Offshore staff

SOCO purchased a 2% interest in Block 16-1 in the Cuu Long Basin, offshore Socialist Republic of Vietnam, for $22 million, bring its total interest in the Block to 30.5%.

SOCO said exploration drilling on this Block identified an 80 km fairway with prospects and leads at multiple horizons. The company expects to declare commerciality on the Te Giac Trang prospect soon.

"We think this is an extraordinary opportunity to further consolidate our interest in the oil rich Block 16-1," said Ed Story, president and chief executive of SOCO. "We believe that there is no greater potential reward for every exploration dollar spent than in the Cuu Long basin in Vietnam."

6/20/06