Soco Reports TGT-2X Final Test Results

Block 16-1 in the Cuu Long Basin
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Soco reports that 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, has completed testing with a total combined flow rate of approximately 17,500 barrels of oil equivalent per day ('BOEPD') from the Miocene Lower Bach Ho 5.2 and Oligocene 'C' intervals.

Two main pay zones were perforated and tested within the Miocene Lower Bach Ho 5.2 interval, one between 2,763.5 and 2,817 meters and the other between 2,666.5 and 2,726.5 meters. A total of 89 meters of pay was confirmed by log analysis in this reservoir horizon.

The combined stabilized flow rate from the two Miocene zones was 14,053 BOEPD comprising 12,615 barrels of oil per day ('BOPD') of 38 degree API gravity crude and approximately 8.63 million cubic feet of gas per day ('MMCFD') through a one inch choke size. Flow rates were limited due to a mechanical failure in the surface separation equipment.

As was announced previously, the first drill stem test, over the Oligocene 'C' interval, tested water-free at a stabilised rate of 3,300 BOPD of 37.5 degree API gravity crude and approximately 0.88 MMCFD day through a 52/64 inch choke size.

As was expected from the log analysis, water was produced from the lower set of perforations in the Miocene. The approximate 8% water cut has provided evidence of the presence of an aquifer, which will be factored into plans for the field's depletion management.

A third reservoir horizon, the Lower Bach Ho 5.1, was also identified, but not tested as this would limit the ability to retain the well as a future producer, as originally designed. This horizon had 18 meters of net pay, and from the analysis of logs and oil samples from wireline formation tests, is considered to be oil-bearing and productive.

Success at the TGT-2X well confirms the presence of a highly prospective section of clastic reservoirs in Block 16-1. Regional mapping has defined a clastic play fairway that extends for some 80 km to the south and west of TGT along the eastern and southern parts of the Block. Data from the TGT wells provides a firm foundation for continued exploration drilling on this trend.

The well will be temporarily suspended and the rig will be moved immediately to drill a follow-up appraisal well, TGT-3X, approximately 10 kilometers to the south on the TGT structure.

Ed Story, President and Chief Executive of SOCO, commented:
'We are delighted at the result of this appraisal well, which flowed at an exceptionally high rate by any standard. This success on the northernmost portion of the TGT structure confirms the presence of an extensive, high quality productive reservoir. We expect to apply for commerciality on this structure in the near future. The demonstrated presence of multiple reservoirs in the TGT-2X well is extremely encouraging for the other exploration prospects on the Block.'

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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