Operations Update

RNS Number : 7478N

Soco International PLC

07 September 2011

 



SOCO International plc

('SOCO' or 'the Company')

Operations Update

SOCO announces that the Mindou Marine 1 ("MIM-1") exploration well spudded on 5 September 2011 in the Marine XI Block, located in the Congo Basin, offshore the Republic of Congo (Brazzaville). The MIM-1 well is the first in a multi-well (two firm, one contingent) drilling programme on the Marine XI/Marine XIV Blocks and is targeting the Toca limestones with the Djeno sandstone prospect as a secondary target, both below the salt layer with a combined unrisked, pre-drill mean prospective recoverable resource estimates of 165 million barrels. The well will be drilled using the semi-submersible drilling rig ENSCO 5003 and is expected to take 35 to 45 days, with a planned depth of approximately 3,400 metres.

The Te Giac Trang Field in Vietnam, which commenced production on 22 August 2011, is ramping up production on schedule, reporting 28,563 barrels of oil per day ("BOPD") in the most recent 24 hour reporting period.  The plan calls for an interim plateau production of approximately 40,000 BOPD at which level there will be extensive testing of well capabilities and the various systems of the Floating, Production, Storage and Offloading vessel ("FPSO").  Plateau production thereafter is projected to be 55,000 BOPD, but plans call for production to be increased beyond that figure to test the total processing capacity of the FPSO by year end.

7 September 2011

ENQUIRIES:

SOCO International plc

Roger Cagle, Deputy Chief Executive and Chief Financial Officer

Tel: [phone]

Pelham Bell Pottinger

James Henderson

Victoria Geoghegan

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 Vietnam, all in the Cuu Long Basin offshore, through its 80% owned subsidiary SOCO Vietnam Ltd. and through its 100% ownership of OPECO Vietnam Limited. SOCO Vietnam Ltd. 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 Vietnam Limited holds a 2% interest in Block 16-1.

SOCO holds its interests in the Republic of Congo (Brazzaville), all offshore in the shallow water Lower Congo Basin, through its 85% owned subsidiary, SOCO Exploration and Production Congo SA ("SOCO EPC"). SOCO EPC holds a 29% participating interest in the Marine XI Block and a 29.4% participating interest in the Marine XIV Block and is designated operator of the two Blocks.

SOCO holds its interests in the Democratic Republic of Congo (Kinshasa) though its 85% owned subsidiary, SOCO Exploration and Production DRC Sprl ("SOCO E&P DRC"). SOCO E&P DRC holds a 65% participating interest in the Nganzi Block, situated in the North Congo Basin onshore western DRC, and a 38.25% participating interest in Block V, in the southern Albertine Graben onshore eastern DRC. SOCO E&P DRC is designated operator of both Blocks.

SOCO holds its interests in the Angolan enclave of Cabinda through its 80% owned subsidiary, SOCO Cabinda Limited, which holds a 17% participating interest in the Cabinda Onshore North Block located onshore in the North Congo Basin.

 

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