Successful Testing of Well on Kharir Field, Yemen

Kharir Field, Yemen
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SOCO's majority owned subsidiary, Comeco Petroleum, Inc. ("Comeco"), through which the Company holds a 16.785% net working interest in the East Shabwa Development Area in Yemen ("ESDA"), announced the successful production test of the KHA-3-07 well. The well was drilled as part of the continuing appraisal and development of the Basement reservoir in the Kharir Field.

The KHA-3-07 well spudded on 31st August 2005 and reached a total depth of 3,472 metres Measured Depth ("MD"). The objectives of the well were to appraise the basement reservoir in the previously undrilled Kharir North structure, and evaluate reservoir development in the northern extension of the Kharir structure as currently mapped. KHA-3-07 tested over 850 barrels of oil per day against a 26/64 inch choke. The well is now connected to Kharir's main production facilities.

The rig has since moved to drill the Jathma-1 well, an exploration well on a new Basement prospect in the northern area of Block 10. The well spudded on the 22nd October 2005 and is currently drilling at 2,673 metres MD. A second rig commenced drilling a water injection well on the Atuf Northwest Field on the 19th November 2005. The partners have also recently contracted a third drilling rig that is currently moving onto the Block in preparation to drill a second Basement exploration well.

Ed Story, President and Chief Executive of SOCO, commented:

"This is the fifth successful well in succession and demonstrates the presence of productive basement reservoir some 5 km north of the main Kharir field. It fully justifies the partnership decision to embark on further exploration within the Block and supports increasing the production capacity."

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