TGT-4X Well Test
Soco International PLC
06 October 2006
SOCO International plc
('SOCO' or 'the Company')
Vietnam TGT-4X Well 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, the
Republic of Congo (Brazzaville) and the Democratic Republic of Congo (Kinshasa)
with production operations in Yemen.
The third appraisal well on the Te Giac Trang ('TGT') structure, drilled on a
separate fault block between the initial discovery well, TGT-1X, that flowed at
9,340 barrels of oil equivalent per day ('BOEPD') and the TGT-3X that flowed at
9,908 BOEPD, has been plugged and abandoned. TGT-4X was drilled to aid the
determination of the best location for the initial development and to assess the
extent of the TGT Field. The well results mean that the initial development will
now take place in the northern fault block tested by the 1X and 2X wells. The
Reserve Assessment Report for the TGT field, which is the first step leading to
Declaration of Commerciality, is well underway.
The well intersected the hydrocarbon bearing Lower Miocene reservoir interval as
predicted. However, the trap had been breached and only residual oil was
encountered. The well also encountered hydrocarbons in the Oligocene 'D'
interval, a new reservoir on the Block, and flowed at a rate slightly over 600
barrels of oil per day on a short test.
Detailed review of the seismic has identified that the breaching of the Lower
Miocene trap is due to late movement on a fault located south of the TGT-4X
well. This appears to be the only such fault on the TGT field and the effect is
considered to be local to this well. While this will continue to be one of the
general risks to some of the exploration prospects on Block 16-1, this has no
impact on our view of TGT reserves.
Weather permitting, the rig will immediately move to the 'K' prospect on Block
16-1 to spud the initial exploration well.
The Ca Ngu Vang sidetrack, 'CNV-4X ST', on Block 9-2 is currently testing.
Results should be available early next week.
Ed Story, President and Chief Executive of SOCO, commented:
'Even with three of the four wells drilled on TGT testing between 9,340 BOPD and
17,500 BOPD, we do not expect every well drilled on this exciting clastics
fairway on Block 16-1 to be an unqualified success. We continue to refine our
play model as we gather information from the drilling programme and will
incorporate the results of TGT-4X into the evaluation of the remaining
prospects. The declaration of commerciality and early development is proceeding
as planned.
The exploration drilling programme carries on with essentially a well result
every 30 days on Block 16-1. Thus we will continue to have a regular news flow
from Block 16-1. Moreover, the new discovery in the Oligocene 'D' interval
merits further evaluation and illustrates the attractiveness of the overall
clastics exploration play with multiple targets.'
6 October 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) and through its
100% ownership of OPECO, Inc.. SOCO Vietnam 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, Inc. holds a 2% interest in Block 16-1.
This information is provided by RNS
The company news service from the London Stock Exchange
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