TGT-5X Final Test Results
Soco International PLC
18 December 2006
SOCO International plc
('SOCO' or 'the Company')
TGT-5X 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 interests in Vietnam, Yemen, Thailand,
the Republic of Congo (Brazzaville) and the Democratic Republic of Congo
(Kinshasa) with production operations in Yemen.
Following the release of preliminary test results on the fifth appraisal well,
the TGT-5X on the Te Giac Trang ('TGT') structure on Block 16-1 offshore Vietnam
on Thursday of last week, the well was shut in for pressure build up and final
tests on the Miocene Lower Bach Ho 5.2 pay zone ('LBH 5.2') over the weekend.
With testing now complete, TGT-5X had a total combined maximum flow rate of
approximately 16,430 barrels of oil equivalent per day ('BOEPD') from the LBH
5.2 and Oligocene 'C' intervals.
The first drill stem test over the 32 metre Oligocene 'C' interval tested
water-free at a maximum rate of 7,098 barrels of oil per day ('BOPD') of 36.5
degree API gravity crude and approximately 2.07 million cubic feet of gas per
day ('MMCFD') through an 80/64 inch choke size. The most prolific interval in
the other successful wells drilled on TGT, the LBH 5.2 pay zone, was perforated
and tested separately between 2,841 and 2,866 metres with a maximum flow rate of
8,987 BOEPD comprising 8,104 BOPD of 41 degree API gravity crude and
approximately 5.3 MMCFD through a 80/64 inch choke size.
The TGT-5X was the initial well drilled on the 'H2' fault block just south of
the initial discovery on the 'H1' fault block. The southern most fault block in
the five fault block structure remains to be drilled. The LBH 5.2 and
Oligocene 'C' reservoirs encountered in the TGT-5X well appear to be the same as
those tested in the previous TGT wells. With an 80% drilling success rate on the
TGT structure and tests ranging from approximately 9,000 BOEPD to approximately
17,500 BOEPD, activities are now focussed on early approval for development of
the field.
The well will be suspended as a future producer and the rig moved immediately to
drill a Miocene/Oligocene exploration well in Block 9-2 on the COD structure.
Ed Story, President and Chief Executive of SOCO, commented:
'With the prolific wells and an 80% drilling success rate, there is no question
that we have a major accumulation on the TGT structure. The Oligocene test, the
most prolific to date, is an added bonus supporting the potential in TGT and
reducing exploration risk along the Block 16-1 fairway. We are already
progressing through the Government of Vietnam's technical process to apply for
commerciality on this structure in the near future.'
18 December 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) 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 ('HVJOC')and
holds a 28.5% working interest in Block 16-1, which is operated by the Hoang
Long Joint Operating Company ('HLJOC'). OPECO, Inc. holds a 2% interest in Block
16-1.
This information is provided by RNS
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