Last checked at 8 Apr 2009 07:00
SOCO International plc
("SOCO" or "the Company")
Vietnamese Governmental Approval of Appraisal Areas
The Company has been informed by the Hoang Long Joint Operating Company ("HLJOC"), operator of Block 16-1 in the Cuu Long Basin offshore Vietnam, that the Vietnamese Government has approved the application for the Te Giac Den ("TGD") and Voi Trang ("VT) Appraisal Areas within Block 16-1.
The TGD Appraisal Area encompasses an area of 150 square kilometres including the high pressure, high temperature ("HPHT") discovery well TGD-1X-ST1 on Prospect E, and the analogous E South Prospect. This area borders the southern boundary of the Te Giac Trang ("TGT") Field where the Field Development Plan approval is expected by June 2009 and first oil targeted for mid-2011. Seismic reprocessing over the TGD appraisal area is currently underway with final results expected in September 2009. Initial preparation work has started for drilling a TGD appraisal well in the second quarter of 2010.
The VT Appraisal Area, the award of which is conditional upon a successful Reserves Assessment Report of the commerciality of the previous discoveries in the awarded area, covers an area of 100 square kilometres. A technical re-evaluation of the VT discovery well and the adjacent Leads is ongoing, with preliminary results expected in June 2009.
Ed Story, President and Chief Executive of SOCO, commented:
"Vietnam Governmental approval of the Appraisal Areas puts us in the position to finalise our evaluation of the remaining potential in our current Vietnam portfolio within 18 months. We believe that the HPHT play area has the potential to overshadow the already considerable success we have had in Vietnam to date."
8 April 2009
ENQUIRIES:
SOCO International plc
Antony Maris, Vice President - Operations and Production
Tel: 020 7747 2000
Pelham Public Relations
James Henderson Tel: 020 7337 1500
Mark Antelme Tel: 020 7337 1505
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, Thailand, Angola, the Republic of Congo (Brazzaville) and the Democratic Republic of Congo (Kinshasa) with production operations in Vietnam and Thailand.
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.