Soco says four-month output averaged 5,960 bopd

15-May-2009 Intellasia | Reuters | 7:01 AM

Oil explorer Soco International Plc said on Wednesday production net to the company’s interest averaged 5,960 barrels of oil per day over the first four months of the year.

Soco also said it expected to submit a development plan for its Te Giac Trang field in Vietnam for government approval later this month.

Seven exploration/appraisal wells have been drilled in the field so far, with average oil and gas flow of about 11,300 barrels of oil equivalent per day from each well, Soco said.

At the Bualuang oil field, offshore Gulf of Thailand, production net to the group’s working interest averaged 6,764 bopd for the first week in May, up from 2,663 bopd for the first four months of the year, the company said.

The company also said its balance sheet remained strong, with more than $300 million in cash as at April 30.

Soco, a FTSE-250 company, has interests in Vietnam, Thailand, the Republic of Congo, the Democratic Republic of Congo and Angola.

Soco shares were down 31 pence at 1303 pence at 0842 GMT on the London Stock Exchange.

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