Vietnam Assets

Monday, Jul 20 2009 by
16

This thread has been created to discuss the Vietnam assets. These currently consist of:

a) CNV - an operating field in block 9-2 with 155mn boe of gross 2P reserves

b) TGT - a field which is about to enter development. Gross 2p recoverable reserves of 300+mn boe (management think it will ultimately be closer to 500mn) should be confirmed soon, as the final government approval for the development plan is now very close.

c) TGD and the rest of the HPHT appraisal area - huge exploration potential of over 1bn boe P50 recoverable

d) VT appraisal area - a small discovery area likely to be relinquished

I'll fill in more details in due course.

ee


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SOCO International plc (SOCO) is an oil and gas exploration and production company. The Company's segments include South East Asia and Africa. It has field development and production interests in Vietnam, and exploration and appraisal interests in the Republic of Congo (Brazzaville) and Angola. In Vietnam, SOCO's Block 16-1 and Block 9-2 include the Te Giac Trang and Ca Ngu Vang Fields, which are located in shallow water in the Cuu Long Basin, near the Bach Ho Field. SOCO holds working interest in Block 16-1 and Block 9-2 through its subsidiaries, SOCO Vietnam Ltd and OPECO Vietnam Limited. SOCO holds its interests in the Marine XI Block, located offshore Congo (Brazzaville) in the shallow water Lower Congo Basin, through its subsidiary, SOCO EPC. SOCO holds working interest in the Mer Profonde Sud Block, offshore Congo (Brazzaville) through its subsidiary, SOCO Congo BEX Limited. SOCO's subsidiary, SOCO Cabinda Limited, holds participation interests in the Cabinda North Block. more »

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113.25p
Change
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Mkt Cap (£m)
375.9
P/E (fwd)
66.6
Yield (fwd)
3.0



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476 Posts on this Thread show/hide all

kenobi 31st Aug '10 97 of 476

What's the latest on the estimated time for some kind of result from the two wells ?

I was under the impression that any time now, I guess sw10's law will kick in and it'll be a couple
more weeks ? anyone know the current expectations ?

K

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djpreston 1st Sep '10 98 of 476
5

Vietnam Discovery
The Hoang Long Joint Operating Company, operator of Block 16-1 in the Cuu Long
Basin offshore Vietnam, announces that the Te Giac Den appraisal well, TGD-2X,
encountered hydrocarbons in a clastics sequence at approximately 4,450 metres
measured depth. Drilled to appraise the "E" prospect discovery, TGD-2X reached
total depth of 4,669 metres after penetrating the target hydrocarbon zone in the
Oligocene "E" formation.

The well logging is ongoing, however, drilling
shows and early log interpretation indicate two main reservoir sand intervals.
Approximately 40 metres will be tested after a 7" liner is set and cemented.
Testing is expected to take approximately three weeks. After the completion of
testing there will be a further release with results and mapping a way
forward.

Fund Management: European Wealth
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emptyend 1st Sep '10 99 of 476
4

In reply to djpreston, post #98

No surprise there then....  ;-)

I'll be interested to see what is said about "mapping a way forward" in due course!

ee

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Isaac 1st Sep '10 100 of 476
14

YIPPEEEEEEEEEEEEEEEEE!!!!!!!!!!!!!!!!!!!!!! :D

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unwise2 1st Sep '10 101 of 476


Looks like yesterday was a good day to add to my position! Wonder what the market reaction will be?

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puneetk 3rd Sep '10 102 of 476
2

In reply to unwise2, post #101

Today is even better.

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unwise2 3rd Sep '10 103 of 476
3

In reply to puneetk, post #102


Hello puneetk

If you invent a reliable crystal ball, let me know I'd be happy to hire it. It was always going to be the case that the share price would drop if a well in DRC failed, that was part of my consideration, but in reality I had no idea what was going to happen so decided to take the leap based on downside protection at circa 460p. If TGD doesn't flow at commercial rates then I think we will see a bigger drop at least short term.

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emptyend 3rd Mar '11 104 of 476
6

News from the latest four TGTwells is out......

 

..better than expected, IMO

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tiswas 3rd Mar '11 105 of 476
1

As the great Johnny Nash once said.

"There are more questions than answers"

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fuiseog 3rd Mar '11 107 of 476
8

As I read it we have a very clear factual statement telling us that, with minor (non-material) variations against prognosis, the drilling campaign is confirming the extent of the oil in place, with additional upside of thicker pay in the central area.

Confirmation of August for first oil is welcome.

TGT is the reason I'm happy to maintain my (for me) very significant stake in SIA and this RNS confirms the value building process is in compliance with expectations.

fuiseog

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loglorry 3rd Mar '11 108 of 476
6

Yep nice steady as she goes statement from Soco not that the market particularly cares - up inline with the FTSE 250 today by the looks of it. I think when production starts in August if the price of oil is anywhwere near $100 then surely a lot of people will sit up and take notice. 55K/bpd is not to be sniffed at at these prices especially given the cost recovery kick back Soco have in the early stages of production.

