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SOCO disappoints again

TIP UPDATE: Sub-commercial flow rates frustrate SOCO International in Vietnam
October 12, 2010

SOCO International will plug and abandon its Te Giac Den (TGD) appraisal well in Vietnam after drilling encountered significant oil and gas but flowed hydrocarbons at sub-commercial rates. The company's first TGD well struggled against difficult operating conditions and post-drilling analysis will help management decide its future strategy in the area.

IC TIP: Hold at 370p

Elsewhere in Vietnam, the first two development wells on the Te Giac Trang offshore development have been completed and will begin producing wells when the field comes onstream next year. In the Democratic Republic of Congo (DRC), the Kinganga-Nyanya-1 onshore exploration well is expected to take around three weeks to reach a target depth of 1,800m.

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