New Vietnam Discovery
Soco International PLC
22 August 2005
SOCO International plc
('SOCO' or 'the Company')
New Vietnam Discovery
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 continuing interests in Vietnam, Yemen,
Libya and Thailand with ongoing production operations in Yemen
The initial wildcat exploration well on the Te Giac Trang ('TGT') structure on
the previously un-drilled 'H' prospect on Block 16-1 offshore Vietnam, the
TGT-1X, has tested water-free at a combined maximum rate of 9,432 barrels of oil
equivalent per day ('BOEPD') comprised of 8,566 barrels per day ('BOPD') of 37
degree API gravity crude and approximately 4.86 million cubic feet of gas per
day through a 80/64 inch choke size.
The drill stem test was conducted from the Lower Bach Ho formation in the
Miocene interval between 2701 metres and 2760 metres. The calculated net pay
was approximately 31 metres (102 feet) over the test interval. An additional 33
metres (111 feet) of net pay interval were not perforated due to the limited
equipment and materials available within the applicable time constraints. Based
on the data from the well test, oil samples from wireline formation tests, and
well logs, the untested interval is considered oil bearing and productive.
A brief test was also conducted over a deeper Oligocene interval that also
contained significant oil shows, but the formation was determined to be tight
and thus unable to flow commercial quantities of hydrocarbons.
Evaluation of the well results has commenced in order to determine an appraisal
strategy for the TGT structure.
Success at the TGT-1X well confirms the presence of a highly prospective section
in the sedimentary clastic reservoirs of the eastern portion of Block 16-1.
Data from this well provide a firm foundation for continued exploration drilling
on other nearby prospects.
Following completion of testing operations, the rig will be moved immediately to
drill a follow-up appraisal well to the 13,040 BOEPD CNV-3X well drilled earlier
this year on the Ca Nu Vang structure on Block 9-2. It will be the third well
in the multi-well drilling programme which began this year in Vietnam.
Ed Story, President and Chief Executive of SOCO, commented:
'The results of the vertically drilled TGT-1X well are excellent. Confirming the
additional prospectivity of the Miocene play on Block 16-1 to the demonstrated
potential of the Basement on Block 9-2 reinforces the company's strategy of
value creation through the drill bit.'
22 August 2005
ENQUIRIES:
SOCO International plc
Roger Cagle Deputy Chief Executive Tel: 020 7747 2000
and Chief Financial Officer
Pelham Public Relations
James Henderson Tel: 020 7743 6673
Charles Vivian Tel: 020 7743 6672
Notes to editors:
SOCO holds its interests in Vietnam, all in the Cuu Long Basin offshore, through
its 80% owned subsidiary SOCO Vietnam Limited ('SOCO Vietnam'). SOCO Vietnam
holds a 25% working interest in Block 9-2, which is operated by the Hoan Vu
Joint Operating Company and a 28.5% working interest in Block 16-1, which is
operated by the Hoang Long Joint Operating Company.
This information is provided by RNS
The company news service from the London Stock Exchange
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