Soco International PLC
13 January 2003
SOCO International plc ('SOCO' or 'the Company')
Tunisia Appraisal Well Success
SOCO is an international oil and gas exploration and production company,
headquartered in London. The Company has interests in Vietnam, Mongolia, Yemen,
Libya, Tunisia, and Thailand with production operations in Yemen, Tunisia and
Mongolia.
SOCO announces the successful test of an appraisal well recently drilled in the
Didon field in the Zarat permit offshore Tunisia. The Didon 4 well tested at a
rate of 3,200 barrels of oil per day ('BOPD') with no water with a surface
flowing pressure of 1,300 pounds per square inch from a horizontal section
drilled in the El Gueria formation The well was drilled to a total vertical
depth of 2,763 metres and a total measured depth of 3,040 metres.
The well has been temporarily abandoned. Current plans envisage the drilling of
another well and tieback of all production to a process platform, with
incremental production to commence in 2004.
The Didon 4 well was drilled to test the eastward extension of the Didon
producing field. Although currently producing at a reduced rate of
approximately 4,000 BOPD to effect repairs on a faulty riser, the Didon field
had a gross production rate of approximately 7,250 BOPD in 2002. SOCO Tunisia
Pty. Ltd., the Company's wholly owned subsidiary, currently holds a 22.2 %
non-operated working interest in the Zarat permit.
Ed Story, President and Chief Executive of SOCO, commented:
'This is an auspicious way to begin the 2003 drilling campaign, which will
include exploration and appraisal wells in Vietnam, exploration and development
wells in Yemen and exploration and appraisal wells in Mongolia.'
13 January 2003
ENQUIRIES:
SOCO International plc Tel: 020 7399 3300
Ed Story, Chief Executive
Roger Cagle, Chief Financial Officer
College Hill Tel: 020 7457 2020
James Henderson
This information is provided by RNS
The company news service from the London Stock Exchange
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