Soco International PLC Operations Update (4377O)
07 November 2016 - 6:00PM
UK Regulatory
TIDMSIA
RNS Number : 4377O
Soco International PLC
07 November 2016
SOCO International plc
("SOCO" or the "Company")
TE GIAC TRANG UPDATE
SOCO announces that the 2016 development drilling programme has
commenced on the Te Giac Trang ("TGT") Field of Block 16-1,
offshore southern Vietnam. The infill wells, the TGT-27P and
TGT-28P, will be "batch drilled" with the first well spudded on 6
November 2016 by the PetroVietnam Drilling PVD-6 jack-up rig on the
H4- Well Head Platform ("WHP") in the central area of the TGT
Field. The TGT partners are reviewing adding a further two infill
wells on the southern H5-WHP following the completion of these
wells.
SOCO's production guidance range for 2016 has been 10-11,500
BOEPD. Due to the lack of drilling during the year, additional
downtime associated with pressure-testing on the Ca Ngu Vang Field,
along with the recent stoppage for rig positioning and well
intervention work beyond that originally planned, production rates
for the full year are expected to be at the lower end of this
guidance.
The TGT Full Field Development Plan ("FFDP") partner discussions
are in the final stages ahead of formal submission to the relevant
authorities. The FFDP includes additional wells and facilities
options to increase total fluid-handling capacity. Final submission
to the Vietnamese Government is expected after the upcoming
Management Committee meetings next week.
Ed Story, President and Chief Executive Officer, commented:
"We are delighted to commence the first development drilling
programme on TGT since early 2015. As indicated in our Interim
Results, SOCO has the balance sheet strength to fully fund this
programme from existing cash resources whilst taking advantage of
the low drilling cost environment. Meanwhile, we continue to focus
on enhancing the field water-handling capacity and arresting the
field decline."
ENQUIRIES:
SOCO International plc
Roger Cagle, Deputy Chief Executive and Chief Financial
Officer
Antony Maris, Chief Operating Officer
Tel: 020 7747 2000
Bell Pottinger
Nick Lambert
Elizabeth Snow
Tel: 020 3772 2500
NOTES TO EDITORS
SOCO is an international oil and gas exploration and production
company, headquartered in London and traded on the London Stock
Exchange. The Company has field development and production
interests in Vietnam and exploration and appraisal interests in the
Republic of Congo (Brazzaville) and Angola.
Te Giac Trang ("The White Rhino")
The Te Giac Trang ("TGT") field is situated in Block 16-1,
offshore Vietnam and approximately 80 kilometres from Vung Tau.
Block 16-1 is operated by the Hoang Long Joint Operating Company.
SOCO holds a 30.5% interest.
The TGT field was first discovered in 2005 and was the first
commercial discovery on Block 16-1. Production began in 2011. More
than 30 wells have been drilled and the field is currently
producing from three platforms, which have a total of 26 producing
wells and one injector well, and is located in the north eastern
part of Block 16-1 offshore Vietnam.
Oil from TGT is transported by a subsea pipeline to a nearby
FPSO vessel where it is processed and then exported by tanker to
regional oil refineries. Gas from TGT is processed at nearby
facilities and transported by pipeline to shore to supply the
Vietnamese domestic market.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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