Offshore staff

SOCO International's first exploration well on the "L" prospect, Block 16-1, Cuu Long basin offshore Vietnam, Te Giac Vang 1X, reached TD of 3,926 m in the Upper Oligocene. Results will be evaluated and the seismic re-interpreted prior to drilling a follow up well to fully test the Oligocene in a more prospective up-dip position.

The rig will move to drill the sidetrack to CNV-4X on Block 9-2. That well was suspended after encountering unexpected high pressures in the Oligocene sequence above the Basement. The well is expected to take 60 days to drill.

Following this, a new drilling campaign on the play starts mid-to-late September with the arrival of the TransoceanTrident 9 jack-up.

6/15/06