Last checked at 20 Dec 2010 07:00
SOCO International plc
('SOCO' or the 'Company')
Operations Update
DRC Exploration
The Company announces that its subsidiary, SOCO Exploration & Production - DRC SPRL has spudded the wildcat exploration well Bayingu-1 ("BYU-1") in the Nganzi Block, onshore the Democratic Republic of Congo (Kinshasa). The well will be drilled to approximately 2,520 metres and is expected to take 25 days to reach the target depth.
Vietnam Development
The third development well on the Te Giac Trang development, offshore Vietnam, has been completed. Preliminary log analysis of the third well, the TGT-H1-3P, drilled to the north west of the field, indicates that the well encountered the top of the target reservoir horizon as expected, based on the reprocessed pre stack depth migrated seismic.
Currently four additional development wells are being "batch" drilled and the reservoir section for all four wells will be drilled commencing in mid January 2011.
All wells are being suspended and will become producing wells upon start-up of production in mid 2011. Production during this first phase of development is estimated to be circa 55,000 barrels of oil per day.
20 December 2010
ENQUIRIES:
SOCO International plc
Antony Maris, Vice President - Operations and Production
Tel: 020 7747 2000
Pelham Bell Pottinger
James Henderson
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.
SOCO holds its interests in the Democratic Republic of Congo (Kinshasa), all onshore, though its 85% owned subsidiary, SOCO Exploration and Production DRC Sprl ("SOCO E&P DRC"). SOCO E&P DRC holds a 65% working interest in the Nganzi Block, situated 50 kilometres from the west coast, and a 38.25% participating interest in Block 5, situated in the southern Albertine Graben in eastern DRC. SOCO E&P DRC is designated operator of both Blocks.
SOCO holds its interests in Vietnam, all in the Cuu Long Basin offshore, through its 80% owned subsidiary SOCO Vietnam Ltd. ('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.