10th Apr 2008 07:00
Soco International PLC10 April 2008 SOCO International plc ("SOCO" or "the Company") Re: Share Price Movement SOCO notes the recent movement in the Company's share price and can confirm thatdrilling is still in progress on the Te Giac Den sidetrack well ("16.1-TGD-1X-ST1"), the deep high pressure, high temperature well on Prospect "E" in Block16-1, offshore Vietnam. SOCO has no information about the future results of 16-1-TGD-IX-ST1 at this stage, but an update on the status of the well is providedbelow. The well is currently drilling in the Oligocene clastics with an estimated 80metres of clastics to drill before reaching the top of Basement. The plan is todrill a few metres into Basement and then run logs and pressure tests. We wouldthen expect to set a seven inch liner before drilling further into Basement.This is in accordance with the pre-drilling plan should hole conditions andup-hole information support drilling into Basement. Information gathered while drilling through the Oligocene section isinsufficient at this point to determine the likelihood that this interval wouldor would not be productive. The higher mud weights mean that the hydrocarbonshows are not as pronounced as those in the same zones in the original wellbore. There are also some stratigraphic variations between the well bores,which is similar to the results from analogous wells in the basin. Once the liner is in place, the well will be drilled approximately 300 to 500metres into Basement after which the Company would expect to make anotherrelease regarding the testing programme. The casing operation and drilling isexpected to take approximately three weeks, barring operational difficulties. 10 April 2008 ENQUIRIES: SOCO International plc Roger Cagle, Deputy Chief Executive and Chief Financial Officer Tel: 020 7747 2000 Pelham Public Relations James Henderson Tel: 020 7743 6673 Alisdair Haythornthwaite Tel: 020 7743 6676 NOTES TO EDITORS: SOCO holds its interests in Vietnam through its 80% owned subsidiary SOCOVietnam Ltd which holds a 25% working interest in Block 9-2 and a 28.5% workinginterest in Block 16-1. Block 9-2 is operated by the Hoan Vu Joint OperatingCompany and Block 16-1 is operated by the Hoang Long Joint Operating Company.OPECO, Inc. holds a 2% interest in Block 16-1. SOCO is an international oil and gas exploration and production company,headquartered in London, traded on the London Stock Exchange and a constituentof the FTSE 250 Index. The Company has interests in Vietnam, Yemen, Thailand,the Republic of Congo (Brazzaville), the Democratic Republic of Congo (Kinshasa)and Angola with production operations in Yemen. Its production operations inYemen are currently the subject of a conditional sale and purchase agreementannounced earlier this year. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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