The final un-stimulated open hole test was conducted over a 12 hour period from a Basement interval of approximately 2,000 meters. Spudded on 30 January 2005, the well was drilled to a total vertical depth of 4,426 meters at an average angle of 82 degrees from vertical through the Granitic Basement. The CNV-3X was drilled to a measured depth ("MD") of 6,123 meters making it the longest MD well to be drilled in Vietnam.
The well will be suspended as a potential producer and the rig will be moved immediately after the conclusion of testing and suspension to drill the "Te Giac Trang" prospect on Block 16-1. This initial exploration well, the TGT-1X, will test the Oligocene interval in a previously un-drilled part of Block 16-1. It is the second well in the four to six well drilling program scheduled for Vietnam this year.
Ed Story, President and Chief Executive of SOCO, commented:
"The results of the CNV-3X well were outstanding. This demonstrates the technical competence of our team and proves that the complexities of Basement exploration and development can be solved by rigorous adherence to enhanced seismic reprocessing and through careful planning and execution in drilling. We expect that these successful results will lead to an early declaration of commerciality.
The Atwood Beacon will now move to the TGT-1X exploration well on Block 16-1 where we are equally excited about the potential. Vietnam is clearly a core area for SOCO and we expect to join the ranks of significant producers there."
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