SOCO Drills Unsuccessful Well in Congo

SOCO Exploration & Production - DRC SPRL has reached total depth on the wildcat exploration well Nganga 1 ("NGA-1") in the Nganzi Block, onshore the Democratic Republic of Congo (Kinshasa). The well was drilled to 2,175 meters Measured Depth reaching the Basement as prognosed.

The well encountered approximately 500 meters of source rock with significant hydrocarbon shows and approximately 245 meters of good quality porous sand with an average porosity of ca. 17.5% in the primary target. However, petrophysical interpretation of the logs acquired across the reservoir interval indicates that these sands are water bearing. The predicted lateral seal for the reservoir horizon was not present because of the change in the basin margin adjacent to the well location which can now be seen to have provided a local sediment entry point for sands. The next well, in a different part of the basin with a different margin geometry, is further away from this localized sand and is not expected to be impacted by it.

Currently preparations are being made to plug and abandon the well, and subsequently move to the Kinganga Nyanya 1 ("KNY-1") exploration well, previously designated the "D" prospect.

Ed Story, President and Chief Executive of SOCO, commented, "This first well in a previously undrilled and unknown basin has confirmed the existence of a working hydrocarbon system, demonstrated the presence of mature source rock and found a high quality reservoir, which is hugely important. These findings should improve the odds on the Kinganga Nyanya well on Prospect D."