Soco Upbeat on TGT-3X Test Results
Soco says the TGT-3X exploration well on the Te Giac Trang ("TGT") structure on Block 16-1 offshore Vietnam has completed testing operations on a separate fault block approximately ten kilometers south of last year's TGT-1X discovery well.
The drill stem test was conducted in the Miocene Lower Bach Ho 5.2 ("LBH 5.2"), the formation that was also tested in the discovery well and the primary interval in the follow up TGT-2X well. The tested interval, perforated between 2,827 and 2,887 meters, flowed at a combined maximum rate of 9,908 barrels of oil equivalent per day comprising 9 ,008 barrels of oil per day of 40.5 degree API gravity crude and approximately 5.4 million cubic feet of gas per day through a 88/64 inch choke size.
Log analysis of the well indicated approximately 68 meters of net pay was present in the LBH 5.2. Additionally, approximately six meters of net pay in the Lower Oligocene "C" interval were also identified but not tested.
Success at the TGT-3X well confirms the prospectivity of the TGT structure, comprising five fault blocks extending over 15 kilometers on a North to South trend within an 80 kilometer long play fairway that extends along the eastern and southern portion of Block 16-1.
The LBH 5.2 reservoir sands encountered in the TGT-3X well are the same as those tested in the TGT-1X and -2X wells. This proves the presence of a laterally-extensive marine sand in the Block, further reducing the risk of the other prospects and leads along the play fairway.
The rig wil l be moved immediately to drill a structure on the "L" prospect approximately 30 kilometers south of the TGT-3X discovery. The Te Giac Vang 1X is expected to take approximately 30 days to drill.
Ed Story, President and Chief Executive of SOCO, commented:
"The results of the TGT-3X well confirm that this structure represents a major oil field. We will begin the required reserve assessment report and development studies, which we expect will lead to a Declaration of Commerciality in the near future. The success of this latest well significantly increases our confidence in the play and in the next well we will drill on the "L" prospect, the largest structure drilled to date in the new 16-1 play fairway."
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