SOCO Wraps Up TGT-10XST1 Exploration Well Drilling Offshore Vietnam

SOCO announces that testing of the TGT-10XST1 exploration well on the H5 fault block of the Te Giac Trang (“TGT”) field is complete. The well, which exceeded all pre-test expectations, flowed at combined average maximum production from the three zones tested at over 27,600 barrels of oil equivalent per day (“BOEPD”).

The final test, in the Lower Miocene Intra Lower Bach Ho 5.2 Upper and Lower sequence, over a perforated interval of 88.6 metres, flowed at an average maximum rate of 5,156 barrels of oil per day (“BOPD”) and 32.5 million standard cubic feet of gas per day (“MMSCFD”).

As previously announced, two other intervals were tested. The first test, over a perforated 93 metres section in the Oligocene “C”, produced at a maximum average rate of 9,488 BOPD and 1.16 MMSCFD. The second test, over the Miocene Lower 5.2L sequence, tested a 47.3 metres perforated interval. The maximum flow averaged over this interval was 7,100 BOPD and 1.76 MMSCFD.

The well, located approximately six kilometres south of the H4 Well Head Platform, in the southern part of the TGT field in Block 16-1 in the Cuu Long Basin off the southern coast of Vietnam, encountered approximately 250 metres of gross pay section (approximately 119 metres of net pay) in the Miocene and Oligocene reservoir horizons. Approximately 100 metres of net pay were evaluated by the three tests.

Ed Story, President and Chief Executive of SOCO, said:

“This has turned out to be a great well, representing one of the most prolific individual wells ever tested in Vietnam. Taking the peak rate from each test, the well produced at nearly 30,000 BOEPD. The results reaffirm our belief that TGT is clearly a very significant oil field by anyone’s standards.”

[mappress]
Press Release, October 02, 2013