15th Mar 2006 07:00
Soco International PLC15 March 2006 SOCO International plc ("SOCO" or "the Company") TGT-2X Final Test Results 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 continuing interests in Vietnam, Yemen,Thailand and the Republic of Congo with ongoing production operations in Yemen. The TGT-2X appraisal well on the Te Giac Trang ("TGT") structure on Block 16-1offshore Vietnam, an up dip follow-up well to last year's TGT-1X discovery well,has completed testing with a total combined flow rate of approximately 17,500barrels of oil equivalent per day ("BOEPD") from the Miocene Lower Bach Ho 5.2and Oligocene "C" intervals. Two main pay zones were perforated and tested within the Miocene Lower Bach Ho5.2 interval, one between 2,763.5 and 2,817 metres and the other between 2,666.5and 2,726.5 metres. A total of 89 metres of pay was confirmed by log analysis inthis reservoir horizon. The combined stabilised flow rate from the two Miocene zones was 14,053 BOEPDcomprising 12,615 barrels of oil per day ("BOPD") of 38 degree API gravity crudeand approximately 8.63 million cubic feet of gas per day ("MMCFD") through a oneinch choke size. Flow rates were limited due to a mechanical failure in thesurface separation equipment. As was announced previously, the first drill stem test, over the Oligocene "C"interval, tested water-free at a stabilised rate of 3,300 BOPD of 37.5 degreeAPI gravity crude and approximately 0.88 MMCFD day through a 52/64 inch chokesize. As was expected from the log analysis, water was produced from the lower set ofperforations in the Miocene. The approximate 8% water cut has provided evidenceof the presence of an aquifer, which will be factored into plans for the field'sdepletion management. A third reservoir horizon, the Lower Bach Ho 5.1, was also identified, but nottested as this would limit the ability to retain the well as a future producer,as originally designed. This horizon had 18 metres of net pay, and from theanalysis of logs and oil samples from wireline formation tests, is considered tobe oil-bearing and productive. Success at the TGT-2X well confirms the presence of a highly prospective sectionof clastic reservoirs in Block 16-1. Regional mapping has defined a clastic playfairway that extends for some 80 km to the south and west of TGT along theeastern and southern parts of the Block. Data from the TGT wells provides a firmfoundation for continued exploration drilling on this trend. The well will be temporarily suspended and the rig will be moved immediately todrill a follow-up appraisal well, TGT-3X, approximately 10 kilometres to thesouth on the TGT structure. Ed Story, President and Chief Executive of SOCO, commented: "We are delighted at the result of this appraisal well, which flowed at anexceptionally high rate by any standard. This success on the northernmostportion of the TGT structure confirms the presence of an extensive, high qualityproductive reservoir. We expect to apply for commerciality on this structure inthe near future. The demonstrated presence of multiple reservoirs in the TGT-2Xwell is extremely encouraging for the other exploration prospects on the Block." 15 March 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"). 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. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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