SOCO International (LON:SIA) announced this morning it has secured an onshore drilling rig for its exploration drilling programme in the Nganzi block in the Democratic Republic of Congo. The programme will consist of two firm and two contingent wells.
The Nganga well on Prospect B of the block, is reportedly targeting 200m barrels of recoverable resources. The company expect the well to spud in mid-July and each well is expected to take 40-50 days to drill with another two to three weeks if testing is required. Soco says it continues to discuss farm-out options with a few select participants but so far has made no commitment to farm down its interest.
Stockopedia recently interviewed Roger Cagle, CFO of Soco International. To listen to the podcast and/or read the transcript, please go here.
