24th Nov 2005 07:01
Soco International PLC24 November 2005 SOCO International plc ("SOCO" or "the Company") SUCCESSFUL TESTING OF KHARIR NORTH STEP OUT WELL KHA - 3-07, YEMEN 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,Libya, Thailand and the Republic of Congo with ongoing production operations inYemen. The Company's majority owned subsidiary, Comeco Petroleum, Inc. ("Comeco"),through which the Company holds a 16.785% net working interest in the EastShabwa Development Area in Yemen ("ESDA"), announces the successful productiontest of the KHA-3-07 well. The well was drilled as part of the continuingappraisal and development of the Basement reservoir in the Kharir Field. The KHA-3-07 well spudded on 31st August 2005 and reached a total depth of 3,472metres Measured Depth ("MD"). The objectives of the well were to appraise thebasement reservoir in the previously undrilled Kharir North structure, andevaluate reservoir development in the northern extension of the Kharir structureas currently mapped. KHA-3-07 tested over 850 barrels of oil per day against a26/64 inch choke. The well is now connected to Kharir's main productionfacilities. The rig has since moved to drill the Jathma-1 well, an exploration well on a newBasement prospect in the northern area of Block 10. The well spudded on the 22ndOctober 2005 and is currently drilling at 2,673 metres MD. A second rigcommenced drilling a water injection well on the Atuf Northwest Field on the19th November 2005. The partners have also recently contracted a third drillingrig that is currently moving onto the Block in preparation to drill a secondBasement exploration well. Ed Story, President and Chief Executive of SOCO, commented: "This is the fifth successful well in succession and demonstrates the presenceof productive basement reservoir some 5 km north of the main Kharir field. Itfully justifies the partnership decision to embark on further exploration withinthe Block and supports increasing the production capacity." 24 November 2005 ENQUIRIES:SOCO International plcRoger Cagle Deputy Chief Executive and Chief Financial Tel: 020 7747 2000 Officer Pelham Public RelationsJames Henderson Tel: 020 7743 6673Alisdair Haythornthwaite Tel: 020 7743 6676 NOTES TO EDITORS Comeco, in which SOCO holds a 58.75% interest, has a 28.57% interest in the ESDAin Block 10 in Yemen. The East Shabwa joint venture is operated by TOTAL E & PYemen (28.57% interest) under a production sharing agreement with the governmentof Yemen. The other joint venture partners are Occidental Yemen Ltd. (28.57%interest) and Kuwait Foreign Petroleum Exploration Co. (14.29% interest). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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