Soco International PLC
10 April 2008
SOCO International plc
('SOCO' or 'the Company')
Re: Share Price Movement
SOCO notes the recent movement in the Company's share price and can confirm that
drilling is still in progress on the Te Giac Den sidetrack well ('16.1-TGD-1X-
ST1'), the deep high pressure, high temperature well on Prospect 'E' in Block
16-1, offshore Vietnam. SOCO has no information about the future results of 16-
1-TGD-IX-ST1 at this stage, but an update on the status of the well is provided
below.
The well is currently drilling in the Oligocene clastics with an estimated 80
metres of clastics to drill before reaching the top of Basement. The plan is to
drill a few metres into Basement and then run logs and pressure tests. We would
then expect to set a seven inch liner before drilling further into Basement.
This is in accordance with the pre-drilling plan should hole conditions and
up-hole information support drilling into Basement.
Information gathered while drilling through the Oligocene section is
insufficient at this point to determine the likelihood that this interval would
or would not be productive. The higher mud weights mean that the hydrocarbon
shows are not as pronounced as those in the same zones in the original well
bore. There are also some stratigraphic variations between the well bores,
which is similar to the results from analogous wells in the basin.
Once the liner is in place, the well will be drilled approximately 300 to 500
metres into Basement after which the Company would expect to make another
release regarding the testing programme. The casing operation and drilling is
expected to take approximately three weeks, barring operational difficulties.
10 April 2008
ENQUIRIES:
SOCO International plc
Roger Cagle, Deputy Chief Executive and Chief Financial Officer
Tel: 020 7747 2000
Pelham Public Relations
James Henderson Tel: 020 7743 6673
Alisdair Haythornthwaite Tel: 020 7743 6676
NOTES TO EDITORS:
SOCO holds its interests in Vietnam through its 80% owned subsidiary SOCO
Vietnam Ltd which holds a 25% working interest in Block 9-2 and a 28.5% working
interest in Block 16-1. Block 9-2 is operated by the Hoan Vu Joint Operating
Company and Block 16-1 is operated by the Hoang Long Joint Operating Company.
OPECO, Inc. holds a 2% interest in Block 16-1.
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), the Democratic Republic of Congo (Kinshasa)
and Angola with production operations in Yemen. Its production operations in
Yemen are currently the subject of a conditional sale and purchase agreement
announced earlier this year.
This information is provided by RNS
The company news service from the London Stock Exchange
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