Operations Update

RNS Number : 5803P

Soco International PLC

05 October 2011

 



SOCO International plc

("SOCO" or "the Company")

OPERATIONS UPDATE

Te Giac Trang ("TGT")

The Company announces that TGT Phase II development drilling operations have commenced offshore Vietnam with the spudding of the first well at the H4 wellhead platform by the PetroVietnam Drilling PVD-1 jack up drilling rig.  Five development wells are expected to be drilled in the Phase II operations following the batch setting of surface casing strings. The wells are expected to be completed for production start up in August 2012.

Oil production on the Armada TGT-1 floating production storage and offloading vessel ("FPSO") is currently at ca. 30,000 barrels of oil per day ("BOPD") while the wells are tested and baseline reservoir management information taken. Preparation for the second set of planned perforations is ongoing and production is expected to increase to test the total processing capacity of the FPSO by year end.

Gas export, through a pipeline to the nearby Bach Ho Facilities for processing and transportation to shore via the existing pipeline infrastructure for further distribution, has also commenced at low rates while the gas related process systems are fully tested and commissioned.

TGT oil output is expected to plateau at approximately 55,000 BOPD and peak gas production will be approximately 30 million cubic feet per day.

Te Giac Den ("TGD")

The acquisition of approximately 140 km² of full fold 3D seismic data over the TGD appraisal area has been completed. Processing of the data will start shortly.

Marine XI

The Mindou Marine 1 ("MIM-1") exploration well, which spudded on 5^th September 2011 in the Marine XI Block, located in the Congo Basin offshore the Republic of Congo (Brazzaville), is at 1,414 metres depth and is being logged prior to running 13 3/8" casing. The next hole section, the 12 ¼" section to ca. 2,885 metres to the top of the reservoir, is expected to take approximately two weeks to complete.

5 October 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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