The open hole test was conducted over a 13 hour period from a Basement interval of approximately 1,350 meters. Drilling operations recommenced on 5 June 2006 into the "D" fault block of the CNV structure. The well was a re-entry and sidetrack into the CNV-4X, which had to be suspended in December 2005 when it encountered an oil and gas interval with unexpected high pressure in the Oligocene "E" Sequence just above the Granitic Basement. Log analysis of the Oligocene "E", when penetrated by this well, indicated that the interval lacked permeability. The CNV-4X ST was drilled to a measured depth ("MD") of 6,330 meters making it the longest MD well to be drilled in Vietnam, exceeding the previous record set by the Hoan Vu Joint Operating Company when it drilled the CNV-3X appraisal well in 2005.
The well will be suspended as a producer and this rig will be released from the Vietnam drilling program. A Declaration of Commerciality was made on the CNV field earlier this year and an Outline Development Plan was subsequently approved. We are proceeding with procurement of long lead time items, including the contracting of an additional rig to the rig already under contract that is expected to begin development drilling on the CNV structure in the second quarter of 2007.
Ed Story, President and Chief Executive of SOCO, commented:
"The results of the CNV-4X ST further buttress the attractive economics of the Ca Ngu Vang field by adding reserves and additional productive capacity. The development planning of this field is well underway. The success of the CNV-4X ST well is particularly gratifying when one considers the difficult drilling environment that had to be overcome. Once again the technical competence of our team has been demonstrated as they exceeded their previous drilling record."
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