Vietnam Discovery Update

SOCO International plc


The second of two planned drill stem tests on the Te Giac Den (“TGD-1X-ST1”) discovery well on Prospect “E” has recovered black oil, condensate and gas, indicating the presence of oil with similar qualities to that of the Ca Nu Vang Field, which will begin production later this month. The well encountered approximately 120 metres of good oil and gas shows in a combined gross interval of 570 metres. Permeability and porosity were preserved and compared favourably with pre-drill estimates.The “E” Discovery well confirms the presence of a working hydrocarbon system in a high pressure environment necessary to recover hydrocarbons at these depths. Therefore, appraisal drilling will commence following the well data analysis and seismic reprocessing. The well design and drilling programme will also be revised to allow a better evaluation of each of the hydrocarbon bearing formations. The Adriatic XI rig will immediately move to the Te Giac Trang Field and drill the TGT-7X appraisal well on the H3 north fault block.


Ed Story, President and Chief Executive of SOCO, commented: ”As we previously highlighted, the significance of the TGD discovery, at this stage, is the confirmation of the Appraisal Area. Furthermore, the presence of a working hydrocarbon system on such a vast structure underscores the future value of this Discovery and the potential to continue to significantly grow the Company’s reserve base in Vietnam.”