Last checked at 19 Aug 2010 07:00
SOCO International plc
('SOCO' or the 'Company')
Activity Update
SOCO today provides an update on its operations in Vietnam and the Democratic Republic of Congo and the disposal of SOCO Thailand LLC as announced on 20th July 2010. The Company is scheduled to release its Half Year Results on 26th August 2010.
Block 16-1 (Offshore Vietnam)
Te Giac Trang (TGT)
The Company has been informed by the Hoang Long Joint Operating Company, Operator of Block 16-1 in the Cuu Long Basin offshore Vietnam, that the first well in the TGT development/appraisal drilling programme, the TGT-H1-1P spudded on 17th August. The well is targeting an interval near the TGT-2X exploration well. Wells drilled in the programme will be retained as producing wells and will not be tested prior to being brought on stream for production in mid-2011.
Te Giac Den (TGD)
The 9 5/8" casing has just been cemented in place and tested in the TGD-2X appraisal well. Following testing of the wellhead and blow out preventer, the well is expected to commence drilling into the reservoir section later this week.
Nganzi Block (Onshore Democratic Republic of Congo)
The Nganga-1 well, on previously designated Prospect "B", is now drilling in the 12 ¼" section of the hole just prior to running and cementing the 9 5/8" casing. Following this, the well will be drilled into the primary reservoir section.
Corporate
Disposal of Thai Assets
The circular giving notice of the Extraordinary General Meeting to obtain shareholder approval of the previously announced proposed disposal of the Company's wholly owned subsidiary SOCO Thailand LLC (SOCO Thailand) to Salamander Energy plc is expected to be posted shortly. Consideration for the disposal of SOCO Thailand, whose primary asset is the Bualuang producing field offshore Thailand, includes an initial payment of US$105 million (subject to certain financial adjustments), plus contingent cash consideration of US$1 million.
19 August 2010
ENQUIRIES:
SOCO International plc
Roger Cagle, Deputy Chief Executive and Chief Financial Officer
Tel: 020 7747 2000
Pelham Bell Pottinger
James Henderson Tel: 020 7861 3160
Evgeniy Chuikov Tel: 020 7861 3148
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 constituent of the FTSE 250 Index. The Company has interests in Vietnam, Thailand, the Republic of Congo (Brazzaville), the Democratic Republic of Congo (Kinshasa) and Angola, with production operations in Vietnam and Thailand.
SOCO holds its interests in Vietnam, all in the Cuu Long Basin offshore, through its 80% owned subsidiary SOCO Vietnam Ltd. ('SOCO Vietnam') and through its 100% ownership of OPECO Inc. SOCO Vietnam holds a 25% working interest in Block 9-2, which is operated by the Hoan Vu Joint Operating Company and holds a 28.5% working interest in Block 16-1, which is operated by the Hoang Long Joint Operating Company. OPECO Inc. holds a 2% interest in Block 16-1.