PVD spuds well, TGT campaign begins

November 7, 2016

The 2016 development drilling program offshore southern Vietnam on the Te Giac Trang (TGT) Field of Block 16-1 has commenced, announced SOCO. 

The infill wells, TGT-27P and TGT-28P, will be batch drilled with the first well spudded on 6 November 2016 by the PetroVietnam Drilling (PVD) PVD-6 jackup rig on the H4- well head platform (WHP) in the central area of the TGT Field. The TGT partners are reviewing adding a further two infill wells on the southern H5-WHP following the completion of these wells.

The TGT full field development plan (FFDP) partner discussions are in the final stages ahead of formal submission to the relevant authorities. The FFDP includes additional wells and facilities options to increase total fluid-handling capacity. Final submission to the Vietnamese government is expected after the upcoming management committee meetings next week.

"We are delighted to commence the first development drilling program on TGT since early 2015,” said Ed Story, president and chief executive officer, SOCO. “As indicated in our interim results, SOCO has the balance sheet strength to fully fund this program from existing cash resources whilst taking advantage of the low drilling cost environment. Meanwhile, we continue to focus on enhancing the field water-handling capacity and arresting the field decline."

The TGT field is situated approximately 80km from Vung Tau. Block 16-1 is operated by the Hoang Long Joint Operating Co. SOCO holds a 30.5% interest.



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