Vietnam Discovery Update

RNS Number : 7421Y
Soco International PLC
10 July 2008
 



SOCO International plc

('SOCO' or 'the Company')


Vietnam Discovery Update


The second of twplanned drill stem tests on the TGiac Den ('TGD-1X-ST1') discovery well on Prospect 'Ehas recovered black oil, condensate angas, indicating the presence of oil with similar qualities to that of the CNVang Field, which will begin production later this month.


The well encountered approximately 120 metres of good oil angas shows in a combined gross interval of 570 metres.  Permeability anporosity were preserved and compared favourablwith pre-drill estimates.  


The teswas hampered by apparenlimitations of the perforationswhich had to penetrate two casing strings and associated cementingAdditionally, operational issues during both the drilling and testing of the well impacted on its ability to flow and accordingly there are no meaningful sustainablflow rates from either test. As planned, the Hoang Long JoinOperating Company, operator of Block 16-1 in the Cuu Long Basin offshore Vietnam, has announced that it will now plug and abandon the well


The 'EDiscovery well confirms the presence of a working hydrocarbon system in a higpressure environmennecessary to recover hydrocarbons at these depths.  Therefore, appraisal drilling will commence following the well data analysis anseismic reprocessingThe well design and drilling programme will alsbe revised to allow a better evaluation of each of the hydrocarbon bearing formations


The Adriatic XI rig will immediately move to the TGiac Trang Field and drill the TGT-7X appraisal well on the Hnorth faulblock. 


EStoryPresident anChief Executive of SOCO, commented:


'As wpreviously highlighted, the significance of the TGD discoveryat this stage, is the confirmation of the Appraisal Area.  Furthermore, the presence of a working hydrocarbon system on such a vasstructure underscores the future value of this Discovery and the potential to continue to significantlgrow the Company's reserve base in Vietnam.'  


10 July 2008


ENQUIRIES:


SOCO International plc

Roger CagleDeputy Chief Executive anChief 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 is an international oil angas exploration anproduction company, headquartered in London, traded on the London Stock Exchange and a constituent of the FTSE 250 Index. The Company has interests in VietnamThailand, the Republic of Congo (Brazzaville), the Democratic Republic of Congo (Kinshasa) anAngola.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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