Last checked at 8 Sep 2009 07:00
SOCO International plc
('SOCO' or the 'Company')
LIYEKE MARINE 1 WELL ON MARINE XI
The Liyeke Marine 1 well, spudded on 22 August 2009 in the Marine XI Block, located in the Congo Basin, offshore the Republic of Congo, was plugged and abandoned after reaching a total depth of 1,140 metres. The objective horizon in the Sendji formation was encountered in accord with the prognosis though the reservoir was water saturated. A 62 metre heavy oil column was encountered in the overlying sediments, but the log and sample data indicated that the oil would not flow.
As the salt section to the south and west of the Liyeke well is thinner and discontinuous, the result of this well has no bearing on the post-salt prospects in this area. More importantly it has no impact on the pre-salt prospects where the source rocks are adjacent to the prospective reservoirs.
The jack-up drilling rig Pride Cabinda is now being prepared to be moved to the second well, an appraisal of the existing pre-salt Viodo oil field at a location approximately one kilometre from the field's discovery well.
Ed Story, President and Chief Executive of SOCO, commented:
"Although we knew there was a migration risk on this shallow post salt prospect, it was an interesting target for a low cost wildcat well. Moreover, this well result has no impact on the pre-salt prospects which is the primary play in this and our other West African Blocks."
8 September 2009
ENQUIRIES:
SOCO International plc
Roger Cagle, Deputy Chief Executive and Chief Financial Officer
Tel: 020 7747 2000
Pelham Public Relations
James Henderson Tel: 020 7337 1500
Mark Antelme Tel: 020 7337 1505
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 the Republic of Congo, all offshore in the Lower Congo Basin, through its 85% owned subsidiary, SOCO Exploration and Production Congo SA (SOCO EPC) which is the designated operator of the two Blocks.