15th May 2014 09:44
LONDON (Alliance News) - SOCO International PLC Thursday said its production in the first four months of the year met company expectations despite falling in comparison to the previous year.
The FTSE 250 oil and gas exploration and production company also said drilling of an in-fill development programme at its Te Giac Trang field in Vietnam has started.
SOCO said net production rates averaged 14,090 barrels of oil equivalent per day for the four months ending April 30, in line with company expectations, but down 24% on the same period the previous year.
The company said the TGT field is currently producing from 16 wells and it also continues to perform in line with expectations, with net production to SOCO of 12,071 barrels per day on average during the period.
SOCO said drilling of an in-fill development programme at the TGT field has started with the first well TGT-18P reached its target depth of 3,742 metres on May 11. Logging of the well is currently underway.
The company also noted that preparation for the TGT fields H5 development plan is progressing as planned, with contracts for the wellhead platform being awarded and construction having started.
SOCO International added that technical work is ongoing in preparation for drilling to test an extension into SOCO's Marine XI block of the Litchendjili oil and gas discovery on the ENI operated Marine XII block in the Republic of Congo, with expectations to start drilling in late June or early July.
The company said that its net cash and liquid investments on May 14 were roughly USD270 million.
SOCO International shares were down 1.7% at 435.40 pence, putting it in the top FTSE 250 fallers on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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