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SOCO Provides Vietnam Update

Source: www.gulfoilandgas.com 6/16/2008, Location: Asia

TGD-1X-ST1 Discovery: The Hoang Long Joint Operating Company, operator of Block 16-1, has given notice of a discovery on the Te Giac Den 1X sidetrack ("TGD-1X-ST1") well targeting Prospect "E" following completion of the first of two scheduled drill stem tests ("DSTs"). Although significant downhole damage sustained during drilling and preparations for completion precluded recording meaningful sustained flow rates, the test flowed gas and condensate to surface. The well is being prepared for the second DST above the volcanics layer, which should not be subject to the same problems as this interval had been cased prior to drilling into the interval tested in DST 1.

The results of the second DST should be available by the end of this month.

TGT Appraisal Well Success
The TGT-6X appraisal well in the H4 fault block of the Te Giac Trang ("TGT") field on Block 16-1 offshore Vietnam has completed the second of the two planned DSTs. The two tested intervals of this well, a down dip appraisal of the TGT-3X discovery, flowed at a combined maximum rate of 14,490 barrels of oil per day ("BOPD") of 39 degree API gravity crude oil. Although the well flowed gas with a relatively low gas to oil ratio, measurement problems precluded recording a reliable gas rate. As reported on the 27th of May the first DST tested an interval between 3,064 metres and 3,094 metres in the Miocene Intra Lower Bach Ho 5.2 ("ILBH") "lower" interval and flowed approximately 6,650 BOPD through a 80/64 inch choke size. The second DST tested a 28 metre section in the ILBH 5.2 "upper" interval with a maximum flow rate of approximately 7,840 BOPD through a 64/64 inch choke size.

Success at the TGT-6X well confirms viability for development of the H4 fault block in the TGT field and provides confidence in the overall reserve determination of the TGT field prior to finalising an outline development plan. The TGT field comprises five fault blocks extending over 15 kilometres on a North to South trend line along the eastern portion of Block 16-1.

Two further appraisal wells are planned this year to offset discoveries on both the H1 and H3 fault blocks in the TGT field. The PetroVietnam Drilling and Well Services rig PVD-1 will return to Block 9-2 after completing operations on TGT-6X. The next appraisal well, the TGT-7X on the H3 fault block, will be drilled by the Adriatic XI rig once it completes testing operations on the TGD-1X-ST1 well on Prospect E.

CNV on Target for First Oil in July
The topsides and modules have now been installed on the unmanned well head platform in the Ca Ngu Vang ("CNV") field. The PVD-1 Rig has moved to the CNV Well Head Platform to begin the tie-back and completion of the three pre-drilled development wells. Afterwards, it will then resume the CNV development well drilling programme. First oil is scheduled to commence before the end of July.

Ed Story, President and Chief Executive of SOCO, commented: "The significance of the TGD discovery, at this stage, is the confirmation of the appraisal area, which will allow us the time to analyse the results of the first well and reprocess the seismic to better design and prepare for future drilling in the high pressure/high temperature environment.

The addition of a productive interval at TGT-6X, combined with earlier exploration well results, give us confidence in our recoverable crude oil range estimates for this field. Moreover six wells over a 15 kilometre structure testing a total of 60,000 BOPD provides comfort relative to an expected full field production outlook in excess of 100,000 BOPD with first phase production targeted for 2010.

Having CNV stay substantially on schedule and on budget allowed us the flexibility to maximise our returns as we followed our strategy of exiting mature fields."

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