Soco International PLC
24 November 2005
SOCO International plc
('SOCO' or 'the Company')
SUCCESSFUL TESTING OF KHARIR NORTH
STEP OUT WELL KHA - 3-07, YEMEN
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 continuing interests in Vietnam, Yemen,
Libya, Thailand and the Republic of Congo with ongoing production operations in
Yemen.
The Company's majority owned subsidiary, Comeco Petroleum, Inc. ('Comeco'),
through which the Company holds a 16.785% net working interest in the East
Shabwa Development Area in Yemen ('ESDA'), announces the successful production
test of the KHA-3-07 well. The well was drilled as part of the continuing
appraisal and development of the Basement reservoir in the Kharir Field.
The KHA-3-07 well spudded on 31st August 2005 and reached a total depth of 3,472
metres Measured Depth ('MD'). The objectives of the well were to appraise the
basement reservoir in the previously undrilled Kharir North structure, and
evaluate reservoir development in the northern extension of the Kharir structure
as currently mapped. KHA-3-07 tested over 850 barrels of oil per day against a
26/64 inch choke. The well is now connected to Kharir's main production
facilities.
The rig has since moved to drill the Jathma-1 well, an exploration well on a new
Basement prospect in the northern area of Block 10. The well spudded on the 22nd
October 2005 and is currently drilling at 2,673 metres MD. A second rig
commenced drilling a water injection well on the Atuf Northwest Field on the
19th November 2005. The partners have also recently contracted a third drilling
rig that is currently moving onto the Block in preparation to drill a second
Basement exploration well.
Ed Story, President and Chief Executive of SOCO, commented:
'This is the fifth successful well in succession and demonstrates the presence
of productive basement reservoir some 5 km north of the main Kharir field. It
fully justifies the partnership decision to embark on further exploration within
the Block and supports increasing the production capacity.'
24 November 2005
ENQUIRIES:
SOCO International plc
Roger Cagle Deputy Chief Executive and Chief Financial Tel: 020 7747 2000
Officer
Pelham Public Relations
James Henderson Tel: 020 7743 6673
Alisdair Haythornthwaite Tel: 020 7743 6676
NOTES TO EDITORS
Comeco, in which SOCO holds a 58.75% interest, has a 28.57% interest in the ESDA
in Block 10 in Yemen. The East Shabwa joint venture is operated by TOTAL E & P
Yemen (28.57% interest) under a production sharing agreement with the government
of Yemen. The other joint venture partners are Occidental Yemen Ltd. (28.57%
interest) and Kuwait Foreign Petroleum Exploration Co. (14.29% interest).
This information is provided by RNS
The company news service from the London Stock Exchange
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