Log

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loglorry 4th Mar '11 110 of 476
4

regurge of old story no doubt. I sometimes think these journos just notice that the price has moved and then just reprint an old story. The rise was more likely due to the whole market being strong coupled with some encouraging development news on TGT.

Not that I particularlyl care why the price went up but I doubt it was on bid whispers.

Log

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davjo 6th Mar '11 111 of 476
15

Just in case anyone spots this and starts to fret :-

http://www.docstoc.com/docs/63415916/05_2010_6
Circular guiding implementation of Decree 100-2009-ND-CP of the Government dated 3 November 2009 on collection of a surcharge from petroleum contractors on their share of profit oil when crude oil prices increase

Article 9:2 indicates the 30% surcharge does not apply to contracts signed before Jan 1 2010. Government business conducted with the utmost propriety if I may say so. I guess this surcharge may have been in the Trade Ministry’s mind when they recommended refusal to extend the TGD licence. If Soco actually manages to secure the extension, and the signs are not bad, that’ll be a valuable asset in the VN portfolio even if they sell it on in a wider sale without further drilling. Somebody somewhere is bound to want to drill TGD again and without doubt, drilling with the established contract terms is going to be a damned sight more attractive. Fingers crossed Soco pull it off.

Interesting PV Journal from 2009 (slow d/load)analysing the Cuu Long Miocene (second article) demonstrates how advanced their knowledge is in the Basin. Note TGT Porosity 18-20% with high NTG.
http://www.vpi.pvn.vn/download_documents/rjc1259203332.pdf

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djpreston 22nd Aug '11 112 of 476
6

TGT First Oil !

NS Number : 7665M

Soco International PLC

22 August 2011

 

?

SOCO International plc

('SOCO' or 'the Company')

 

TGT Field Produces First Oil

 

SOCO is pleased to announce the first flow of crude oil and wet gas from the Te Giac Trang Field ('TGT'), which occurred at 0655 local time in Vietnam today. The block is operated on behalf of SOCO and its Partners, PetroVietnam and PTT Exploration and Production Public Company Limited, by the Hoang Long Joint Operating Company ('HLJOC'), which was established in 1999.

 

The TGT Field, discovered in August 2005, was approved for the initial development by the Government of Vietnam in September 2009. The development is comprised of a Floating, Production, Storage and Offloading vessel ('FPSO'), two Well Head Platforms (H1 and H4 areas), and a subsea pipeline system to transport hydrocarbons, gas export, gas lift and water for injection.

 

Crude oil from the TGT Field is transported via a subsea pipeline system to the FPSO 'Armada TGT 1', which has a name plate processing capacity of 55,000 barrels of oil per day ('BOPD'), where it is processed, stored and exported via tankers to regional oil refineries. Gas will be transported through a pipeline to the nearby Bach Ho Facilities for processing and transportation to shore via the existing pipeline infrastructure for further distribution to meet domestic demand. TGT oil output is expected to plateau at approximately 55,000 BOPD and gas production will be approximately 30 million cubic feet per day.

 

The development of the TGT Field marks a successful investment co-operation milestone in the Vietnam oil and gas industry with the delivery of production within two years of approval.

 

In addition to starting first production from the TGT Field H1 area, HLJOC continues drilling production wells in the H4 area of the TGT Field and fabricating Platform Topsides in preparation for its petroleum production start-up in August 2012.

 

 

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

'We are very pleased to announce first oil from the TGT Field in Vietnam, a key milestone for the Company demonstrating our ability to see our exploration successes through to the production stage. The project always had an ambitious delivery target and we are pleased to have achieved this.

 

Our strong partnerships have allowed this significant event at the TGT Field to be realised and we now look forward to targeting further exploration and development success, both in Vietnam and in Africa.'

 

22 August 2011

R

Fund Management: European Wealth
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loglorry 22nd Aug '11 113 of 476

Market reaction to 55000bod production (although it doesn't quite say that would have been nice to get a production rate but I guess it is early days) is pretty muted!

Let's hope they can put it on the block and get a good price for it now.

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stepone 22nd Aug '11 114 of 476
3

In reply to loglorry, post #113

Hi,

They've only been producing for 14 hours - bit early to start talking about production rates I would have thought. :-)

StepOne

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fuiseog 22nd Aug '11 115 of 476

Interesting price actions to good news.

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nigelpm 22nd Aug '11 116 of 476
5

No real surprise there's been no reaction.

I think this will do an autonomy.

i.e. one day we'll wake up with a very nice surprise.

I have the champagne on ice waiting.

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