9th Oct 2006 07:01
Soco International PLC09 October 2006 SOCO International plc ("SOCO" or "the Company") Successful Testing of Vietnam CNV-4X ST 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 appraisal well on the Ca Ngu Vang ("CNV") structure on Block 9-2 offshoreVietnam, the CNV-4X ST, has tested at a maximum combined rate of approximately7,050 barrels of crude oil equivalent per day comprised of approximately 5,333barrels of crude per day and approximately 10.3 million cubic feet of gas perday. The open hole test was conducted over a 13 hour period from a Basement intervalof approximately 1,350 metres. Drilling operations recommenced on 5 June 2006into the "D" fault block of the CNV structure. The well was a re-entry andsidetrack into the CNV-4X, which had to be suspended in December 2005 when itencountered an oil and gas interval with unexpected high pressure in theOligocene "E" Sequence just above the Granitic Basement. Log analysis of theOligocene "E", when penetrated by this well, indicated that the interval lackedpermeability. The CNV-4X ST was drilled to a measured depth ("MD") of 6,330metres making it the longest MD well to be drilled in Vietnam, exceeding theprevious record set by the Hoan Vu Joint Operating Company when it drilled theCNV-3X appraisal well in 2005. The well will be suspended as a producer and this rig will be released from theVietnam drilling programme. A Declaration of Commerciality was made on the CNVfield earlier this year and an Outline Development Plan was subsequentlyapproved. We are proceeding with procurement of long lead time items, includingthe contracting of an additional rig to the rig already under contract that isexpected to begin development drilling on the CNV structure in the secondquarter of 2007. Ed Story, President and Chief Executive of SOCO, commented: "The results of the CNV-4X ST further buttress the attractive economics of theCa Ngu Vang field by adding reserves and additional productive capacity. Thedevelopment planning of this field is well underway. The success of the CNV-4XST well is particularly gratifying when one considers the difficult drillingenvironment that had to be overcome. Once again the technical competence of ourteam has been demonstrated as they exceeded their previous drilling record." 9 October 2006 ENQUIRIES: SOCO International plcRoger Cagle Deputy Chief Executive and Tel: 020 7747 2000 Chief Financial Officer Pelham Public RelationsJames Henderson Tel: 020 7743 6673Alisdair Haythornthwaite Tel: 020 7743 6676 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) and through its100% ownership of OPECO, Inc.. SOCO Vietnam holds a 25% working interest inBlock 9-2, which is operated by the Hoan Vu Joint Operating Company and holds a28.5% working interest in Block 16-1, which is operated by the Hoang Long JointOperating Company. OPECO, Inc. holds a 2% interest in Block 16-1. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Pharos Energy