9th May 2005 08:30
Soco International PLC09 May 2005 SOCO International plc ("SOCO" or "the Company") Vietnam Well Operations Update SOCO is an international oil and gas exploration and production company,headquartered in London. The Company has continuing interests in Vietnam, Yemen,Mongolia, Libya and Thailand with ongoing production operations in Yemen andMongolia. As announced on 1 April 2005, SOCO has agreed to dispose of itsMongolian operations, subject to gaining approval from its shareholders. After achieving the target depth of 6,123 metres measured depth, testingoperations on the appraisal well on the Ca Ngu Vang ("CNV") structure on Block9-2 offshore Vietnam, CNV-3X, have commenced. Due to its highly fractured naturethe Granitic Basement reservoir was drilled with total losses of drilling fluid/seawater to the formation of more than 150,000 barrels. The initial period of the testing operations is currently being extended whilethe flow from the well continues to improve through the process of "cleaning up"whereby the amount of recovery of drilling fluid declines and the oil rateincreases. The aim is to establish a stabilised flow performance. Testingoperations are continuing. 9 May 2005 ENQUIRIES: SOCO International plc Tel: 020 7747 2000Roger Cagle, Deputy Chief Executive and Chief Financial Officer College Hill Tel: 020 7457 2020Ben BrewertonNick Elwes 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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