SOCO International said its Vietnamese operations were commercially viable and it would drill more wells this year. "We believe there to be significant additional potential in as yet untested leads and prospects on both blocks offshore Vietnam," said Ed Story, SOCO's President & CEO. He also said that the company would be drilling another four or five wells in Blocks 16-1 and 9-2. SOCO drilled three successful wells last year in Vietnam "where a new core asset base has been established".
The company, which also has interests in Mongolia, Yemen, Libya, Tunisia and Thailand, posted full-year results showing pre-tax profit fell 53 percent to 10.7 million pounds in 2002, on turnover up 14 percent to 26.0 million pounds.