SOCO Reports Final Test Results for Offshore Vietnam Well
Following the release of preliminary test results on the fifth appraisal well, the TGT-5X on the Te Giac Trang ('TGT') structure on Block 16-1 offshore Vietnam on Thursday of last week, the well was shut in for pressure build up and final tests on the Miocene Lower Bach Ho 5.2 pay zone ('LBH 5.2') over the weekend. With testing now complete, TGT-5X had a total combined maximum flow rate of approximately 16,430 barrels of oil equivalent per day ('BOEPD') from the LBH 5.2 and Oligocene 'C' intervals.
The first drill stem test over the 32 meter Oligocene 'C' interval tested water-free at a maximum rate of 7,098 barrels of oil per day ('BOPD') of 36.5 degree API gravity crude and approximately 2.07 million cubic feet of gas per day ('MMCFD') through an 80/64 inch choke size. The most prolific interval in the other successful wells drilled on TGT, the LBH 5.2 pay zone, was perforated and tested separately between 2,841 and 2,866 meters with a maximum flow rate of 8,987 BOEPD comprising 8,104 BOPD of 41 degree API gravity crude and approximately 5.3 MMCFD through a 80/64 inch choke size.
The TGT-5X was the initial well drilled on the 'H2' fault block just south of the initial discovery on the 'H1' fault block. The southern most fault block in the five fault block structure remains to be drilled. The LBH 5.2 and Oligocene 'C' reservoirs encountered in the TGT-5X well appear to be the same as those tested in the previous TGT wells. With an 80% drilling success rate on the TGT structure and tests ranging from approximately 9,000 BOEPD to approximately 17,500 BOEPD, activities are now focused on early approval for development of the field.
The well will be suspended as a future producer and the rig moved immediately to drill a Miocene/Oligocene exploration well in Block 9-2 on the COD structure.
Ed Story, President and Chief Executive of SOCO, commented:
"With the prolific wells and an 80% drilling success rate, there is no question that we have a major accumulation on the TGT structure. The Oligocene test, the most prolific to date, is an added bonus supporting the potential in TGT and reducing exploration risk along the Block 16-1 fairway. We are already progressing through the Government of Vietnam's technical process to apply for commerciality on this structure in the near future."
SOCO is an international oil and gas exploration and production company,
headquartered in London, traded on the London Stock Exchange and a constituent
of the FTSE 250 Index. The Company has interests in Vietnam, Yemen, Thailand,
the Republic of Congo (Brazzaville) and the Democratic Republic of Congo
(Kinshasa) with production operations in Yemen.
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