25th Sep 2007 10:25
Soco International PLC25 September 2007 The following press release replaces Soco International's RNS statement number4105E released at 07.03 today. The principal change in this reissued releaseregards the wording on the location of the "AA" prospect. SOCO International plc ("SOCO" or "the Company") Vietnam Drilling Update TGL-1X Well The Company's majority owned subsidiary, SOCO Vietnam Ltd., announces that theTe Giac Lam 1X exploration well, the first well on Prospect "O" in Block 16-1,will be plugged and abandoned after reaching a total depth of 3,697 metres. Thewell was drilled to test a Miocene four-way closure on one of the Basementridges that appear on seismic to be analogous to the geological setting of theTe Giac Trang ("TGT") field discovery to the East, and deepened to intersect theOligocene sands. Even though the well was drilled overpressured, mud log data indicated 70 metresof sand with good oil shows in the Oligocene section. A test was conducted overthis interval however, the sands at this location were found to be tight andfurther testing was discontinued. The data gathered during the testing processwill be further analysed to determine future drilling activities on this newplay type. Upcoming Drilling Activity - TGD-1X Well Testing and VN-1X Exploration Well The rig will immediately move to the "AA" prospect to drill the Voi Nau 1Xexploration well, which is estimated to take approximately 20 days prior totesting, if required. The "AA" prospect is located on trend with the oilfielddiscovered in 2002 by the Voi Trang 1X well. Following this well, the rig will be fitted with high pressure equipment,including a 15,000 psi blow out preventer, which will enable it to test the TeGiac Den 1X ("TGD-1X") well on Prospect "E". As announced on 30 July 2007, the TGD-1X well encountered hydrocarbons in twoOligocene clastic sequences, which were separated by a volcanic layer. Well logsover the upper sequence, the object of the impending test, indicatedapproximately 30 metres of net pay. After drilling through the volcanics, thewell also encountered a deeper high pressure clastic sequence with oil and gasshows. A further 300 metres of sediment is interpreted above the Basement. Thisinterval will not be re-entered on this test, but will be redrilled later in thedrilling programme. Ed Story, President and Chief Executive of SOCO, commented: "Reservoir quality in the Oligocene section has proven to be challenging in theCuu Long Basin, offering both good successes in the TGT field and theoverpressured TGD-1X well. Given our experience in the TGD-1X well, we expectmore consistent success in the overpressured, massive structures represented bythe "E" and "E" South prospects." 25 September 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), the Democratic Republic of Congo (Kinshasa)and Angola with production operations in Yemen. 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 in Block9-2, 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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