SOCO Optimistic About Production Potential of Vietnam's Offshore TGT Field

SOCO International plc announced Tuesday that ERC Equipoise (ERCE) has completed its evaluation of the Block 16-1 Te Giac Trang field (TGT) in the Cuu Long Basin, offshore Vietnam, which confirms the Company's long standing view of the size and production potential of the TGT field.

Evaluation Highlights:

The updated TGT Stock Tank Oil Initially In Place (STOIIP) demonstrates a most likely volume of 818 million barrels of oil (MMbo) for the currently drilled fault blocks. Including the H5N and H5S fault blocks, planned to be drilled in 1Q 2015, the most likely STOIIP would be 949 MMbo.

Potential oil recovery within the expected license period to 2030, based on the most likely case Geological Model (inclusive of H5N and H5S) and under a variety of potential development scenarios evaluated to date, are estimated at up to 319 MMbo. SOCO's TGT booked 2P oil reserves as at Dec. 31, 2013 correspond to an initial gross field recoverable volume of 298 MMbo.

The ERCE reservoir modelling demonstrates facilities unconstrained field performance potential in excess of 100,000 barrels of oil per day.

The reservoir modelling provides a framework for optimizing development of the TGT field beyond the currently approved field development plan; assuming no further activity on the field beyond 2015 or changes to infrastructure or FPSO capacity, the modelled estimated recovery is 193 MMbo (inclusive of H5N and H5S).

In addition, ERCE identified several small undrilled closures during the field remapping. These closures together may contain an estimated most likely STOIIP of 17 MMbo.

In 2013, SOCO retained ERC Equipoise to build a Dynamic Simulation Model of the TGT field. In 2014, this engagement was expanded to include the integration of a new Geological Model. The Geological Model was integrated into a revised Dynamic Simulation Model for a technical evaluation of the TGT resources. Upon completion of the history match and H5 area additions, the simulation model was set up to run a series of forecasts aimed at evaluating the ultimate oil volume recoverable given various levels of development drilling and pressure maintenance by water injection under various FPSO and alternative liquid handling options.

At this time, the Hoang Long Joint Operating Company (HLJOC) partners are evaluating the 2015 work program and budget, as well as preparing an update to the TGT Field Development Plan (FDP) for submission to the relevant Vietnamese authorities. The updated FDP will incorporate the development plans for the TGT field beyond 2015. The conclusions of the ERCE work will be shared with the HLJOC partners as part of this process as the work suggests a substantial gain in oil recovery can be achieved by way of improvements to the TGT field liquid handling capacity, infill drilling and optimized pressure support.

Ed Story, SOCO CEO, commented:

"This confirms our long standing view on the size and production potential of the TGT field and provides a robust model to optimize the development and future potential of this large resource for the benefit of the field owners and the Government of Vietnam."

TGT Dynamic Model Recoverable Volumes to 2030

H1-H5 Fault Blocks (STOIIP 818 MMbo)


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