Operations update

RNS Number : 3149O

Soco International PLC

08 February 2016

 

SOCO International plc

("SOCO" or the "Company")

DRILLING COMMENCES ON BAOBAB MARINE-1 WELL
ON MER PROFONDE SUD

SOCO, an international oil and gas exploration and production company, announces that the Baobab Marine-1 ("BABM-1") commitment well commenced drilling on 5 February 2016 in the Mer Profonde Sud Block, located in the Lower Congo Basin, offshore the Republic of Congo.

The BABM-1 well, to be drilled on the RR Prospect, is targeting stacked early Miocene channel complexes that are mappable in the seismic data, delineated by stratal discontinuities and variations in seismic amplitudes. Previous exploration drilling targeted different types of prospects, and the BABM-1 well is unique relative to all wells in and near the Block. Two wells on adjacent blocks along trend provide critical support to confirm that this wildcat tests an opportunity consistent with the known habitat of oil in the region. The BABM-1 well targets gross P50 prospective recoverable resource of c.330 million barrels of oil.

The well will be drilled by the deepwater drillship Noble Globetrotter II and is expected to take 25 to 35 days, with a planned depth of approximately 3,400 metres below mean sea level. SOCO, with a 60% interest, is carrying 100% of the expected c.$25-30 million well cost.

ENQUIRIES:

SOCO International plc

Antony Maris, Chief Operating Officer

Tel: [phone]

Bell Pottinger

Nick Lambert 

Elizabeth Snow

Tel: [phone]

NOTES TO EDITORS

SOCO is an international oil and gas exploration and production company, headquartered in London and traded on the London Stock Exchange. The Company has field development and production interests in Vietnam and exploration interests in the Republic of Congo (Brazzaville) and Angola.

 

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