Last checked at 3 Mar 2011 07:00
SOCO International plc
('SOCO' or the 'Company')
Vietnam Development Operations Update
The Company has been informed by the Hoang Long Joint Operating Company ("JOC"), the Operator of Block 16-1 in the Cuu Long Basin offshore Vietnam, that it has completed drilling of the four "batch" drilled development wells, and commenced drilling an eighth development well on the Te Giac Trang ("TGT") development.
The four wells, TGT-4P to-7P, were drilled in "batch" mode rather than drilling each well sequentially. Preliminary petrophysical analysis indicates that the wells have confirmed the reservoir model.
The TGT-4P well, drilled in the southwest area of the northern fault block encountered the top of the target reservoir horizon lower than expected but encountered previously unmapped hydrocarbons in the Oligocene "C" reservoir. The TGT-5P well, drilled to the northern part of the field encountered the main reservoir as expected, while the TGT-6P, drilled to the southern part of the northern fault block, encountered the main reservoir high to prognosis. The TGT-7P well, drilled to the central area, also encountered the main reservoir horizon as predicted although it encountered a thicker pay section than expected.
The TGT-8P well, targeting the central area of the H1.2 fault block, near the TGT-1X discovery well, will take approximately 30 days to drill and complete. Once the well has been completed the rig will be released to allow for the commencement of installation operations for the in-field pipelines and FPSO to commence.
All wells are being suspended and will become producing wells upon start-up of production in August 2011. Plateau production during this first phase of development is estimated to be circa 55,000 barrels of oil per day.
3 March 2011
ENQUIRIES:
SOCO International plc
Roger Cagle, Deputy Chief Executive and Chief Financial Officer
Tel: 020 7747 2000
Pelham Bell Pottinger
James Henderson
Victoria Geoghegan
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% owned subsidiary SOCO Vietnam Ltd. ('SOCO Vietnam') and through its 100% ownership of OPECO Inc. SOCO Vietnam 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 Inc. holds a 2% interest in Block 16-1.