18th Dec 2006 07:02
Soco International PLC18 December 2006 SOCO International plc ("SOCO" or "the Company") TGT-5X 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 constituentof the FTSE 250 Index. The Company has interests in Vietnam, Yemen, Thailand,the Republic of Congo (Brazzaville) and the Democratic Republic of Congo(Kinshasa) with production operations in Yemen. Following the release of preliminary test results on the fifth appraisal well,the TGT-5X on the Te Giac Trang ("TGT") structure on Block 16-1 offshore Vietnamon Thursday of last week, the well was shut in for pressure build up and finaltests on the Miocene Lower Bach Ho 5.2 pay zone ("LBH 5.2") over the weekend.With testing now complete, TGT-5X had a total combined maximum flow rate ofapproximately 16,430 barrels of oil equivalent per day ("BOEPD") from the LBH5.2 and Oligocene "C" intervals. The first drill stem test over the 32 metre Oligocene "C" interval testedwater-free at a maximum rate of 7,098 barrels of oil per day ("BOPD") of 36.5degree API gravity crude and approximately 2.07 million cubic feet of gas perday ("MMCFD") through an 80/64 inch choke size. The most prolific interval inthe other successful wells drilled on TGT, the LBH 5.2 pay zone, was perforatedand tested separately between 2,841 and 2,866 metres with a maximum flow rate of8,987 BOEPD comprising 8,104 BOPD of 41 degree API gravity crude andapproximately 5.3 MMCFD through a 80/64 inch choke size. The TGT-5X was the initial well drilled on the "H2" fault block just south ofthe initial discovery on the "H1" fault block. The southern most fault block inthe five fault block structure remains to be drilled. The LBH 5.2 andOligocene "C" reservoirs encountered in the TGT-5X well appear to be the same asthose tested in the previous TGT wells. With an 80% drilling success rate on theTGT structure and tests ranging from approximately 9,000 BOEPD to approximately17,500 BOEPD, activities are now focussed on early approval for development ofthe field. The well will be suspended as a future producer and the rig moved immediately todrill a Miocene/Oligocene exploration well in Block 9-2 on the COD structure. Ed Story, President and Chief Executive of SOCO, commented: "With the prolific wells and an 80% drilling success rate, there is no questionthat we have a major accumulation on the TGT structure. The Oligocene test, themost prolific to date, is an added bonus supporting the potential in TGT andreducing exploration risk along the Block 16-1 fairway. We are alreadyprogressing through the Government of Vietnam's technical process to apply forcommerciality on this structure in the near future." 18 December 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) 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 ("HVJOC")andholds a 28.5% working interest in Block 16-1, which is operated by the HoangLong Joint Operating Company ("HLJOC"). OPECO, Inc. holds a 2% interest in Block16-1. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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