PHAROS ENERGY PLC

Regulatory Filings • Aug 13, 2015

National Storage Mechanism | Additional information

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RNS Number : 9103V

Soco International PLC

13 August 2015

SOCO International plc

("SOCO" or the "Company")

Commencement of Production from the TGT H5 Platform

SOCO is pleased to announce that first oil and gas from the H5 Wellhead Platform ("H5-WHP") of the Te Giac Trang ("TGT") field occurred on 10 August 2015 following perforation of the first of the H5 development wells.  The start of production has been achieved more one month ahead of schedule and the H5 development project has been completed with zero lost time accidents.  The perforation campaign will continue over the next two weeks targeting the optimal balance between maximising new production from the H5-WHP, natural production decline rates and water-cut from the existing wells with total liquids handling capacity on the FPSO currently available to the TGT partners.  Further information on performance will be provided in due course.

The H5-WHP is located in the south of the TGT field in Block 16-1 in the Cuu Long Basin, off the southern coast of Vietnam, approximately 100 kilometres from Vung Tau, 20 kilometres northwest of the Bach Ho field and 35 kilometres west of the Rang Dong field.  

TGT was discovered in August 2005.  The H5-WHP is TGT's third platform to be brought on production.  The first platform, H1-WHP, came on stream in August 2011, followed by the H4-WHP in July 2012.  Crude oil from TGT is transported via subsea pipeline to an FPSO where it is processed, stored and exported by tankers to regional oil refineries.  Gas produced from the field is transported by pipeline to the nearby Bach Ho facilities for processing and onward transportation to shore by pipeline to supply the Vietnamese domestic market.

Block 16-1, where TGT is located, is operated on behalf of SOCO (30.5%) and its partners, PetroVietnam Exploration & Production Corporation (41%) and PTT Exploration and Production Public Company Limited (28.5%), by the Hoang Long Joint Operating Company.  

Ed Story, President and Chief Executive of SOCO, commented:

"Achieving first oil from H5, the third platform on the TGT field, over one month ahead of an ambitious delivery target is a credit to all involved.  It is a key milestone for the field's ongoing development.  We now look forward to working with our partners to maximise the recovery and performance of the field."

NOTES TO EDITORS:

SOCO is an international oil and gas exploration and production company, headquartered in London and traded on the London Stock Exchange.  The Company has interests in Vietnam, the Republic of Congo (Brazzaville), the Democratic Republic of Congo (Kinshasa) and Angola, with production operations in Vietnam.

This information is provided by RNS

The company news service from the London Stock Exchange

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