14th Jun 2007 10:30
Soco International PLC14 June 2007 SOCO International ("SOCO" or "the Group") AGM Statement At the SOCO AGM held today the following statement was made by the Group: "SOCO is well placed for continued future growth following operational successduring the last year and a very active drilling programme going forward on anextremely high potential project portfolio. "During 2006 SOCO continued its excellent exploration and appraisal drillingtrack record, with a 70% success ratio. In 2007 the Vietnam explorationdrilling programme has the potential to again transform the Company's reservebase. Last week SOCO provided the market with an update on the Te Giac Den-1Xwell on Block 16-1, indicating positive initial indications with oil and gasshows and an over pressured environment in the Oligocene interval. However, itis important to recognise that the well is still at an early stage with notesting carried out as yet. The Company will update the market as and whenfurther information is available. "A continuous exploration and appraisal programme will be conducted during theremainder of the year and development drilling and infrastructure constructionwill soon be underway on the Block 9-2 Ca Ngu Vang field as preparationcontinues for first oil in the first half of 2008. "In Yemen, the production facilities are in the process of being expanded inanticipation of reaching 70,000 barrels of oil per day export capacity. Threerigs will be working on the Block throughout the year, with activities focusingon drilling development and injector wells to increase Basement productivity andproduction capability as well as delineation of the western and southernparameters of the Kharir field. "SOCO is also continuing to progress its pre-drill activities on the Company'sWest African portfolio. A 1,200 square kilometre 3D seismic acquisition wascompleted late last year and processing and interpretation are on schedule toselect drilling targets in the third quarter of this year. Acquisition of 2Dseismic is expected to commence later this year in both the Democratic Republicof Congo (Kinshasa) Nganzi Block and the Cabinda North Block. Expectations arethat the first well on the Marine XI Block, offshore Republic of Congo(Brazzaville) will be drilled in early 2008. "In summary, SOCO is in the midst of a very active five year drilling campaignof exploration and appraisal wells, across Vietnam, West Africa and Yemen, withtwo new field developments expected on-stream within the next 36 months. Thisyear is shaping up to be another milestone for the Company as it targetssignificant further reserves expansion and prepares for first production fromVietnam in 2008." 14 June 2007 Enquiries:SOCO International plc Tel : 020 7747 2000 Roger CagleExecutive VP, Deputy CEO and Chief Financial Officer Pelham PR Tel: 020 7743 6676James HendersonAlisdair Haythornthwaite This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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