TGT development plan imminent

SOCO International expects to submit a field development plan for the Te Giac Trang (TGT) field offshore Vietnam later this month.

Offshore staff

LONDON --SOCO International expects to submit a field development plan for the Te Giac Trang (TGT) field offshore Vietnam later this month.

Preparation of the plan has been ongoing for some time, in association with Vietnamese regulatory and review committees. Approval should be relatively swift.

SOCO and its partners in the Hoang Long Joint Operating Co. (JOC) are targeting first oil from the field, in block 16-1 in the Nam Con Son basin, by mid-2011. The partners are reviewing bids from FPSO providers, and tenders have already been issued for various long-lead items.

To date seven exploration/appraisal wells have been drilled, with average flow of 11,300 boe/d per well.

Last month, the government approved the JOC's applications for the Te Giac Den (TGD) and Voi Trang (VT) appraisal areas in the same block. The partners are currently reprocessing seismic over the TGD area, where there is a high pressure, high temperature discovery, and are aiming to drill an appraisal well next spring.

The VT appraisal area covers 100 sq km (38.6 sq mi) – the award is conditional on a successful reserves assessment report of the commerciality of previous finds in the acreage. The JOC are re-evaluating the VT discovery well and adjacent leads and expect to issue early results next month.

In block 9-2, SOCO and its partners in the Joan Vu JOC have completed the initial phase of development drilling on the Ca Ngu Vang (CNV) project. However, wells drilled on the eastern lobe have not performed as expected – the partners will consider injection and further drilling options.

05/14/2009

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