Soco International PLC
09 October 2006
SOCO International plc
('SOCO' or 'the Company')
Successful Testing of Vietnam CNV-4X ST
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, Yemen, Thailand, the
Republic of Congo (Brazzaville) and the Democratic Republic of Congo (Kinshasa)
with production operations in Yemen.
The appraisal well on the Ca Ngu Vang ('CNV') structure on Block 9-2 offshore
Vietnam, the CNV-4X ST, has tested at a maximum combined rate of approximately
7,050 barrels of crude oil equivalent per day comprised of approximately 5,333
barrels of crude per day and approximately 10.3 million cubic feet of gas per
day.
The open hole test was conducted over a 13 hour period from a Basement interval
of approximately 1,350 metres. Drilling operations recommenced on 5 June 2006
into the 'D' fault block of the CNV structure. The well was a re-entry and
sidetrack into the CNV-4X, which had to be suspended in December 2005 when it
encountered an oil and gas interval with unexpected high pressure in the
Oligocene 'E' Sequence just above the Granitic Basement. Log analysis of the
Oligocene 'E', when penetrated by this well, indicated that the interval lacked
permeability. The CNV-4X ST was drilled to a measured depth ('MD') of 6,330
metres making it the longest MD well to be drilled in Vietnam, exceeding the
previous record set by the Hoan Vu Joint Operating Company when it drilled the
CNV-3X appraisal well in 2005.
The well will be suspended as a producer and this rig will be released from the
Vietnam drilling programme. A Declaration of Commerciality was made on the CNV
field earlier this year and an Outline Development Plan was subsequently
approved. We are proceeding with procurement of long lead time items, including
the contracting of an additional rig to the rig already under contract that is
expected to begin development drilling on the CNV structure in the second
quarter of 2007.
Ed Story, President and Chief Executive of SOCO, commented:
'The results of the CNV-4X ST further buttress the attractive economics of the
Ca Ngu Vang field by adding reserves and additional productive capacity. The
development planning of this field is well underway. The success of the CNV-4X
ST well is particularly gratifying when one considers the difficult drilling
environment that had to be overcome. Once again the technical competence of our
team has been demonstrated as they exceeded their previous drilling record.'
9 October 2006
ENQUIRIES:
SOCO International plc
Roger Cagle Deputy Chief Executive and Tel: 020 7747 2000
Chief Financial Officer
Pelham Public Relations
James Henderson Tel: 020 7743 6673
Alisdair Haythornthwaite Tel: 020 7743 6676
Notes to editors:
SOCO holds its interests in Vietnam, all in the Cuu Long Basin offshore, through
its 80% owned subsidiary SOCO Vietnam Limited (SOCO Vietnam) and through its
100% ownership of OPECO, Inc.. SOCO Vietnam 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, Inc. holds a 2% interest in Block 16-1.
This information is provided by RNS
The company news service from the London Stock Exchange
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