4th May 2007 07:30
Soco International PLC04 May 2007 SOCO International plc ("SOCO" or "the Company") Vietnam Drilling Update The Company's majority owned subsidiary, SOCO Vietnam Ltd., announces that theTe Giac Cam (TGC-1X) well, the first well on Prospect "S" in Block 16-1, will beplugged and abandoned after reaching a total depth of 4,196 metres. While thereservoir in the primary target, the Lower Bach Ho 5.2 interval, was notdeveloped, the well did encounter oil shows in the Oligocene and the well wasdeepened to further evaluate this section. While drilling in the Oligocene, the well encountered unexpected high pressure,with associated oil and gas shows, and had to be cased using a 7 inch linerprior to drilling to total depth. Examination of the well and logging dataindicated that, despite the hydrocarbon influx, it was not sufficientlyencouraging for the well to be tested. However, overpressure in the Oligocenecould be a positive indication for the Oligocene/Basement target on Prospect "E"approximately 17 kilometres to the southeast. This rig will be released; however, a new rig, the Adriatic XI, is expected toarrive in June to continue exploration drilling on Block 16-1. The PVD-1 drilling rig spudded the Te Giac Den (TGD-1X) well on Prospect "E" inBlock 16-1 on 5 April 2007. This is the first well for the new rig retainedprimarily to drill development wells on the Ca Ngu Vang field on Block 9-2. Therig is currently drilling ahead at approximately 1,800 metres preparing to set13 3/8" casing. The well is expected to take approximately 60 days to drill. Atest, if required, would add approximately 30 days to the schedule. 4 May 2007 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 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. SOCO holds its interests in Vietnam, all in the Cuu Long Basin offshore, throughits 80% owned subsidiary SOCO Vietnam Ltd. (SOCO Vietnam) and through its 100%ownership of OPECO, Inc. SOCO Vietnam holds a 25% working interest in Block 9-2,which is operated by the Hoan Vu Joint Operating Company and holds a 28.5%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:
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