LONDON--Soco International PLC (SIA.LN), an international oil
and gas exploration and production company, said Monday that the
first flow of crude oil and gas from the H4 Wellhead Platform or
WHP-H4 of the Te Giac Trang Field occurred on July 6, ahead of
schedule.
MAIN FACTS:
-The start of production has been achieved over one month
earlier than scheduled and nearly a year ahead of the original
approved development plan.
-Production from the field, currently 42,000 barrels of oil per
day or BOPD, will now be increased to the 55,000 BOPD processing
capacity of the 'Armada TGT 1' FPSO.
-Simultaneously, the PetroVietnam Drilling Services Corporation
rig, the PVD-II, has arrived on location at the H1 Wellhead
Platform and commenced drilling the conductor sections of a four
well, infield development drilling program.
-The block is operated on behalf of SOCO--30.5% and its
Partners, PetroVietnam Exploration & Production
Corporation--41% and PTT Exploration and Production Public Company
Ltd--28.5%, by the Hoang Long Joint Operating Company which was
established in 1999.
-Soco International shares closed Friday at 331.6 pence, valuing
the company at GBP1.10 billion.
-Write to Razak Musah Baba at razak.baba@dowjones.com