Last checked at 2 Oct 2013 07:00
SOCO International plc
('SOCO' or the 'Company')
VIETNAM OPERATIONS UPDATE
SOCO announces that testing of the TGT-10XST1 exploration well on the H5 fault block of the Te Giac Trang ("TGT") field is complete. The well, which exceeded all pre-test expectations, flowed at combined average maximum production from the three zones tested at over 27,600 barrels of oil equivalent per day ("BOEPD").
The final test, in the Lower Miocene Intra Lower Bach Ho 5.2 Upper and Lower sequence, over a perforated interval of 88.6 metres, flowed at an average maximum rate of 5,156 barrels of oil per day ("BOPD") and 32.5 million standard cubic feet of gas per day ("MMSCFD").
As previously announced, two other intervals were tested. The first test, over a perforated 93 metres section in the Oligocene "C", produced at a maximum average rate of 9,488 BOPD and 1.16 MMSCFD. The second test, over the Miocene Lower 5.2L sequence, tested a 47.3 metres perforated interval. The maximum flow averaged over this interval was 7,100 BOPD and 1.76 MMSCFD.
The well, located approximately six kilometres south of the H4 Well Head Platform, in the southern part of the TGT field in Block 16-1 in the Cuu Long Basin off the southern coast of Vietnam, encountered approximately 250 metres of gross pay section (approximately 119 metres of net pay) in the Miocene and Oligocene reservoir horizons. Approximately 100 metres of net pay were evaluated by the three tests.
Ed Story, President and Chief Executive of SOCO, commented:
"This has turned out to be a great well, representing one of the most prolific individual wells ever tested in Vietnam. Taking the peak rate from each test, the well produced at nearly 30,000 BOEPD. The results reaffirm our belief that TGT is clearly a very significant oil field by anyone's standards."
ENQUIRIES:
SOCO International plc
Roger Cagle, Deputy CEO
Tel: 020 7747 2000
Bell Pottinger
Rollo Crichton-Stuart
Elizabeth Snow
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, the Republic of Congo (Brazzaville), the Democratic Republic of Congo (Kinshasa) and Angola, with production operations in Vietnam.
SOCO holds its interests in Vietnam, all in the Cuu Long Basin offshore, through its wholly-owned subsidiaries, SOCO Vietnam Ltd and OPECO Vietnam Limited. SOCO Vietnam Ltd 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 Vietnam Limited holds a 2% interest in Block 16-1.
SOCO holds its interests in the Republic of Congo (Brazzaville) through its 85% owned subsidiary, SOCO Exploration and Production Congo SA ("SOCO EPC"). SOCO EPC holds a 40.39% interest in the Marine XI Block located offshore in the shallow water Lower Congo Basin and is designated operator of the Block. SOCO EPC also holds a 100% interest in a one-year exploration licence over the Nanga II A Block, located onshore, adjacent to the coast.
SOCO holds its interests in the Democratic Republic of Congo (Kinshasa), all onshore, though its 85% owned subsidiary, SOCO Exploration and Production DRC Sprl ("SOCO E&P DRC"). SOCO E&P DRC holds a 65% working interest in the Nganzi Block, situated 50 kilometres from the west coast, and an 85% working interest in Block V, situated in the southern Albertine Graben in eastern DRC. SOCO E&P DRC is designated operator of both Blocks.
SOCO holds its interests in the Angolan enclave of Cabinda through its 80% owned subsidiary, SOCO Cabinda Limited, which holds a 17% participating interest in the Production Sharing Agreement for the Cabinda Onshore North Block.