SOCO updates Vietnam discovery

SOCO, an international oil and gas exploration and production company having interests in Vietnam, Thailand, the Republic of Congo, and Angola, announces an oil discovery in Vietnam.

The company said that drill stem tests on the Te Giac Den (TGD-1X-ST1) well on Prospect “E” has recovered black oil, condensate and gas, indicating the presence of oil with similar qualities to that of the Ca Nu Vang Field, which will begin production later this month.

The well encountered approximately 120 metres of good oil and gas shows in a combined gross interval of 570 metres

The Adriatic XI rig will immediately move to the Te Giac Trang Field and drill the TGT-7X appraisal well on the H3 north fault block.

Ed Story, President and Chief Executive of SOCO, said as we previously highlighted, the significance of the TGD discovery, at this stage, is the confirmation of the Appraisal Area.

Furthermore, the presence of a working hydrocarbon system on such a vast structure underscores the future value of this Discovery and the potential to continue to significantly grow the company’s reserve base in Vietnam, concluded Mr. Story.