25th Sep 2013 12:34
LONDON (Alliance News) - SOCO International PLC Wednesday said that results from an exploration well in Vietnam have exceeded all pre-test expectations.
The oil and gas exploration and production company, with operations in South East Asia and Africa, said two out of three tests at the TGT-10XST1 well on the company's Te Giac Trang field found a combined peak production of over 16,500 barrels of oil per day.
The company said the third drill test is now underway.
SOCO also said further drilling tests in the Republic of Congo and Angola also found strong levels of oil and mineralised sands.
"Already the most prolific well tested in the field, the Oligocene test, one of the best results from the Oligocene in Vietnam, is an added bonus. This supports the push for bringing the H5 area on stream as soon as possible," Chief Executive Ed Story said in a statement.
SOCO International shares were up 0.6% to 431.50 pence Wednesday afternoon.
By Tom McIvor; [email protected]; @TomMcIvor1
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