Last checked at 27 Oct 2010 07:00
SOCO International plc
('SOCO' or the 'Company')
Kinganga Nyanya Well Update
The Company announces that its subsidiary, SOCO Exploration & Production - DRC SPRL has reached total depth on the wildcat exploration well Kinganga Nyanya 1 ("KNY-1") in the Nganzi Block, onshore the Democratic Republic of Congo (Kinshasa). The well was drilled to 1,164 metres Measured Depth.
The well drilled good source rock shales in the middle and Lower Bucomazi, interbedded with Lower Bucomazi sands. It also encountered the target Lucula formation sands although these were not hydrocarbon bearing. There were oil shows in the Lower Bucomazi and the Chela formations. Log analysis indicated oil pay in the secondary target Chela formation sands. Although the well bore was not ideally situated to encounter the thickest part of the Chela sands, an abbreviated test was carried out to determine the reservoir characteristic. On test the sands were found to be tight. The data will be incorporated into the area evaluation to determine if there is a possibility of a commercial accumulation of hydrocarbons updip of the current well.
Currently preparations are being made to plug and abandon the well, and subsequently move to the Bayingu-1, ("BYU-1") exploration well, previously designated the "H" prospect located in the southern portion of the Nganzi Block. BYU-1 is targeting a four way closure, a different play type than the tilted fault blocks drilled to date.
Ed Story, President and Chief Executive of SOCO, commented:
"We continue to be encouraged that this previously undrilled basin contains all of the ingredients to be a significant producing area. The two wells that we have drilled to date confirmed the presence of oil and adequate reservoirs though in different settings in the structures. The third well in our current campaign will test a different play concept. We are confident that the area represents a high potential exploration play with more work to be done in order to realise its potential."
27 October 2010
ENQUIRIES:
SOCO International plc
Roger Cagle, Deputy Chief Executive and Chief Financial Officer Tel: 020 7747 2000
Pelham Bell Pottinger
James Henderson Tel: 020 7861 3232
Archie Berens Tel: 020 7861 3232
NOTES TO EDITORS:
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, the Republic of Congo (Brazzaville), the Democratic Republic of Congo (Kinshasa) and Angola, with production operations in Vietnam.