SOCO announced that the wildcat exploration well Bayingu-1 ("BYU-1") in the Nganzi Block, onshore the Democratic Republic of Congo (Kinshasa), operated by its subsidiary, SOCO Exploration & Production - DRC SPRL encountered oil and gas shows in both the primary and secondary reservoir targets.
The reservoir sands at the primary Lower Bucomazi target, however, were poorly developed, whilst the residual nature of the oil shows in the secondary Chela formation indicates lack of closure at this location. The well has been plugged and abandoned.
Ed Story, President and Chief Executive of SOCO, commented, "All three wells that we have drilled have encountered oil and gas shows, reservoir sands and source rocks. While this has not resulted in a commercial discovery to date, the information gathered will allow us to refine our interpretation and better understand the prospectivity of this high potential Block."
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