7th Apr 2005 07:01
Soco International PLC07 April 2005 SOCO International plc("SOCO" or "the Company") Successful Testing of latest Yemen Well 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. The Company's majority owned subsidiary, Comeco Petroleum, Inc. ("Comeco"),through which the Company holds a 16.785% interest in the East ShabwaDevelopment Area in Yemen ("ESDA"), announces the successful production test ofthe KHA-404. The well was drilled as part of the continuing appraisal anddevelopment of the Basement reservoir in the Kharir Field. The KHA-404 spudded on 1st February 2005 and reached a total depth of 3,539metres. The objectives of the well were to delineate the Basement and evaluatereservoir development in the northern extension of the structure. KHA-404produced over 5,500 barrels of oil per day ("BOPD") when tested earlier thisweek and is now connected to Kharir's main production facilities. This marksthe third consecutive success of the four wells drilled thus far in theprogramme initiated in August 2004 to evaluate the Basement reservoir in theKharir Field. After the first well, KHA-401 was suspended for a technicalreview, the KHA-402 well tested at 550 BOPD and the KHA-403 tested at over 6,500BOPD. The fifth Basement well in the current ESDA drilling programme, the KHA-405,spudded on 28th March 2005. 07 APRIL 2005 ENQUIRIES: SOCO International plc Tel: 020 7747 2000Roger Cagle, Deputy Chief Executive and ChiefFinancial Officer College Hill Tel: 020 7457 2020Ben BrewertonNick Elwes 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 Yemen,S.A. (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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