2nd Oct 2013 09:38
LONDON (Alliance News) - SOCO International PLC shares jumped Wednesday morning as it announced that recently completed tests in Vietnam have exceeded expectations.
The global oil-and-gas exploration-and-production company said results from the TGT-10XST1 exploration well at its Te Giac Trang field exceeded all pre-test expectations and flowed at a combined average maximum production of 27,600 barrels of oil equivalent per day.
The company said the exploration well tested three intervals, and its most recent 88.6 metre space flowed at an average rate of 5,156 barrels of oil per day and 32.5 million standard cubic feet of gas per day.
SOCO said the site tests found roughly 250 metres of net pay zones.
SOCO shares were up 2.6% to 409.80 pence, making it the second-biggest gainer in the FTSE 250 index Wednesday morning.
By Tom McIvor; [email protected]; @TomMcIvor1
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