TGT-3X Test Results
Soco International PLC
26 April 2006
SOCO International plc
('SOCO' or 'the Company')
TGT-3X 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 interests in Vietnam, Yemen, Thailand and
the Republic of Congo with production operations in Yemen.
The TGT-3X exploration well on the Te Giac Trang ('TGT') structure on Block 16-1
offshore Vietnam has completed testing operations on a separate fault block
approximately ten kilometres south of last year's TGT-1X discovery well.
The drill stem test was conducted in the Miocene Lower Bach Ho 5.2 ('LBH 5.2'),
the formation that was also tested in the discovery well and the primary
interval in the follow up TGT-2X well. The tested interval, perforated between
2,827 and 2,887 metres, flowed at a combined maximum rate of 9,908 barrels of
oil equivalent per day comprising 9,008 barrels of oil per day of 40.5 degree
API gravity crude and approximately 5.4 million cubic feet of gas per day
through a 88/64 inch choke size.
Log analysis of the well indicated approximately 68 metres of net pay was
present in the LBH 5.2. Additionally, approximately six metres of net pay in the
Lower Oligocene 'C' interval were also identified but not tested.
Success at the TGT-3X well confirms the prospectivity of the TGT structure,
comprising five fault blocks extending over 15 kilometres on a North to South
trend within an 80 kilometre long play fairway that extends along the eastern
and southern portion of Block 16-1.
The LBH 5.2 reservoir sands encountered in the TGT-3X well are the same as those
tested in the TGT-1X and -2X wells. This proves the presence of a
laterally-extensive marine sand in the Block, further reducing the risk of the
other prospects and leads along the play fairway.
The rig will be moved immediately to drill a structure on the 'L' prospect
approximately 30 kilometres south of the TGT-3X discovery. The Te Giac Vang 1X
is expected to take approximately 30 days to drill.
Ed Story, President and Chief Executive of SOCO, commented:
'The results of the TGT-3X well confirm that this structure represents a major
oil field. We will begin the required reserve assessment report and development
studies, which we expect will lead to a Declaration of Commerciality in the near
future. The success of this latest well significantly increases our confidence
in the play and in the next well we will drill on the 'L' prospect, the largest
structure drilled to date in the new 16-1 play fairway.'
26 April 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
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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