Last checked at 21 Sep 2009 07:00
SOCO International plc
("SOCO" or "the Company")
Vietnamese Governmental Approval of Te Giac Trang Field Development
The Company has been informed by the Hoang Long Joint Operating Company ("HLJOC"), operator of Block 16-1 in the Cuu Long Basin offshore Vietnam, that the Ministry of Industry and Trade, on behalf of the Vietnamese Government, has approved the Development Plan for the Te Giac Trang ("TGT") Field.
First Oil from the TGT Field is targeted for mid-2011 and tenders for a number of long lead items are already under evaluation. A contract for the floating, production, storage and offloading vessel is currently being finalised. To date, seven exploration/appraisal wells have been drilled in the TGT Field, with an average oil and gas flow of approximately 11,300 barrels of oil equivalent per day from each well.
Ed Story, President and Chief Executive of SOCO, commented:
"Vietnam governmental approval of the TGT development is an affirmation of the commercial success of our exploration and development efforts in Vietnam. This positions the Company for significant production growth when this major field comes on stream."
21 September 2009
ENQUIRIES:
SOCO International plc
Roger Cagle, Deputy Chief Executive and Chief Financial Officer
Tel: 020 7747 2000
Pelham Public Relations
James Henderson Tel: 020 7337 1500
Mark Antelme Tel: 020 7337 1505
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, Angola, the Republic of Congo (Brazzaville) and the Democratic Republic of Congo (Kinshasa) with production operations in Vietnam and Thailand.
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.