SOCO has been informed by the Hoang Long Joint Operating Company ("HLJOC"), operator of Block 16-1 in the Cuu Long Basin offshore Vietnam, that the Ministry of Industry and Trade, on behalf of the Vietnamese Government, has approved the Development Plan for the Te Giac Trang ("TGT") Field.
First Oil from the TGT Field is targeted for mid-2011 and tenders for a number of long lead items are already under evaluation. A contract for the floating, production, storage and offloading vessel is currently being finalized. To date, seven exploration/appraisal wells have been drilled in the TGT Field, with an average oil and gas flow of approximately 11,300 barrels of oil equivalent per day from each well.
Ed Story, President and Chief Executive of SOCO, commented, "Vietnam governmental approval of the TGT development is an affirmation of the commercial success of our exploration and development efforts in Vietnam. This positions the Company for significant production growth when this major field comes on stream."
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