First oil from Soco’s CNV field

SOCO International, and its partners, Petrovietnam and PTTEP Hoan-Vu, declares that the first flow of crude oil and wet gas from the Ca Ngu Vang Field (CNV) occurred on 25 July 2008. The block is operated by the Hoan Vu Joint Operating Company (HVJOC).

The joint venture partners have already drilled four development wells in the CNV Field and HVJOC is currently evaluating and determining further drilling locations for additional development wells in the fractured Basement reservoir.

The field is expected to be in production for the next 20 years. Oil production is expected to be between 10,000 to 20,000 barrels of oil per day and wet gas production to be between 25 to 50 million cubic feet per day.

Ed Story, President and Chief Executive of SOCO, said we are very pleased to announce SOCO’s first oil from Vietnam, which is a key milestone for the company and demonstrates our ability to see our exploration successes through to production stage.

Our strong partnerships within Vietnam have allowed this significant event at the CNV field to be realised and we now look forward to targeting further exploration and development success, in both Vietnam and West Africa, concluded Mr. Story.