DRC Exploration Update

RNS Number : 5381Z

Soco International PLC

17 January 2011

 



SOCO International plc

('SOCO' or the 'Company')

DRC Exploration Update

The Company announces that the wildcat exploration well Bayingu-1 ("BYU-1") in the Nganzi Block, onshore the Democratic Republic of Congo (Kinshasa), operated by its subsidiary, SOCO Exploration & Production - DRC SPRL encountered oil and gas shows in both the primary and secondary reservoir targets. 

The reservoir sands at the primary Lower Bucomazi target, however, were poorly developed, whilst the residual nature of the oil shows in the secondary Chela formation indicates lack of closure at this location. The well has been plugged and abandoned.

Ed Story, President and Chief Executive of SOCO, commented:

"All three wells that we have drilled have encountered oil and gas shows, reservoir sands and source rocks. While this has not resulted in a commercial discovery to date, the information gathered will allow us to refine our interpretation and better understand the prospectivity of this high potential Block."

17 January 2011

ENQUIRIES:

SOCO International plc

Roger Cagle, Deputy Chief Executive and Chief Financial Officer

Tel: [phone]

Pelham Bell Pottinger

James Henderson Tel: [phone]

Archie Berens Tel:  [phone]

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.

 

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