SOCO Buys into Offshore Congo Permit

Africa and Vietnam-focused SOCO International reported Monday that it has agreed with PA Resources to farm into a 60-percent working interest in the Mer Profonde Sud permit offshore the Republic of Congo.

The permit comprises the exploration area of the license but excludes the Azurite field – which is operated by Murphy Oil Corporation.

The deal will see SOCO assume its 60-percent interest, and take over as operator, in return for carrying some of PA Resources Congo SA's costs. SOCO has also committed to drill an exploration well that will test a structure identified from recent seismic data reprocessing and subsurface re-evaluation. This will be in a different structural setting and play from other wells already drilled on the block, and will target similar reservoirs that produce from offsetting fields in the Congo and in Angola.

SOCO Chief Executive Ed Story commented in a company statement:

"As an established Operator in Congo (Brazzaville), this is a natural step for us. Using our knowledge of the basin, and the additional work from PA Resources, we were able to recognise an untested prospect in a different structural setting from that already tested. The adjacent production from the same reservoirs as we are targeting adds to our optimism about the potential of this licence."

Following the completion of the transaction PA Resources Congo SA will retain a 25-percent interest, while Congolese state oil company SNPC will retain its current 15-percent interest.

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Europa Oil & Gas Signs PEDL143 Farm-Ou... (May 23)
 -  Real Energy Commences Fracture Stimula... (May 23)
 -  At-13 Well in Algeria Hits 240-Foot Ga... (May 23)
 -  Wintershall Makes Small North Sea Disc... (May 23)
 -  Malaysia's DNeX Oilfield Receives LOA ... (May 20)


Most Popular Articles

From the Career Center
Jobs that may interest you
Permitting Manager
Expertise: Construction Manager|Facilities Engineer|Landman
Location: US
 
Chief Electrician
Expertise: Rig Electrician
Location: Houston, TX
 
Subsea Engineer - BOP Inspector
Expertise: QA / QC / Inspection|Subsea Engineer|Subsea Engineering
Location: Worldwide Assignments
 
search for more jobs

Natural Gas : $2.05/MMBtu 0.48%
Brent Crude Oil : $48.35/BBL 0.75%
Light Crude Oil : $48.08/BBL 0.69%
Updated in last 24 hours