Last checked at 9 Jul 2012 07:00
9 July 2012
SOCO International plc
('SOCO' or 'the Company')
Commencement of Production from Second Te Giac Trang Platform
SOCO, an international oil and gas exploration and production company, is pleased to announce that the first flow of crude oil and gas from the H4 Wellhead Platform ('WHP-H4') of the Te Giac Trang Field ('TGT') occurred on 6th July 2012. The start of production has been achieved over one month earlier than scheduled and nearly a year ahead of the original approved development plan.
WHP-H4 is located in the south of the TGT Field in Block 16-1 in the Cuu Long Basin, off the southern coast of Vietnam, approximately 100 kilometres from Vung Tau, 20 kilometres northwest of the Bach Ho Field, and 35 kilometres west of the Rang Dong Field. The block is operated on behalf of SOCO (30.5%) and its Partners, PetroVietnam Exploration & Production Corporation (41%) and PTT Exploration and Production Public Company Limited (28.5%), by the Hoang Long Joint Operating Company which was established in 1999.
Production from the field, currently approximately 42,000 barrels of oil per day ('BOPD'), will now be increased to the 55,000 BOPD processing capacity of the 'Armada TGT 1' FPSO.
Simultaneously, the PetroVietnam Drilling Services Corporation rig, the PVD-II, has arrived on location at the H1 Wellhead Platform and commenced drilling the conductor sections of a four well, infield development drilling programme.
Ed Story, President and Chief Executive of SOCO, commented:
"First oil from the second platform at the TGT Field in Vietnam marks a key milestone for the Company. We set an ambitious delivery target and it is a credit to all involved that this has been achieved ahead of schedule. We now look forward to working with our Partners to maximise the recovery and performance of the field. The success and knowledge we have gained thus far from the TGT Field will enable us to drive further shareholder value in Vietnam and the wider region."
ENQUIRIES:
SOCO International plc
Roger Cagle, Deputy Chief Executive and Chief Financial Officer
Tel: 020 7747 2000
Pelham Bell Pottinger
James Henderson
Victoria Geoghegan
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 80 per cent. owned subsidiary SOCO Vietnam and through its 100 per cent. ownership of OPECO Vietnam Limited. SOCO Vietnam holds a 25 per cent. working interest in Block 9-2, which is operated by the Hoan Vu Joint Operating Company and holds a 28.5 per cent. working interest in Block 16-1, which is operated by the Hoang Long Joint Operating Company. OPECO Vietnam Limited holds a 2 per cent. interest in Block 16-1.
SOCO holds its interests in the Republic of Congo (Brazzaville), all offshore in the shallow water Lower Congo Basin, through its 85 per cent. owned subsidiary, SOCO Exploration and Production Congo SA ("SOCO EPC"). SOCO EPC holds a 40.39 per cent. participating interest in the Marine XI Block and a 29.4 per cent. participating interest in the Marine XIV Block and is designated operator of the two Blocks.
SOCO holds its interests in the Democratic Republic of Congo (Kinshasa) though its 85 per cent. owned subsidiary, SOCO Exploration and Production DRC Sprl ("SOCO E&P DRC"). SOCO E&P DRC holds a 65 per cent. participating interest in the Nganzi Block, situated in the North Congo Basin onshore western DRC, and a 38.25 per cent. participating interest in Block V, in the southern Albertine Graben onshore 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 per cent. owned subsidiary, SOCO Cabinda Limited, which holds a 17 per cent. participating interest in the Cabinda Onshore North Block located onshore in the North Congo Basin.