23rd May 2005 07:02
Soco International PLC23 May 2005 SOCO International plc ("SOCO" or "the Company") Successful Vietnam Well Test 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,Mongolia, Libya and Thailand with ongoing production operations in Yemen andMongolia. SOCO's transaction to dispose of its Mongolian operations is pendingcompletion after gaining approval from its shareholders at an EGM on 10 May2005. The appraisal well on the Ca Ngu Vang ("CNV") structure on Block 9-2 offshoreVietnam, the CNV-3X, has tested water-free at a maximum combined rate ofapproximately 13,040 barrels of crude oil equivalent per day comprised ofapproximately 9,010 barrels of crude per day and approximately 22.6 millioncubic feet of gas per day. The final un-stimulated open hole test was conducted over a 12 hour period froma Basement interval of approximately 2,000 metres. Spudded on 30 January 2005,the well was drilled to a total vertical depth of 4,426 metres at an averageangle of 82 degrees from vertical through the Granitic Basement. The CNV-3X wasdrilled to a measured depth ("MD") of 6,123 metres making it the longest MD wellto be drilled in Vietnam. The well will be suspended as a potential producer and the rig will be movedimmediately after the conclusion of testing and suspension to drill the "Te GiacTrang" prospect on Block 16-1. This initial exploration well, the TGT-1X, willtest the Oligocene interval in a previously un-drilled part of Block 16-1. Itis the second well in the four to six well drilling programme scheduled forVietnam this year. Ed Story, President and Chief Executive of SOCO, commented: "The results of the CNV-3X well were outstanding. This demonstrates thetechnical competence of our team and proves that the complexities of Basementexploration and development can be solved by rigorous adherence to enhancedseismic reprocessing and through careful planning and execution in drilling. Weexpect that these successful results will lead to an early declaration ofcommerciality. The drilling rig will now move to the TGT-1X exploration well on Block 16-1where we are equally excited about the potential. Vietnam is clearly a corearea for SOCO and we expect to join the ranks of significant producers there." 23 May 2005 ENQUIRIES: SOCO International plc Roger Cagle Deputy Chief Executive and Chief Financial Tel: 020 7747 2000 Officer Pelham Public Relations James 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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