Soco to P&A COD-2X Well Offshore Vietnam

SOCO Vietnam Ltd. announces the completion of the Ca Ong Doi 2X ("COD-2X") well, the first Clastics targeted well on Block 9-2. The well encountered lower Miocene sands however they were not charged with hydrocarbons possibly indicating that the structure was developed after migration.

Sands were also encountered in both the Oligocene "C" and "E" sequences. Although the Oligocene "C" had good shows, the sands were thinner than expected and, following evaluation of the electric logs, it was decided not to flow test this horizon. In the Oligocene "E" the shows encountered were of residual oil indicating that the reservoir had been breached.

The Trident IX rig is currently preparing to plug and abandon the COD-2X well and is preparing to move back to Block 16-1.

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

"The sands and oil shows encountered in this high risk well provide important insight into the clastics play in Block 9-2. We will now incorporate the results of the well into our understanding of the Block while we focus our near term exploration program on the proven play fairway on Block 16-1 where we expect to drill up to eight exploration wells this year."

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