New Licence Area
Soco International PLC
19 July 2006
SOCO International plc
('SOCO' or 'the Company')
Participation in New Licence Area in the Democratic Republic of Congo
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, Yemen, Thailand, the
Republic of Congo (Brazzaville) and the Democratic Republic of Congo (Kinshasa)
with production operations in Yemen.
The Company announces that its subsidiary, SOCO DRC Limited ('SOCO DRC'), has
signed a Production Sharing Contract with the government of the Democratic
Republic of Congo and La Congolaise des Hydrocarbures ('Cohydro'), the state
owned oil company, wherein it has acquired an interest in the Nganzi block,
onshore the Democratic Republic of Congo (Kinshasa).
SOCO DRC will be the operator with an 85% working interest in the block.
Cohydro holds the remaining interest. In 2005 under a memorandum of
understanding signed with the government, SOCO carried out a reconnaissance
aeromagnetic and gravity survey over the onshore extension of the coastal basin
in order to delineate prospective areas for hydrocarbon generation and
migration. The survey indicated the presence of a deep pre-salt source graben in
the northern part of the basin in the Nganzi Block. Regional mapping shows the
graben to be on trend with the source basin for the M'Boundi field in the
southern part of the Republic of Congo (Brazzaville). Several leads, interpreted
as large horst blocks, have been identified on the Block. These will be further
evaluated by 2D seismic in 2007.
The Nganzi Block comprises an area of approximately 800 square kilometres. There
has been little previous activity. Two wells were drilled on poor quality
seismic in the 1970s, no other seismic has been acquired. Using modern seismic
techniques and applying new pre-salt play concepts, SOCO DRC expects to exploit
the potential of the block.
Ed Story, President and Chief Executive of SOCO, commented:
'This is a very important addition to our core area in West Africa. We see this
as a continuation of the play type identified offshore in our Marine XI project
offshore the Republic of Congo (Brazzaville). Accordingly, it offers the same
potential for exponential exploration reserve growth that we are currently
demonstrating in Vietnam and Yemen.'
19 July 2006
ENQUIRIES:
SOCO International plc
Roger Cagle Deputy Chief Executive and Chief Financial Tel: 020 7747 2000
Officer
Pelham Public Relations
James Henderson Tel: 020 7743 6673
Alisdair Haythornthwaite Tel: 020 7743 6676
This information is provided by RNS
The company news service from the London Stock Exchange
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