SOCO Secures Rig for Congo Block

SOCO International has secured the services of the onshore drilling rig, Caroil #1, owned by CAROIL SAS, for its exploration drilling program in the Nganzi Block, onshore the Democratic Republic of Congo. The contract is for two firm and two contingent wells. 

Drilling of the first well, the Nganga well on previously designated Prospect "B" in the Block, situated some 50 kilometers from the west coast, is targeting circa 200 million barrels of recoverable resources and is expected to spud in mid-July. Each well is anticipated to take approximately 40 to 50 days to drill with another two to three weeks added if testing is required. 

The Company continues to discuss farm-out options with a few select participants, but has made no commitment to farm down its interest.

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