SOCO lines up wells off Congo (Brazzaville)

Offshore staff

LONDON -- SOCO International has provided an update on its exploration activities offshore southern Africa.

Off Congo (Brazzaville), the company has a 29% interest in the Marine XI block and 29.4% of the Marine XIV block, both close to the coast in shallow waters in the Lower Congo basin.

Following analysis of the 2009 appraisal drilling on the Viodo discovery in Marine XI, the partners are seeking marginal field designation from the government. They are awaiting a determination before deciding how to take development forward.

The partners were successful in their application to extend the PSA for this block, and have contracted Pride International to drill an exploration well during 3Q 2011.

Last year, the Marine XIV partners reprocessed data from a 100-km (62-mi) multi-azimuthal 3D seismic survey completed over this concession during 2009. They have since received official notice from the Oil Minister of a one-year extension of Phase I of the PSA for this block, and plan to drill an exploration well, again during the third quarter of this year

In the eastern Democratic Republic of Congo (DRC), SOCO E&P DRC operates a PSA for block V in the southern Albertine graben, adjacent to the border with Uganda where there have been discoveries in the same basin. Block V includes part of Lake Edward.

During the initial five-year exploration period, the block V partners have committed to acquire 300 km (186 mi) of seismic data. If approved, a seismic study using compressed air will be conducted over part of Lake Edward.

03/23/2011



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