31st Jul 2018 10:40
LONDON (Alliance News) - Soco International PLC said Tuesday its production in Vietnam is currently "lower than previous guidance" due to delays.
The oil & gas exploration company said that half-year production from its two fields in Vietnam, CNV and TGT, averaged 7,772 barrels of oil equivalent per day.
"Production from the TGT and CNV fields in Vietnam is currently lower than previous guidance. This is due to the delayed start-up of drilling operations including the late arrival of a rig and equipment delivery delays," the company explained.
However, Soco said the operational delays do not impact the field's reservoirs, and it expects average production to be around 7,400 and 8,200 barrels of oil equivalent per day across the rest of the year.
In 2017, the fields produced an average net of 8,276 barrels of oil equivalent per day.
The company will publish its interim results on September 20.
Soco shares were trading 3.1% lower at 94.56 pence each.
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