26th Apr 2006 07:02
Soco International PLC26 April 2006 SOCO International plc ("SOCO" or "the Company") TGT-3X 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 interests in Vietnam, Yemen, Thailand andthe Republic of Congo with production operations in Yemen. The TGT-3X exploration well on the Te Giac Trang ("TGT") structure on Block 16-1offshore Vietnam has completed testing operations on a separate fault blockapproximately ten kilometres south of last year's TGT-1X discovery well. The drill stem test was conducted in the Miocene Lower Bach Ho 5.2 ("LBH 5.2"),the formation that was also tested in the discovery well and the primaryinterval in the follow up TGT-2X well. The tested interval, perforated between2,827 and 2,887 metres, flowed at a combined maximum rate of 9,908 barrels ofoil equivalent per day comprising 9,008 barrels of oil per day of 40.5 degreeAPI gravity crude and approximately 5.4 million cubic feet of gas per daythrough a 88/64 inch choke size. Log analysis of the well indicated approximately 68 metres of net pay waspresent in the LBH 5.2. Additionally, approximately six metres of net pay in theLower Oligocene "C" interval were also identified but not tested. Success at the TGT-3X well confirms the prospectivity of the TGT structure,comprising five fault blocks extending over 15 kilometres on a North to Southtrend within an 80 kilometre long play fairway that extends along the easternand southern portion of Block 16-1. The LBH 5.2 reservoir sands encountered in the TGT-3X well are the same as thosetested in the TGT-1X and -2X wells. This proves the presence of alaterally-extensive marine sand in the Block, further reducing the risk of theother prospects and leads along the play fairway. The rig will be moved immediately to drill a structure on the "L" prospectapproximately 30 kilometres south of the TGT-3X discovery. The Te Giac Vang 1Xis expected to take approximately 30 days to drill. Ed Story, President and Chief Executive of SOCO, commented: "The results of the TGT-3X well confirm that this structure represents a majoroil field. We will begin the required reserve assessment report and developmentstudies, which we expect will lead to a Declaration of Commerciality in the nearfuture. The success of this latest well significantly increases our confidencein the play and in the next well we will drill on the "L" prospect, the largeststructure drilled to date in the new 16-1 play fairway." 26 April 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 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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