19th Jul 2006 07:01
Soco International PLC19 July 2006 SOCO International plc ("SOCO" or "the Company") Participation in New Licence Area in the Democratic Republic of Congo SOCO is an international oil and gas exploration and production company,headquartered in London traded on the London Stock Exchange and a constituent ofthe FTSE 250 Index. The Company has interests in Vietnam, Yemen, Thailand, theRepublic of Congo (Brazzaville) and the Democratic Republic of Congo (Kinshasa)with production operations in Yemen. The Company announces that its subsidiary, SOCO DRC Limited ("SOCO DRC"), hassigned a Production Sharing Contract with the government of the DemocraticRepublic of Congo and La Congolaise des Hydrocarbures ("Cohydro"), the stateowned oil company, wherein it has acquired an interest in the Nganzi block,onshore the Democratic Republic of Congo (Kinshasa). SOCO DRC will be the operator with an 85% working interest in the block.Cohydro holds the remaining interest. In 2005 under a memorandum ofunderstanding signed with the government, SOCO carried out a reconnaissanceaeromagnetic and gravity survey over the onshore extension of the coastal basinin order to delineate prospective areas for hydrocarbon generation andmigration. The survey indicated the presence of a deep pre-salt source graben inthe northern part of the basin in the Nganzi Block. Regional mapping shows thegraben to be on trend with the source basin for the M'Boundi field in thesouthern part of the Republic of Congo (Brazzaville). Several leads, interpretedas large horst blocks, have been identified on the Block. These will be furtherevaluated by 2D seismic in 2007. The Nganzi Block comprises an area of approximately 800 square kilometres. Therehas been little previous activity. Two wells were drilled on poor qualityseismic in the 1970s, no other seismic has been acquired. Using modern seismictechniques and applying new pre-salt play concepts, SOCO DRC expects to exploitthe potential of the block. Ed Story, President and Chief Executive of SOCO, commented: "This is a very important addition to our core area in West Africa. We see thisas a continuation of the play type identified offshore in our Marine XI projectoffshore the Republic of Congo (Brazzaville). Accordingly, it offers the samepotential for exponential exploration reserve growth that we are currentlydemonstrating in Vietnam and Yemen." 19 July 2006 ENQUIRIES: SOCO International plcRoger Cagle Deputy Chief Executive and Chief Financial Tel: 020 7747 2000 Officer Pelham Public RelationsJames Henderson Tel: 020 7743 6673Alisdair Haythornthwaite Tel: 020 7743 6676 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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