Operations Update

RNS Number : 8021J

Soco International PLC

22 July 2013

 



22 July 2013

SOCO International plc

('SOCO' or the 'Company')

OPERATIONS UPDATE

Vietnam

SOCO announces that the first well drilled in the H5 fault block of the Te Giac Trang field, the TGT-10X exploration well, has encountered approximately 117 metres of net pay section (circa 250 metres gross pay) having reached  4,226 metres Measured Depth ("MD"). The well has drilled into the Oligocene D2 section

Higher formation pressure than predicted has required higher than expected mud weights and consequently a liner will now be run over the Miocene and Oligocene reservoir horizons. Consideration is being given to drilling the remainder of the well using a 6" bit to reach the target total depth of approximately 4,430 metres MD.  This will be done upon the completion of the current downhole logging operations which will establish the reservoir parameters to assist the design of the flow testing programme for the Miocene and Oligocene horizons.

The well is located approximately six kilometres south of the H4 Well Head Platform, in the southern part of Block 16-1's TGT Field in the Cuu Long Basin off the southern coast of Vietnam.

Republic of Congo

SOCO announces that the exploration well on the Lideka East Marine prospect, the LDKEM-1 well, spudded on 20^th July 2013. The well will test the potential of a post-salt structure of the Sendji Formation in the Lower Congo Basin, offshore Pointe Noire, in the Marine XI license which is updip from the 2009 Lideka Marine-1 well where oil shows were observed. The Sendji Formation is in a four way structural dip closure at the well location. Additionally, the lower part of the Tchala Formation is in structural closure with a fault seal to the North and East, and LDKEM-1 will also be able to test the reservoir potential of the Lower Tchala.

The well is expected to take approximately 30-35 days to reach the target depth.

Republic of Angola (Cabinda)

Final preparations are underway at the Dinge 20-6 and Dinge 20-7 well locations prior to the commencement of the two well exploration programme. The first well is expected to spud by the end of July. The Dinge 20-6 well is planned to test the Vovo Sands in the pre-salt section onshore Cabinda North in the area of the Dinge discovery. The target sands were deposited in a lacustrine environment above the middle Bucomazi which is a world class source rock.

The sands were tested previously in the 1970s by three wells. A lack of seismic prevented a fuller evaluation of the reservoir heterogeneity issues. The current locations have been selected following a block wide seismic acquisition and evaluation campaign that was completed last year. The Vovo sands of the Dinge Field are in an equivalent stratigraphic position to the Mengo-Kundji-Bindi reservoirs of the Republic of Congo 17km NW and on trend.

ENQUIRIES:

SOCO International plc

Antony Maris, Chief Operating Officer

Tel: [phone]

Pelham Bell Pottinger

Rollo Crichton-Stuart

Elizabeth Snow

Tel: [phone]

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.

 

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