LONDON (Alliance News) - SOCO International PLC on Thursday said it has had to lower some reserve assumptions at its fields in Vietnam, though it did affirm 2019 output guidance.
SOCO has lowered the reserves at the Te Giac Trang and Ca Ngu Vang oil fields to 23.0 million barrels of oil equivalent from 25.4 million barrels.
This is due, Vietnam-focused SOCO said, to operational delays and some production volumes being delayed past the licence expiry date.
Soco has affirmed 2019 production at between 6,500 barrels of oil equivalent per day to 7,500 barrels.
"Actual production at the higher end of this range is dependent on several operational factors, including the timing of the drilling, completion and hook-up of the two firm TGT wells in the approved 2019 work programme given that the rig tendering process is delayed," said SOCO.
Shares were down 3.2% on Thursday morning at a price of 71.80 pence each.
