Operations Update

RNS Number : 5388U

Soco International PLC

22 December 2011

 



22^nd December 2011

SOCO International plc

("SOCO" or "the Company")

OPERATIONS UPDATE

Te Giac Trang ("TGT")

The Company announces that its TGT Phase II development drilling operations continue offshore Vietnam, with the first of five batched drilled wells from the H4 wellhead platform preparing to drill into the reservoir section by PetroVietnam Drilling's PVD-1 jack-up rig.

Oil production on the Armada TGT-1 floating production storage and offloading vessel ("FPSO") is currently at ca. 31,000 barrels of oil per day ("BOPD"). Extensive well testing and final commissioning of the secondary recovery systems continues on the FPSO vessel. The revised reservoir management plan, reviewing amendments to the current 2012 development drilling programme and individual well management plans to achieve 55,000 BOPD, remains on target for presentation in the first quarter of 2012.

MakoualaMarine 1

The Makouala Marine 1 ("MKM-1") exploration well, spudded on 19^th November 2011 in the Marine XIV Block, located in the Congo Basin, offshore the Republic of Congo (Brazzaville) encountered hydrocarbons in the Tchala, and in the Upper and Lower Sendji formation horizons.

The MKM-1 well targeted thepost-salt Sendji Formation reservoir within a four-way dip closed structure. The well encountered hydrocarbons in both the primary and secondary reservoir targets. However, analysis of the wireline logs indicated that the reservoir sands at the location were not as well developed as predicted and there was insufficient overall pay thickness for commercial flow rates. The well will be plugged and abandoned.

The rig will now be released and drilling of the contingent third well in the programme will be deferred in order to incorporate the well results into the interpretation of the remaining prospects.   

ENQUIRIES:

SOCO International plc

Antony Maris, VP Operations and Production

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.

 

END

 

 

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