Soco Says Preliminary Results Te Giac Trang Appraisal Well Look Good

Soco says the Te Giac Trang appraisal well (TGT-2X) on Block 16-1 in the Cuu Long Basin offshore Vietnam reached a total measured depth of 3,436 meters. The well is currently being logged prior to testing. Initial indications from a preliminary log interpretation suggest that there may be multiple zones of interest.

The well spudded on January 18th as an up dip follow-up well to last year's TGT-1X discovery well that tested from a single Miocene interval at a combined maximum rate of 9,432 barrels of oil equivalent per day comprised of 8,566 barrels of oil per day of 37 degree API gravity crude and approximately 4.86 million cubic feet of gas per day through a 80/64 inch choke size.

The Hoang Long Joint Operating Company, which is the operator of Block 16-1, anticipates that testing will take several weeks.

SOCO holds its interests in Vietnam, all in the Cuu Long Basin offshore, through its 80% owned subsidiary SOCO Vietnam Limited. SOCO Vietnam holds a 25% working interest in Block 9-2, which is operated by the Hoan Vu Joint Operating Company and a 28.5% working interest in Block 16-1, which is operated by the Hoang Long Joint Operating Company.

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