31st Jan 2005 12:00
Soco International PLC31 January 2005 SOCO International plc ("SOCO" or "the Company") Operations Update SOCO is an international oil and gas exploration and production company,headquartered in London. The Company has continuing interests in Vietnam,Mongolia, Yemen, Libya and Thailand with ongoing production operations in Yemenand Mongolia. Vietnam The first well in the Company's 2005 multi-well Vietnam drilling programmespudded on 29 January 2005 and is currently running 30" casing. The CNV-3X wellin Block 9-2 is an appraisal of the Ca Ngu Vang structure in which a discoverywell, the CNV-1X, was drilled in 2002. The discovery well tested a maximumcombined rate of approximately 4,500 barrels of crude oil equivalent per daycomprised of approximately 3,100 barrels of crude per day and approximately 7.9million cubic feet of gas per day from a Basement interval. The CNV-3X well has been designed to drill to a total measured depth ofapproximately 6,000 metres with a maximum deviation of 80 degrees. The well willtest various fault and fracture domains within the granitic Basement in the areaof the CNV-1X well. It is anticipated that the well will take some 60-70 days todrill. Following the completion of the well on Ca Ngu Vang, the current drillingprogramme plan calls for the rig to move to Block 16-1 to begin drilling anexploration well. Yemen After finalising drilling and completion activities on the KHA 403 well, the rigis in the process of being moved to the next location to spud the KHA 404 well.The KHA 403 well was the third well in a multi-well drilling programme, whichbegan in 2004, designed to drill deviated wells targeting the Basement interval. The KHA 403 well will be tested after the testing equipment is moved from KHA402 where it has been utilised to conduct a long term production test. Resultsof the test on the KHA 402, along with those of each of the wells drilled, willbe released once they are made available by the operator. Gross production from the East Shabwa Development Area in Yemen averagedapproximately 27,800 barrels of oil per day to date in January 2005.Approximately 30% of the production was attributable to crude produced from theBasement interval. 31 January 2005 ENQUIRIES: SOCO International plc Tel: 020 7747 2000Roger Cagle, Deputy Chief Executive and Chief Financial Officer College Hill Tel: 020 7457 2020Nick ElwesBen Brewerton Notes to editors: SOCO holds its interests in Vietnam, all in the Cuu Long Basin offshore, throughits 80% owned subsidiary SOCO Vietnam Limited ("SOCO Vietnam"). SOCO Vietnamholds a 25% working interest in Block 9-2, which is operated by the Hoan VuJoint Operating Company and a 28.5% working interest in Block 16-1, which isoperated by the Hoang Long Joint Operating Company. SOCO's Yemen interests are held through its majority owned (58.75%) shareholdingin Comeco Petroleum, Inc. ("Comeco"). Comeco holds a 28.57% working interest inBlock 10, East Shabwa Development Area This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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