"SOCO produced solid operating results in 2004, laying the foundations for a successful year ahead on all fronts. 2005 has commenced well with the sale of our Mongolia assets, announced in April 2005, due to complete shortly.
Our multi-well drilling program is underway and has made an exceptional start which will have a material effect on the future of SOCO. The recent results of the CNV-3X well in Vietnam were very encouraging and will, we believe, lead to an early Declaration of Commerciality. We are equally excited about the potential of the TGT-1X exploration well in Vietnam, which is currently drilling. Within Yemen the Consortium's program for the year on Block 10 to increase reserves, expand export capacity and maximize production continues to return excellent results with the KHA-405, the most recently drilled well, currently testing.
The outlook for SOCO is very strong. We have stream-lined our portfolio, realizing early value from Mongolia and are actively looking to build our presence in West and North Africa. We believe the potential upside from our multi-well drilling program is considerable."
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