Soco International PLC
09 May 2005
SOCO International plc
('SOCO' or 'the Company')
Vietnam Well Operations Update
SOCO is an international oil and gas exploration and production company,
headquartered in London. The Company has continuing interests in Vietnam, Yemen,
Mongolia, Libya and Thailand with ongoing production operations in Yemen and
Mongolia. As announced on 1 April 2005, SOCO has agreed to dispose of its
Mongolian operations, subject to gaining approval from its shareholders.
After achieving the target depth of 6,123 metres measured depth, testing
operations on the appraisal well on the Ca Ngu Vang ('CNV') structure on Block
9-2 offshore Vietnam, CNV-3X, have commenced. Due to its highly fractured nature
the Granitic Basement reservoir was drilled with total losses of drilling fluid/
seawater to the formation of more than 150,000 barrels.
The initial period of the testing operations is currently being extended while
the flow from the well continues to improve through the process of 'cleaning up'
whereby the amount of recovery of drilling fluid declines and the oil rate
increases. The aim is to establish a stabilised flow performance. Testing
operations are continuing.
9 May 2005
ENQUIRIES:
SOCO International plc Tel: 020 7747 2000
Roger Cagle, Deputy Chief Executive and Chief Financial Officer
College Hill Tel: 020 7457 2020
Ben Brewerton
Nick Elwes
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'). SOCO Vietnam
holds a 25% working interest in Block 9-2, which is operated by the Hoan Vu
Joint Operating Company and a 28.5% working interest in Block 16-1, which is
operated by the Hoang Long Joint Operating Company.
This information is provided by RNS
The company news service from the London Stock Exchange
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