Last checked at 18 Apr 2013 07:00
18th April 2013
SOCO International plc
("SOCO" or "the Company")
OPERATIONS UPDATE
Te Giac Trang ("TGT") Field
SOCO is pleased to announce that following the agreement of the owner and operator of the Floating Production Storage and Operating ("FPSO") vessel, and approval from the relevant Vietnamese authorities, the Hoang Long Joint Operating Company ("HLJOC") has completed the first phase of a multi-stage test of the TGT FPSO oil production handling capacity beyond the 55,000 barrels of oil per day ("bopd") contractual minimum quantity.
The first phase of the capacity test, in which the FPSO successfully processed sustained production of over 60,000 bopd, confirmed our expectations based on the detailed pre-test simulations, that only minor modifications to the low pressure separator system would be required. These will now be made ahead of the next phase of the testing programme when production volumes of over 60,000 bopd will be processed.
This next phase of the FPSO capacity test is scheduled to commence in June 2013 to determine the upper oil production limits of the TGT FPSO.
Ed Story, President and Chief Executive Officer of SOCO, commented:
"The results of the first phase of the FPSO capacity test fully support our belief that with only minor modifications the FPSO should comfortably be able to handle volumes of around 70,000 bopd. This gives us considerable confidence that the TGT Field production levels can be maintained at a rate of ca. 55,000 bopd."
ENQUIRIES:
SOCO International plc
Antony Maris, Chief Operating Officer
Tel: 020 7747 2000
Pelham Bell Pottinger
James Henderson
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.