No Licence Extension for Soco in Cuu Long Basin Offshore Vietnam?
- Business & Finance
In its Interim Management Statement on 18 November 2010, SOCO stated that it was applying for an extension to the Te Giac Den Appraisal Area licence.
The Company has been informed by the Hoang Long Joint Operating Company (JOC), the Operator of Block 16-1 in the Cuu Long Basin offshore Vietnam, that the initial response from the Government’s Ministry of Industry and Trade was not supportive of an extension to the licence.
However, the JOC intends to further pursue the extension request and will make clear the case that the JOC’s level of geological knowledge of the appraisal effort is the most expedient route to unlocking this vast potential resource, thus providing the most immediate benefit to Vietnam.
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, the Republic of Congo (Brazzaville), the Democratic
Republic of Congo (Kinshasa) and Angola, with production operations in Vietnam.
SOCO holds its interests in Vietnam, all in the Cuu Long Basin offshore, through its 80% owned subsidiary SOCO Vietnam Ltd. (‘SOCO Vietnam’) and through its 100% ownership of OPECO, Inc. SOCO Vietnam holds a 25% working interest in Block 9-2, which is operated by the Hoan Vu Joint Operating Company and holds a 28.5% working interest in Block 16-1, which is operated by the Hoang Long Joint Operating Company. OPECO, Inc. holds a 2% interest in Block 16-1.
Source:Soco, January 10, 2011;