Last checked at 19 Apr 2010 07:00
19 April 2010
SOCO International plc
('SOCO' or the 'Company')
Rig Secured for Exploration Drilling on Nganzi
The Company has secured the services of the onshore drilling rig, Caroil #1, owned by CAROIL SAS, for its exploration drilling programme in the Nganzi Block, onshore the Democratic Republic of Congo (Kinshasa). The contract is for two firm and two contingent wells.
Drilling of the first well, the Nganga well on previously designated Prospect "B" in the Block, situated some 50 kilometres from the west coast, is targeting circa 200 million barrels of recoverable resources and is expected to spud in mid-July. Each well is anticipated to take approximately 40 to 50 days to drill with another two to three weeks added if testing is required.
The Company continues to discuss farm-out options with a few select participants, but has made no commitment to farm down its interest.
19th April 2010
ENQUIRIES:
SOCO International plc
Antony Maris, Vice President, Operations and Production
Tel: 020 7747 2000
Pelham Bell Pottinger
James Henderson Tel: 020 7337 1500
Evgeniy Chuikov Tel: 020 7337 1550
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 Democratic Republic of Congo, all onshore in the Lower Congo Basin, through its 85% owned subsidiary, SOCO Exploration and Production DRC (SOCO DRC) which is the designated operator.