TGT-2X Final Test Results
Soco International PLC
15 March 2006
SOCO International plc
('SOCO' or 'the Company')
TGT-2X Final Test Results
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,
Thailand and the Republic of Congo with ongoing production operations in Yemen.
The TGT-2X appraisal well on the Te Giac Trang ('TGT') structure on Block 16-1
offshore Vietnam, an up dip follow-up well to last year's TGT-1X discovery well,
has completed testing with a total combined flow rate of approximately 17,500
barrels of oil equivalent per day ('BOEPD') from the Miocene Lower Bach Ho 5.2
and Oligocene 'C' intervals.
Two main pay zones were perforated and tested within the Miocene Lower Bach Ho
5.2 interval, one between 2,763.5 and 2,817 metres and the other between 2,666.5
and 2,726.5 metres. A total of 89 metres of pay was confirmed by log analysis in
this reservoir horizon.
The combined stabilised flow rate from the two Miocene zones was 14,053 BOEPD
comprising 12,615 barrels of oil per day ('BOPD') of 38 degree API gravity crude
and approximately 8.63 million cubic feet of gas per day ('MMCFD') through a one
inch choke size. Flow rates were limited due to a mechanical failure in the
surface separation equipment.
As was announced previously, the first drill stem test, over the Oligocene 'C'
interval, tested water-free at a stabilised rate of 3,300 BOPD of 37.5 degree
API gravity crude and approximately 0.88 MMCFD day through a 52/64 inch choke
size.
As was expected from the log analysis, water was produced from the lower set of
perforations in the Miocene. The approximate 8% water cut has provided evidence
of the presence of an aquifer, which will be factored into plans for the field's
depletion management.
A third reservoir horizon, the Lower Bach Ho 5.1, was also identified, but not
tested as this would limit the ability to retain the well as a future producer,
as originally designed. This horizon had 18 metres of net pay, and from the
analysis of logs and oil samples from wireline formation tests, is considered to
be oil-bearing and productive.
Success at the TGT-2X well confirms the presence of a highly prospective section
of clastic reservoirs in Block 16-1. Regional mapping has defined a clastic play
fairway that extends for some 80 km to the south and west of TGT along the
eastern and southern parts of the Block. Data from the TGT wells provides a firm
foundation for continued exploration drilling on this trend.
The well will be temporarily suspended and the rig will be moved immediately to
drill a follow-up appraisal well, TGT-3X, approximately 10 kilometres to the
south on the TGT structure.
Ed Story, President and Chief Executive of SOCO, commented:
'We are delighted at the result of this appraisal well, which flowed at an
exceptionally high rate by any standard. This success on the northernmost
portion of the TGT structure confirms the presence of an extensive, high quality
productive reservoir. We expect to apply for commerciality on this structure in
the near future. The demonstrated presence of multiple reservoirs in the TGT-2X
well is extremely encouraging for the other exploration prospects on the Block.'
15 March 2006
ENQUIRIES:
SOCO International plc
Roger Cagle Deputy Chief Executive and Tel: 020 7747 2000
Chief Financial Officer
Pelham Public Relations
James Henderson Tel: 020 7743 6673
Alisdair Haythornthwaite Tel: 020 7743 6676
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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