Soco Begins Testing Operations on TGT-2X

Block 16-1 in the Cuu Long Basin
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Soco International says testing operations have commenced on the TGT-2X appraisal well on the Te Giac Trang ('TGT') structure on Block 16-1 offshore Vietnam, an up dip follow-up well to last year's TGT-1X discovery well. A minimum of three separate drill stem tests are being conducted.

The first drill stem test has been completed over the Oligocene 'C' interval, which failed to flow in the discovery well. This well tested water-free at a stabilised rate of 3,300 barrels of oil per day of 37.5 degree API gravity crude and approximately 0.88 million cubic feet of gas per day through a 52/64 inch choke size.

The test was conducted between 2,944 meters and 2,972 meters. The calculated net pay was approximately 12 meters over the tested interval. An additional 14 meters of pay lower in the section was not tested, but is confirmed to be oil bearing and productive by wireline formation test.

At a minimum, additional tests will be conducted from two Miocene intervals, one which was not tested in the discovery well and the other that flowed at 9,342 barrels of oil equivalent per day. The next announcement will be made when testing operations are complete.

Ed Story, President and Chief Executive of SOCO, commented:
'The added bonus of the success in the Oligocene highlights the exciting potential of this clastic play across Block 16-1. It underlines the benefit of the company's strategy of value creation through the drill bit. We look to accelerate the development of this field'

SOCO holds its interests in Vietnam, all in the Cuu Long Basin offshore, through its 80% owned subsidiary SOCO Vietnam Limited ('SOCO Vietnam'). SOCO Vietnam holds a 25% working interest in Block 9-2, which is operated by the Hoan Vu Joint Operating Company and a 28.5% working interest in Block 16-1, which is operated by the Hoang Long Joint Operating Company.


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