Soco International PLC
25 August 2005
SOCO International plc
('SOCO' or 'the Company')
Participation in New License Area Offshore Republic of Congo
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 continuing interests in Vietnam, Yemen,
Libya, Thailand and the Republic of Congo with ongoing production operations in
Yemen.
The Company announces that its subsidiary, SOCO Exploration and Production Congo
('SOCO EPC'), has signed a production sharing contract with Societe Nationale
des Petroles du Congo ('SNPC') wherein it has acquired an interest in the Marine
XI block, offshore the Republic of Congo (Brazzaville). SNPC was confirmed as
licensee of Marine XI by an 18 July 2005 Presidential decree.
SOCO EPC will be the operator with a 75% working interest in the block. The
exploration and production branch of SNPC (15%) and AFRICA OIL & GAS CORPORATION
(10%) hold the remaining interests. The block, located in the Lower Congo Basin,
is in shallow water adjacent to the coast with water depths ranging up to 110
metres and covers approximately 1, 400 square kilometres. There has been
previous exploration activity on the block resulting in four small oil
discoveries, the largest of which has initial recoverable reserves estimated to
be in the 20 million barrel range.
The previous discoveries are in the shallower horizons of the sedimentary
section in Marine XI. The deeper section, productive onshore and on trend to
the south in Cabinda, has not been adequately evaluated as it could not be
accurately mapped using older seismic data. By employing the modern seismic
techniques that the Company successfully applied in Vietnam to map the Basement
reservoir, SOCO EPC expects to exploit the potential of the deeper section. As
exploration in West Africa moves into ever deeper waters, the application of new
technology provides access to significant reserve potential in underexplored
shallow water areas
Ed Story, President and Chief Executive of SOCO, commented:
'We are extremely pleased to be participating with SNPC in this very prospective
block. In our view, Marine XI offers the same potential for exponential
exploration reserve growth that we are currently demonstrating in Vietnam and
Yemen. We are pleased to have Marine XI as one of the cornerstones of what we
expect to become an important new core area for SOCO.'
25 August 2005
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
Charles Vivian Tel: 020 7743 6672
This information is provided by RNS
The company news service from the London Stock Exchange
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