Last checked at 3 Sep 2010 07:00
SOCO International plc
('SOCO' or the 'Company')
Nganga Well Update
The Company announces that its subsidiary, SOCO Exploration & Production - DRC SPRL has reached total depth on the wildcat exploration well Nganga 1 ("NGA-1") in the Nganzi Block, onshore the Democratic Republic of Congo (Kinshasa). The well was drilled to 2,175 metres Measured Depth reaching the Basement as prognosed.
The well encountered approximately 500 metres of source rock with significant hydrocarbon shows and approximately 245 metres of good quality porous sand with an average porosity of ca. 17.5% in the primary target. However, petrophysical interpretation of the logs acquired across the reservoir interval indicates that these sands are water bearing. The predicted lateral seal for the reservoir horizon was not present because of the change in the basin margin adjacent to the well location which can now be seen to have provided a local sediment entry point for sands. The next well, in a different part of the basin with a different margin geometry, is further away from this localised sand and is not expected to be impacted by it.
Currently preparations are being made to plug and abandon the well, and subsequently move to the Kinganga Nyanya 1 ("KNY-1") exploration well, previously designated the "D" prospect.
Ed Story, President and Chief Executive of SOCO, commented:
"This first well in a previously undrilled and unknown basin has confirmed the existence of a working hydrocarbon system, demonstrated the presence of mature source rock and found a high quality reservoir, which is hugely important. These findings should improve the odds on the Kinganga Nyanya well on Prospect D."
3rd September 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 3232
Evgeniy Chuikov Tel: 020 7861 3232
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.