Soco International PLC
04 May 2007
SOCO International plc
('SOCO' or 'the Company')
Vietnam Drilling Update
The Company's majority owned subsidiary, SOCO Vietnam Ltd., announces that the
Te Giac Cam (TGC-1X) well, the first well on Prospect 'S' in Block 16-1, will be
plugged and abandoned after reaching a total depth of 4,196 metres. While the
reservoir in the primary target, the Lower Bach Ho 5.2 interval, was not
developed, the well did encounter oil shows in the Oligocene and the well was
deepened to further evaluate this section.
While drilling in the Oligocene, the well encountered unexpected high pressure,
with associated oil and gas shows, and had to be cased using a 7 inch liner
prior to drilling to total depth. Examination of the well and logging data
indicated that, despite the hydrocarbon influx, it was not sufficiently
encouraging for the well to be tested. However, overpressure in the Oligocene
could be a positive indication for the Oligocene/Basement target on Prospect 'E'
approximately 17 kilometres to the southeast.
This rig will be released; however, a new rig, the Adriatic XI, is expected to
arrive in June to continue exploration drilling on Block 16-1.
The PVD-1 drilling rig spudded the Te Giac Den (TGD-1X) well on Prospect 'E' in
Block 16-1 on 5 April 2007. This is the first well for the new rig retained
primarily to drill development wells on the Ca Ngu Vang field on Block 9-2. The
rig is currently drilling ahead at approximately 1,800 metres preparing to set
13 3/8' casing. The well is expected to take approximately 60 days to drill. A
test, if required, would add approximately 30 days to the schedule.
4 May 2007
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 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.
SOCO holds its interests in Vietnam, all in the Cuu Long Basin offshore, through
its 80% owned subsidiary SOCO Vietnam Ltd. (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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