Soco International Provides Offshore Vietnam Operations Update

The third development well on the Te Giac Trang development, offshore Vietnam, has been completed.

Preliminary log analysis of the third well, the TGT-H1-3P, drilled to the north west of the field, indicates that the well encountered the top of the target reservoir horizon as expected, based on the reprocessed pre stack depth migrated seismic.

Currently four additional development wells are being “batch” drilled and the reservoir section for all four wells will be drilled commencing in mid January 2011.

All wells are being suspended and will become producing wells upon start-up of production in mid 2011. Production during this first phase of development is estimated to be circa 55,000 barrels of oil per day.

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.

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Source:  Soco international, December 20, 2010;