SOCO provides an update on its operations in Vietnam and the Democratic Republic of Congo and the disposal of SOCO Thailand LLC as announced on 20th July 2010. The Company is scheduled to release its Half Year Results on 26th August 2010.

Block 16-1 (Offshore Vietnam)

Te Giac Trang (TGT) The Company has been informed by the Hoang Long Joint Operating Company, Operator of Block 16-1 in the Cuu Long Basin offshore Vietnam, that the first well in the TGT development/appraisal drilling programme, the TGT-H1-1P spudded on 17th August. The well is targeting an interval near the TGT-2X exploration well. Wells drilled in the programme will be retained as producing wells and will not be tested prior to being brought on stream for production in mid-2011.

Te Giac Den (TGD) The 9 5/8' casing has just been cemented in place and tested in the TGD-2X appraisal well. Following testing of the wellhead and blow out preventer, the well is expected to commence drilling into the reservoir section later this week.

Onshore Democratic Republic of Congo

Nganzi Block The Nganga-1 well, on previously designated Prospect "B", is now drilling in the 12 ¼' section of the hole just prior to running and cementing the 9 5/8' casing. Following this, the well will be drilled into the primary reservoir section.

Corporate

Disposal of Thai Assets The circular giving notice of the Extraordinary General Meeting to obtain shareholder approval of the previously announced proposed disposal of the Company's wholly owned subsidiary SOCO Thailand LLC (SOCO Thailand) to Salamander Energy plc is expected to be posted shortly. Consideration for the disposal of SOCO Thailand, whose primary asset is the Bualuang producing field offshore Thailand, includes an initial payment of US$105 million (subject to certain financial adjustments), plus contingent cash consideration of US$1 million.

Tags: Soco International