9th Mar 2006 07:02
Soco International PLC09 March 2006 SOCO International plc ("SOCO" or "the Company") Vietnam Drilling Update 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 commenced testing operations. A minimum of three separate drill stem testsare being conducted. The first drill stem test has been completed over the Oligocene "C" interval,which failed to flow in the discovery well. This well tested water-free at astabilised rate of 3,300 barrels of oil per day of 37.5 degree API gravity crudeand approximately 0.88 million cubic feet of gas per day through a 52/64 inchchoke size. The test was conducted between 2,944 metres and 2,972 metres. The calculatednet pay was approximately 12 metres over the tested interval. An additional 14metres of pay lower in the section was not tested, but is confirmed to be oilbearing and productive by wireline formation test. At a minimum, additional tests will be conducted from two Miocene intervals, onewhich was not tested in the discovery well and the other that flowed at 9,342barrels of oil equivalent per day. The next announcement will be made whentesting operations are complete. Ed Story, President and Chief Executive of SOCO, commented: "The added bonus of the success in the Oligocene highlights the excitingpotential of this clastic play across Block 16-1. It underlines the benefit ofthe company's strategy of value creation through the drill bit. We look toaccelerate the development of this field" 09 March 2006 ENQUIRIES: SOCO International plcRoger Cagle Deputy Chief Executive and Chief Financial Tel: 020 7747 2000 Officer Pelham Public RelationsJames Henderson Tel: 020 7743 6673Charles Vivian Tel: 020 7743 6672 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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