Soco Drills Successful Appraisal Well in Tunisia

SOCO has drilled a successful test of an appraisal well recently drilled in the Didon field in the Zarat permit offshore Tunisia. The Didon 4 well tested at a rate of 3,200 barrels of oil per day with no water with a surface flowing pressure of 1,300 pounds per square inch from a horizontal section drilled in the El Gueria formation The well was drilled to a total vertical depth of 2,763 meters and a total measured depth of 3,040 meters.

The well has been temporarily abandoned. Current plans envisage the drilling of another well and tieback of all production to a process platform, with incremental production to commence in 2004.

The Didon 4 well was drilled to test the eastward extension of the Didon producing field. Although currently producing at a reduced rate of approximately 4,000 BOPD to effect repairs on a faulty riser, the Didon field had a gross production rate of approximately 7,250 BOPD in 2002. SOCO Tunisia Pty. Ltd., the Company's wholly owned subsidiary, currently holds a 22.2 % non-operated working interest in the Zarat permit.

Ed Story, President and Chief Executive of SOCO, commented: "This is an auspicious way to begin the 2003 drilling campaign, which will include exploration and appraisal wells in Vietnam, exploration and development wells in Yemen and exploration and appraisal wells in Mongolia."


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