of the start of the drilling campaign to late fourth quarter.
In Egypt, capital expenditure following completion of the two-rig programme is expected to be USD30 million.
The company will publish its interim results on September 11.
Soco shares were trading 0.5% higher on Wednesday in London at 64.30 pence each.