Soco Successfully Tests Yemen Exploration Well
Soco's majority owned subsidiary, Comeco Petroleum, Inc., through which the Company holds a 16.785% net working interest in the East Shabwa Development Area in Yemen ("ESDA"), announces the successful production test of the Jathma-1 exploration well ("JAT-01"). The well was drilled to explore a new prospect on the Basement reservoir in the northern area of Block 10.
The JAT-01 well spudded on October 22, 2005 and reached a total depth of 3,175 meters Measured Depth ("MD"). The well tested over 1900 barrels of oil per day against a 56/64 inch choke with an API gravity of 35 degrees. Further evaluation of the results will be carried out to establish the productivity of the well and the most appropriate development scenario.
The rig has since moved to drill the KHA-1-07.G1 well, a horizontal water injection well within the existing proven Kharir Basement field to provide pressure support for the nearby KHA-2-16 well. The well commenced drilling on December 23, 2005.
A second drilling rig spudded the Jathma-2 well, the second Basement exploration well, on a separate location in the northern part of the Block on December 8, 2005 and is currently drilling at 2436 meters. A third rig commenced drilling a production well on the Atuf Northwest Field on the December 12, 2005.
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